What happens in Degroff Court when the lease term ends?
At the end of the lease in Degroff Court, either party can opt to end the tenancy. The landlord 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 conclude our rental 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 investment 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 tenant two choices:
- 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 things happen which make a renter to end the lease before the lease term is over. When this occures, Nesbitt Realty tries to minimize the impact of this event on the property 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 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 tenant 's security deposit, per your lease.
We recommend that the rental 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 property owner's name.
Landlord Reference
a useful source for rental investors in Degroff Court
- Before you put a renter in your rental in Degroff Court
- Collections and evictions
- Communications with the tenant
- During the lease term
- End of tenancy and what happens when a tenant breaks the lease
- How does the rental investor get paid?
- How your rental manager handles the association and your community
- How your property manager handles utilities
- How Nesbitt Realty finds renters
- Insurance matters for landlords using our rental management
- How Nesbitt Realty & Management manage keys
- Degroff Court rental investor responsibilities
- Maintenance, repairs & inspections for your property in Degroff Court
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental investment
- When landlords don't yet know their new address
- Vetting renters in Degroff Court