Collaborative Effort for a Successful Outcome
A lease renewal is a collaborative effort involving all parties – the lessor (that’s you), the managing agent (that’s us), and the tenant. Our ultimate goal is to reach a mutual agreement that benefits everyone involved and maintains a positive landlord-tenant relationship.
In accordance to Section 62 of the Residential Tenancies and Rooming Accommodation Act 2008 (RTRA Act), the tenant must return the Form 18a – General Tenancy Agreement within five days of issue.
Beginning the Lease Renewal Process
Typically, we reach out to you approximately 3 months before the end of the tenancy to discuss whether you would like to renew the tenancy or issue a Notice to Leave (Form 12). If you decide to renew, we will prepare a new lease to offer to the tenant.
It is natural for tenants to have questions and concerns during this process. As your trusted property manager, we take it upon ourselves to explain the possibilities that both you and the tenant may encounter during the lease renegotiation.
Successful Negotiations: A Win-Win Situation
A successful lease renewal negotiation not only benefits you as the property owner but also positively impacts our workload. Less vacancies mean a continuous income stream and reduced risk of losing a client due to vacancy.
When discussing the lease’s expiry, it is crucial for you to understand your rights and obligations. For instance, if you require vacant possession at the end of the tenancy, you must give the tenant a minimum of two months’ written notice.