What happens in Franklin_park when the lease is over?
At the end of the lease in Franklin_park, 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 property owner wishes to end the lease, or end our management services, please send us written notice as described in your property management agreement.
If we don't receive such notice, we will strive to make choices that will keep your rental property producing the highest possible net income. This means that we will often 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 renter two options:
- Month-to-month --- This will include a large rent increase.
- Renew the lease --- This will lock the rental up for another year with a small rent increase.
When renters break the lease
Sometimes things happen which make a tenant 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 landlord. If a renter leaves with little or no notice, this will surely cause the renter to surrender the deposit but this is never a windfall for the rental investor. That money is consumed by paying for vacancy and the cost of acquiring a new renter .
Readying the rental property
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 landlord replace the carpet every 5 to 7 years. We recommend that the landlord 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 free reference for rental investors in Franklin_park
- Before you move a tenant into your property in Franklin_park
- Collections and evictions
- Communications with the renter
- During tenancy
- 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 management company handles utilities
- How Nesbitt Realty & Management finds tenants
- Insurance matters for rental investors using our property management
- How Nesbitt Realty & Management manage keys
- Franklin_park landlord responsibilities
- Maintenance, repairs & inspections for your property in Franklin_park
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your property
- When landlords don't yet know their new address
- Vetting renters in Franklin_park