The Benefits of Renewing Your Tenants Lease

When you have a tenant who pays on time, maintains and loves the property, it’s safe to say you probably sleep easy at night when it comes to your investment property.

Aside from the above, what are more benefits of renewing your tenants lease?

Turns out there’s more than you might think, and they ensure a win-win situation for tenants and landlords alike.

Read more from the property management Perth specialists at Thought Leaders Real Estate to find out the benefits of renewing your tenants lease.

It’s good for budgeting and rental return

A continued tenancy is crucial in order for you to budget for regular and continuous rental income.

Another benefit is renewing your tenants lease on an ongoing basis means more income for you.

Why?

·         There are no turnover costs, loss of income or uncertainty due to property vacancies,

·         There’s no chance of additional wear, tear or damage due to continuous tenant vacating and new ones moving in.

What are some other benefits to renewing your tenants’ lease?

·         Your property is looked after and loved by your current tenant – keep hold of them!

·         A fixed-term lease agreement (with the possibility and desire of renewal) gives you control over when the property is tenanted and affords your tenant peace of mind rather than a periodic agreement.

These are only the benefits of tenant lease renewal for a landlord, and not mentioning the hassle, stress and uncertainty of not renewing a lease as a tenant.

Who’s responsible for the renewal of the lease?

Australian legislation currently dictates that the choice to sign a new lease lies with the tenant.

Your property management Perth team will, with your consent, approach your tenant prior to the lease expiry to see if they are interested in renewing your lease.

If you would like to enter a new lease with your current tenant, your property manager will act on your behalf in the hopes of them agreeing. After all, a happy tenant and landlord is a win-win scenario.

A property management Perth team finding the right tenant for you

If you have the tenant of your dreams, who respects the property and pays on time, why would you want to let them go?

On the opposite end of the spectrum, if you haven’t found the right tenant for your property, isn’t it time you did?

With a property management Perth team, finding the right tenant and so much more is achievable.

At Thought Leaders Real Estate:

·         We work tirelessly to ensure the best outcome for landlord and tenant,

·         Communicate with transparency, professionalism and timeliness, and

·         Are here for all your property management Perth questions and services.

We’re here to match the perfect tenant with the perfect property for them, to keep both tenant and landlord completely satisfied with the lease agreements.

See what’s possible with a property management Perth team like Thought Leaders Real Estate.

Need help with all thing’s property management Perth?

Contact Thought Leaders Real Estate today to find and retain the perfect tenant for your investment property.