You have probably heard the term “lease transfer” when you looked in your phone book or on the Internet. But do you really know what it means? Or how a property management company can help you avoid the pitfalls of lease transfers? Here is a brief explanation:
A lease transfer is when a current tenant moves out of your rental property without first paying your existing lease term or when a new tenant is added to an existing lease but does not pay the current rent. So how does a property management company accomplish these transfers? When a current tenant moves out, most landlords and property managers immediately contact their former tenants for any available vacancies. If you are a landlord/property manager, you ask your tenants if they may be interested in either hiring you as a new tenant or applying to take out a new lease through you.
Most landlords/property managers are more than happy to help out a current tenant that has suddenly left, providing the tenant with a reference number for your office to call if they need any assistance. In addition, many landlords/property managers are more than willing to help problem tenants by helping them find alternative accommodation. Problem tenants will more than likely find your office to be the perfect solution to their problem. In this instance, you may wish to consider referring the problem tenant to a reputable property management company. Many property management firms offer 24 hour emergency services for rental arrears and similar problems. They can also assist with credit checks and can make recommendations for future reference and leasing opportunities.