Hi all,
Just a simple question. Our current tenant is moving out of our IP at the end of the month. He has got three other friends sharing with him at the moment. When he leaves, one of his friend (who currently sharing the unit with him) will take over the lease. I just want to know, in cases like this, do we still need to pay the property manager the full re-letting fee, as they haven't actually go through the whole process of advertising, organizing house inspections, checking references, etc etc.
There is usually one fee for re-letting and one fee for renewing a lease. They have not had to do the work involved in re-letting, so they should not charge that fee…..although they may try it on. This should be contained in your management agreement. Why not get on the front foot and call them and say you are expecting the renewal fee and what is their intention.
On another point, just make sure that how you have the lease set up matches your insurance companies needs. Some companies have particular requirements when multiple unrelated individuals occupy a house e.g. all parties to sign lease and minimum lease periods.
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