Getting your tenants to renew their lease is an excellent way to continue making a profit off your investment property. But how can you ensure this happens?
Finding new tenants can be an arduous process, taking much time and money. This is especially true if you don't have a property manager to handle it.
Great tenants treat your property respectfully, follow rental property rules, and pay rent on time. For this reason, when you find star tenants, you want to keep them signing lease renewals yearly.
Keep reading to learn some tips to increase your chances of getting tenants to renew.
To have the best chance of getting your tenants to renew their lease, you want to begin earlier than you think. You want to start the lease renewal process at least 90 days before it expires. Good landlord/tenant communication here is advantageous.
This is important because this period gives them time to consider it and come back to you with an answer. If they feel pressured to sign, it could lead to them regretting their decision later, which could be a hassle for both of you.
Keep Up With Rental Property Maintenance
Another strategy that can help with lease renewals is to keep up with rental property maintenance. If your tenants come to you to fix something that falls under your responsibility, and you ignore it, there's a high chance they won't sign the new lease. This is because they won't want to continue living in a space that the owner is neglecting.
When you answer maintenance requests and get things done, you'll keep your tenants happy. This means they'll likely sign the lease renewal when the time comes.
Make It Simple
Another strategy for getting lease renewals is to make the process as simple and convenient as possible for the tenant. This means offering them several ways to renew the lease. For instance, they could renew:
- By mail or email
- Over the phone
- Through a tenant portal
By offering multiple options, you make it easy for tenants to renew their lease and avoid any potential hassle or confusion. You can contact a property manager to enquire about a tenant portal.
Hire a Property Manager
Finally, if you want to have the best chance of getting your tenants to renew their lease, it's wise to hire a property manager.
They will take over handling your investment properties, which leaves you to focus on more important matters. They'll handle lease renewals and maintenance requests and, if the tenants choose not to renew, find you new ones.
Be a Whizz at Lease Renewals
There are a few things you can do to increase your chances of getting your tenants to renew their lease. By starting early, keeping up with property maintenance, making it easy for them to renew, and hiring a property manager, you can ensure that your investment property continues to be profitable.
If you're in Rockwell, MD, and need a full-service property and commercial management company, get a free rental analysis today. At PMI Potomac, we've been in the business for 20 years and are waiting to assist you with your property lease renewals.