In the United States, there are over 22 million rental households, many of whom use a property management company. After all, owning investment properties can take time and effort if you're not doing things smartly.
Lease renewals are an essential part of managing rental units, and you want to make them as smooth as possible. When you find excellent tenants, you want to do everything possible to get them to resign their lease. By doing so, you not only ensure that your rental property is well taken care of, but you also have the peace of mind of knowing that your income is secure for another year.
If you'd like to know five fantastic and helpful ways to get your tenants to sign their lease renewal, keep reading. Here's how to do things in Charlotte, NC.
1. Send Reminders Early
Sending your tenants reminders for lease renewals is a great way to get them to sign in for another year. While the reminder law differs depending on where you live, you should consider starting your reminders at least 90 days in advance.
This allows your tenants to have enough time to think about their decision to renew. When you give them time to think it over, they won't feel pressured to sign or have regrets.
2. Offer Tenant Payment Incentives
When you form a good tenant/landlord relationship and keep communication lines open, you can offer your tenants payment incentives for signing their lease renewals promptly. For example, you can offer your tenant a discount on their first month's rent under the new lease agreement.
3. Make It Convenient
People are likelier to do something if it's easy and requires little effort, so with this in mind, consider making lease renewals easy to access and sign. One way to achieve this is to offer your tenants several ways to sign. For instance, you can offer it in person, via email, online, or the USPS.
4. Follow Through With Maintenance Requests and Tenant Complaints
Tenants are unlikely to renew their lease if the owner neglects the house they're staying in. When you follow up on rental property maintenance requests, you show your tenants that you care about their well-being. This fosters a good landlord/tenant relationship, which can help keep your tenants signing lease renewals year after year.
5. Hire a Property Management Company
Finally, hiring a property management company can take much of the landlord's responsibility off your shoulders. This includes lease renewals. When you hire a property manager, they will handle liaising with your tenants, finding you new ones if needed, following up with maintenance requests, rent collection, and more.
Get On Top of Your Lease Renewals
As you can see, there are many things you can do to get your tenants to sign lease renewals. By following the tips in this article, you can increase your chances of keeping your good tenants for another year. For instance, keep the property in good condition, offer easy ways to sign, communicate effectively, and send reminders at least 90 days before due.
If you'd like a property manager to take this duty off your shoulders, contact us today. At Carolina Property Management, it's our mission to provide the highest quality services. Our experts are waiting to hear from you.
