TOPIC: Lease renewal reminder

Lease renewal reminder 11 years 5 months ago #3411

I post a letter when it's time for a resident to renew their lease, but usually the letter is ignored. I follow up with a phone call two weeks later, which is also usually ignored. The last week of the month I usually post a copy of their lease renewal letter with the following hand written note on it.

"Please come to the office at your earliest convenience to sign a new lease. Please remember that the Month-to-Month rate will apply if a new lease is not signed by May 31st"

I would like to have a separate letter to post instead, but I'm not sure how to word it.

Suggestions? What do you do?

Thanks!

Editor Note: For those of you reading this post, a fellow Insider shared an example lease renewal letter .
  • Rose M
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Last edit: by Brent Williams.

Re:Lease renewal reminder 11 years 5 months ago #3427

What is your email address? I might have something you can use....

Re:Lease renewal reminder 11 years 5 months ago #3428

Send me one, too, Johnny!

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Re:Lease renewal reminder 11 years 5 months ago #3429

Who has time to keep posting notes on doors and following up with phone calls.....here's a time saver for you!!


Dear ________,

Time flies when you're having fun! Can you believe your lease is expiring soon?

We sincerely appreciate your loyalty as one of our most valued residents and as a token of our appreciation, we are pleased to provide you with the following lease renewal options and incentives:

Option 1: Renew your lease at the rate of $_______ for a six month term and please accept this token of our appreciation. $50 off coupon to be redeemed anytime between now and the end of your new 6 month lease.

Option 2: Renew your lease at the rate of $______ for a twelve month term and receive a coupon of $100 to be redeemed anytime prior to the 12 month lease term.

Option 3: Go month to month on your lease at the market rate plus a $100 month to month fee.

Please call the office as soon as possible so we can prepare your renewal agreement!

Never ask them to renew....assume they're going to and give them their options....we always increase the monthly amount however, we offer them a few dollars lower amount if they sign a 12 month renewal as an extra incentive over signing a 6 month renewal. Be sure you calculate the monthly increase over the term of the lease to ensure your property is making money, not losing it.....

When they come into the office to discuss their options, make sure you've figured out how much its going to cost them to move, hire a mover, transfer utilities, etc.....point that out to them....anytime one of my residents give notice, I ask them point blank...may i ask why you're moving? I also ask them if there is anything I can do to change their mind. Don't be afraid to ask....their explanation may save you from losing future residents as well.

Good Luck!!!!
The following user(s) said Thank You: Rochelle Kirk

Re:Lease renewal reminder 11 years 5 months ago #3437

Thanks Deeann!

I use a similar letter. It's after this letter is posted that I have trouble getting them to come sign the new lease. Then of course they write their rent check for the old rent amount, which I can't accept, so I have to return it to them, and by then they owe a late fee, so then they are so angry they don't want to renew...

I'm hoping to find some way to prevent all this.
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Re:Lease renewal reminder 11 years 5 months ago #3438

My email is This email address is being protected from spambots. You need JavaScript enabled to view it.

Thanks!
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Re:Lease renewal reminder 11 years 5 months ago #3441

Rose...I never refuse rent, even if it's not the correct amount. In the state of Oklahoma, if you refuse rent, in the eyes of the law, it is deemed as "paid", or so says the court if you end up having to file an eviction.

The Landlord Tenant laws are different in every state.

Accept what they give you then put a notice on their door for the remaining amout plus the late fee and then offer them an incentive that if they come in within 24 hours and renew, that you will wiave their late fee this one time.

Try that and see if it works for you. Really, the effectivness of leasing and renewing leases is all in the presentation!!

Re:Lease renewal reminder 11 years 5 months ago #3443

@ Sandy
@ Rose:

Check your inbox for the file...

I have also attached it here for others.

I send the letter using the following schedule:


1st time: 60 days from lease expiration date

IF NO RESPONSE

2nd time: 30 days from lease expiration date
This time, I include a sentence that reminds the residents that if they decide to leave, the law requires a 30 day written notice to be considered valid.
IF NO RESPONSE

I have staff pick up the phone and call the residents who have not responded 15 days out.

The nice thing about this letter is that it also captures renter's insurance information if your property requires it. On the other hand, if you don't require it; the paragraph that addresses it can be deleted.

Attachment lease_renewal_sharable.doc not found

Attachments:

Re:Lease renewal reminder 11 years 5 months ago #3445

Rose - We were struggling with a bit of the same: 30-45% opf residents would contact us after the initial lease renewal notices went out. (we contact a little over 120 days of of lease expiration). We gave a specific short time period where even though they may be getting an increase they could "double up" on their renewal bonus if they signed the lease by the deadline. THen we make a series of phone calls to the non-responders. THen we send out the second letter with option a, option, b... detailing all of there options and the financial implications of each. Finally, about three months ago we did two things differently: We took the initiave to give them the month to month charges and sent them a letter saying "We are so glad that you have decided to stay! Since we haven't heard from you we are happy to place you on the designated month-to-month status and ad the flexibility fee to your monthly balance!" It got a response.
We also created a "rent reservation" letter so that we could take partial payments and still spell out to the residents that it did not constitute a full payument nor did it prohi bit us from procedding with legals if needed. helped collections and put teeth to the letters and notices. our average monthly collection goals were very quickly met.

Re:Lease renewal reminder 11 years 5 months ago #3447

@ Deeann- Here in Oregon, the law is the opposite. If we accept partial rent, the landlord loses the right to demand the remainder.

If a resident underpays, and we accept it, in the eyes of the law, its the same as telling them the amount of rent due for that month is the amount of their partial payment and they never owe the rest.

Therefore, we must return any partial payments immediately.

@ Tara- great idea about the flexibility fee letter. I will try that one!
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