Lease renewals & tenant/owner intentions

#1

Hi Everyone,
A question for the PM’s,
What’s your process of lease renewals & tenant/owner intentions?
Are you sending these intentions out 90 days or 60 days from expiration?
Are you sending to the tenants or owner first?
Looking forward to hearing your thoughts and understanding the pros & cons and what has worked and what hasn’t for others in the LPMA community.

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#2

Our office procedure is we contact the owners first to get their instructions between 60 and 90 days prior to expiration of the fixed term lease, then we contact the tenants - this works well for our office and is a smooth process.

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#3

We contact tenants first as sometimes they plan on moving so we then let the owners know what lease length they want or if they are going.
We send this to the landlord with a recommendation on the rent increase and issue a new lease to the tenants if required. We also have a FAQ page on our website that we recommend they visit for any questions - this cuts down on silly questions.

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#4

This is our current process, Can I ask when the time frame is that you first make contact with the tenants?

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#5

Hi Rhiannon - we generally contact the tenants 8 weeks before their tenancy ends. Longer than that and they don’t always know what they are doing. If its shorter its cutting it very fine.

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#6

We contact the owner first to discuss the rent review. This is done 3 months before the tenancy ends / the rent increase would take place. Usually one has an answer from the owner in time to give the 60 days’ notice to increase the rent.

We contact the tenants 2 months before their tenancy ends. By that time we have an answer about how much the rent is increasing and they can make an informed decision about staying or vacating.

These are the minimum times - sometimes a bit longer particularly if the tenant requests to stay on .

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