Getting Tenants to Sign Leases For Landlords & Atlanta Rental Property Management Companies
Waiting for the last minute increases the likelihood of the lease expiring, while also adding to the facet of uncertainty and reduced security for all parties involved. Moreover, an expired lease may even adversely affect your reputation from both the leaseholder and the rental property owner.
A common and obvious scenario, with which most property owners are quite familiar with, involves the Atlanta rental property manager failing to get the tenant’s signature on the lease. This scenario mostly happens after the manager informs the landlord of their rental property being rented, and ends up with the tenant withdrawing from the tenancy. Since other applicants were informed of the new status of the property, the vacancy period is unnecessarily extended till the process is again initiated from scratch. For those who are unaware of such a reality, prospective tenants can retrace their previous decision, unless they’re bound by a legal contract, i.e. a leasing contract and it’s all legal.
Five Steps to Reduce Vacancy Cycles
Following are a few simple and easy steps we use to minimize uncertainty in our rental property management services.
- As intermediaries, we believe we have a responsibility towards both parties involved with us. Security for the landlord and the leaseholder is of the utmost importance. Therefore, initiating the renewal process three months prior to the expiry is optimum. As it provides ample time for both parties to negotiate for a renewal or for the tenants to seek out a new place.
- We've always worked towards ensuring that our tenants sign the lease along with their verbal acceptance. We follow a 24-hour window protocol, which allows us to reduce any potential loses in terms of rent revenue. Digital lease signing is utilized to speed up the rental process.
- One of the most important aspects of rental property management is the simplification of the leasing process. Streamlining the process helps speed up the process. It’s extremely important for both parties to acquire a lease. However, we feel it’s more important that tenants understand the contracts in their entirety. Hence, we do this several times, on the phone before the lease is signed, in person during our move-in walk through and follow up with a set of printed documents handed to the tenant with all the important aspects of the lease highlighted.
- We try to incentivize the process to ensure that the lease is signed in a prompt fashion, which offers security to the tenants as well as the landlords which is why we use digitally signed leases that are followed up with actual signatures that are obtained at move-in walk through. We prefer to give out welcoming gifts as a token of goodwill and put together a package of useful things that will keep our name and emergency numbers in front of the tenants.
- As a prime rental property management company in Atlanta, we've seen many tenants choosing to not renew their leases due to increases in rent, only to regret their decision later on when they are unable to find another suitable property. In our experience, providing the tenants with honest market analysis goes a long way. A lot of time renewing a lease at a slightly inflated rent turns out to be the cheaper and more convenient option. We also utilize a two rewards programs, one to show our appreciation for a good tenant make them feel good about renting from us, and the other is a referral program. There is no better advertising then the word of mouth.
Marina Shlomov, a managing partner at ALH|Podland Realty & Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her Atlanta property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube, Bigger Pockets and REI CLub and LinkedIn.