If a tenant’s rental contract expires, the manager or property owner will need to think hard about whether or not to let a tenant remain month-to-month if they do not want to sign a new lease. A professional real estate asset management Daytona Beach firm will be able to develop policies that will determine how these situations are to be handled. Most management companies will get a lease renewal before the initial lease actually reaches the point of expiration. This is the smartest thing to do because landlords lose much of their control when they do not have a solid lease in place.
Peace of Mind
When you employ management specialists to handle your properties, they will devise a strategy that is tailored to your specific needs and the needs of your tenants based on the type of property you own and other relevant factors. They will use a loophole proof lease, and they will keep you fully protected when lease legalities are concerned. If property managers just print a lease out from the Internet, then they are setting themselves up for failure. These leases are often poorly written, and they do not offer much protection. It is critical your lease is written precisely so that you do not run into any unwanted issues in the future. A property asset management firm will offer unlimited support, expert advice, and the knowledge they have learned in the industry.
Duration Instability
Allowing tenants to stay on a monthly basis could negatively impact your profits for the future. If you allow your tenant to stay month-to-month, then you risk losing them to another property owner. This can happen at any time without warning if you do not have a signed lease. Not only will you lose a quality tenant, but you will also have to make a mad dash effort to find someone who is just as good to fill the vacancy. This could be avoided by having a quality property manager who will closely track tenant lease expiration dates. Without a contract, landlords do not have much clout in the legal system if anything unforeseen should happen where they have to take a tenant to court. They simply cannot stay protected without a good lease. Real estate investors hire management companies for a reason. These professionals know what they are doing, so owners should heed their advice.
