As a landlord, you spend a lot of time and resources hunting for the right tenant. This means that keeping current tenants is now more important than ever before. But one thing that many landlords find challenging is navigating the art of lease renewals.
Depending on where your property is located in Charlotte, North Carolina you might need to increase the rent your tenants pay each month. And with a rent increase, you could face some pushback that makes keeping your properties occupied easier said than done.
Read our brief guide below to find some useful information about lease agreements and violations. Trust us, it's going to make your life a lot easier once you check out what we have to say.
Use a Tenant Portal
The first thing you can do to make lease renewals easier is to use the services provided by a tenant portal that both you and your tenants have access to. These portals can be used for a variety of things including rent collection and signing new lease agreements in Charlotte.
The reason you want to use a portal like this is because there's no guarantee that tenants are checking their mail regularly. When it comes to renewing a lease you want to ensure that your tenants get the paperwork and are made aware they are approaching a renewal period as soon as possible.
Provide Notice of Renewal Ahead of Time
Depending on where you live in Charlotte, North Carolina there's likely a specification for the amount of time you need to provide tenants with notice of their approaching renewal. The reason you need to do this is that there will be some tenants whose leases you don't want to renew.
If this is the case, they will need ample time to plan for their leave and find another place to live. But if you do want to renew a lease you will need to let the tenant know so they have time to make their final decision.
If you're providing a lease renewal but want to increase the rent, you need to have evidence to support your reason for doing so. For example, does the tenant have lease violations?
Have they broken other rules outlined in their lease agreement? If so, you can use these as reasons for increasing their rent. It lets the tenant know you've kept a record of past happenings that justify asking them to pay more if they want to continue living there.
Offer An Incentive
If you've sent out the information about lease renewals but haven't heard back from your tenants it's time to call in the reinforcements and incentives. People move quicker when there is something on the line worth moving quickly for. If you want to keep your properties occupied it's worth considering.
There are several incentives you could offer to people who renew early. These incentives include first dibs on new property amenities or a hundred dollars off their rent.
Lease Renewals: Making Things Simpler
When it comes to lease renewals there are several things you can do to make the process easier. We recommend that you consider offering incentives and provide evidence if you're going to increase your tenants' rent ahead of the renewal date.
Need more property management help? Contact Wilkinson Property Management today.