Sarasota, FL · Member since 2017 · 2 posts · 0 votes
I hired this property management last year and they are handling my rental property in San Diego.Yesterday i called there office to asked if that renter will move out this june or what .But then the woman working there told me it was renewed already for the next year and the rent is still the same like last year which is 2295.Im was so upset hearing this since I never agreed to renew the contract and If i wanna rent it it should be 100 dollars more from the last year's rent which is always happening.Now the woman who did the contract said i did agreed to it and said its okay not to increase.And she is lying because nobody will do that especially i have mortgage to pay.Now what should i do?I know for sure that the renter will not pay 100 more since they have contract made already w/c was made without my knowledge.What can i do?
There is typically verbiage that states the owner must notify the management company a specific number of days out from the end of the current lease term to discuss any desired changes whether its for price increases, non-renewals, renewals, etc......The number of days out correspond with the notification dates to tenants based on state law.
The verbiage probably also adds that if the owner does not notify the management company prior to the certain number of days out, it is agreed by all parties that the management company will renew the lease or release if tenant is vacating.
As far as a rent increase, landlords/owners should verify prior to hiring a management company of what the escalation clause is for each renewal.
I bet the management company followed the agreement but an extra email to our clients always avoids an aggravating situation like this.
Good news is that you do not have a vacancy and all the added costs because of it.
There is typically verbiage that states the owner must notify the management company a specific number of days out from the end of the current lease term to discuss any desired changes whether its for price increases, non-renewals, renewals, etc......The number of days out correspond with the notification dates to tenants based on state law.
The verbiage probably also adds that if the owner does not notify the management company prior to the certain number of days out, it is agreed by all parties that the management company will renew the lease or release if tenant is vacating.
As far as a rent increase, landlords/owners should verify prior to hiring a management company of what the escalation clause is for each renewal.
I bet the management company followed the agreement but an extra email to our clients always avoids an aggravating situation like this.
Good news is that you do not have a vacancy and all the added costs because of it.
Agreed, sounds like the management company did their job. If you want to raise rents by $100 a year, then let them know to raise it each year by that amount, but don't complain when you learn no one will rent it for the new price and you have a empty unit losing money at the rate of each months rent, which is far greater than $100. Management companies are about set and forget, that's why you hired them. Helicoptering your PM never ends well!
I did check our contract from last year and it is stated there that they have to notify me by email or mail which I never received even a call.By the way do I need to have a new contract from this management?
if the tenant was a good paying tenant. That you hardly had any issues with and is willing to stay another year which saves you the cost of cleaning and getting the property rent ready again. I think it was a good call. What I think they lacked was the communication between your self and the company. The 100 per month you think you will make will get eaten up with the cleaning and advertising and possibly 50% of the first months rent that you would lose by having to get a new tenant. Not to mention the lost revenue based on time to rent.