Louc
Registered: 11/01/08
Posts: 5
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Reply with quote | #1 |
We have some tenants that we keep trying to contact by phone who will not return our call about signing a new one year lease. The new lease was mailed out two months ago with a small increase in rent. They paid last month and have sent this month's rent- once again with no signed lease. I called today for the third time and get their voicemail. I offered to let them sign a month to month lease, if a year lease doesn't suit them. My husband is totally against this and wants to require them to sign for another year or give them notice to leave. My feeling is that I would rather keep them there and not have to go through re-renting again until I have to. I have never sued anyone in the past if they broke a year lease, as long as they gave me notice, left the place in good condition and paid all they owed. They have been fairly good tenants, but they tend to pay late every month. Any thoughts? |
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Landlord101
Registered: 09/01/08
Posts: 23
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Reply with quote | #2 |
A few questions for you:
What does your current lease agreement state happens at the end of the term? Many lease agreements automatically roll over to month-to-month, or automatically renew for another full term.
You say that the tenants are often late; do they always pay the late rental fee? If so, KEEP them, because the best tenants are those who always pay a little bit late, and pay the late fee on top of the rent.
If they pay late but don't pay the late rent fees, it's worth sending them a notice informing them of the over due late fees they haven't paid.
Basically, you should manage your lease agreement the way mortgage companies manage their loans: like clockwork. Send your tenants the message that there's no negotiating; this is simply a business, and it works like any other business.
Best of luck with your erstwhile tenants!
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Brian
Lease Agreement
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