RSS

How to tailor your social media to millennial buyers

Inmannews - Mon, 11/27/2017 - 2:15am
To you, social media may be an optional and annoying component of your overall real estate marketing strategy. But millennials turn to social media to date, shop, learn, communicate and now, buy real estate ...
Categories: RSS

How to reduce your internet clutter problems

Inmannews - Mon, 11/27/2017 - 2:00am
How much time have you wasted in this year on slow download speeds and annoying internet ads that follow you no matter where you surf online? In fact, have you ever looked at the number of tracking cookies on your browser? Chances are it’s in the thousands. Would you like to put an end to it all ...
Categories: RSS

Mortgage delinquencies spike in TX and FL in wake of hurricanes

Inmannews - Thu, 11/23/2017 - 3:00am
The number of delinquent mortgages soared for the second month in a row, rising 24 percent in regions of Texas and Florida in the wake of hurricanes ...
Categories: RSS

Facebook’s reportedly still allowing discriminatory housing ads

Inmannews - Wed, 11/22/2017 - 11:00pm
When it comes to preventing housing discrimination, Facebook appears to be falling far short of its promises. A year ago, Facebook announced it would bar housing ads targeted by race from its social network. In February, the $528 billion company announced improved enforcement of that ban ...
Categories: RSS

Independent brokerages unite at day-long ICNY Indie Broker Summit

Inmannews - Wed, 11/22/2017 - 2:31pm
If you've chosen the path of the indie broker, then you'll need to give yourself some of the resources and assets that the big brands offer ...
Categories: RSS

Connect/Reflect: A love of learning, sharing, and collaboration

Inmannews - Wed, 11/22/2017 - 2:21pm
This is the place to be if you are looking to grow, learn, and take your business seriously. ...
Categories: RSS

The share of underwater homes has sunk by 2.1%

Inmannews - Wed, 11/22/2017 - 2:15pm
According to ATTOM Data Solution's Q3 2017 U.S. Home Equity and Underwater Report, the number of homes seriously underwater has dropped from six million to 4.6 million -- the biggest year-over-year decrease seen since Q2 ...
Categories: RSS

Median home price now $12,500 more than last year

Inmannews - Wed, 11/22/2017 - 1:00pm
Zillow today released its October Real Estate Market Report, which revealed the national median-priced home ($203,400) is $12,500 more valuable than it was in 2016, due to continuing inventory issues that have pushed up home values at breakneck speed. ...
Categories: RSS

23 light fixtures worth giving a peep

Inmannews - Wed, 11/22/2017 - 12:48pm
Looking at interesting or even outrageous home decor is just as much fun as spying on real estate porn on any major portal, right? Well, in the spirit of light-hearted fluff that’s fun to look at, we’ve put together a gallery of some of our favorite light fixtures and other home accoutrements for funsies, thanks to Boutique Design New York (BDNY). Enjoy! ...
Categories: RSS

Developer gets 10 years for fracking real estate scam

Inmannews - Wed, 11/22/2017 - 11:25am
As part of the con, the developer sent emails and letters to investors, replete with detailed building renderings and property specifications ...
Categories: RSS

What Happens When A Tenant Breaks Your Lease

American Apartment Owners Association - Wed, 11/22/2017 - 10:39am

Posted on Nov 22, 2017

After accepting a tenant for a vacant apartment, you move to decline all other applicants. However, if your tenant wants to break your lease before moving in, what happens to your vacant unit? Find out how to move forward in this unpleasant situation to protect your interests and recover quickly.

What if tenants change their minds before signing your lease? If your tenant changes his or her mind before signing a lease, all you can do is advertise your vacancy immediately and hope to attract another tenant. It might be worth reaching out to previous applicants, who may still need a place to live. A verbal promise to occupy the apartment, or a verbal lease, is not binding. 

What happens if you accepted a security deposit? If you accepted a deposit to hold the apartment for the tenant, you can keep this deposit.

Once a tenant signs a lease agreement, he or she has entered into a binding contract with you. If a tenant changes his or her mind and decides not to move in, the tenant effectively breaks that lease. What happens next depends upon the specific language of your lease.

