Lease Renewal; hand holding a magnifying glass, clock, books, lists vector graphic

When the tenant’s lease is coming to an end, you have a decision to make. If your current tenant wants to stay longer you can choose between renewing their lease or finding another tenant. Renewing a lease means that, at the end of the lease term, you and your tenant decide to renew the contract. If you choose to renew, you create a new lease with similar terms to the original lease, and both parties need to sign again. You need to consider that finding a new tenant will cost you time and money. The more time it takes you to find a new tenant the more money you are losing. Every month that your property is vacant you are not producing cash flow. That being said we do not advise you to keep a bad tenant. A bad tenant is not only a hassle to deal with, but can also cost you thousands of dollars.

 

You would not want to renew a lease agreement to a tenant who is paying rent below the market rate or who pays rent late. You also want to avoid renewing a lease to a tenant who complains a lot or makes big issues on minor maintenance problems. You want to avoid difficult tenants who create problems or disrupts the neighbors. Most importantly you do not want to renew a lease to a tenant who causes damages to the house or makes illegal use of the house. 

 

Some of the disadvantages of renewing your lease are that you may be limited to the amount you can raise the rent. You also have to make sure you follow your state’s laws in order to increase a tenant’s rent. If you are planning on renovating the house then you certainly do not want to renew the lease. Making renovations when someone is living on the property can be a real hassle and cause a lot of problems. 

 

If you have a good tenant you definitely want them to stay and avoid having to find new tenants. It is also important to mention that your current tenant understands your rules and you will probably have fewer problems with them. A good tenant is one who pays on time, takes good care of the property, notifies you of maintenance issues and respects neighbors. Lease renewal will avoid vacancy costs & apartment turnover. Lease renewals are a great opportunity for you to save time and money.

 

Lease renewal will save yourself from: 

  • Possible move out repairs
  • Vacant property utility costs
  • Marketing the property 
  • Screen potential tenants
  • Showing the property
  • Signing new lease agreements
  • Collecting money
  • Going through a new move-in checklist

 

After considering all factors decide if it is a good time to renew the lease or not. If all of these is overwhelming you can have a property management company can help. At CRM Properties we have the experience, tools, and resources to effectively manage your property.

 

Bethan Johnson

Turn Coordinator

Bethan is a Property Manager Assistant. She performs all property inspection and evaluations, creates tenant invoices and oversees disposition of security deposits.

Why choose CRM Properties?

We have the best selection of homes in the Kokomo area. Our staff’s dedication to customer service leads to a swift response to maintenance and tenant questions.

 

What is your screening process?

We verify income with copies of pay stubs and verification from your employer. We check court records for any judgments and criminal activity. We also contact your previous landlords directly for a referral. We will verify that the person we call is actually your landlord.

 

Are pets allowed?

Most homes allow pets. We do have breed and size restrictions. We limit the number of allowed pets and you must provide proof of vaccinations on all pets. We charge an additional $25 per month and $150 additional deposit.

 

How much is the damage deposit?

The damage deposit is equal to one month’s rent. An additional $150 is required for all pets.

 

How long of a lease must I sign?

Our leases are typically one year. During winter months we structure our leases to expire during the spring.

 

How do I pay my rent?

You can pay rent in person with a personal check, cashier’s check or money order. You may set up an e-payment or direct deposit. You may also mail your rent or use our dropbox.

 

What happens if I can’t pay my rent on time?

We do not make arrangements on rent. Rent is due on the 1st of each month. Late fees start on the 5th. If we do not receive rent by the 15th we file an eviction. You may stop the eviction if you pay rent in full prior to the eviction date.

 

How are utilities handled?

Utilities are typically the tenant’s responsibility. Utilities must be transferred into the tenants name prior to signing the lease. If the tenant is responsible for the sanitation bill and fails to pay it, we reserve the right to increase the monthly rent and include sanitation in the rent.

 

What do I do if I have a maintenance request?

Why choose CRM Properties?

 

What do you charge?

 

When do I get paid?

 

How much is the damage deposit?

 

How long will it take to get my property rented?

 

How do you market my property?

 

What is your approval process for tenants?

 

What is the tenant deposit and length of lease?

 

Do you accept pets?

 

What is the eviction process?

Amanda Mendenhall

Leasing Agent

Amanda is our Leasing Agent. She oversees property showings and screens applicants.

Bethany Shoffner

Portfolio Manager

Bethany is one of our Property Managers. She is the single point of contact for owners and oversees the tenant experience.

Hannah Dobbins

Resident Service Coordinator

Julie Mullinax

Operations Manager

Julie is our Operations Manager. She oversees the staff and the day to day operations of our company.

Heather Johnson

Property Manager

Heather is one of our Property Managers. She is the single point of contact for owners and oversees the tenant experience

Jennifer Koenig

Resident Services Coordinator

Jennifer is our Office Assistant. She assists the Property Managers with all property and social media marketing.

Amanda Marshall

Maintenance Coordinator

Theresa Cain-Rush

Property Management Assistant

Darin Olson

Maintenance Manager

Darin is our Maintenance Manager. He investigates maintenance issues and offers suggestions and estimates for repairs.

Lynda Simpson

Bookkeeper

Lynda is our Bookkeeper. She handles all accounts payable and receivables. She also coordinates all owner and tenant billing.

Chris Mullinax

Broker Owner & New Business Development

As President and Owner of CRM Properties Chris helps generate new business and works on making sure the business is compliant with all local, state and national laws and ordinances.

Call us at (765) 459-8034 during business hours.

We guarantee that a team member will be on the other end to answer any questions you may have.

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