5 Reasons Why Early Renewal and Property Marketing Are A Must
One of the most important aspects of owning investment properties is the lease renewal process and property marketing. To do this, you have to start early. The renewal and marketing process has many steps, all of which should be carefully considered and done correctly. When facilitating the lease renewal and marketing process, we…
One of the most important aspects of owning investment properties is the lease renewal process and property marketing. To do this, you have to start early. The renewal and marketing process has many steps, all of which should be carefully considered and done correctly.
When facilitating the lease renewal and marketing process, we follow the 5Ps: Prior Planning Prevents Poor Performance. We start our renewal and marketing process 9 months before the renewal date. That means for a September 1st renewal, we start working on it before the New Year. This is a stark comparison to most landlords who start their renewal process only 60-90 days in advance.
Many people ask us why do we start so early? As the saying goes, the early bird gets the worm. It couldn’t be more true with the renewal process.
5 Reasons Why Should You Start Early
#1 Less Competition
Hundreds if not thousands of landlords put their units on the market a few months before the lease expiration. By starting early, you can find out if your tenants are going to renew. If not, you will put it on the market before everyone else, not having to compete with thousands of units.
Before you say, “Well, that is because no one else has their units on the market.” That is untrue! Some of the biggest landlords in Boston start their renewal process early, so you are taking a tip from one of the best in Boston.
#2 Maximize your returns
By starting your renewal process at the beginning of the year, you are putting your unit on the market early. You can start at a higher rental price and avoid paying a tenant finder’s fee. You also still have time to make adjustments should it be necessary.
#3 Less or ZERO chance of vacancy
Starting early almost guarantees that you won’t have a vacancy. We have zero to minimal vacancies across our portfolio of hundreds of units. We can accomplish this feat by making sure we start early and have up to 9 months to market and re-rent the property should it be necessary.
#4 More Agents help you rent the property
Real estate agents work 365 days a year. Compared to the spring and summer months, they have less supply to rent out. They are going to focus on your unit meaning, more agents = more showings.
#5 No more last-minute surprises or tenancy-at-will situations
By starting the renewal process early, you can make sure that you’ll have tenants for the next 12 months. By being proactive you won’t find yourself in a hard position trying to scramble to find last-minute tenants or worse, being on a tenancy-at-will situation where your tenant would only have to give you 30 days notice to leave, which they could do in the middle of winter.
To recap, these are the Top 5 reasons to start your renewal process and property marketing early by doing so you will make your life as a landlord easier, more profitable, and less stressful.
If you are interested in finding out more tips on how to maximize the potential of your property feel free to follow us or reach out and set up a time so we can see how we can help you. Remember with Green Ocean Property Management, you get more than a property manager, you get peace of mind.
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