It seems once the stress of renovation, repair, advertising and tenant screening is over, many owners get into a routine of collecting rent, taking care of the odd repair and a year passes very quickly.
An expired lease results in many issues, including:
- Not being able to increase the rent
- The lease could turn into a month to month lease
- The tenant vacates without your knowledge, potentially losing you thousands of dollars
At Servis Realty, we will automatically send out the renewal before the deadline, follow up with the tenant to ensure it is signed, and if they decide not to renew, deploy the appropriate resources to secure another tenant. A good property management company reduces your stress and ensures the details of your investment are covered.