Topic: Renewal strategy

I'm curious how other companies work their renewal schedule. I have to start contacting residents 120 days prior to their renewal and I'm unfamiliar with is. Could you please include a schedule and 120, 90, and 60 days letters you send to your residents? Also, amidst all these letters, at what point do you hold the actual renewal party? 60 days?

Thanks guys

Are you talking about renewals or recertifications (if you are affordable)???

Renewals are easy:

120 day notice: renewal time is coming and you want to offer the resident an opportunity to stay, make the offer with rent increase at the 50% mark between the resident's current rent and the current market rent. i.e. Resident is currently paying $1200, but market is now $1500, offer new rent at $1350. Also, offer carpet cleaning (or replacement if resident has been there more than 5 years), fresh paint or something like that. Make the additional offer tied to a timely response.

90 day notice; offer the same rent increase and similar additional offer.

60 day notice; repeat 90 day notice

30 day notice; repeat 60 day notice, but indicate that at the end of the 30 days, their rent goes to current market; or ask for their intent to vacate.

Income certifications are different; the residents need to get you their information so you can make sure that they are still qualified under the program requirements and must be done. Each notice needs to indicate that the resident may have their lease terminated by you for failure to respond so you can complete your paperwork in time and you will be issuing the resident a 30 day notice of lease termination.

We send out a letter 45 days before lease expiration.

90,60,45 then month to month. We start 90 days out and continue through until the tenant either makes a move or we place them on month to month at an additional fee. We have a decreased level of incentives as we close in on lease termination.