What to Expect from your Property Manager at lease renewal time?
One of the most important time periods for a landlord is the lease renewal stage for your investment.
There are some key factors and expectations that your property manager should deliver. These three factors will ensure that you are well positioned to commence lease negotiations with your tenant.
- Ensuring that the lease renewal negotiations start at least three months prior to the expiration of the current lease.
- Providing a complete overview of the market conditions, such as vacancy rate and stock levels in your suburb. This will give you the best idea of the market your property sits in and assist with the negotiations with your tenant.
- Comparative Market Analysis (CMA) – this gives you a snapshot of a handful of properties similar to your own that have achieved a result in the previous six month period.
These three factors will ensure that you are well positioned to commence lease negotiations with your tenant.
Are you receiving this service from your current property manager? If not, we suggest you ask them why and consider whether they are acting in your best interest and fulfilling their duty thoroughly.
If you’re not receiving the best service from your property manager it’s time to change!
For any further information or to discuss your landlord needs please contact us today!