What happens in Woodstock when the lease term ends?
At the end of the lease term in Woodstock, 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 investor wishes to end the lease, or conclude our property 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 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 property up for another year with a small rent increase.
When renters break the lease
Sometimes circumstances arise that require a renter to break the lease. When 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 property owner. 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 rental 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 rental owner's name.
Landlord Reference
a good archive for rental investors in Woodstock
- Before you move a tenant into your rental in Woodstock
- 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 owner get paid?
- How your rental manager handles the association and your community
- How your property management company handles utilities
- How Nesbitt finds renters
- Insurance matters for landlords using our property management
- How Nesbitt Realty & Management manage keys
- Woodstock property owner responsibilities
- Maintenance, repairs & inspections for your property in Woodstock
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your property
- When owners don't yet know their new address
- Vetting renters in Woodstock