When we receive notice from the Tenant of their intent to move (contractual 30-day notice to vacate), we begin a series of tasks to ensure a smooth and orderly transition.
- We Acknowledge the Tenant’s notice and send them instructions for their move out. These outline how to proceed in the best interest of receiving a refund of their security deposit.
- We begin reviewing the current market for your rental property, to best strategize marketing it for rent by a replacement tenant. We also reach out to you to let you know that your property is about to go back on the market.
- We adjust your reserve balance from $300 to $500 to cover the additional expenses when there’s a vacancy (utilities, landscaping, etc.).
Lease Renewal Process
The last thing you want is a vacancy. Therefore, it makes sense to reward your property manager for keeping the renter for another year. We start earning the renewal fee the day we move the tenant into the property. We work all year to get our tenants to renew and we celebrate when they do. Our standard renewal rate is $200 and your individual property manager will be given a commission from this fee. Lease renewals are sent to tenants approximately 45 days before their lease expiration. In the event you wish for us not to renew your Tenant’s lease, please notify us no later than 60 days before lease expiration.
We recommend 12-14 month leases that will give the owner flexibility in a number of different ways: 1) they can raise the rent at lease end, 2) they can move back in, 3) they can sell the home, or 4) they can non-renew the current tenant out and look for a new tenant. We always evaluate a rent increase and review the past 12 months of activity in the neighborhood. We’ll look at market conditions, vacancies, and needed repairs in making that decision.