Rich Dad Education – Real Estate Blog

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Renewing the lease

lease agreementsWhen should you start the renewal process? BEFORE your resident moves in! In this age of technical correspondence (emails, text messages, etc.) the thing that is missing is human interaction. Developing rapport is the number one goal of most salespeople, and the lack of it costs businesses profits in the end.

Stop to think… stop to thank! When someone takes the time to tour one of your properties and consider it for their housing needs, do you THANK them for visiting? Not just verbally, that’s just good manners. Do you write, sign and send a short ‘thank you’ note to let them know you appreciate them stopping by? That one personal act can tip the decision scales in your favor if they are considering a number of properties that are otherwise similar (and maybe less expensive).

After they have chosen your property over the competition, moved in and settled down, do you send them a welcome letter pointing out helpful or convenient points about the property or area? It is another touch point to create a positive rapport. In another few months, you may want to send something that is applicable for the season to have another positive communication. Shortly you will be asking for an increase in rents, you don’t want the last contact you had to be the one where you took their deposit and gave them the keys.

The renewal process should begin with efforts to create positive contacts from the start. Thank them, welcome them, ask for referrals if you have other rentals available, provide information about local interests/special deals, and then perhaps an early renewal bonus for a 1-year renewal. Time the last positive communication so it is at least 30-days before your rent increase/renewal letter. More about that next time!

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