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Aug 6th, 2022
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How to Clean design in the Lease Renewal

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if youve already subscribed please click the bell button for instant notifications of any new videos jared lyle here with green ocean property manager in todays video im going to be talking all about common lease renewal mistakes what does that mean when you own an investment property and you have a tenant in a lease lets just say your lease ends august 31st which is very common in the boston area one of the biggest mistakes that a landlord makes is only sending out that renewal or starting to talk to the tenants in advance of maybe 45 30 days in advance maybe 60 for the majority of landlords thats a huge mistake because youre not going to start early enough and that allows you especially in a bad market to potentially not have the time to find the best tenants for you with green ocean property management we actually start nine months in advance and that allows us to be able to start at the top of the market price you better out and to be able to have a greater amount of people

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Heres what to know if you are negotiating your lease renewal. Understand how market-rate units work. Point out your track record. Stay calm, and ask politely. Do your research. Get intel from your neighbors. Small landlords might be more willing to negotiate. Make the case for an upgrade.
The distinction between extension and renewal is chiefly that in the case of renewal, a new lease is required while in the case of extension the same lease continues in force during the additional period by the performance of the stipulated act.
Landlords should offer tenants a lease renewal notice 90 days before the lease expires. You can offer in-person, send via email, or send a letter. The goal is to receive a reply within 30 days so that you have at least 60 days to find a new tenant if your current tenant declines the renewal offer.
How long will it take to extend my lease? The process of extending your lease normally takes from 3 to 12 months, and it can be made quicker by efficient valuers, solicitors and other professional help, so choose these people wisely.
Lease Renewal means a legal document that extends the period of time that the original lease is in effect. A lease renewal may include minor changes to the original lease such as a change to the rental amount.

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