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Landlords in Denver, CO, are always looking for ways to boost their rental income, and some of the top methods include:
- Screening tenants before choosing them
- Keeping up with repairs and maintenance to charge higher rates
- Encouraging tenants to renew their leases
Each time a tenant renews their lease, they're locked in for another year, which provides another year of income for your business. However, you might wonder how to use a renewal lease form to boost your renewals.
Here is a guide to help you understand the best practices for lease renewals.
Benefits of Lease Renewals
Finding good tenants is one of the best practices to build your business. Good tenants:
- Are simple to manage
- Pay their bills
- Live their longer
- Avoid damaging their units
When you find a good one, you won't want to break their lease or lose that tenant. Instead, you'll want them to stay, which means you'll encourage them to complete their lease agreement renewal.
Lease renewals help you avoid costly transitions. They keep the income rolling in and help you keep your units occupied.
Basics of a Renewal Lease Form
To use the lease renewal process, you must learn how to renew lease agreements. The first step is printing a renewal lease form template. This document provides all the necessary details for the lease renewal.
Next, you must get the tenant to sign it. After that, you'll have that tenant for another year.
Information to Contain on the Form
A lease renewal template is relatively simple and straightforward. It generally contains:
- Tenant information, such as names
- Property details, including address and unit number
- Lease terms and conditions
- New rental amount and payment updates
Additionally, the form should contain the date of the contract and the signatures of every tenant on the lease.
Tips for a Smooth Renewal Process
You can follow a few tips to ensure a smooth renewal process:
- Send the renewal lease form in advance
- Avoid large rental increases
- Include a personalized letter
You may want your tenant to complete the lease renewal form months in advance, but this isn't generally how it works. It's best to send the form four to eight weeks before the lease ends.
Secondly, use market details to keep the rental increases to a minimum, if possible. Large increases might cause your tenants to look for other units that are more affordable.
Finally, include a letter explaining the process to the tenant. Encourage them to stay by signing the lease and thank them for living there. You may also ask them to contact you if they have any questions.
Seek Help for Your Rental Property Business
Boosting your rental income begins with finding great tenants and continues when your tenants renew their leases. Using a renewal lease form is a simple and effective way to handle this task.
However, you may seek help for your business. If so, you can hire a property management firm in Denver, CO, to handle some of the duties, including the lease renewals.
Laureate LTD is an established property management firm in Denver. We've served this community since 1982, assisting rental property owners with their businesses, and we can help you.
Reach out today to learn more about our services.
