(http://www.tenantmanagement.com.au/videos/10-what-to-do-2-months-prior-to-my-lease-expiring/) - Hello, my name is Michael Gilbert, I’m a licensed real estate agent and I’m here in behalf of tenantmanagement.com.au. Today, I’m going to answer the question, “what should I do two months prior to my lease expiring?” Ok, so let’s set the scene. You put tenants into your property, it’s a lovely couple, and you’ve done a 12 months lease. 10 months later, 2 months prior to your lease expiring, you need to ask yourself 2 important questions. Question number 1: “Am I happy with my tenants?” So are they paying the rent and are they looking after the property? Question number 2: “Do I intend to move into the property or sell the property within the next 6-12 months?” The reason why I say “sell” the property is because if you do intend of selling the property, it’s best to have your tenants in a periodic lease. Unless your property is 100% suited to an investor.

1. Tenant Management
What to do before your Lease expires
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What should I do two months prior to my lease expiring?
Hello, my name is Michael Gilbert, I’m a licensed real estate
agent and I’m here in behalf of tenantmanagement.com.au.
Today, I’m going to answer the question, “what should I do two
months prior to my lease expiring?” Ok, so let’s set the scene.
You put tenants into your property, it’s a lovely couple, and
you’ve done a 12 months lease. 10 months later, 2 months prior
to your lease expiring, you need to ask yourself 2 important
questions. Question number 1: “Am I happy with my tenants?”
So are they paying the rent and are they looking after the
property? Question number 2: “Do I intend to move into the
property or sell the property within the next 6-12 months?” The
reason why I say “sell” the property is because if you do intend
of selling the property, it’s best to have your tenants in a periodic
lease. Unless your property is 100% suited to an investor.

2. 2 of 5
Tenant Management
Notice to vacate
What should I do two months prior to my lease expiring?
So let me get into these questions. Question number
1, if you answered “No, I’m not happy with my
current tenants,” you should seriously consider
giving your tenants a notice to vacate, and this
would be an End of Lease notice to vacate. If you
wait until after, and it runs into a periodic lease, and
you want to give them notice to vacate, it’s a lot
more messy, especially if you want to give them
notice to vacate due to rental raise (?) or any other
term of the lease that they have broken. So
remember at this point in time, it’s a great time to
give them an end of lease notice to vacate.

3. 3 of 5
Tenant Management
Organize a periodic lease
What should I do two months prior to my lease expiring?
Question number 2, if you intend to move in to the
property or you’d like to sell the property, you should
seriously consider letting your fixed term lease run into a
periodic lease. The reason for this is because it will give
you more flexibility when it comes time to needing access
to your property. For example, if you want to move into
your property, you can give them a notice to vacate,
because you’re moving into the property as the property
owner. Or if looking to sell the property and you’ll have
your property on the market for sale, you can give your
tenants notice to vacate. However, if they were in a fixed
term lease you would not be able to do this.

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Tenant Management
Organizing a new fixed term Lease
What should I do two months prior to my lease expiring?
Ok, let’s say you’re happy with your current tenants and
also you have no intentions of moving into the property
within the next 6-12 months, it would be a good idea or
you should at least seriously consider organizing another
fixed term lease. The reason for this is because it will give
you more stability and the comfort knowing that you’ve
got tenants for the next 6-12 months depending on how
long, you would like to do your lease for. Generally they
are 6 or 12 months. If I’m happy with my tenants, I
always prefer 12 months.

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Tenant Management
So, like I said, yup, give it a go, but in conjunction with
realestate.com.au. If you are considering advertising on
Gumtree, make sure you do think about advertising on
realestate.com.au and you can do that by jumping on
rentmyestate.com.au. In conclusion, advertising on Gumtree
to find some tenants, yup, it's a cheap way of finding tenants
but it could also land you some cheap tenants, so it may not
be worth it. If you would like some more information on
finding tenants and managing tenants, jump on
tenantmanagement.com.au. Thank you for listening, have a
great day and we'll speak with you soon.
Rent increase notification
What should I do two months prior to my lease expiring?
Remember we’re 2 months out prior to their lease expiring, so
before approaching your tenants you also need to decide if you’re
going to give your tenants a rent increase. For me, personally, as a
property manager, I generally give a small rent increase from 3 to
5%. So that might be, if your property is $350 per week, you might
give a rent increase of, say, $10 to $15 per week. The reason why
you need to decide 2 months prior to your lease expiring is because
if you do intend to increase the rent, in most states, you need to
give 60 days notice to increase the rent and you want that rent
increase to take effect at the start of the new lease. So I hope
you’ve learned something today. If you do want some more
information, jump on tenantmanagement.com.au and I look
forward to hearing your stories about your situations. Have a great
day.