Lease Renewals – 5 Tips for Property Managers
It doesn’t matter if you own residential properties, or you specialize in office property management, lease renewals are an important fact of life that you may have to deal with regularly.
In today’s article, we will share with you several lease renewal tips you can use that will make your life a lot easier when it comes time to renew leases.
Tip #1 – Start the Lease Renewal Process Early
If your tenants’ leases are due for renewal in June, don’t wait until May 31st to renew them, contact your tenants at least three months early so you can find out if they plan on renewing their leases.
Starting the lease renewal process early will also give you time to find out if they have any specific problems or issues with the rental property that you need to resolve before they would consider renewing their lease with you for another year.
Tip #2 – Make It Easy for Them to Renew Their Leases
Instead of requiring your tenants to come into your office to renew their leases you should make it easy for them to renew by offering them the capability to renew their leases online using services like DocuSign.
Most people are familiar with online document signing services and won’t have a problem with using them especially if they will save them the hassle of having to go somewhere to sign a document when they can do it from home.
Tip #3 – Communicate with Your Tenants About Everything
Last of all, but most important, don’t hesitate to communicate with your tenants about everything that you plan on doing at their rental property especially if you plan on making changes or improvements because they will appreciate that extra communication and feel like they really matter as your tenant.
Contact Utopia Management