What happens in Columbia_condominium when the lease term ends?
At the end of the lease in Columbia_condominium, either party can opt to end the tenancy. The rental owner could choose not to renew the lease or the renter could choose to not to renew the lease. If the rental owner wishes to end the lease, or conclude our management services, please send us written notice as described in your property management agreement.
When we don't receive such notice, we will strive to make choices that will keep your rental producing the highest possible net income. This means that we will routinely create a new lease for a tenant 6 to 8 weeks before the end of the lease in order to renew the lease.
At that point we give the renter 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 renters break the lease
Sometimes circumstances arise that require a renter to end the lease before the lease term is over. When this happens, Nesbitt Realty tries to minimize the impact of this event on the rental owner. If a tenant leaves with little or no notice, this will surely cause the renter to lose the deposit but this is never a windfall for the property owner. That money is consumed by paying for vacancy and the cost of acquiring a new tenant .
Readying the rental property
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 rental investor 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 landlords in Columbia_condominium
- Before you lease out your property in Columbia_condominium
- Collections and evictions
- Communications with the renter
- During tenancy
- End of lease term and what happens when a renter breaks the lease
- How does the owner get paid?
- How your rental manager handles the association and your community
- How your property management company handles utilities
- How Nesbitt Realty & Management finds renters
- Insurance matters for property owners using our property management
- How Nesbitt Realty & Management manage keys
- Columbia_condominium owner responsibilities
- Maintenance, repairs & inspections for your rental investment in Columbia_condominium
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental property
- When landlords don't yet know their new address
- Vetting renters in Columbia_condominium