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As an Indianapolis property management company, we understand that lease renewals are a crucial part of managing rental properties. They help ensure your property remains occupied and they minimize vacancies, which reduces turnover, allows for rent increases and maximizes your rental property revenue. However, managing lease renewals can be a time-consuming process that requires significant work.
What is a lease renewal fee?
A lease renewal fee is a one-time fee charged to the owner when a resident renews their lease agreement. This fee covers the time and effort associated with facilitating the lease renewal process.
Why do we charge a lease renewal fee?
Lease renewals involve a significant amount of administrative work. This includes:
•Performing a rental analysis on the property to determine how much we may be able to increase rent
•Preparing a new lease agreement
•Screening and re-qualifying the resident if necessary
•Communicating with the resident to ensure a successful lease renewal
We want to ensure that residents have a smooth and seamless transition into their new lease agreement and that the process is completed as efficiently as possible.
Why is this important to property owners?
Lease renewals provide the opportunity to retain good residents, and this is essential when owning a rental property. Retaining quality residents is crucial for the long-term success of your property, as good residents can help to properly maintain the property and pay rent consistently and on-time.
By managing the renewal process, we help to minimize vacancies and keep the best possible residents in your property. This, in turn, maximizes rental revenue by reducing unexpected move-outs, increasing rent, and keeping lease agreements current and up to date.
Contact us today at info@crmproperties.net or 765-459-8034 to learn more about how we can help you manage your property effectively and efficiently.
For more information on the lease renewal process, watch our Indianapolis Property Management Video!
For more information on our Indianapolis property management services for investors, check out our website below!
https://www.crmproperties.net/indianapolis-property-management