Leasing Life Cycle: From Notice to Renewal

One of the best ways to start using systems is to start thinking about your rental business's annual, monthly, weekly, and daily patterns. Of course, the most predictable pattern is the life of the lease. Property owners often wait for a deadline to pass (such as a renewal deadline) and then start thinking about the next step. By laying out your necessary prompts, you can stop being reactionary and plan your next move before it becomes stressful.

Below is a typical leasing life cycle. Note that the beginning isn't when a tenant moves in but when you're trying to attract a new prospect. If you're working on the next tenant before this one moves out, you can minimize vacancy loss and increase your profits!

Lease Life Cycle:

• Advertise the Unit 30 days from the end of the lease (or when the tenant gives notice.

  • List the unit for rent on your standard websites

  • Place a yard sign

• Showings

  • Do you show occupied units? If so, set up a rule for when and what type of notice to give your tenant.

  • Do you wait for it to be vacant? If so, have good marketing pictures to send out to prospects and let them know when you can show them.

• Application

  • Have standard application and approval rules that align with all fair housing rules (check your local, state, and national laws!)

• Turn the unit

  • Inspect- follow your laws, but this typically needs to be done within three days of getting keys!

  • Maintenance- have a list of what to inspect so you can have happy tenants move in

  • Paint/Clean- paint as needed and have the unit clean for your new tenant

  • Change locks- even if you got all the keys back from your tenant, it's still a great idea to change the locks.

  • Inspect the unit- if you have vendors cleaning and painting, it's a great idea to check out the property before giving keys to a tenant. Also, take this opportunity to make notes of wear and tear for your tenant's move-in inspection!

• MOVE-IN DAY!

  • Greet the tenant with excitement and enthusiasm- they are moving into a new home today!

  • Ensure rent is paid and tenants have applicable utilities turned on and in their name.

  • Complete the walk-through with your tenant and then issue all keys.

• The week after move in day

  • Follow up with your tenant and make sure they are settling in.

  • Complete any work orders they may have placed.

• Through the term of the lease-

  • Collect rent

  • Complete work orders

  • And mark your calendar on when to send renewal notices (based on your lease!)

Keep in mind that your lease may have specific dates or items that have to happen. So be sure you know what you promised in your agreement and then write it out, and better yet, add it to a calendar that will send you reminders!