The Lease Renewal Guarantee!
“What do you mean you are raising our rent! Our refrigerator has been on the blink for six months. You promised you would fix it!”
Lease renewals are a bit easier this summer even as we increase rent. Why? Because residents shop the market and often find that their rent increase is still below market. Yet, you can force a move out if the perception of poor service is in the mind of your resident.
How do you handle the lease renewal objection of past poor maintenance and unkept promises? Why should the resident commit to another year when their perception is you have failed to perform in the recent past?
The Lease Renewal Guarantee
Demonstrate your commitment to “getting it right” in the near future by guaranteeing you will resolve the issue…or their new lease is void. Determine if the concern is the primary reason they are not willing to renew today. Then offer the Lease Renewal Guarantee to assure the resident that if this problem is not addressed as agreed to in writing, they can be released from their lease and the renewal is void. Powerful!
Sample “Lease Renewal Guarantee” – This link will take you to a sample document that will give you an idea of how to format your community’s renewal guarantee. Please do not use this exact form without checking with your legal representative.