What happens in Brigadoon when the lease ends?
At the end of the lease term in Brigadoon, either party can opt to end the tenancy. The property owner could choose not to renew the lease or the tenant could choose to not to renew the lease. If the rental owner wishes to end the lease, or conclude our rental management services, please send us written notice as described in your management agreement.
When we don't receive such notice, we will strive to make choices that will keep your rental property producing the highest possible net income. This means that we will often create a new lease for a renter 6 to 8 weeks before the end of the lease in order to renew the lease.
At that point we give the tenant two choices:
- Month-to-month --- This will include a large rent increase.
- Renew the lease --- This will lock the property up for another year with a small rent increase.
When renters break the lease
Sometimes circumstances arise which make a renter to break the lease. When this happens, Nesbitt Realty tries to minimize the impact of this event on the landlord. If a renter leaves with little or no notice, this will surely cause the tenant to lose the deposit but this is never a windfall for the rental investor. That money is consumed by paying for vacancy and the cost of acquiring a new renter .
Readying the rental property
We will have the carpet professional cleaned upon renter move-out and the actual cost of carpeting will be deducted from the renter 's security deposit, per your lease.
We recommend that the owner replace the carpet every 5 to 7 years. We recommend that the owner paint every 5 to 7 years.
Utilities
During vacancies we will either put the utilities in our name or in the property owner's name.
Landlord Reference
a free source for property owners in Brigadoon
- Before you lease out your investment in Brigadoon
- Collections and evictions
- Communications with the tenant
- During the lease term
- End of lease term and what happens when a tenant breaks the lease
- How does the owner get paid?
- How your property management company handles the association and your community
- How your property management company handles utilities
- How Nesbitt finds tenants
- Insurance matters for rental investors using our rental management
- How Nesbitt Realty & Management manage keys
- Brigadoon rental investor responsibilities
- Maintenance, repairs & inspections for your property in Brigadoon
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental property
- When property owners don't yet know their new address
- Vetting renters in Brigadoon