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Top Five Tips for Landlords on Lease Renewal

1. Respond quickly to tenants on work orders that you are responsible for. If the roof leaks call your roofer and keep the tenant in the loop on progress. If the AC is out and you are responsible then do the same. It is just like any other business. Great customer service will keep them.

2. Maintain the property! Is the property well kept? Trash picked up, grass and trees trimmed properly. Does the building need a paint job? Does the roof need replacing?

3. Renew early! Especially renew early in a soft market. Renewing early before they start shopping around is always better. Also it gives you time to start marketing for a replacement tenant early if they are not going to renew for whatever reason.

4. Create Competition! If the market is strong and they are playing games, you can start showing the unit well before lease renewal and usually increase your leverage with them.

5. Treat them like Gold! Treat them like guests not tenants. Make your office very welcoming. Have water, coffee, or other treats there available when they come in. Ask about their business etc. Forming a good relationship with your tenants is another key in getting a favorable lease renewal.

For a free no obligation analysis of your property please call us at 954 923 1466. We have over 30 years of experience as a landlord, property manager, and leasing broker, and we can show you ways to maximize the value and cash flow of your property.