Welcome to Part Three of the Efficiency series. Today we are going to discuss lease renewals and how to make this process as efficient as possible.
First, how many of you are scattered in terms of when you renew your leases? Meaning are you doing this every month with a new tenant, several in the same month?
If you answered yes to the above question, please, keep reading.
Lease renewals can be a stressful part of your rental business, particularly if it is not a streamlined process. Trying to coordinate the signing with the tenants, driving all over your city, performing the walkthrough to note the wear and tear and needed repairs, and finally sitting down to sign the lease can drain you. Let's get into how you can streamline this process.
- Draft and send a letter to all of your tenants letting them know the change in this process. Address the why as clearly as you can. I recommend that you speak to maintaining professionalism and to ease the process for the tenant as well by giving them earlier notice of the renewal.
- As mentioned in Part One, you can use Acuity to set up 1 or 2 days that you will do lease signings and have the tenants sign up on those days at times that work for them. If you own both Multifamily and Single family residences, schedule about 2 days for each, depending upon the number of units for each.
- Try to keep the entire process to 30 minutes. Having the initial walkthrough form used when they moved in will help keep this to the time allotted.
- Lastly, if possible, perform lease renewals in the spring or summer. It is easier for people to find and move into a new place in these months than the colder months should they choose not to renew. It is also the time most people want to be outside so travelling won't be so hazardous.
As you become more efficient in your rental business, you will begin to train the tenants on the behavior you expect from them as well as what they expect from you.
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