As you probably know, a renewal fee is the fee that Property Management companies charge for renewing a lease. Our renewal fee is $250 for each lease that we renew for a term of 6 months or greater. Most Property Management companies charge a renewal fee. Some charge a flat rate like we do, while others will charge a percentage of rent.
Renewal Fee Process
So, what all is involved in the renewal fee? Our renewal process is different than most companies. Once we receive notification that a Tenant wants to renew, we will do the following:
• We will conduct a site visit of the home. During this visit, we will complete a report on the property and provide that report to you along with photos. If there are lease violations, such as an unauthorized pet, for example, will be sure to remedy those immediately. If everything checks out, we will suggest renewing the Tenant.
• We will also conduct a new comparative market analysis to determine if the rent amount currently being charged can be raised. Our goal is to maximize your rent and we will provide you the most current market data.
• We will then negotiate the rent terms with the Tenant on your behalf.
• Finally, we send out a new lease for signature.
More Renewals = Happier Customers
We love renewals at T&H Realty Services. In fact, we provide year-end bonuses to our employees based on our renewal numbers. As a result, we experience a very high renewal rate for our industry, which obviously translates into higher returns for our Owners.
If you have any questions about our renewal fee, please don’t hesitate to contact us.