Lease Execution & Renewals
Speaker 1: Hey, everyone, it's Ryan Leonard with Wolfnest property management. Today I wanted to talk to you about the Wolfnest leasing and Wolfnest renewal process and kind of what that looks like. So, the first thing with leasing - our model's a little bit different. We actually have a dedicated applications team and a dedicated leasing team. What this means is that their only job is to process applications and to process the lease agreements and get them signed. Benefit of that, rather than having one property manager that handles the, you know, the maintenance, the showings, the marketing, the tenant relations, owner relations, the accounting, notice postings, you name it, and then hopefully doing the applications piece and leasing piece quickly.
With Wolfnest, we have a team that is again solely dedicated to just those two departments, and it really helps expedite the leasing process. That's the last thing you want to have is an interested tenant, or it takes two weeks for them to get through the application process and then move on with the new property. So as far as when a tenant has been approved and we start the leasing process, we're going to handle all of that for you. We're going to have one looking at CC&R's or HOA rules and regulations, making sure that our lease is going to be up to date and provide them everything that they need to abide by those laws. We're also going to be doing any addendums that may be needed like drug or nonsmoking addendums, also pet addendums, you name it. We're going to have it in that lease agreement. You don't have to worry about anything.
We're also going to be collecting the first month's rent, as well as the security deposit before issuing them keys. We'll confirm that the landlord policies have been placed in the tenant's name and really ensure that before giving them keys so that we know that utilities will be paid for by them. We're also going to be doing all the property checks. That's another piece of leasing is doing the rent ready or move-in inspections, so videotape every square inch of that property, photos, even commercially blacklight testing on all the flooring, and that, really that move-in report. We're also going to be creating them a portal. That's a great thing with Wolfnest, tenants can pay online with a debit card, credit card, ACH auto payments. We also will teach them or show them how to submit maintenance requests and anything that they have questions about the property they reach out through that portal.
Now, as far as renewals goes, I think the best thing to look at when you're dealing with renewals is, you know, the four tips and the biggest one first is turnover. Turnover is one of your biggest expenses. We've had a tenant that's been with us almost since day one, almost 10 years. And on a 30-year mortgage, that tenant has pretty much paid, you know, thirty three percent of that owner's mortgage on that property, which is just great. Also, that owner has not had any turnover. There's a lot of cost that goes into a turnover like rent ready maintenance, the vacancy. I mean, that's probably one of your biggest expenses. So, renewal process again, you want to make sure that you're doing it right, and we've definitely nailed that down with Wolfnest.
Treat your tenant well. Honestly, in order for a tenant to continue to renew, you got to treat them well. And that doesn't mean you start being really nice toward the end of that lease agreement. It's being responsive, having that property really in pristine condition when they move in. There's nothing worse than a tenant moving into a property that just isn't ready. Tenants are excited to move into a new property, take pride in it, and having it professionally cleaned everything in working order before they move in is a big thing to make sure that they are happy.
Also, start the process early. We start our renewal process 90 days before the tenant's lease expires. The reason for this is we want to get their intent or what is their plan. And so, if we reach out 90 days and find out that they would like to renew, great, we look at a renewal rate working with the owner and looking at, you know, current market saturation, rental appreciation and come up with a fair number for that tenant to sign that new lease. On the flip side, if they noticed or if they inform us that they will not be renewing, that's where we start that pre-marketing campaign to really minimize vacancy and get a new tenant in as quickly as possible. And the last one is, don't be afraid to increase the rent. Property taxes go up, insurance goes up and the cost of maintenance goes up. Everything goes up, you know, each year and you want to make sure that you are, you know, increasing the rent but in a reasonable way. You know, if you want to keep your tenant, don't increase five hundred dollars a month, be willing to come up with the number and also be willing to kind of have some dialog with them. If we want to do a hundred and fifty dollar a month increase and they can't do that, they want to stay, and maybe it's a hundred and twenty-five, it's probably worth coming halfway with that tenant. And obviously that's something we do with our owner.
So, if you have any questions or would like to hear more about our leasing and lease renewal process, give me a call. That's my email and phone number, love to discuss your property and see if we can be a good. Alright, thank you.
- We prepare the comprehensive lease documents and coordinate the lease signing.
- We collect the first month’s rent and security deposit at the time of signing.
- Re-key and change the codes for the property in between tenants.
- Wolfnest uses an electronic lockbox for self guided tours. With this feature, prospective tenants can schedule a showing when it is most convenient for their schedule rather than the availability of an agent. In order to receive a one time access code a prospective tenant must provide a copy of a valid drivers license, bank issued credit card which we authorize and hold on file. Once the showing is complete, tenants will receive a post walkthrough survey asking what they liked, what they didn't like, would they like to apply.
- Schedule and manage property assessments and walkthroughs before and after a move-in and move-out.
- We complete our Move-In inspection and documentation prior to the tenant moving in. Once our logistics team approves the home for move in we schedule a meeting at our office for the tenant to pick up keys, review property specific information, and answer any questions they may have at that time.
- Provide tenant with new keys and Portal Access
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Other Areas We Serve
- Salt Lake City
- South Jordan
- Park City
- West Valley
- Capitol Hill
- Spanish Fork
- Cedar Hills
- Saratoga Springs
- American Fork
- Alpine Highland
- Cottonwood Heights
- North Salt Lake
- Rose Park
- Pleasant Grove
- West Jordan
- Eagle Mountain