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Increase Tenant Renewal Rates, Decrease Administrative Costs

Increase Tenant Renewal Rates, Decrease Administrative Costs
Owning a property is never easy.  Above and beyond providing for your tenants, you also have regulatory burdens to meet, taxes to pay, and marketing and promotion to engage in – at least if you want to keep your property relatively full.   This can all be accomplished through a variety of tried and tested techniques, each of which is selected based on suitability of use for your property and location.  One example of a technique that you can employ is helping to convert your leasing process to utilize automatic lease renewals. By implementing an automatic renewal policy, property owners can end up dramatically increasing retention and renewal rates while lowering their administrative burden at the same time.   Let’s take a look at three important things to keep in mind regarding this particular tactic: Higher Lease Renewal Rate – As mentioned, providing for automatic renewal will definitely help to keep your tenants in place and raise your renewal rates.  If you design the policy in such a way that they must provide you notice before the expiration of their lease if they do not intend on renewing, you will always have plenty of warning each and every time you need to begin seeking out a new tenant. Lowered Administrative Burden – Another benefit of implementing automatic lease renewals is that you will decrease your administrative costs and burdens as well.  Less letters and notices need to be drafted and mailed out, fewer clients need to be spoken with to determine their plans, ......
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