Lease Renewals: 5 Tips for Property Managers
When you know that good residents are staying in place, you can save time and money. Cut costs on searching for new residents and turning units. Save time on tours, interviews and paperwork. Business becomes easier with more renewals, and these practical tips can secure them.
Wouldn’t it be fantastic if your residents signed lease renewals months in advance? Wouldn’t it be even better if they signed a multi-year lease? When you know that good residents are staying in place, you can save time and money. Cut costs on searching for new tenants and turning units. Save time on tours, interviews, and paperwork. Business becomes easier with more renewals, and these five practical tips can secure them.
- Start Renewal Campaigns Early
Don’t waiting until a month before the lease ends to ask residents about renewal. You’re placing yourself at a disadvantage. First, you’ve given residents plenty of time to think about leaving and shopping around. Worst, you’ve only given yourself a month to find a new resident if needed. If you can’t quickly fill the vacancy, one month’s loss of tenancy can deplete nearly a year’s worth of revenue.
Consider contacting residents about renewals midway through their lease. You’re getting their attention long before they think about shopping around. You’re also giving yourself ample time to secure a new resident before the current lease ends.
