In a previous article, we focused on compliance in property management – what you need to cover and how to communicate effectively with your team so that each agent always works in accordance with the law. You should speak to the tenant at least 90 days before the lease expires. This gives them time to think and get back to you in time. Before most of the communication work begins and the process really begins, there are a handful of important decisions that need to be made in agreement with the landowner. However, the renewal of leasing is an exercise in the left of a strict directive and a strict procedure. It is necessary to answer these questions before you start contacting the tenant so that you can feel safe with your position, formulate a game plan for all potential results and be on the same side as the building owner to avoid any possibility of misunderstanding. If you renew a lease, you will save on the cost of finding a new customer. This includes time and money to market the unit, receive applications, display your unit, screen customers, onboarding and sign a new lease. When a tenant continues to pay the rents and the landlord accepts them even after the lease expires, the tenant becomes “at his convenience.” Most of the time, the landlord would seek prior notice from the tenant before evacuating the property. Once the tenant submits this notification, the landlord will only be able to evict the tenant from the property if he has sufficient time to organize his new dwelling.
According to Avail, this is a breakdown of the costs you will avoid by renewing a lease agreement: demonstrating a consistent ability to renew leases with good tenants is an important aspect to establish long-term trusting relationships with the landowners you represent, especially if this involves rent increases. This means that the landlord, if he does not accept the lease but remains in the property at the end of the current contract, can continue to receive a new amount of rent without further delay. In addition to the recently added Appfolio models, we have created a series of checklist templates for property management companies, which have been very well received by our users. Conditional logic is incorporated into many of the checklist templates we have created for property managers, including the lease renewal checklist included below, so you immediately begin to explore their functions.