HOW TO HANDLE RENEWALS WITH YOUR TENANT AND WHY THEY ARE SO IMPORTANT!
The best way to limit vacancy is by confidently negotiating a renewal with your current resident. MOD Properties builds a strong relationship with residents throughout the lease and requires folks to provide 60 days’ notice to vacate where most Landlords require 30. As such, we aim to finalize the renewal with the residents somewhere between that 60-90 day mark before their lease expires. A survey is sent to our residents about 4 months before their lease will end asking for their feedback on our services, the property, and their thoughts on renewing. We start here because we have found that there are often minor property improvements that add value to the home that will encourage a resident to re-sign a contract.
In most cases, we will approach Owners 3-4 months before the lease is set to end with a rental market analysis for their property, updated lease agreement, and recommendations for renewal. From there, our experts happily walk with the Owners through the next steps and a proposal is generated to the residents. We are intentional about presenting renewals in an individualized way that leaves room for negotiation. In today’s market, more than ever, it is important that both sides have their voice heard and we are proud of our ability to handle those negotiations on our Owners’ behalf.
Once the new Lease is signed, we will notify owners and include a PDF of the contract for their records. Oftentimes residents will use this time to make a roommate change. For more information on that, read our blog on How to Add or Remove Tenants from a Lease in Denver’s Creative Housing Culture.
Renewal is also a great time to sign up or change your property management services. Give us a call and let us tell you how we can improve the return on investment for your rental property!