What is Lease Renewal?
Lease renewals refer to the process when a tenant would decide to extend their lease and continue living on your property.
The standard Texas lease automatically renews if no one takes any action.
Usually the lease gives each party 30/60 days to notify the other party of their decision. Landlord or tenant can decide if they want to extend the lease or not.
When to Renew:
It can be common question for any landlord when they get close to the end of the lease: Should I renew the lease with the tenant?
At your Dream Real Estate we recommend keeping good tenants, if the tenant meets all the following requirements:
- Has been paying rent on time
- Look after the property as if it were their own.
- Knows how to communicate and be responsive
- If they haven’t had issues or any other breaches of the contract
we recommend renewing.
We need to check the condition of the property.
To add another level of safety we take the following steps:
- We schedule a time with the tenant and tour the property
- We make sure that everything is in good working order
- Check and make sure no evidence of upcoming major repairs is seen
- Check what tenants might not see like mold, roof, gutters, fence, etc.
Step 1: Checking the market rent, then we discuss it with the landlord and get their approval for the new rent amount.
Step 2: Review the tenants history of communication, payments and notes to see if we should decide to extend the lease or not. If not we will send them the required notice per the lease requirement time frame. (Check Not renewing lease)
Step 3: We offer the new rent and terms to the tenant and if they accept it we schedule a time with them to tour the property and take pictures. This is just to make sure that everything is in good condition.
Step 4: We’ll check the report and see if any repair is needed. If everything is in an acceptable condition we’ll send the documents to the tenant and get their signature.
Once the tenant signs the documents, we share the report and documents with the landlord.
The tenants will also receive a copy for their records.