Los Angeles Property Management

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Most Los Angeles Property Management companies give out a one year lease, and sometimes unfortunately a renter will ask to break their lease early.

There’s various reasons why a renter would want out of their lease. A job transfer or loss of one, health complications, breakups/divorce, the list can go on and on. State and federal laws do vary, depending on where you reside you might have no choice but to let the renter out of their lease.

Breaking The Lease

It’s important to review business policies to make sure you the impact is minimal, communication is key, and expectations should be managed for both renters and staff. Los Angeles Property Management companies will say that a lease is a binding contract.

Three Common Strategies Los Angeles Property Managers Use:

Los Angeles Property Management On Exit Strategies

Some property managers don’t allow tenants to break a lease unless they have a legal exception. In this particular case, a strategy to collect debt is implemented. This includes the business’ accounts receivable process, a third party collection company, and maybe even legal action.

There will be times when certain tenants won’t be motivated to upkeep the unit if they know they’re going lose the deposit and get chased down for rent.

Compromise Strategy

Los Angeles Property Management companies say that in certain areas, you can’t keep collecting rent if the property is rented again. If the tenant communicated early, it’s best to hold in writing to only have the renter accountable for rent due until another tenant is found. This sometimes will encourage them to leave the property looking good, be sure to stay in contact, and pay what they owe.

Early Termination Fee

Los Angeles Property Management companies anticipate that some percentage of tenants are going to break their leases because it’s legal in their area, when this happens Los Angeles Property Management companies add an early termination fee in the lease agreement.

This would seem like the easiest solution, but it doesn’t always hold up if it’s challenged in court. If another tenant is found, the old renter could claim that you are using this fee to charge rent twice for the same unit.The presence of an early termination fee in the contract sometimes encourage renters to exit early.

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Posted by: tgnprop on June 30, 2017
Posted in: Uncategorized