What happens in One Park Crest Condominium when the lease is over?
At the end of the lease term in One Park Crest Condominium, either party can opt to end the tenancy. The owner could choose not to renew the lease or the tenant could choose to not to renew the lease. If the rental owner wishes to end the lease, or end our management services, please send us written notice as described in your 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 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 up for another year with a small rent increase.
When tenants break the lease
Sometimes things happen which make a tenant to break the lease. When this happens, Nesbitt Realty tries to minimize the impact of this event on the rental owner. 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 landlord. That money is consumed by paying for vacancy and the cost of acquiring a new tenant .
Readying the rental investment
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 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 rental owner's name.
Landlord Reference
a free reference for landlords in One Park Crest Condominium
- Before you move a tenant into your investment in One Park Crest Condominium
- 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 landlord get paid?
- How your management company handles the association and your community
- How your management company handles utilities
- How Nesbitt Realty & Management finds renters
- Insurance matters for landlords using our property management
- How Nesbitt Realty & Management manage keys
- One Park Crest Condominium landlord responsibilities
- Maintenance, repairs & inspections for your rental property in One Park Crest Condominium
- 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 One Park Crest Condominium