Periodic Lease

Here is what I have mapped out so far. Just trying to get a better understand of the lease process.

Do you see anything wrong, mistakes or anything missing with the following flow diagram?

Should the purple square be two different paths since they are totally different in terms of lease?

I'm still in the process of learning everything about being a PM.

The reason i'm interested in learning about this is not because I want to self manage.

Sorry for asking too many basic questions. I'll do more self directed learning before becoming relying on you. Sometimes I view discussion as a good way to learn.

 

Agreed, do a fixed term to whenever you want to end it. Don't get caught up in doing everything in 6 or 12 month multiples, odd lease lengths that end during peak demand periods are the way to go.

We only end our student leases in Jan/Feb or late June/July as this aligns with the university intakes. Ending outside of that for student accommodation will mean having vacancy during very quiet times of year resulting in higher vacancy and lower rental rates.

 

Diagram is accurate. Only note I see is that you need to issue a Notice to Leave if they don't rectify the issue you breach them for to move them out.

 

Thanks for your time in peer reviewing my diagram. (I will update that bit about giving them time to remedy breach.)

Comments and feedback from others welcomed.

 

.. and how do PM learn? don't they start off knowing nothing??

Curious that's all, no need to beat up on people for trying.

In saying this, I would never manage my own properties

MTR