Renewals
Renewing the Lease
If the resident does not provide us notice to end the lease, we will coordinate a lease renewal. We always attempt to increase the rent if the market will support it.
If there are any changes to the lease, such as the owner moving from Investor to Landlord level, it would be done at this time.
Fees
There will be a fee of 30% of the new monthly rental amount to renew an existing lease. This fee will be charged upon executing the lease renewal addendum. We define a renewal as any time we need to extend the terms for an existing tenant because their current lease is ending. When a lease is over, a lease term is negotiated with the tenant (i.e. month-to-month, 3, 6, 9, 12, etc. month extension). Regardless of the term, this will incur a 30% renewal fee. Ideally, the new lease rate takes into consideration the length of the lease, as well as market conditions, to help offset the renewal fee expense.
Procedures
Initial Contact with Resident
60-90 days prior to a lease expiring, we will contact the resident to determine if they want to extend the lease.
Property Walk-through
If a resident wants to renew the lease or is indecisive, we will conduct a photographic condition update to determine the condition of the home. We want to make sure the resident is taking good care of the home prior to renewing their lease.
Market Analysis
We will conduct an updated analysis to make sure your home is priced competitively in the current market.
Owner Recommendation
We will consider the rental history, property condition, and market analysis to make a recommendation to you.
Lease Extension
Once we agree on a course of action, we will negotiate a new lease extension with the resident.
