Sign Iowa Banking Rental Lease Agreement Fast

Esign lease renewal

so about 45 days ago before the world had gone to hell my property management team and I got together and we were talking about the upcoming lease renewal season we talked about how much we anticipate increasing rents based upon our market the property type all those normal things that we would have at this point in time in the year then of course this happens one thing we have decided to do to help our tenants to help our owners for the time being is to not renew leases now before I tell you why and why I think you should do that as well I want to thank the sponsor for this video show dicks so show Diggs is a very nice unique company that's upcoming they do showings for you think uber for showing your rental properties they show your vacant properties there's just starting to do occupied move-in inspections so they can send somebody out on your behalf they will do this for you we've used them I'm a fan it's a pretty interesting company the way they operate so this video is over go to show Diggs comm jump on our sponsor page you can learn more information on showings but check them out they will be coming to your market soon and when they do they are absolutely an opportunity so in crazy things like this happen you can keep getting your properties rented so as we're talking about this if you're gonna be renewing the lease right now you probably can't increase the rent it's not a proper time for that two months ago maybe you could have 30 days ago maybe you could have but today because of all the craziness going on it's not proper to increase the rent the optics are bad even if the market potentially calls for it so we have to keep that in mind this is not a time to increase the rent so if you do a 12 month lease renewal you're probably gonna have your rent flat for the next 12 months that's why we are taking a 90-day hiatus we're gonna pause the lease renewal process for the next 90 days now here's how that's gonna work logistically we're gonna let all of our tenants roll a month a month meaning instead of getting the letter from us where we say hey your rents cut your lease is coming up for renewal we'd love to have you renew here your options instead it's gonna say hey your lease is coming up for renewal July 31st because of the current situation happening we've decided to allow your release to roll month-to-month at no additional increase so that's an important part of this the rent is not going to increase on a month-to-month so if your built in lease has a much two month increase like ours does you want to waive that we don't want to increase ten its rent right now we want to let make it easy for them stain your property have flexibility no rent increase now historically the risk of doing what I just said is that you don't want tenants to move we don't want tenants to be month-to-month because they could just up and move with a 30-day notice at any point in time I don't think that's gonna be the case right now because of all the things happening people want security they don't want to be moving so I don't think we're gonna have a mass exodus of people simply because now they're on a month-to-month lease I just don't don't see that happening so step number three is we're gonna offer that renewal 90 days later so we're gonna pause for 90 days we're gonna come back in 90 days now hopefully by then this stuff will calm down a little bit the market will have returned to a little bit of normalcy and depending on your market you will once again have the opportunity to have an annual rent increase that is normal and necessary for most year owners so then you can go back to them and retroactively least say hey we're gonna renew the lease now and now if the market is normal and if your market allows it the new rent for the remaining term will be X and you just determine what that will be maybe there'll be no increase at that point time as well maybe there will be but by doing this what you do is you protect your tenant you keep their rent low and you also give the owner the benefit of a little bit of an increase down the road so number one your residents benefit no increase number right now your residents benefit with a flexibility in the lease but your owners also benefit because they don't lose out on 12 months of a rent increase it's an important part this is just one aspect of what's happening but you need to make a decision if you're going to renew leases we recommend you renew them with no increase and let people go month-to-month right now it just gives your tenants more flexibility hey two quick things before you go number one pulling back the curtain is still on Denver Colorado August 24th we anticipate being there here's why you need to come you're gonna be itching to get out of your house come August we're all ready to get out of here our events still on you can get registered today if for some reason we have to cancel you'll get your money back don't worry about that we've got limited spots for this so once this fills up it fills up we're pricing this thing so ridiculously low that you will want to come so I'm excited for this event in August make sure you sign up for that another thing to be aware of I do one-on-one coaching I don't talk a lot about that but if that's something you're interested in go to our website property management system dot o RG check out our one-on-one coaching if your business is not where you want it to be then you need to make a change that may be something for you either our one-on-one coaching or video coaching programs check those out they may be beneficial to you but get your lease renewal process in place we'll get through this weather the storm make your owner safe make your tenants secure for the next rest of the year