Do you know the adage that it's hard to find good employees? Well, it's equally as hard, if not harder, to find good tenants. So, if you have tenants that are clean, quiet, and pay their rent on time, you should treat them more precious than diamonds themselves.
You should also get the lease renewal form filled out as soon as possible, so there are no last-minute delays. You don't want to scramble last minute to find other tenants as that could adversely affect your monthly income. Keep reading to find out how and when to offer lease renewal to your tenants.
Ask For Lease Renewal 60 To 90 Days Before The Sign-by Date
Most property managers or real estate investors will ask for a lease renewal 60 to 90 days before the sign-by date. This is a good measure to follow, but if you wish to beat your competitors in the game, you will want to do it even sooner.
Keep Communication Lines Open Throughout
Even if you are waiting for 60-90 days before the sign-by date for renewing a lease, you shouldn't wait that long to check in with your tenants. You should have a conversation with them every month to ensure that they are happy with the place and that they have no outstanding complaints or feedback.
Offer Incentives To Good Tenants To Make Them Stick
If you have great tenants that you wish to keep around, then consider offering them an incentive like a month of free rent, or appliance upgrades. This can also be effective advertising for other tenants, who would like to renew their lease.
Follow Feedback From Tenants
Care about your tenants and show it. Send holiday cards to your tenants, or remember their birthdays and do something nice for them then.
Do not offer false reparations or ignore repeated feedback from your tenants. You are going to get a reputation in the business as a landlord who only cares about money and that could result in empty apartments or homes.
Try To Beat Your Competitors
Whatever your competitor is doing, try to do it better. You should be studying all nearby rentals to see how they are doing business. You could perhaps keep your rent lower than them to entice renters to stay or you could offer granite countertops if your competitor is doing that.
Get Help Finding Great Tenants And Keeping Them
If you are looking at all the points above and thinking that it's too much for you to handle, then consider getting a property management company like Cissell Management Company in Oxford, MS, and Lafayette County, Mississippi to handle lease renewal and more.
We can help you find new tenants, screen tenants, maintain your property and do all upgrades, and collect rent on time. You didn't get into the landlord business to spend all your free time dealing with cranky tenants. Leave all that up to us, so you can enjoy spending your passive income on vacations or other fun projects.