People spend over $480 billion in rent every year in America. There has never been a better time to be a landlord than right now, especially if you hire a property management company to take care of all the nitty gritty things like finding tenants, lease renewals, and managing any issues.
If you haven't hired a property manager, then you need to know how to manage lease renewals and how they work in Bellevue, WA. So, keep reading to find out everything you need to know about lease renewals.
1. Send a Lease Renewal Notice
Getting a good tenant is difficult enough, so if you manage to find one, you should do everything in your power to ensure they stay on as long as possible. This is why it's a good idea to offer a lease renewal 90 days before the current lease ends.
These 90 days give your tenants enough time to make an informed decision and also allow for some negotiation time. This timeframe shows you tenant you're serious about keeping them as tenants, but also gives both parties enough time to make alternate arrangements if a new lease isn't signed.
You might find that your tenant is ready to move on to their own home but may require a bit more time on the lease. You can then negotiate for a shorter lease period to give them time to move out fully, and you have more time to find new tenants while still getting paid.
You might also find that your tenant is looking for a bigger or smaller space, so you can see if any of your other properties suit their needs. You already know they're a good tenant, so it's worth it to go the extra mile for them.
2. Review the Current Lease
Before you offer a lease renewal, you should review the current lease and highlight any changes you want to make to it. You should clearly state any terms you want to be changed on the lease. Your renewal letter will then include a list of the proposed changes so that the tenant can decide if they're happy to sign the new lease.
3. You Don't Have to Offer a Lease Renewal
You aren't obligated to offer a lease renewal! If you're unhappy with the current tenants or simply want to make some changes to the space, then you don't have to offer a renewal.
Hiring property managers can take away the stress of having to deal with tenants personally. It's never fun if your tenant asks if you're going to renew their lease when you know you aren't. If you have a property manager, then they'll take care of all of this for you.
Lease Renewals Made Easy
When it comes to lease renewals, you have to understand all the steps you can take. You aren't required to offer a lease renewal, but if you want to keep your tenants, it's best to offer it sooner rather than later.
If you're ready to take the step and hire a property manager, contact us today. We are here to provide you with prompt and personalized assistance for all your property management needs.