Tenant might renew, I might get a PM. How long to wait?

[Allen Lopez]

So I have a rental property that i have rented to a family for the last two years for $1650/month. Great family, keep the place super clean. Their contract ends in feb 2019. The rent was increased in st augustine to nearly 1900/month. So I told them that I would be increasing their rent if they renew to either $1800 if they renew for 1 year, or $1750 if they renew for two. The contract says that we need to have a new contract in place 60 days prior to the end of yhe lease. If they don’t renew, I can get a property manager and end up getting what I am asking for ranyways. If they do renew great. So if they renew I will not need a property manager since they are such good tenants that it allows me to manage without one. However if they don’t renew I will go ahead and get one. My question is, their is 90 days until the end of the lease. How should i remind them about what they want to do again? We had the conversation on November 1st. Also, if they don’t renew, and they choose to move out, how long should I give a PM to place a tenant before trying a different one? Thank you

[Nathan Gesner]

@Allan Calderon I don't like a two-year lease because they are almost certain to break it. And you're offering a discount for the two year with no penalty if they break it after one year, so why would they choose a one-year lease at a higher rate? I wouldn't give them so many options, I wouldn't try to justify my decision, and I wouldn't add so many personal comments. It almost sounds like you are asking their permission. I would cut it down to one year at a slight discount, maybe 10-15% below market, or they can choose to move out. I'm sure they can shop around and see you're giving them a good deal. I also recommend you ignore their claims of buying a house. Tenants will often say things that aren't true or that will never occur. They often do this to try and scare you into making concessions like lower rent so they don't leave. Think if it this way: if they leave and you bump rent $200 a month, that's an extra $2,400 in your pocket. Or you can placate them and essentially gift them $2,400. If you like giving away thousands of dollars, I can send you my mailing address! 😂