What happens in Baldwin_grove when the lease ends?
At the end of the lease term in Baldwin_grove, either party can opt to end the tenancy. The owner 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 conclude 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 rental investment producing the highest possible net income. This means that we will typically 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 tenant 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 break the lease. 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 property owner. That money is consumed by paying for vacancy and the cost of acquiring a new tenant .
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 tenant 's security deposit, per your lease.
We recommend that the 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 archive for property owners in Baldwin_grove
- Before you move a tenant into your rental in Baldwin_grove
- 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 owner get paid?
- How your property management company handles the association and your community
- How your property management company handles utilities
- How Nesbitt Realty finds renters
- Insurance matters for property owners using our rental management
- How Nesbitt Realty & Management manage keys
- Baldwin_grove property owner responsibilities
- Maintenance, repairs & inspections for your rental property in Baldwin_grove
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental
- When property owners don't yet know their new address
- Vetting renters in Baldwin_grove