What happens in James Lee Condo when the lease is over?
At the end of the lease term in James Lee Condo, either party can opt to end the tenancy. The property owner could choose not to renew the lease or the renter could choose to not to renew the lease. If the rental investor wishes to end the lease, or end our property 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 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 in order to renew the lease.
At that point we give the renter two choices:
- Month-to-month --- This will include a large rent increase.
- Renew the lease --- This will lock the property up for another year with a small rent increase.
When tenants break the lease
Sometimes things happen that require a renter 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 renter to lose 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 tenant .
Readying the rental
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 landlord replace the carpet every 5 to 7 years. We recommend that the owner paint every 5 to 7 years.
Utilities
During vacancies we will either put the utilities in our name or in the landlord's name.
Landlord Reference
a good source for rental investors in James Lee Condo
- Before you rent out your rental property in James Lee Condo
- Collections and evictions
- Communications with the renter
- During the lease term
- End of lease term 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 property manager handles utilities
- How Nesbitt Realty finds tenants
- Insurance matters for owners using our rental management
- How Nesbitt Realty & Management manage keys
- James Lee Condo property owner responsibilities
- Maintenance, repairs & inspections for your rental property in James Lee Condo
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental investment
- When owners don't yet know their new address
- Vetting renters in James Lee Condo