Should you try for an increase in rent or leave it as is?
Will the property sit vacant with no rental income between tenants?
All of these questions and issues should be correctly managed by your managing agency and should not be a stressful process for you!
At Hot Property Management, we adopt an industry leading process that not only complies with legislation but also protects landlords from uncertainty, instilling confidence to our owners through the lease renewal process.
Three months out from the end of the tenancy, our team touch base with you, the property owner, providing recommendations as to renewing your tenants lease. Within this recommendation process, our team reviews current market trends and rents achieved in the area to provide market relevant feedback, as well as taking into consideration the current tenancy. Things that are considered are, history of arrears during the tenants occupancy, in addition to their presentation and care of your investment. All of these factors are reviewed as to whether a renewal should be offered or not.
By providing this three months in advance of the end of the tenancy, it provides our team time to issue the tenants with their renewal two months out from the end of tenancy as per legislation. At the same time the tenant is issued with a Form 12 Notice to Leave at end of tenancy and the tenants are provided around 2-4 weeks to confirm their intentions. By doing this, the property manager is able to launch the property online for lease 3-5 weeks prior to the available date to reduce vacancy between tenants.
This industry leading process ensures that all parties are clear in their position that if the tenant fails to renew their lease the expectation is the tenant is to vacate and ensures the owner is in a position of confidence throughout the lease renewal process.