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What should i do two months prior to my lease expiring

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(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.

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What should i do two months prior to my lease expiring

  1. 1. Tenant ManagementWhat to do before your Lease expires1 of 5What should I do two months prior to my lease expiring?Hello, my name is Michael Gilbert, I’m a licensed real estateagent and I’m here in behalf of tenantmanagement.com.au.Today, I’m going to answer the question, “what should I do twomonths prior to my lease expiring?” Ok, so let’s set the scene.You put tenants into your property, it’s a lovely couple, andyou’ve done a 12 months lease. 10 months later, 2 months priorto your lease expiring, you need to ask yourself 2 importantquestions. Question number 1: “Am I happy with my tenants?”So are they paying the rent and are they looking after theproperty? Question number 2: “Do I intend to move into theproperty or sell the property within the next 6-12 months?” Thereason why I say “sell” the property is because if you do intendof selling the property, it’s best to have your tenants in a periodiclease. Unless your property is 100% suited to an investor.
  2. 2. 2 of 5Tenant ManagementNotice to vacateWhat should I do two months prior to my lease expiring?So let me get into these questions. Question number1, if you answered “No, I’m not happy with mycurrent tenants,” you should seriously considergiving your tenants a notice to vacate, and thiswould be an End of Lease notice to vacate. If youwait until after, and it runs into a periodic lease, andyou want to give them notice to vacate, it’s a lotmore messy, especially if you want to give themnotice to vacate due to rental raise (?) or any otherterm of the lease that they have broken. Soremember at this point in time, it’s a great time togive them an end of lease notice to vacate.
  3. 3. 3 of 5Tenant ManagementOrganize a periodic leaseWhat should I do two months prior to my lease expiring?Question number 2, if you intend to move in to theproperty or you’d like to sell the property, you shouldseriously consider letting your fixed term lease run into aperiodic lease. The reason for this is because it will giveyou more flexibility when it comes time to needing accessto your property. For example, if you want to move intoyour property, you can give them a notice to vacate,because you’re moving into the property as the propertyowner. Or if looking to sell the property and you’ll haveyour property on the market for sale, you can give yourtenants notice to vacate. However, if they were in a fixedterm lease you would not be able to do this.
  4. 4. 4 of 5Tenant ManagementOrganizing a new fixed term LeaseWhat should I do two months prior to my lease expiring?Ok, let’s say you’re happy with your current tenants andalso you have no intentions of moving into the propertywithin the next 6-12 months, it would be a good idea oryou should at least seriously consider organizing anotherfixed term lease. The reason for this is because it will giveyou more stability and the comfort knowing that you’vegot tenants for the next 6-12 months depending on howlong, you would like to do your lease for. Generally theyare 6 or 12 months. If I’m happy with my tenants, Ialways prefer 12 months.
  5. 5. 5 of 5Tenant ManagementSo, like I said, yup, give it a go, but in conjunction withrealestate.com.au. If you are considering advertising onGumtree, make sure you do think about advertising onrealestate.com.au and you can do that by jumping onrentmyestate.com.au. In conclusion, advertising on Gumtreeto find some tenants, yup, its a cheap way of finding tenantsbut it could also land you some cheap tenants, so it may notbe worth it. If you would like some more information onfinding tenants and managing tenants, jump ontenantmanagement.com.au. Thank you for listening, have agreat day and well speak with you soon.Rent increase notificationWhat should I do two months prior to my lease expiring?Remember we’re 2 months out prior to their lease expiring, sobefore approaching your tenants you also need to decide if you’regoing to give your tenants a rent increase. For me, personally, as aproperty manager, I generally give a small rent increase from 3 to5%. So that might be, if your property is $350 per week, you mightgive a rent increase of, say, $10 to $15 per week. The reason whyyou need to decide 2 months prior to your lease expiring is becauseif you do intend to increase the rent, in most states, you need togive 60 days notice to increase the rent and you want that rentincrease to take effect at the start of the new lease. So I hopeyou’ve learned something today. If you do want some moreinformation, jump on tenantmanagement.com.au and I lookforward to hearing your stories about your situations. Have a greatday.

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