Cash Flowing - Rental Property Renewal
Hello,
When & how far out do you reach out to your tenants to field a renewal coming off a 1 year lease? (30/60/90 days?)
What messaging do you like to use to entice renewal?
Please feel free to drop scripts - successful messaging used previously.
Thanks in advance!
#4 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Los Angeles, CA
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#4 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Los Angeles, CA
Maybe 75 days before, send a text and say "Hey, I know your lease is ending in about 2 months. Are you interested in signing another lease or were you planning on moving?"
Most people have an idea around this time and will let you know. If they're planning on staying, figure out the new rent and get them the lease ASAP. If not, plan your turnover crew.
I don't need to entice renewal. They either will or won't renew. You're probably not going to change their mind unless you reduce rent and that is a suckers move.