When a tenant renews their lease, you should be celebrating. These little milestones show you're doing something right. Scott Safadi of Cal Bay Property Management recommends using this time to chat with their tenants about what's going right - and what could still be improved. There is always room for improvement, after all!
But you shouldn't celebrate alone, or even just with your colleagues. You should rope in the tenant who re-signed their lease into the celebration, too! After all, they should be appreciated for making such a great choice! A small token of your appreciation can go a long way to help them celebrate. Though a bottle of champagne for every re-signed lease might be overboard, you should at least acknowledge their good decision with a thank you card. Little things like this can make all the difference in showing residents how much you notice - and care!
Another quick and easy way to show your appreciation? Knock a few dollars off the rent for the month for the person who re-signed. You might lose a little money, but considering how long the unit may have sat open had the tenant not re-signed, it's a bargain!
- Scott Safadi, Cal Bay Property Management