If you're a property owner, you know the renting situation is a tricky one. Especially considering the majority of Americans are struggling just to pay their rent.
Increasing rent prices can start a new lease off on a really bad foot with your tenants. But that's only the beginning. A number of factors can conspire to sour your relationship with your tenants, making for a rocky year to come.
Is there any way to make lease renewals smoother and less fractious? Yes, and you'd be surprised how much power you have as a rental property owner. Join us as we discuss strategies for making the process of renewing a lease as painless as possible.
Offer Lease Renewals on Time
The key to successful lease renewals is to handle them in advance. Most landlords offer a renewal at least 90 days before lease expiration. This gives the tenant time to decide whether to renew.
Many landlords ask their tenants to provide their decision within 60 days of expiration. Make an effort to remind your tenant well in advance of this approaching date. If they decide not to renew, then you have plenty of time to seek new tenants.
This could provide both of you a chance to pow-wow about the year to come. Tenants can air their grievances and ask for lease amendments. It's an excellent bargaining period for both parties to come to a better agreement for the second year.
Use Technology
Lease renewals involve signing documents, making sure payments are current, and so on. This often requires you to meet in person with your tenant. A challenge, since both of you have your own busy schedules.
Instead, consider using a tenant portal to facilitate the process. Tenant portals are the perfect all-in-one solution for lease renewals, rent payments, and maintenance requests from the comfort of your home. They'll be very helpful in the renewal process as much as the next year of the lease.
Sweeten the Deal
Renewing a lease is an excellent time to show your tenants that you care. Many landlords miss a golden opportunity to reward them with bonuses for staying on for another year.
How you sweeten the deal will depend on you. Some landlords offer rent discounts, waive fees, or add new amenities. You could add the dryer that your tenant has been requesting, or do that maintenance you put off.
Even something as simple as making their parking free will make a world of difference. Otherwise, your tenants may see similar incentives elsewhere and decide to leave you high and dry.
Find Property Management with Green Tree Property Management
Successful lease renewals keep your golden tenants with you for another year. Make sure they go smoothly by preparing in advance and making it easy to renew. Incentivize them to stay by upgrading their lease with new benefits, rather than keeping the same contract as last year.
Green Tree Property Management is the best property management company in the Nashville area. Figure out how much to charge for your rental property with our free rental price analysis.
