Do you own a rental property? Do you use the services of a Real Estate Property Management company? If so, do you know their policy for getting leases signed? If not, it is a good idea to ask. If leases are allowed to expire, or the property manager is waiting until the very last minute to renew, then it may pose issues for you, the owner of the property, as well as those who live there.
There is good news. With a few tips, you can reduce the vacancy cycles of your rental properties and ensure that all leases are signed quickly and without unnecessary hassle for you or your tenants.
Start the Lease Renewal Process Early
It is a good idea to start the lease renewal process for your tenants with plenty of time before it actually expires. A good rule to follow is to send renewal paperwork three months before the lease is up. It also ensures that your property manager will have plenty of time to find a new tenant if the current one has decides not to renew. When you plan and take action ahead of time, it will also allow enough time for the tenant to vacate if the landlord does not want to renew the lease. Also, if you plan on increasing the rent, it will leave plenty of time for negotiations.
Be Sure New Leases are Signed when the Tenant Accepts
When the tenant has decided that they want to move into a property, it is essential that you have the lease signed within 24 hours. This will provide payments upfront and reduce the loss of income.
Make the Lease Signing Process Simple
The process that is used for signing leases needs to be simple and straightforward. It is also important that the leaseholder and the landlord secures the lease on the property right away. When you establish terms that are simple and easy to understand, it will guarantee a smoother process for everyone involved.
Provide a Small Incentive
When you have a tenant sign a new lease to rent your property, consider giving them a small “welcome” gift. This will simply let them know that you appreciate their decision for choosing your property.
Getting people to sign a new contract or renew their existing lease does not have to be difficult. With a bit of planning, the process can be seamless and painless for everyone involved.
