What happens in Pickett Estates when the lease ends?
At the end of the lease term in Pickett Estates, either party can opt to end the tenancy. The rental investor could choose not to renew the lease or the tenant could choose to not to renew the lease. If the owner wishes to end the lease, or end our property management services, please send us written notice as described in your rental management agreement.
If 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 renter 6 to 8 weeks before the end of the lease term 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 property up for another year with a small rent increase.
When tenants break the lease
Sometimes things happen that require a renter to end the lease before the lease term is over. If this happens, Nesbitt Realty tries to minimize the impact of this event on the rental investor. If a tenant leaves with little or no notice, this will surely cause the tenant to surrender the deposit but this is never a windfall for the rental owner. 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 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 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 rental owner's name.
Landlord Reference
a good archive for property owners in Pickett Estates
- Before you move a tenant into your rental in Pickett Estates
- Collections and evictions
- Communications with the tenant
- During the lease term
- End of lease term and what happens when a renter breaks the lease
- How does the property owner get paid?
- How your management company handles the association and your community
- How your management company handles utilities
- How Nesbitt Realty finds renters
- Insurance matters for property owners using our rental management
- How Nesbitt Realty & Management manage keys
- Pickett Estates rental investor responsibilities
- Maintenance, repairs & inspections for your rental property in Pickett Estates
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your property
- When owners don't yet know their new address
- Vetting renters in Pickett Estates