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Most people move between May and September, making this one of the busiest times of the year for lease renewals. We understand how crazy this time may be for landlords and can help you make the process smoother.
These tips for renewing a lease work great for current tenants and even have value when leasing to new tenants. Keep reading to learn our five must-know tips for lease renewals.
1. Be Upfront and Honest About Everything
It's no lie that people prefer to do business with honest people. Be sure to let your tenants know exactly what is expected of them from the beginning of your relationship and during the lease renewal process. This will help you avoid any conflicts or confusion later on since they already know the rules.
It's your responsibility to provide your tenants with documents that explain rules and procedures that are clear and easy to understand before they move in. Ideally, you'll add these into the lease agreement they sign, so you have proof that you've shown them this information.
2. Address Complaints Quickly
Any time there is a valid complaint, you need to take swift action to keep them happy. That means when something breaks in the rental; you fix it quickly rather than waiting days to get back to them. When you handle issues quickly, it makes them feel like a top priority.
This makes it more likely they're going to renew their lease with you, even if you do increase the rent.
3. Keep the Property Maintained
If it snows, you need to keep the sidewalks and parking lot clear. Upkeep the landscaping, and cut the grass often for an appealing appearance year-round. Not only do you need to maintain the property grounds, but you also need to keep the appliances up to date.
Make sure to check the appliances and the outlets before letting the tenant move in. It also might be a good idea to give the tenant maintenance tips to ensure your rental property is taken care of.
4. Offer a Grace Period
Most landlords require rent to be paid on the first of the month, no matter what. Consider giving them a grace period of up to five days to give them time to pay their rent without the fear of a late fee. When doing this, you need to make sure you're very clear that any payment after the fifth is late.
Doing this shows you expect prompt payment but understand the surprises life likes to throw at us. By not being lenient, you could force them to leave and look for a more relaxed landlord.
5. Provide Incentives
With so many rentals available, offering your tenants an incentive gives them a reason to stay. Even something as small as giving them a package of toilet paper when they're moving in goes a long way.
Make Renewing a Lease Easy Today
Now that you know our five ways to make renewing a lease easier, it's time for you to implement these changes. Remember to keep your property maintained and address any complaints in a timely fashion.
If you're looking for ways to get more out of your investment properties, we can help you! Contact our property management team today to get started. We've helped investors like you for years, and we can't wait to help you too!
