Do you own a commercial property in Cedar Hills, Utah and rent it out to companies in the area? If so, you might dread the idea of renewing your lease with them.
But you should know that things don't have to be this way. You can make the lease renewal process so much easier when you employ the right lease renewal strategies.
So, which commercial lease renewal strategies will yield the best results when it comes to your rental commercial property? We've listed three of them below. Consider putting one of them to good use the next time you need to renew a lease.
1. Create Stronger Relationships With Tenants
Is the only time you talk with your tenants when you need to go through the lease renewal process with them? This might be the first big mistake you're making as far as lease renewal strategies are concerned.
Of course it's going to be a little nerve-racking renewing your lease with tenants when you don't talk to them at any other time. It's why you should make it a point to communicate with tenants at least once every month or two rather than waiting until lease renewal time to speak with them.
By creating stronger relationships with tenants, you'll make all your lease renewals easier than they would be otherwise.
2. Provide Simple Lease Renewal Options for Tenants
Your goal when going through the lease renewal process with tenants should be to provide them with better options than they'll be able to get elsewhere. The key word there is "options."
You should spell out the lease renewal options you can extend to tenants in the simplest terms possible and make them feel like you're giving them a few different choices. It'll make them feel better about choosing one of them and sticking with your commercial building over whatever alternatives they might have.
3. Keep a Close Eye on Your Competition for Tenants
Your commercial building obviously won't be the only commercial building in town. As we just alluded to, there will be other commercial buildings out there with commercial property owners who will try to woo your tenants away from you.
Be prepared for this and keep an eye on what these competitors might be able to offer to your tenants. It'll give you the opportunity to swoop in and provide them with better deals overall than your competitors will be able to provide to them.
Of all the lease renewal strategies on this list, this one might just be the most important. You'll need to know how to keep pace with your competition.
Use These Lease Renewal Strategies to Your Advantage
Renewing your lease with tenants can turn into a huge headache if you allow it to. You can prevent it from becoming a hassle by using these lease renewal strategies when your lease with a tenant is up.
You can also rely on a commercial property management company like PMI Summit to handle lease renewals for you if you would like. Contact us today to take full advantage of our commercial property management services in Cedar Hills, UT.
