It is always a good idea to do whatever you can to retain tenants. Especially good tenants. I routinely review my portfolio of managed properties to see what leases are expiring (those reverting to month to month contracts). Once I identify a lease nearing expiration, I review the market comps then make contact with the tenant to determine if they are interested in signing a new lease. If they are interested in staying I communicate that to the owner and do the deal. Lease renewals can benefit all involved: the owner client has the security of a new lease, the tenant can avoid uncertainty with their rental and the agent can earn a nominal lease renewal fee to coordinate the deal. In a growing economy the lease renewal can initiate a rent increase to meet market rents. In this challenged economy some owners are even lowering rents in exchange for a new lease to retain quality tenants. Nothing beats a tenant who pays on time and respects the property--make the effort to keep them!
James Safonov
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