When managing your properties, there are simple ways to increase efficiencies. In this post, we’re discussing the importance of automated lease renewals. Take the pressure off yourself and rely on a system to help you stay in control.
Understanding the Benefits of Automated Lease Renewals
The biggest benefit of automated lease renewals is the control over your cash flow. Streamlining operations will help you grow your business and can lead to more profit.
Why a Rental Management Solution Helps Your Business
A system helps ensure that you never miss a lease renewal. RentMindMe reminds you about lease renewals 90 days before its expiration. This reminder gives you time to plan. As the lease expiration date approaches, you are reminded at 75, 60 and 30 days to make a decision.
These reminders help give you plenty of time to communicate. In the event that you choose to raise the rent or want to end a lease, it helps to be in a position where you can avoid dealing with the status quo for another year or more.
In addition, if your tenant is planning on moving out, automated lease renewal reminders help you plan for the turnover. Being proactive helps you maximize efficiency, turnover units quickly, and continue making profit by avoiding tenant gaps.
Our Recommendations for Maximizing Profit
Automated lease renewals are designed to help you prepare, plan, and profit. We suggest charging a premium if your tenants want to rent month-to-month. This method helps incentivize lease renewals.
We charge a 20% premium for going month-to-month. We want to know when people are ending their leases to put ourselves in a better position to plan versus someone deciding they are going to move out in the dead of winter.
If you want more advice on how to grow your property management business, give us a call. We designed RentMindMe to help fellow real estate professionals maintain and grow their businesses. We look forward to helping you!