DeckNesbitt Realty has managed many of our accounts for years and through several rental cycles and leases. Two months before the lease ends we will send a notice to the tenant to determine if the tenant wants to stay or move. When a lease ends, there are two possible outcomes:
The tenant moves out.
The tenant stays.
Tenant Moves Out
Our default position is to keep a rental property in production. That is to say, we try to keep our rental properties producing the maximum possible income for the landlord.
Sometimes a landlord decides not to rent again. For example, sometimes the landlord moves back into the property. At other times, the landlord decides to sell the property. (We often help our landlords sell and buy real estate in Northern Virginia.) No matter what the reason if the landlord decides to take the property out of production, we promptly close out the account returning any reserves or funds to the landlord along with a final statement.
More often, and most commonly, the tenant gives notice to move out and Nesbitt Realty immediately lists the property for rent. Our goal is to get the new tenant in with the minimum amount of vacancy and thereby maximize the rent for the landlord. When this happens, the landlord is responsible for the cost of the commission expense to find new tenants.
Most rarely, tenants break the lease. Because the tenant is breaching the contract, the tenant is responsible for the cost the commissions and is responsible for the cost of the vacancy.
Tenant Stays Renews
When a tenant opts to stay in the property we generally give the tenant two options:
Go to a month-to-month lease with a very significant rental increase
Sign a new lease for another year with a small increase.
The reason Nesbitt Realty offers a landlord's property at a much higher rate when the tenant stays on month-to-month is because of the uncertainty this situation gives to the landlord. The reason we offer the lease with a increase is because every year taxes and association fees and expenses go up. The amount of the increase is in part a reflection of the experience we've had with the tenant. Tenants who take good care of a property and who make timely rent payments will be offered smaller increases.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Will is the principal broker of Nesbitt Realty and Condo Alexandria. He is licensed in anywhere in the Commonwealth of Virginia, but focuses on those communities found in and around Alexandria, Arlington, Mount Vernon and Springfield/Franconia.
Will has been involved in real estate management, sales and investment for more than twenty years. He is a veteran of the U.S. Army. While in the army, he studied Russian at Monterey's Defense Language Institute. He is also a "veteran of the dotcom wars" and built most of the sites associated with NesbittRealty.com
Will currently resides in Belle Haven Estates just outside Old Town, overlooking New Alexandria. He is a former president of the Mount Vernon Youth Athletic Association and founded the Alexandria Fun with Friends Group. Will is the author of BattlestorM, a tabletop fantasy game, which was published by Ral Partha Publishing in the late '90's, and Arthur's Realm, a boardgame available at the Gamecrafter.
