Did you know that one in four renters are successfully negotiating lower rent prices? With the national vacancy rate rising, negotiating with tenants could prove worthwhile. Otherwise, you'll lose potential income as your properties sit vacant.
With these lease administration tips, you can engage and retain more tenants. Effective lease management will make your life as a property owner easier. Read on to learn more.
Develop a Lease Administration Process
Before applying the rest of these property management tips, organize your documents. Develop a centralized system for tracking lease documents and data. For example, you can start using an online tenant portal.
Using a portal will give you and your tenants easy access to essential documents from anywhere in the world. You won't have to remember to send digital files via email. You can also quickly update the documents and notify renters without delay.
Leverage lease administration software to automate reminders and notifications. For example, you can set a reminder when a tenant's lease is about to end.
Understand the Agreement
Thoroughly review each lease document. Make sure they comply with New Jersey's housing laws and regulations. Consult a property manager or attorney to avoid legal trouble or fines.
Identify critical dates, renewal options, and rent escalations for each tenant. These dates include:
- Lease start and end dates
- Rent review dates
- Renewal terms
Keep track of lease obligations. For example, the lease should outline maintenance and repair responsibilities.
Allow tenants to submit their requests through an online portal. This will help minimize project delays. Maintaining your properties will improve tenant satisfaction rates.
Keeping your tenants happy could encourage them to renew their leases.
Manage Renewals
Be proactive about lease renewals. Ask tenants if they're interested 90 days before their lease lapses. If they decide to move out, you'll have time to find new renters.
Use incentives to encourage tenants to renew their leases. These include property upgrades or rent discounts.
Complete a local rental analysis before increasing the tenant's rent. This will allow you to offer competitive rates. Remain willing to negotiate to achieve favorable terms.
Follow Property Management Best Practices
Apply property management best practices to keep tenants happy. For example:
- Screen tenants
- Maintain open communication
- Complete maintenance
- Schedule inspections
- Be prompt and professional
Hire a Property Management Company
Instead of establishing a lease administration process alone, outsource. A property management company can ensure effective lease management. Their proven strategies can save you time and money.
They can foster positive relationships with your tenants. This can lead to more lease renewals and a higher occupancy rate.
Ensure Proper Lease Administration Today
Neglecting lease administration could cost you tenants. Instead, use this administration checklist to remain organized. With these tips, you can follow proper procedures, keep tenants happy, and generate renewals.
Trust our team at PMI Prime Property with your lease administration process. Our property management team has nearly 20 years of industry experience. We use state-of-the-art technology and award-winning strategies to support our clients.
Our property management best practices can maximize your profitability. Contact us now for a free rental analysis.
