What happens in Wakeland Manor when the lease is over?
At the end of the lease term in Wakeland Manor, either party can opt to end the tenancy. The rental investor could choose not to renew the lease or the renter could choose to not to renew the lease. If the owner wishes to end the lease, or end our property 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 property 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 in order to renew the lease.
At that point we give the tenant 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 renters break the lease
Sometimes things happen which make a renter to end the lease before the lease term is over. When this occures, Nesbitt Realty tries to minimize the impact of this event on the owner. If a renter leaves with little or no notice, this will surely cause the tenant to lose the deposit but this is never a windfall for the rental owner. That money is consumed by paying for vacancy and the cost of acquiring a new renter .
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 renter '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 investor paint every 5 to 7 years.
Utilities
During vacancies we will either put the utilities in our name or in the rental investor's name.
Landlord Reference
a free archive for property owners in Wakeland Manor
- Before you move a tenant into your rental property in Wakeland Manor
- Collections and evictions
- Communications with the renter
- During the lease term
- End of lease term and what happens when a renter breaks the lease
- How does the rental investor get paid?
- How your property management company handles the association and your community
- How your management company handles utilities
- How Nesbitt Realty & Management finds renters
- Insurance matters for rental investors using our rental management
- How Nesbitt Realty & Management manage keys
- Wakeland Manor landlord responsibilities
- Maintenance, repairs & inspections for your rental property in Wakeland Manor
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental property
- When landlords don't yet know their new address
- Vetting renters in Wakeland Manor