What happens if your lease has an early termination clause? If your lease has an early termination clause, then it spells out what happens in the event the tenant breaks the lease early. This clause might say that the tenant can be assessed a one-time fee equal to one month’s rent, for instance. A security deposit protects damage to the apartment and cannot be used to cover a lease’s early termination. If you collected a security deposit from the tenant, you must refund it.

What if you didn’t include an early termination clause? If your tenant signed a lease that doesn’t have an early termination clause, he or she is liable for the entirety of the lease term (e.g., 12 months or one month for a month-to-month lease). However, you, as a property owner, are obligated to try to find a new tenant. If you are able to find a renter within two months, the tenant who broke the lease is only liable for those two months, not the 12-month period.

Depending on your state’s laws, the tenant who broke the lease may have to pay your costs for advertising the rental.

How to Protect Yourself From a Tenant Breaking a LeaseWhile you can’t prevent a tenant from breaking a lease, you can protect yourself in two ways: Documenting everything — in case the issue goes to court — and making sure your leases protect your interests. 

If a tenant verbally tells you he or she won’t be moving in, ask him or her to send you a written 30-day notice for your records. Maintain the written notice as well as your signed lease and any email correspondence with the tenant. Remind the tenant that he or she is liable to pay the rent until you’re able to re-rent the apartment. Then, focus on finding a qualified replacement tenant.

As you screen potential tenants, review your lease agreement. Did it offer protection against a tenant breaking a lease, or did it lack an early termination clause? If you need to update your lease, you may be interested in becoming an American Apartment Owners Association member. Our members receive the lowest price on landlord-tenant forms, updated landlord-tenant laws by state, and access to tenant screening services.

 Disclaimer: All content provided here-in is subject to AAOA’s Terms of Use.

The post What Happens When A Tenant Breaks Your Lease appeared first on AAOA.

Categories: RSS

Think tank says MLSs should be investigated for antitrust

Inmannews - Wed, 11/22/2017 - 9:30am
A Washington, D.C.-based think tank is calling for federal regulators to investigate multiple listing services that restrict data from listing websites for possible antitrust violations. The nonprofit, nonpartisan think tank, Information Technology & Innovation Foundation (ITIF), is also asking for state lawmakers to require brokers to provide free, unrestricted access to real estate listings ...
Categories: RSS

The Inman Files: Thanks to California and you

Inmannews - Wed, 11/22/2017 - 7:39am
The odes to California outnumber any other musical nostalgia riffs... Road trips invariably end in California, because it is the end of the rainbow ...
Categories: RSS

Real estate daily market update: November 22, 2017

Inmannews - Wed, 11/22/2017 - 6:03am
All the latest real estate market news ...
Categories: RSS

Target your sellers better with a Lister’s Webs website

Inmannews - Wed, 11/22/2017 - 3:00am
Lister's Webs is a website developer that helps agents target sellers. It offers a balance between a custom design and an easy-to-execute solution ...
Categories: RSS

Real estate blog topics to take you through the holidays

Inmannews - Wed, 11/22/2017 - 2:45am
For most real estate agents and brokers, this is the slower time of year when you begin to play catch-up and take on all of those tasks that didn’t get done during the hot spring and summer markets ...
Categories: RSS

7 ways to make your listing look more expensive

Inmannews - Wed, 11/22/2017 - 2:30am
As a listing agent, it's your job to help your clients get the most out of their sale. Anything you can do to make the house look more expensive is likely to help boost buyer interest and sales price ...
Categories: RSS

How high can LA real estate prices skyrocket?

Inmannews - Wed, 11/22/2017 - 2:15am
The Los Angeles area is one of the most expensive regions in the country in terms of housing prices, and in defiance of most experts’ predictions, the prices just keep rising ...
Categories: RSS

4 ways to create buzz around you and your biz

Inmannews - Wed, 11/22/2017 - 2:00am
What do people say and think about you? Not just your clients, but your co-workers, your friends, other agents and vendors? Real estate is an incredibly relational business, and what people think about you matters ...
Categories: RSS

Here’s how many Thanksgiving dinners it takes to pay rent

Inmannews - Tue, 11/21/2017 - 11:00pm
In an effort to encourage saving for homeowership, millennials are sometimes advised to give up certain luxuries. (All those pumpkin spice lattes add up after a while!) But would anyone be willing to give up Thanksgiving dinner ...
Categories: RSS

Pages

Subscribe to Rental Housing Journal aggregator - RSS