Lease renewals are a sign that you are doing a
good job at keeping your Tenants satisfied and meeting their needs, not
to mention the fact that they are one of your most productive
activities as a rental property manager. Of course, not all Tenants are
good candidates for lease renewal, but renewing a lease with a current
Tenant clearly has an additional benefit over a lease with a new
Tenant. After all, you have a track record with your current
Tenant: you know the rent payment history and whether the property and
neighbors are treated with respect. And you can never be 100
percent sure of that kind of information when you are starting from
scratch with someone new.
Plus your Tenants know what to expect from you as a rental property
owner. They know your standards for maintaining the property,
your interest in and response to requests, your policies and rules (and
whether they are fairly enforced), and the level of courtesy and
respect you have for their privacy. Your Tenant has a certain
comfort level with you, and as long as you are willing to be
competitive with your rental rate, it is in their best interests to
Unless your lease agreement contains an automatic renewal clause, it
will expire on the date specified. If you want your Tenant to
stay, do not be afraid to approach them and ask them to sign another
lease effective when the current one expires. Contact your Tenant
at least 60 days prior to the lease expiration.
Tip from Crossett Real Estate Services
In reviewing lease renewals, we schedule an appointment to discuss and
update: any changes on employment and/or source of
income/vehicle/family and/or health.
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This web page was updated on 02/02/2011.