Ways to guarantee lease renewal

Good tenants can be hard to come by. As a property owner, you will find during the rental process that once you find a good tenant, you will want to hold on to them for as long as possible. Residential property owners have found that a good tenant pays their rent on time, keeps the home clean and in good shape, which creates a quality relationship between the tenant and landlord. When it comes to property leasing, you want to work with trustworthy and friendly individuals. Once you find such renters, you have to do your part to ensure they continue to renew their lease time and time again when the renewal period comes up.

Renewal Agreements

As the landlord, it is your responsibility to let the tenant know about the renewal process. In most cases, a tenant will be under contract for a year time frame and once the year is up, a new contract will be signed for continued renting of the property. As the property owner, you have the ability to set this time frame. When signing a rental agreement with a new tenant, be sure to explain the renewal process and how it will work. You are basically ensuring your property will be rented for a certain amount of time which gives you security in rental payments. You may also have a stipulation in which the renter will be able to pay a certain amount to get out of the contract but this is of course, up to you.

Keeping Quality Tenants

Now, it is important to learn how to keep quality tenants. If you have tenants that pay on time and cause you no trouble, keeping the property clean and damage-free, you have to do the work to ensure they stay as your tenant. Always treat your tenants with respect and take care of any issues that may arise in a timely manner. Any problems such as HVAC or electrical should be taken care of quickly. Be available to your tenant at all times so such problems can be handled without delay. It is recommended that you work with a property management company so that you offer only the best customer service to your tenants. A management company will be available 24/7 to assist with tenant needs, which can mean the difference between renewing a lease or the tenant moving on to a new home.

Being a good landlord is often times the only incentive the tenant needs to renew their agreement. Maintenance requests should be handled appropriately with courtesy and respect shown to each tenant. Provide an enjoyable space for the tenant to live and you will build trust with the tenant that will see them sign a renewal agreement again and again.

Providing Reminders

Whether you take care of the property yourself or you have a management team, you must provide reminders of the agreement renewal and stick to your decisions. If the tenant has a month to decide on renewal, then stick to the month time frame. Send reminders about the renewal agreement as well as move-out requirements. Often times, when you remind the tenant of having to move their belongings, they want to avoid the hassle and will stay on for a longer period of time.

At Latitude Properties, we work with you to ensure your tenants want to renew their rental agreement. Contact our office today to find out how we can help you in your property investments.