Posts Tagged unearned rent
RENTAL PROPERTY MANAGEMENT – TENANTS BREAKING THEIR LEASE
Posted by patandkrislarkin in Property Management on March 14, 2012
Tenants Breaking Their Lease
One thing which occurs more often in Rental Property Management is Tenants breaking their lease.
Let’s face it, life happens and Tenants break their leases for many reasons . . . they can’t pay any longer and are skipping out or, it is generally something less sinister like . . . getting a great deal on a short sale and just learning that they have to close in 2 weeks . . . YIKES!! Either way, you have to know the Tenant’s and your responsibilities when this happens.
As you probably already know, the Tenant has the responsibility for the rent through the end of the term of the lease as stated in their lease agreement . . . and to leave all the utilities on and pay for them until the property is re-leased (if you used our lease form). You, as the Landlord, if you want to be able to collect any rent through the end of their lease term, must immediately and diligently market the property for lease again. Be careful not to market the property at a higher rent amount than the previous Tenant paid or you may have difficulty in collecting money for lost rent in court if . . . you “Jacked the Price up” which is how a judge may see it. You will only be entitled to the lost rent between the time your previous Tenant vacated or last paid rent and the beginning of a new lease with your new Tenant . . . no double dipping!
The subject of Tenants breaking their lease along with many other property management challenges are covered extensively in our new Property Management Training Program; Manage to Make Money . . . . the Real Estate Series. Click here for a workshop near you: Workshop. This new series has been developed around one of our books: Manage to make Money . . . Your Guide to Profitably Managing Rental Properties which is now available for California laws as well as many states in the Midwest. It is a virtual Survival Guide for anyone managing Rental Properties!
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Click on this link for a short video about what to do when Tenants break their lease: Tenants Breaking Their Lease
Thank you for reading!