Residential Property Management/Leasing Condo Renewal ...

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Question
With reference to a Florida condo rental, as the landlord I have the following questions:
1. My tenants lease is about to expire in less than 2 months and I wanted to find out what are my options for renewal. Initially I used a realtor whom I paid a commission to last year. Currently Ido not want to go through the realtor again and have to pay another commission to have him renew the lease. What are my options and how can I renew the lease without having to pay the prior realtor a commission.
Also, what is the deadline before the landlord notifies tenant as to lease renewal.

Answer
Sam,

Thank you for your question. Please note I am not licensed in the State of Florida so my answers should be verified with local laws and regulations.

The renewal options should be in your lease agreement. A well written lease will include items such as the notice period, rent escalation, etc. If not, you likely have the ability to offer your tenant whatever lease terms you wish. Note most local jurisdictions due require specific notice periods so I suggest you check.

In regards to paying a renewal commission the agent you initially hired to lease the space, this should be governed by the agency agreement your signed with the agent (not I do not use the term "Realtor" as only someone who is a member of NAR may use that term). Absent an agreement with the agent, you can likely do what you please with no obligation to the agent or his broker.

To avoid misunderstanding, all real estate related activities should be regulated by written agreements like the lease and agency agreement. For further piece of mind, you may also wish to hire a local property manager specializing in the management of individual condo units. Be sure they are licensed and accredited through organizations such as IREM (www.irem.org).

All my best,

David

Residential Property Management

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K. David Meit, CPM

Expertise

Real estate investment, operations, renovation, marketing, and administration. Specializing in urban multifamily, DC rent control, property repositioning, change management and building high performance operating teams. For more information, please visit www.oculusrealty.com

Experience

I have over twenty-five years experience managing all classes of multifamily property in New York City, Washington, DC and the Maryland and Virginia suburbs. I am President & CEO of Oculus Realty, LLC, a licensed real estate broker in Virginia, Maryland and the District of Columbia. Oculus is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM). I have earned the CPM and ARM accreditation through IREM and GRI designation though National Association of Realtors (NAR). My career includes successful management and executive positions at Bozzuto Management, Forest City Residential, DARO Realty and Vornado Realty Trust.

Organizations
Institute of Real Estate Management Ethics and Discipline hearing Committee, Chair Region 3 Education Committee, Chair West Central Maryland Chapter 92, President (2012) Apartment and Office Building Association Advisory Board Member National Apartment Association Property Management Associations President, 2004 National Association of REALTORS

Publications
http://www.bizjournals.com/washington/stories/2010/09/13/story24.html

Education/Credentials
Boston University, BA New York University, Schack Institute of Real Estate, Property Operations Institute of Real Estate Management, CPM designation

Awards and Honors
Institute of Real Estate Management AMO of the Year Award 2015 CPM of the Year Award 2012 Past President's Award 2012 Property Management Association PMA Presidentís Award, 2003, 2005 PMA Vision Award, 2004 Property Manager of the Year, 1998 Apartment & Office Building Association Outstanding Leadership Award, 2006, 2008, 2011 AACE Award Washington, DC Service Team, Sedgwick Gardens, 2004 AACE Award, Virginia Garden New Upscale, Regentís Park, 1998

Past/Present Clients
My clients include high net worth individuals and family offices looking for long term income and appreciation from investment real estate.

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