What happens in Clifton when the lease term ends?
At the end of the lease term in Clifton, 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 rental owner wishes to end the lease, or conclude our property 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 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 rental property up for another year with a small rent increase.
When tenants break the lease
Sometimes circumstances arise that require a tenant to break the lease. When this happens, Nesbitt Realty tries to minimize the impact of this event on the rental owner. If a tenant leaves with little or no notice, this will surely cause the tenant to lose the deposit but this is never a windfall for the landlord. 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 renter 's security deposit, per your lease.
We recommend that the rental 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 landlord's name.
Landlord Reference
a useful reference for property owners in Clifton
- Before you rent out your rental in Clifton
- Collections and evictions
- Communications with the renter
- During tenancy
- End of lease term and what happens when a tenant breaks the lease
- How does the owner get paid?
- How your rental manager handles the association and your community
- How your rental manager handles utilities
- How we find tenants
- Insurance matters for property owners using our property management
- How Nesbitt Management handles keys
- Clifton property owner responsibilities
- Maintenance, repairs & inspections for your rental investment in Clifton
- The move-in inspection
- Property management information form
- Selling a 1031 tax exchange & more
- Starting our management of your rental
- When landlords don't yet know their new address
- Vetting renters in Clifton