The Wall Street Journal named Canton and surrounding areas the second hottest housing market in the US. As a landlord in the market, you have a prime opportunity for a successful real estate investment. One basic principle of rental ownership is to keep a great tenant in your rental property.
Lease renewals are essential for the success of your rental property. These tips will help you secure an early lease renewal.
Start Early
Start the property lease renewal process early to secure a signature sooner. Good landlords and property managers don't wait until 30 days before the lease expires to renew. Instead, they reach out 60 or even 90 days before the lease expires.
If the tenant has concerns or hesitations, you have plenty of time to address them.
Communicate With Your Tenant
You should already be in open communication with your tenant. However, if you haven't communicated with your tenant in a while, now is the time to start. Reach out to your tenant in writing about the lease agreement renewal.
Communicating in writing gives you a paper trail to refer to later. It also helps you track communications to follow up with the tenant. Even good tenants can get caught up in life and forget to send a response.
If your tenant asks questions, hesitates, or wants to negotiate, promptly respond to their inquiries. Be courteous and fair when formulating your responses.