The pre and post summer holiday period can be a time of high turnover for tenants. People are on the move with new year jobs secured and student placements being finalised. Your Clark Real Estate Property Management team already know who is staying on and who is on the move in January and February and are busy securing your tenants for March lease renewals already.
“Why so early?”, you may ask. We have always believed strongly in maintaining control of the lease renewal process and we adhere to a strict timeline to ensure any vacancy rate is minimised especially around this time of year. Our average vacancy rate is a testament to how well that process works.
Ensuring that lease renewal instructions are obtained from our owners in a timely manner allows us to co-ordinate lease offers to be issued to tenants with a relevant notice period that lines up with their lease end date. Regular follow up and adherence to time limits for acceptance of a renewal offer, means no time is lost in advertising your property if the tenant chooses to move on. This also leaves you, the owner, in control of when the tenant will vacate, avoiding a periodic tenancy scenario.
The regulations stipulate that a tenant must be given 2 months notice if the landlord requires them to vacate the property even if it is at the end of their lease anyway. Tenants are only required to give an owner 2 weeks notice. Obtaining your instructions more than 2 months out and issuing a lease renewal offer accompanied by a Notice to Leave (which is retracted if the tenant accepts your offer) ensures that the relevant notice period is complied with at the outset. We avoid waiting around for a tenant to make their mind up with only 2 weeks left on a lease. If we haven’t heard from a tenant 45 days out from a lease end date, we will seek your instructions to put the property on the market and we have a clear date when the property must be vacated by the current tenant in line with the Notice we issued.
So, you stay in control and have plenty of time to secure a new tenant to move in as close to that available date as possible.
If you would like to know more about how we operate to maximise your return, or you know of someone who could benefit from better property management, please feel free to call us on 07 3256 1600.
