Sales professionals know that selling to an existing customer is much easier than selling to a new one. The same principle applies to rental lease renewals.
You can take steps to improve your lease agreement renewal rates. Keep reading to learn five tips to boost renewals for your Maple Valley, WA properties.
1. Start Renewal Efforts Early
State law in Washington requires giving tenants at least 60 days' notice before a rent increase. If you plan to raise the rent when a lease renews, you must provide a renewal notice at least 60 days before the end of the lease. However, you can benefit from approaching tenants sooner.
You're more likely to keep quality tenants.
Moving is rarely a sudden decision. Tenants have usually decided whether they want to renew their lease or not weeks before the 60-day deadline. You can influence their decision by starting the renewal process before the 60-day deadline.
2. Use a Well-Designed Lease Renewal Notice
You should give the rental contract renewal letter to your tenants in writing. Including all the necessary information in your lease renewal offer will save time and stress later. A lease agreement renewal letter should include details like:
- Date the letter was sent
- Address of the property
- Name(s) of the tenant(s)
- Terms of the updated lease, including the rent amount
- Contact information for the landlord or property manager
You may give tenants the option of converting the lease to a month-to-month agreement after the initial term expires.
3. Consider Incentives for New and Returning Tenants
Incentives are a common way to attract new tenants. Promotions from your competitors like a month of free rent may convince your tenants to move.
If you'll be offering an incentive to new renters, you might consider a similar offer for returning tenants. A promotion for resigning a lease even without an offer for new renters can help retain your residents. It shows your tenants you value them.
4. Invest in the Resident Experience
The best way to have more lease renewals is to have residents who love living in your rental properties. Resolving maintenance requests quickly is essential.
Strategic upgrades can enhance the resident experience. For example, you could set up a secure package room to prevent theft and ensure that residents don't miss deliveries.
You can build a feeling of community through resident events. Make communicating with you easy by giving options like phone, email, text message, and social media.
5. Upgrade Your Technology
Today's renters expect online options for payment and communication. If your current system can't handle the demand, you may want to upgrade.
Many residents like the convenience and security of smart home devices, like keyless locks and learning thermostats. Integrating this technology into your units can make your property more competitive.
Simplify Lease Renewals with Good Property Management
Lease renewals are an essential part of your overall property management strategy. Following these rental lease tips can help you get more renewals.
You can simplify the tenant lease renewal process by partnering with the right property management company. PMI Puget Sound is committed to finding quality tenants for your Maple Valley, WA property. We'll give them the resident experience that will convince them to renew their lease.
Schedule a consultation with PMI Puget Sound today to learn how we can help you get more from your investment.
