I attempt to control rental vacancies as much as possible. I only have term leases, no periodic or month to month rentals.
This allows me to plan ahead as much as possible for potential tenancy changes!
However in a recent situation I had a tenant that needed to end their lease – not a surprise in this economy due to job loss and additional stressors they were no longer able to continue the term.
This is usually not good news for a landlord, especially in this market!
Some quick tips to follow when in a lease break situation:
- Don’t let your feelings get in the way of continuing to provide excellent service
- Obtain as much information as possible – why is the tenant leaving?
- Is there anything that can be done to resolve and continue the tenancy?
How YOU respond to a difficult situation makes the difference!
- Be Calm
- Be Fair
- Be Honest
- Be Compassionate
Once you determine if lease break is inevitable:
- Do you have a lease break clause in your current tenancy contract? What are the terms?
- Meet with tenant in person and complete ‘Tenant’s notice to vacate form’
- Go over detailed next steps with tenant:
- Lease break fee payment requirements
- Notice period and potential move out dates if new tenant is found
- Advertising and viewings
- Move out process and cleaning checklist
In a respectful process collaborating together can provide beneficial results:
- Let tenant’s know of potential discounts or credits if they refer an applicant
- Ensure property is immaculately clean and vacant for viewings
- Ability to reduce additional charges and release from contract once re-rented
The difference in a stress free and quick vacancy turnaround is based on your tenant relationship and communication!
Planning first is your best defense Contact us if you need support in revising terms for future leases to ensure a lease break clause is clearly defined.
