Any property manager will tell you: part of hitting retention targets is handling the process of lease renewals as efficiently as possible. It’s imperative that you get appropriate offers to the right residents at the opportune time, then make the signing process as painless as possible. A solid, workable system is key to avoiding unnecessary turn and keeping everyone (including the leasing staff) happy. But it’s a lot to keep track of, and between lease terms, market rates, loyalty programs, and limited-time concessions or specials, it can get confusing. Not to mention the amount of work involved to create and deliver renewal notices to residents can be daunting.

Entrata's LeaseExecution offers the industry’s most robust tiered renewals tools to help manage the entire renewal process, and to maintain healthy revenue growth while you’re at it. It’s as simple as setting up your templates and renewal tiers in advance, based on the specifications you choose. Then you can just sit back and watch as the system does the busywork. Tiers can be based on a number of criteria, from unit type, lease term, market rates, and occupancy rates. The system also allows you to enter deadlines for timed promotions, calculate offer rates based on current rents or market rates, and provides as much or as little flexibility as your property needs.

Once you’ve created the tiers and templates you need, our system will automatically generate renewal offers precisely when you need them. Each offer includes the rent rates, lease terms, concessions, and rentable items you’ve established, and is delivered to residents via email. Upon receipt, the resident is able to select the terms they prefer and directly access the ResidentPortal, where they can electronically sign their renewal online. It’s fast and simple.

You save time because you’re no longer responsible to manually track upcoming lease terminations. Nor do you have to look up every little detail of current leasing criteria each time a renewal offer is issued. Renewal offers no longer need to be printed, mailed, or delivered to the resident’s door. Plus, you can employ limited-time offers and specials with built-in expiration dates as an incentive to encourage quick response. Once renewal offers are sent, you can track their status in Entrata.

Meanwhile, each resident gets clear, consistent information when they need it and the ability to choose the terms that work best for their needs. They don’t have to take time out of their schedule to come into the office to sign their new lease (unless they want to), they can simply renew their lease and carry on with their lives with very little trouble.

Stop doing renewals the hard way. There’s no need when you can get LeaseExecution with tiered renewals and, essentially (we know it’s cliché) set it and forget it. Check out this recent webinar to discover how tiered renewals work, or contact your Client Success Manager to find out how they can work for you.