Fixed term tenancies offer several advantages over Periodic tenancies. At the start of the tenancy a fixed term will attract only tenants who are serious about renting your property for an acceptable term. You also have control at the termination date.
Ask the prospective tenant how long they would commit to a fixed term tenancy ... 6, 9 12, 15, 18 months. You can do this verbally while showing the property or it can be a question on your Application Form. Line the tenancy up with the time of year that is easy to fill your house so you won't have it vacant in the middle of winter or a week before Xmas. If you're signing them for longer than a year, include a clause that allows you to raise the rent. If a tenant wishes to break a fixed term tenancy, a property manager normally shows goodwill and allows them to, so long as they cover the expenses of reletting. This can also include an assignment fee for the cost of your time. You should have a written agreement at this point regarding likely costs to the tenant.
A fixed term tenancy automatically becomes a periodic tenancy upon expiry of the fixed term. To prevent the fixed term tenancy becoming a periodic tenancy, either party must give notice to the other that they wish to end the tenancy at the end of the fixed term. This notice must be given no more than 90 days and no less than 21 days before the expiry date.
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Keep your tenants aware of TINZ. We have stickers available which are suitable to be put inside rental properties... perhaps inside the pantry door. The stickers are A6 size and can be ordered from the Products menu. We also have a larger A5 version suitable for office doors. These are high quality vinyl, suitable for internal or external use. Door stickers are an excellent initial deterrent for many problem tenants. We hear many stories about their effectiveness. These can be ordered from the Products menu. To see what they look like click here.
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Article of Interest
Renters TV show reflects grim reality, says property investors' leader
The head of Auckland's main landlord group says TV2's Sunday night Renters reflects reality. David Whitburn, Auckland Property Investors Association president, said members watched the high-rating series because they had so much at stake and it showed a particularly grim side of being a landlord........ >>read more<<
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