Timing- How to use it to your advantage part 1
Timing is one of the most valuable resources a landlord can control.There are two important aspects of marketing available and timing that should be considered.
The first is how early you will ask your tenants whether they will renew or not.
In most markets around the country most landlords will ask their tenants whether they will stay/renew only 30-60 days in advance, which in the world of rentals(at least mine) does not give much time to market and be picky with prospective tenants. Remember these are people that will be living in your property and you will have to potentially deal with constantly. With that being said there is no rule to how early you can send out a renewal form( in fact you can stipulate this in your leases ahead of time). As an example in the Boston market we send out renewals in January for September availability. That’s right 9 months in advance. You may be saying, how would my tenants EVER know 3 months into their lease whether they want to stay for another year? My answer to that is they may not know at that point, or they may. The point is that you can ask them then, and they have until the time someone else rents it( key is, if someone does rent it that they are no longer able to stay in the unit) to make a decision. In your market you may not have people looking until 60-90 days out, however if there are proactive renters looking for a new place, it is better to be ahead of the curve as a landlord and be able to maximize the exposure( and thus the potential rental price/return) on your property. Any potential showings may also push the current tenants to renew just for the sake of not having to deal with showings/prospective renters.