What happens in Colonial Village when the lease ends?
At the end of the lease term in Colonial Village, either party can opt to end the tenancy. The rental owner could choose not to renew the lease or the tenant could choose to not to renew the lease. If the property owner wishes to end the lease, or end our property 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 investment producing the highest possible net income. This means that we will typically create a new lease for a tenant 6 to 8 weeks before the end of the lease term in order to renew the lease.
At that point we give the tenant two options:
- Month-to-month --- This will include a large rent increase.
- Renew the lease --- This will lock the rental investment up for another year with a small rent increase.
When tenants break the lease
Sometimes circumstances arise that require a tenant to break the lease. When this happens, Nesbitt Realty tries to minimize the impact of this event on the rental owner. 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 landlord. That money is consumed by paying for vacancy and the cost of acquiring a new renter .
Readying the rental
We will have the carpet professional cleaned upon tenant move-out and the actual cost of carpeting will be deducted from the tenant 's security deposit, per your lease.
We recommend that the property owner replace the carpet every 5 to 7 years. We recommend that the property owner paint every 5 to 7 years.
Utilities
During vacancies we will either put the utilities in our name or in the rental owner's name.
Landlord Reference
a useful reference for landlords in Colonial Village
- Before you rent out your property in Colonial Village
- Collections and evictions
- Communications with the renter
- During tenancy
- End of tenancy and what happens when a renter breaks the lease
- How does the landlord get paid?
- How your rental manager handles the association and your community
- How your property management company handles utilities
- How Nesbitt finds tenants
- Insurance matters for landlords using our rental management
- How Nesbitt Realty & Management manage keys
- Colonial Village property owner responsibilities
- Maintenance, repairs & inspections for your rental property in Colonial Village
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental
- When property owners don't yet know their new address
- Vetting tenants in Colonial Village