This is the third in a series of posts to help single-family property managers make their leasing processes more efficient, reduce costs, and increase profits. This article will highlight the top lessons taught by Propertyware’s training team and focus on lease renewal process enhancements by way of technology.
Unsurprisingly, in 2020, lease renewals hit an all-time high—fueled by tenants’ inability or hesitancy to move during the pandemic. But as the economy continues to reopen, along with more options and tenants’ willingness to move, the lease renewal process could quickly become one of the most critical areas for single-family property managers.
In fact, Propertyware and Buildium fielded a survey of tenants, owners, and property managers for their 2021 Rental Owners’ Report. Of the owners they surveyed, filling vacancies ranked number two as their top sources of stress, and this is bound to continue.
For property managers, it’s always been a matter of making the process as efficient as possible to maximize renewal rates and resident retention. Still, to truly realize efficiency in the months ahead, you have to play the long game and start planning now.
In this article, we’ll take you through efficiencies and the pragmatic improvements you can make at 120, 90, 60, and 30 days ahead of a renewal decision.
