If you’ve owned rental property for a while now you know that sometimes one of the most difficult things to do is to get your Portland Oregon Renter to renew their lease.
In today’s post we will provide you with 3 tips you can use to get your tenants to renew their leases so you can cut down on vacancy cycles and not have to wait until the last minute for your tenants to renew their leases.
Tip 1 – Start the Lease Renewal Process Earlier
One of the best things you can do as a property owner is connect with your tenant at least three months in advance before their lease is set to expire and ask them if they plan on renewing their lease for a new term.
Most tenants will want to renew their leases if they are comfortable and happy living in a rental property so this 3 month window will also give you ample time to negotiate rent increase as well to.
To insure that you meet with your tenant at least 3 months in advance before their lease expires you should use tools like Google Calendar or Outlook to set up simple alerts which will notify you when your tenants lease is set to expire.
Tip 2 – Ask the Tenant to Sign the New Lease When They Accept It
You just spoke with your tenant and confirmed that they want to renew their lease. After you provide them with a copy of the lease you should give the tenant 24 hours to get the new lease signed.
This step will insure that your property remains rented and if the tenant backs out of signing the new lease you can reduce the time that your property sits vacant since you can easily connect with new tenants before your tenants lease is set to expire.
Tip 3 – Offer Incentives to Your Portland Oregon Renter
Last of all, but most important, don’t hesitate to offer your tenant a few incentives if they renew their lease.
Some of the incentives you might consider could include: free gym memberships, gift certificates, coupons to local restaurants and free cable or internet access for 6 months in your rental property.
To learn more tips you can use to grow your portfolio of Portland Oregon Rental Properties, or to speak with us about our property management services, contact Property Management Systems today by calling us at (503) 515-3170 or click here to connect with us online.