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Video instructions and help with filling out and completing Lease Extension Agreement
Hey this is Clint with rent like a pro in this video we're going to talk about lease renewals and why that's a good time to raise the rent renewing the lease should be easy you can email it to the tenant they sign it send it back you can take one step further and use ecig matures you send them the document they sign it through email and send it right back depends on what state you're in some states recognize these signatures some states don't you can make these really easy for the tenant though by already having the terms and all that goes into renewing the lease outlined ahead of time now the pros don't like their tenants going into month-to-month leases and a lot of landlords like going into month-to-month leases because they feel like they can change the terms or evict with more freedom because its month-to-month the pros like to do keep them in leases and do renewals so they can do more lease targeting that is target when all your leases come up it's a volume thing when you start to get a higher volume you're going to want people to be able to move in and out during specific times of year especially if you're in college towns or winter areas places where the weather makes a difference some of the properties I own are in an area where 50 percent drop in moving in the winter is very cold in the summer so I like my leases to end in May April May area so it's before the big rush cuts my vacancy time in half it's a technique the pros use to target their leases and renewals are how they accomplish this here's your rent like a pro insider tip having a month-to-month fee outlined in your lease helps a lot when it comes time to renew it can be a incentive or a penalty however you want to look at it but either way it's built into the lease what happens if the tenant absolutely wants to go month-to-month and if they do now it's a revenue stream for you for example in our lease we put in there it's a $50 month-to-month fee in most lease if it's a higher dollar property than well my check and then we can use that as a technique later to adjust the Rance move things but if they really want to go month-to-month alright we'll make an extra fifty bucks a month and let them do that alright so when the tenants lease is coming to an end this is a great time to decide if you have room to raise the rent here are some things you want to consider first have rental prices gone up in your area how is the tenant caring for the property do you want to renew with this tenant do they pay on time are they difficult things like that and make sure.