Lease renewal procedures: What happens as your lease comes to an end
As we approach the end of a leasing agreement, here are the steps we take:
90 Days Out
We send the tenant a renewal intention form to try to get them to tell us if they will be renewing or vacating the property.
60 Days Out
If we have not yet received the renewal intention form yet, we contact the tenant again but a bit more actively. This may include a phone call in order to determine whether they intend to renew the lease or vacate. We need this information before the 30 days out point.
30 Days Out
At this point we will either:
- Have a signed lease agreement if they decided to renew the lease
- Begin end of lease procedures
Lease Renewal Fee
The Lease Renewal Fee is a flat 1% commission based on the total gross revenue of the home.
$1500/mo rental home leased for 12 months = Total $18,000
The 1% lease renewal fee on this home would be $180.00