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Should P.M'S notify you when your lease is about to expire?

Discussion in 'Property Management' started by tomlemke, 29th Jul, 2015.

  1. tomlemke

    tomlemke Well-Known Member

    Joined:
    21st Jun, 2015
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    Location:
    Newcastle
    My parents have just been given notice with there rental they had no idea that the lease had actually expired 2 months ago but the p.m hadn't told them is this normal?
    In the past my p.m has told me 1 month before the lease ends to ask what i would like to do,
    weather it be to raise the rent or ask if the tenants want to sign a new lease.
    The p.m thought it was normal to have tenants just stay on a expired lease incase it upset
    the tenants by asking them to sign for 6-12 months?
     
  2. Chilliblue

    Chilliblue Well-Known Member

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    My PM's are advised to give me notice but many do not.

    When you sign a new lease place the expiry date (plus add on the extra days for notifying the tenant of an increase in rent in accordance to your state) and place a calendar note in your diary or email.

    Good way on keeping on top of things.
     
  3. DanW

    DanW Well-Known Member

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    Location:
    Sydney
    Careful with some landlord insurance, sometimes only covers lease term period.

    Good PM always asks for your renewal preference and rental increases.

    Good investor always keeps it in calendar as well
     
  4. D.T.

    D.T. Adelaide Property Manager Business Member

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    Adelaide, SA
    An investment savvy PM wants to maximise your investment return.

    To do this, they prepare months in advance (so that the appropriate notice letters can be sent if required), talking to both tenants and investors to gauge their intentions going forward.
     
  5. tomlemke

    tomlemke Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
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    Location:
    Newcastle
    Thanks everyone for the feedback i just thought it was standard practice.
    I'm pretty on the ball with all my i.ps anyway, thought i would put it to the
    masses just to make sure my parents p.m wasn't a dud.
     
    Chilliblue likes this.
  6. SeafordSunshine

    SeafordSunshine Well-Known Member

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    24th Jun, 2015
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    Location:
    Sydney
    Your property manager should notify you prior to the 60 days notice (in NSW, not sure about other States) required to give tenants a rent increase discuss your intentions, and discuss market conditions, ( HIgh or low demand etc)
    I hope this helps
     
    Leo2413 likes this.
  7. Raydar

    Raydar Well-Known Member

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    6th Jul, 2015
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    Location:
    Newcastle NSW
    PM should be on to it! Works well for both parties. Gives owner the opportunity to raise rent and secure a new lease. Or the flip side, in a softening market gives you the opportunity to assess the lease, make appropriate changes if necessary giving the best change of resigning and no vacancy.