By Property Management Team. For more information, contact Robert Parmar
If you are a property manager, then you know that the lease renewal process can be time-consuming and repetitive. But it doesn’t have to be. There are a number of ways to automate the lease renewal process, making it more efficient and less of a headache for both you and your tenants.
Read on to see our tips for automating the lease renewal process. By following these suggestions, you can streamline your lease renewal process and make it more efficient while simultaneously improving your bottom line.
Why automating your lease renewal process is important
The lease renewal process is important because it sets the stage for the next lease term. This is a chance for you to make sure that your tenants are happy with their current arrangement and that everything is in good working order. It’s also an opportunity to negotiate terms and make changes to the lease agreement if necessary. If you don’t have a system in place for automating your lease renewals, it can be easy to let the process fall by the wayside. This can lead to unhappy tenants and potential legal problems down the road. By automating the process, you can ensure that it is done in a timely and efficient manner.
Tips for automating your lease renewal process
1. Send out electronic reminders
One of the best ways to automate your lease renewal process is to set up electronic reminders. This can be done through email, text message, or even push notifications. By setting up reminders, you can be sure that your tenants will receive notice of the upcoming renewal in a timely manner.
You can also utilize electronic reminders to alert site staff of upcoming lease renewals, giving them even more of a heads up to reach out to tenants that still haven’t signed their renewal.
2. Take the process online
Another way to automate your lease renewal process is to make it entirely online. This means that your tenants will be able to log into their account and renew their lease without having to fill out any paper forms. This can be a great way to save time and ensure that the process is completed accurately.
At Summerfield, we utilize a lease renewal process that is entirely online. Our tenants tell us they appreciate the fact that their lease renewals are sent directly to their email for signatures. The process is quicker, more efficient and more streamlined for both site staff and tenants.
3. Use lease renewal software
There are a number of software programs that can help automate your lease renewal process. These programs can help you keep track of leases, send out reminders and even collect payments. By using a lease renewal software, you can make the process easier and more efficient.
Automating Your Lease Renewal Process Today
We take advantage of several software programs that assist with tracking leases, reminding tenants of upcoming lease renewals and supporting collections.
Automating your lease renewal process is a great way to save time and ensure that it is done correctly. By following these tips, you can streamline the process and make it more efficient for everyone involved.
At Summerfield, we work to stay on the cutting edge of trends for our clients in the multifamily space. We are constantly innovating and exploring new software, processes and even artificial intelligence to make tasks like lease renewals more streamlined and efficient.
We’d love the opportunity to show what Summerfield can do. Book a call with us today.