Your property manager understands that a secure tenant equals a secure income. If your tenant is on a fixed term lease, they will feel secure and that feeling will often translate into a renewed lease when it comes time to extend that invitation.
Many people may never own their own home, either by choice or by circumstance, but feeling like the house that they rent is home will reward you, the landlord in two ways.
Firstly and most obviously with a regular rental income and secondly; a good and happy tenant will take good care of the property because it is their ‘home’.
If you have a good tenant, you might fall into the trap of allowing the lease to remain open ended after the fixed term expires because you don’t want to ‘confront’ a good tenant with a new lease to sign. The fact of the matter is, the new lease will provide your tenant with the peace of mind of knowing that they will have somewhere to call home until that lease expires.
Should you wish to enter into a new lease with your current tenant, we will ensure that the tenant is listened to and feels happy upon the signing of the new lease agreement and understands that by entering into a new fixed term lease we can guarantee them security of tenure for that term.
Keep in mind that renewing the lease with your current tenant will save you fees and expenses as well as wear and tear that occurs when tenants vacate and move in to your investment property.
If you would like to discuss keeping your tenant on a fixed term lease or having M Residential manage your investments, contact Laura Levisohn.