Show126: 5 Ways to Get Your Tenants to Resign Your Residential Lease

residential lease

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When it comes to being a property owner there are a variety of hats that you must wear.

Especially when you plan to be an investor landlord, meaning that you are the one finding the properties, analyzing the deals, buying them and then managing the property.

And you specifically chose not to hire a management company so that you can keep more money in your pocket.

There's no doubt it can get overwhelming and sometimes even small things can fall through the cracks.

But what we have found in our own experience is that those small things can really help foster that landlord and tenant relationship and keep those great tenants staying longer and resigning your rental agreements.

How to Get Tenants to Resign Residential Lease Agreements?

 

When we first got started with investing in rental property it was a learn by doing type of situation. I speak of this often that I knew nothing about investing when we got started.

So we've used a trial and error approach.

And sometimes that meant just keeping our head above water as we sifted through phone calls, leases, deal analysis, rehabs and so on.

So there was little time to do the 'extra' things that helped tenants know that you appreciated them.

When I say a little goes a long way it's really true.

Think about it.

Don't you get a good feeling when someone goes out of there way in an unexpected way to make you feel appreciated.

Maybe it's a simple card in the mail letting you know they're thinking of you.

...or a gift basket at the holidays.

Why shouldn't we do these extra things for our really great tenants.

I'm not saying that you do this with the tenants who you can't wait to get out of your property.

However, on the flip side maybe this would help them become better tenants ( I don't know you'd have to try it out and report back).

But those great tenants deserve to know that we appreciate them and the fact that they are taking care of our investment.

I mean we put our hard earned and saved money into buying this property and then we just turned it over to someone else to do as they wish with it (within reason).

We have found that when we've done these extra things for our great tenants they are so surprised and feel so appreciated that they become even better tenants and end up staying longer in our properties and want to automatically renew their leases for another year.

In the show we discuss these tips:

  • using a 1 page welcome handout that summarizes the main elements of your lease (when to pay rent, emergency phone numbers, utility companies, etc)
  • sending a gift basket or card at the holidays
  • getting new tenants a move in gift card (Lowes, groceries, etc)
  • getting a gift basket as a gentle nudge to take care of little things (light bulbs, drain snakes, etc)

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