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Leasing Process

The Lease Agreement is an important document for obvious reasons, but it
also dictates the term of our relationship. The renewal of your agreement with
us revolves around this leasing process and it’s the reason why the deadline
established for renewal of your agreement with Nest PM to manage your property is
120 days. Seems long – absolutely, but there is a method to the madness behind that
length of time and its set this way to allow us the best opportunity to do the job
you’ve hired us for.

Approximately 150 days prior to the end of the lease agreement for your property,
our Marketing & Leasing Manager will communicate with you regarding RENEWAL
& NEW LEASE EXPECTATIONS. This is the time when you need to decide if you
plan to offer your home for rental for another term, establish the fair market value
for the property for this new term, and dictate any changes that have occurred since
we last leased your property for you. You’ll be expected to work closely with our
Leasing Team during this period, so we have the information we need to provide a
fair opportunity for your current tenants to renew their lease and for us to prepare if
the home will go to market for rent again.

What do we need from you, here? Please be communicative and responsive. What
should you expect from us? Exactly the same communicative and responsive nature
we request of you, and to provide you with expert advice on the renewal and new
lease rates you should expect for your home. We’ll start the conversation out with
our proposed renewal and new lease rates and ask if there has been any change in
your expectations with regard to establishing new lease parameters for the new term.

It’s expected that we’ll have all the information we need to offer renewal and go to
market by approximately 120 days prior to the end of your current lease agreement.
This allows us an appropriate amount of time to communicate a RENEWAL
DEADLINE to your current tenants. They’ll have 30 days to consider your renewal
offer and communicate to us their plans for an additional lease term in your home.
Hopefully, they decide to stay, renew their lease with favorable terms and you simply
hear from us that a new lease has been signed and will be sent to you. Turnover of
tenants is very expensive – and, frankly savvy tenants know this. They may try to
negotiate on the renewal rate, particularly if there is an increase. And, so you may
hear counter-offers from your tenant. We’ll give you the best advice we can based
on the likelihood of finding a new tenant at a higher rate, the cost of turnover, and
the reasonableness of the tenants offer. We want you to listen to us, but the final
decision on renewal offers and negotiating with your tenant rests squarely with

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