If you're a landlord in New York State, you'll already know that replacing a lost tenant is an expensive undertaking.
After all, the cost of tenant turnover is now averaging around $4000 per listing. This means that every time your tenant does not choose the lease renewal process and instead turns elsewhere, you pay through the nose.
That's why it's worth prioritizing lease renewals over new tenants. This will boost your bottom line and ensure that you get to keep the paying, trustworthy tenants that you already know.
With that in mind, here are some of our top tips for getting your tenants in Saratoga Springs to renew their lease with you.
Start Early
If you want to get your tenants to sign a new lease and keep on living there, you should always start early. Remember, people do not make a snap decision about where they are going to live.
If they know their lease is going to expire, they will start looking elsewhere months in advance to see what deals are on offer. Keeping them happy will make that decision easier.
This is why you should reach out early to offer them a lease renewal, before they make the decision without you. Consider bringing this up at least 90 days prior to the expiry of the lease.
Incentivize Lease Renewals
Time is money, and tenants are not obligated to renew a lease with you out of the goodness of their hearts. This is why you need to get serious and offer some genuine incentives for renewal.
Remember, it costs a thousands of dollars to find tenants from scratch, meaning that you have a lot of room to offer an incentive to your existing tenants while still saving money. You can offer to lock-in rent over the next year, or even offer a discount in exchange for a longer lease term.
The important thing is to approach this as a discussion and as a good-faith negotiation with your tenants.
Solicit Feedback
The best way to ensure your tenants stick around is to find out what would make their current living experience even better. That's why one of our top landlord tips is to always seek active feedback from your residents.
Find out what it is about the property that is less-than-perfect. If there are small things that you can quickly change and this results in a lease renewal, then there is no reason why you shouldn't do this.
A few minor upgrades or furniture renewals can cost almost nothing, but save you thousands in tenant turnover costs.
We Can Help Secure Your Saratoga Springs Lease Renewals
Lease renewals are rarely an enjoyable process. They can be stressful for both parties, and involve a fair amount and back and forth. This is where we come in.
At Veno Properties, we can help landlords in Saratoga Springs secure the lease renewal that will save them time, money, and resources. We can negotiate on your behalf and help you come up with the offer that will deliver for you and for your tenants.
Don't hesitate to get in touch with our friendly local team to find out exactly how we can help you.
