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Property Managers: Notice’s You Need To Be Aware Of When Managing A Rental Property

property managers
Being a rental property manager requires you to be on top of all notices when it comes to communicating with tenants and protecting yourself legally as a property manager.

From late rent payment notices to upcoming renovations or even eviction, it’s crucial that you acquaint yourself with each type of rental notices for tenants and property managers.

Repair Notice

This notice allows you to inform your tenants of any repairs or designs that will affect the property on a specific day. It can also be used to notify tenants about any outages that are expected to happen, such as having the power switched off for some time.

Rent Increase Notice

A notice of rent increase is precisely what the name suggests. This kind of notice reveals to tenants future rent increases that will take effect on a specific date. Every location has different laws; however, most states require you to send this notice to tenants 30 to 60 days before the rent increase takes effect.

Entering The Rental Property Notice

This notice informs tenants that you will be entering the property and state what reason you have to enter the property. Regardless of if you want to conduct an annual inspection, conduct maintenance work or check on renovations. A majority of states require you to send a notice to enter at least 24 hours before. When you see the majority

Lease Amendment Notice

A lease amendment notice advises tenants of any updates or changes to their rental lease contract. Once the change has been negotiated between the landlord and tenant beforehand, this lease acts as a legal contract detailing what is changing on the lease.

Offer Of Renewal Notice

This notice is for property managers that want to offer a renewal lease to tenants that have a lease expiring soon. Typically the renewal notice will come with a new contract with updated rent, terms and conditions.

Notice of Non-Renewal

Non-renewal notices allow property managers to inform their tenants that their lease is about to end on a specific date and that there is no opportunity to renew the lease. This notice may also contain a section stating date in which tenants must vacate the property.

Unconditional Quit Notice

This form of notice addresses a situation where property managers let tenants know that the property lease will not renew. An unconditional quit notice must state the period in which the tenants have to vacate the property and the reason as to why the notice is being presented. This could be for illegal activity, not confining to the lease or property damage. Tenants do not have the power to resolve the situation.

Intent to Dispose of Abandoned Personal Property Notice

The property manager will handle a notice of intent to dispose of abandoned personal property states that tenants must collect their property and belongings or the items. ‘It’s important to remember that each state has different laws you need to adhere to. Some states require you to give notice before removing the items which can range from 10 days to 2 months, while some states require no notice.

Returned Payment Notice

This form of notice that their rent payment was unsuccessful and bounced back due to insufficient funds. A notice of returned payment should also state the outstanding balance the tenant owes.

Notice To Pay Or Vacate The Property

The objective of this notice is to give tenants a period to pay overdue rent, or they will have their lease voided. Again, the amount of time in which you give your tenants will vary from state to state. Ensure you are protected and following your state laws if you want the notice to yield results for you.

Violation Fix Or Quit Notice

A fix or quit notice gives tenants a time frame in which they must fix a lease violation or risk eviction. Violations can include having pets, sub-leasing, roommates, or anything included in your original lease that is violating the contract.

Plan For An Easy Future

Property managers have a tough role. There’s a vast range of aspects of a property that they have to cater to; The overall condition, the tenants, fluctuating vacancy levels, maintenance, new laws, regulations, and much more. They balance all of the different aspects to create a positive cash flow for the rental property.

There is now a considerable need for property managers to be proactive rather than reactive to the properties they manage. From maintenance, move-in inspection records, and lease agreements to filling vacant homes and doing preventative renovations, you need to put systems in place that allow your property to continue earning money.

Use technology-based solutions to automate and record time-consuming tasks, for example, property inspections. Having things like move-in inspections to compare against the current state of your property will help you avoid conflict with tenants and the property owner.

Use property inspection software to record inspections, communicate with maintenance teams, assign inspections to different managers, and overall be the hub for your property management company.

Depending on your skill set, you should also hire a well-respected property law attorney to help you with drafting up new lease notices. The property rules and regulations differ from state-to-state, so ‘it’s crucial you have an in-depth understanding of your specific set of laws.
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