Property managers and owners often face the headaches that occur when leases are not signed in a timely manner. This can happen when an existing lease expires or a new tenant waits until move-in day to sign. If allowed to persist, these circumstances can lead to your staff running around chasing tenants in order to obtain lease signing before the important deadline in order to successfully secure renewals and initial lease signings.

Implementing these five tips into your lease policy are easy ways to get tenants to sign leases with fewer hassles or delays. The recommended tips are to start your lease renewal for current tenants at least 3 months prior to the date each lease expires, have new tenants sign lease as soon as the lease is accepted, have clear and simple to understand lease terms so tenants won’t hesitate to sign, encourage tenants to sign immediately and also by giving incentive gifts for quick signing.

Start your lease renewal for current tenants 3 months prior to the date each lease expires

Starting the renewal process early accomplishes three things:

It gives peace of mind to the property manager and owner that rental income will continue and will assure the tenant that they will continue to have the same residence. Should the tenant decide not to renew the lease, starting early gives the property manager more time to secure a new tenant. In the case of the property manager needing to not renew a tenant lease there will be plenty of time to secure a new tenant before the new rental term starts.

Implement a policy that new tenants sign the rental lease as soon as the lease is accepted

Because it is important to have the lease signed as soon as possible following acceptance by the new tenant a good policy is to have a mandatory 24-hour signing after acceptance in order for the lease to be secured. This rule protects both tenant and property manager/owner. Best practice also states that collecting money upfront before the signing of the new lease reduces loss of rent and if an agent is involved commission can be dealt with promptly.

The lease should contain clear and simple to understand lease terms so tenants won’t hesitate to sign

Current tenants signing renewal leases and prospective tenants getting ready to sign new rental leases should read the lease over carefully before signing. This protects both parties as it reduces misunderstandings that can lead to legal matters, unpaid rent or evictions. All of these things are huge headaches for everyone involved. Clear, simple terms reduce misunderstanding because the terms will be easier to comprehend and accept.

Lease signings should always be done in person at the rental office so that good communications can take place, terms that need additional explaining can be handled to full satisfaction and all questions answered.

Use incentive gifts to encourage tenants to sign quickly

Signing gifts can be simple yet appreciated items that welcome new tenants to the property such as vouchers to local businesses including pizza places, hair salons and local fitness clubs. Established tenants that renew leases on time can also be given vouchers such as those for a free manicure, or free frozen treat at a local ice-cream shop. Property managers or owners can make special deals with local businesses that thrive on repeat business because these owners know that tenants will likely return to the establishment after redeeming the initial gift.

Property managers and owners can avoid the headaches often associated with lease signing by following the above ways to get tenants to sign leases, especially since all the these tips involve easy to put into effect methods.