What happens in Camelot when the lease ends?
At the end of the lease term in Camelot, either party can opt to end the tenancy. The landlord 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 end our rental 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 property producing the highest possible net income. This means that we will routinely contact 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 tenant two choices:
- 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 which make 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 property 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 rental owner. That money is consumed by paying for vacancy and the cost of acquiring a new renter .
Readying the rental investment
We will have the carpet professional cleaned upon renter move-out and the actual cost of carpeting will be deducted from the tenant 's security deposit, per your lease.
We recommend that the rental investor replace the carpet every 5 to 7 years. We recommend that the rental 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 archive for property owners in Camelot
- Before you rent out your investment in Camelot
- Collections and evictions
- Communications with the tenant
- During tenancy
- End of lease term and what happens when a tenant breaks the lease
- How does the property owner get paid?
- How your management company handles the association and your community
- How your property manager handles utilities
- How Nesbitt Realty finds renters
- Insurance matters for owners using our rental management
- How Nesbitt Realty & Management manage keys
- Camelot owner responsibilities
- Maintenance, repairs & inspections for your rental investment in Camelot
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental investment
- When property owners don't yet know their new address
- Vetting renters in Camelot