The biggest hassle of Ma property management is the signing of the lease. There can be incidents where new tenants accept leases, only to sign it on the move-in day. It can be frustrating when old tenants sign the renewal on the day it is expiring. The reason why it is a problem is when they fail to sign the lease and you end up with a vacant property for a longer period of time than anticipated. Not only does this amount in a loss but also give the property manager sleepless nights. This guide looks at how you can reduce the vacancy cycles of a property.
Lease renewal should be mandatory three months before expiry
A lease renewal clause should be mandatory in all lease agreements. This works out well for both the tenant and the landlord. If the tenant does not want to renew the lease, then the landlord will have plenty of time to find a new tenant. In the event that the landlord does not want to renew the lease, then the tenant will have time to find a new place.
New leases should be signed as soon as possible
It is highly recommended for a tenant to sign a lease within 24 hours of securing the tenancy. This helps both the landlord and the tenant as the former has a paying tenant while the latter has secured the place. It also helps to get the deposit and rent upfront before the lease is signed, as the loss of rent is reduced.
MA Property Management: Simple Terms and Conditions for a lease
It helps to keep a lease agreement as simple as possible. This will make it easier to lease properties as there won’t be any tough legal jargon to read. The terms and conditions of the lease should be as simple as possible so that it makes signing on the bottom line hassle free.
It helps to give out incentives to tenants who sign leases. So those who sign a lease quickly can be rewarded with small gifts such as vouchers for food, shopping or simply a gift certificate for the iTunes store.
Describe the rental market to tenants who delay their decision-making.
Sometimes tenants do not renew their lease due to rent increases. They end up losing out as they are unable to find another property at the same price. It helps to educate them about the market so that they can choose to renew. Not only is it cheaper in the long run, but it’s also convenient.
We hope you liked our guide “ MA property management: How to get your tenants to sign the lease”.