Renewal sheets (by Duplexer [IL]) Sep 8, 2023 9:39 AM|
Renewal sheets (by Sisco [MO]) Sep 8, 2023 10:17 AM
Renewal sheets (by plenty [MO]) Sep 8, 2023 10:17 AM
Renewal sheets (by Duplexer [IL]) Sep 8, 2023 11:20 AM
Renewal sheets (by David [MI]) Sep 8, 2023 11:47 AM
Renewal sheets (by Ray-N-Pa [PA]) Sep 8, 2023 12:31 PM
Renewal sheets (by Ray-N-Pa [PA]) Sep 8, 2023 12:48 PM
Renewal sheets (by mapleaf18 [NY]) Sep 8, 2023 5:32 PM
Renewal sheets (by Oreo [WI]) Sep 8, 2023 11:01 PM
Renewal sheets (by 6x6 [TN]) Sep 9, 2023 3:50 PM
Renewal sheets (by S i d [MO]) Sep 10, 2023 5:18 AM
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Renewal sheets (by Duplexer [IL]) Posted on: Sep 8, 2023 9:39 AM
I have had it with annual renewal sheets.... we are doing away with them for good.
The idea was to give the tenant an Addendum sheet at 1 yr anniversary saying congratulations we approved of your year renting with us, and want you to stay another year. They sign the bottom.
How many times have I had to contact the tenant, "Have you signed yet?" "please put it in the mailbox" and the real problem comes when you have to raise rent. Then they refuse to sign, I guess they're thinking if they don't sign their rent can't go up.
I just wasted 4 days going back and forth with my best tenant, basically a standoff with them refusing to sign the Addendum over a meansly $20 rent increase. Which was absolutely necessary to cover costs. Now after all this drama she may actually move out over it.
From now on, I'm putting an auto renewal clause in the lease that says "Let us know in last 30 days if you're moving otherwise lease renews. We'll let you know if anythings wrong, and notify you of any rent increase annually".
Live and learn!
Renewal sheets (by Sisco [MO]) Posted on: Sep 8, 2023 10:17 AM
While you are at it, require an automatic debit service for rent payments.
Take control. --149.76.xxx.x
Renewal sheets (by plenty [MO]) Posted on: Sep 8, 2023 10:17 AM
Better plan. --172.59.xxx.xxx
Renewal sheets (by Duplexer [IL]) Posted on: Sep 8, 2023 11:20 AM
>>> require an automatic debit service for rent payments.>>
I push this pretty hard and some tenants have it. They always work out better.
Never have anything the tenant has to DO to go forward. Aside from signing the original lease and security deposit, and paying rent.
Even the simplest tasks like sign this I'll come pick it up is asking for drama imo. I only wish I had known this sooner
Renewal sheets (by David [MI]) Posted on: Sep 8, 2023 11:47 AM
Here is how I handle renewals:
If they sign 2.5months ahead of expire, rent goes up $50
If they sign 1.5 months ahead of expire rent goes up $100
If it's less than 1.5months and they haven't signed then i send them a non renewal notice. --68.56.xxx.xx
Renewal sheets (by Ray-N-Pa [PA]) Posted on: Sep 8, 2023 12:31 PM
If not enrolled in Clear Now - I charge $20 extra to pay for me having to check my mail box --24.101.xxx.xxx
Renewal sheets (by Ray-N-Pa [PA]) Posted on: Sep 8, 2023 12:48 PM
Perhaps making that sheet look like an la carte menu might be more effective.
Your rent was $800. If you renew one year the new rent is $840. If you go month to month the new rent is $880.
Additionally if you are not enrolled in Clear Now auto payment system, an additional $20 fee will be assessed to your rent.
Your satisfaction is important to us. Please check all terms you desire and sign at the bottom of the page and return it to us. If we do not hear back from you during the next week, we will assume you want to the shortest term which will mean you are paying the most. --24.101.xxx.xxx
Renewal sheets (by mapleaf18 [NY]) Posted on: Sep 8, 2023 5:32 PM
I don't have them agree to a rent increase. I just say "as of XYZ date due to taxes, insurance, etc. the rent will be (state increase)
The grocery store and utility company doesn't ASK a customer if you agree to the increase. They just do it. If they want to submit (proper) notice to move then so be it.
I do have them sign actual lease renewals, AND work orders agreeing that the work has been completed. --64.246.xxx.xx
Renewal sheets (by Oreo [WI]) Posted on: Sep 8, 2023 11:01 PM
DUPLEXER, I hear you. But that tenant is nasty over a $20 renewal. The non communication would bother me too--
A lot of good ideas here I may want to incorporate.
When I send out renewals, they have 2 weeks to let me know if they plan to renew or give notice. All renewals are done via email. I state they can sign the form and return it via email, drop it off, or simply reply to the email yay or nay. I think they find it easier to just reply to the email after they read it as most are returned via a quick email. Then I send a confirmation email. I do have an auto renew clause in my lease. My renewal letter is more a reminder letter more than anything. Starts out like this: The automatic renewal of your annual lease on July 1, xxxx is just around the corner....and so on. And don't forget you could put an automatic rent increase like BRAD and some others do so they know and can plan accordingly. Some tenants are surprised you raised their rent at all. I got grief for raising it $10 the first time because in her words "I'm a good tenant." It took everything in me to not say "I don't have any bad tenants."
Like MAPLELEAF I mention the increase is tied to the increase in insurance, taxes, etc. Sometimes I mention some of the "above and beyond" we have done throughout the year if we have done an improvement that will make the place show well in case they do not renew-but we call it an anniversary gift.
We also state in the reminder letter that if we do not hear from you, your lease automatically renews. Then you only need to wait until that date comes and goes and they are with you another year. Puts the onus on them.
Please do a follow up if your situation changes.
Renewal sheets (by 6x6 [TN]) Posted on: Sep 9, 2023 3:50 PM
Good ideas here. I like the examples. --73.190.xxx.xxx
Renewal sheets (by S i d [MO]) Posted on: Sep 10, 2023 5:18 AM
Fix your lease.
Automatically renews for a year if no one says anything. Automatic rent increase of 3.5% over the current rent in effect is applied.
Automatic debit is required. It is not optional.
If someone does say something, you have to approve it in writing. I do offer MTM renewals with a 20% rent bump, but only on a case by case basis. There is no automated approval for MTM.
Don't "push" for these things: DEMAND them, or they get to pack their bags. What you demand, you get. What you tolerate, you encourage.
Keep it simple. --70.57.xx.xxx
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