What happens in Mason Terrace when the lease ends?
At the end of the lease term in Mason Terrace, either party can opt to end the tenancy. The rental owner could choose not to renew the lease or the tenant could choose to not to renew the lease. If the rental investor wishes to end the lease, or conclude our management services, please send us written notice as described in your management agreement.
If 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 routinely contact 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 investment up for another year with a small rent increase.
When renters break the lease
Sometimes things happen that require a tenant to break the lease. If this happens, Nesbitt Realty tries to minimize the impact of this event on the owner. If a tenant 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 property
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 property owner 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 property owner's name.
Landlord Reference
a useful source for property owners in Mason Terrace
- Before you rent out your rental property in Mason Terrace
- Collections and evictions
- Communications with the tenant
- 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 property management company handles the association and your community
- How your management company handles utilities
- How Nesbitt Realty finds renters
- Insurance matters for rental investors using our rental management
- How Nesbitt Realty & Management manage keys
- Mason Terrace landlord responsibilities
- Maintenance, repairs & inspections for your rental investment in Mason Terrace
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental property
- When property owners don't yet know their new address
- Vetting renters in Mason Terrace