Proactive Renewal Process
We start the renewal process 90 days from the expiration of the lease. Our first step is to re-review rents in the market area by pulling a comprehensive market analysis. We then reach out to the landlord with a recommendation of a renewal rental rate supported by the details of the comprehensive market analysis. At the 60 – 75 day mark we will reach out to your tenants with a renewal offer.
If the Tenants due not plan to renew we will place the property on the market 30 days prior to the lease maturing.
Many times we do not have control over why a tenant is not renewing their lease such as, purchasing a home of their own, moving out of town or a financial situation leaving them unable to pay the rent amount. In those situations we wish them well on their move and assist in making their move out process seamless.
There are also many times that a management company does have a hand in the reason for a tenant’s wish to move out. What we must ask next is, how would we know the reason?? The answer to that is WE ASK. When we are contacted by your tenant of their move out intentions we take the time and care to ask them why. Perhaps there is something that we can assist with like perhaps increasing the renewal rent $50 instead of the proposed $70. After all, a $240 annual “loss” is much more cost effective to you than having a move out, wear & tear, management fees for finding a new tenant and potential vacancy loss. Imagine if we had never asked the tenant their reason for not renewing….they might not have come forward with the negotiation request.
We believe that great customer service, setting realistic expectations, responsiveness and effective communication is the basic foundation for creating and maintaining a good rapport with tenants. We strive to accomplish this relationship while holding paramount that our fiduciary responsibility is to you, our client.
The bottom line is that many of us wouldn’t stick around in a situation where we feel un-wanted, un-cared for or a burden. So why would your tenant? In a sense the renewal process starts at the time of having a signed lease.