Lease renewals are one of the most important parts of property management that every landlord should take seriously because this process helps landlords to keep great tenants while reducing vacancies.
If you’re new to owning rental properties, this article will share with you several tips that you can use to navigate the lease renewal process like a pro.
Start The Lease Renewal Process Early
One of the most important things about lease renewals is to not wait to contact a tenant about their renewal.
Ideally, a landlord should contact their tenant when they are within 3 months away from their lease renewal.
Doing this will help the tenant to know that the landlord is serious about them renewing, and it will also offer the landlord time to look for a new tenant if their current renter is planning on moving.
When communicating with tenants about their pending lease renewals, landlords may find that some of their tenants may be ‘on the fence about renewing their leases because they may have complaints about the property that have been left unaddressed.
In these cases, landlords should communicate with their tenants to find out what their issues are with their rental properties so that they can resolve them and show the tenant that their issues have been resolved.
Offer Incentives to Encourage a Tenant to Renew Early
Another common strategy to use during lease renewals is to offer a tenant incentive for renewing their lease early.
Some of the most common incentives to offer tenants include waiving pet deposits, offering a month of free rent, adding new amenities to the property, gift cards, grocery delivery subscriptions, or memberships to local health clubs.
Contact GoldenWest Management
At GoldenWest Management, our property management team specializes in lease renewals and all aspects of property management.
From rent collection, to lease renewals, we offer owners the services that they need so that they can have confidence that their rentals are earning a return on investment.
To learn more about the property management services we can offer you, contact us today by calling (866) 545-5303 or clicking here to connect with us online.
