Lease renewals are one of the most anticipated times of the year for property managers. This is because it gives them the chance to retain tenants and keep their properties as full as possible.
If you live in Fort Lauderdale, there are some things about lease renewals you're unaware of.
Below we'll fill you in on some lease renewal tips to help you make the most of that time when it arrives. Continue reading below and get ready to start drafting your annual lease renewal letter to your tenants.
1. Saves You Time and Money
There is no cap on how much a property manager might spend marketing their properties to tenants looking for someplace to rent. However, the truth is when you're not able to fill rental properties quickly, it means using valuable time and money to continue marketing.
When you can increase the number of tenants that renew their leases, you can conserve time and energy. This is time and energy that would otherwise be used for marketing purposes. Not to mention you won't have to waste time screening new applicants or showing empty property units.
Instead, you can focus on other things like upgrading the units you have currently filled.
2. Know What You're Offering
Before you draft your lease renewal letter, it's crucial to understand the information you plan to put into the letter. For example, is there an incentive you plan to offer to tenants that do plan to sign a lease renewal? This could be lowered rent or access to property upgrades first.
These are important because tenants want to know what their reasons should be for staying in your properties. In Fort Lauderdale, a lease renewal letter must be sent to tenants between 30-90 days before the lease expires.
3. Understand If You Plan to Renew Or Not
Of course, not every tenant you have is a model tenant, and there are some people you don't want to renew their leases. Before the renewal period, you've got to note the tenants whose leases you don't plan to renew.
Much like the tenants eligible for a lease renewal, you need to send proper notifications to the tenants who cannot renew their leases. This is called a lease termination letter, and it needs to get sent at least 90 days before the tenant's lease is set to end.
When it gets closer to the move-out date, the tenant will need to be sent another letter reminding them to clear out their unit before leaving.
Fort Lauderdale Lease Renewals
Regarding lease renewals in Fort Lauderdale, there are various things to know. These include knowing which tenants you don't want to renew and understanding how lease renewals save you time and money.
To make the most of property management, you need the help of an experienced firm on your side. Contact Fort Lauderdale Property Management for help and resources today.
