What happens in Basye when the lease is over?
At the end of the lease in Basye, 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 property owner wishes to end the lease, or end our management services, please send us written notice as described in your property management agreement.
When we don't receive such notice, we will strive to make choices that will keep your rental property producing the highest possible net income. This means that we will often create a new lease for a renter 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 property up for another year with a small rent increase.
When tenants break the lease
Sometimes things happen that require a tenant 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 property 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 property 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 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 rental owner's name.
Landlord Reference
a free archive for rental investors in Basye
- Before you put a renter in your rental property in Basye
- Collections and evictions
- Communications with the renter
- During tenancy
- End of lease term and what happens when a renter 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 owners using our rental management
- How Nesbitt Realty & Management manage keys
- Basye rental investor responsibilities
- Maintenance, repairs & inspections for your rental investment in Basye
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental investment
- When landlords don't yet know their new address
- Vetting renters in Basye