Notice of Lease Expiration
You will be receiving a notification that tenant/s listed have leases that will be expiring soon.
Details may include:
Renewing the Lease:
The leasing department will work closely with the renewals department to renew leases whenever possible. We begin the renewal process approximately 90 days prior to the end date and will inform you via email when this is approaching. We will also email you once we have been able to process a renewal or once the tenant moves out the emails will include detailed information for each process. Please notify us via email ( to renewals@ChiPropertyManagement.com) immediately if you do not plan to renew this lease.
If the tenant is interested in renewing (we hope) we will first see if they qualify (primarily based on payment history) to renew their lease, and then conduct a rental analysis to check market comparable's and complete the renewal based on the findings- we try to increase rent whenever is possible based upon market comparables. We know that renewal is normally in your best interest to avoid the costs associated with tenant placement and rent-ready preparation. We normally try to get the lease signed at least 30 days before the lease end date and will notify you as soon as we have the signed lease processed.
NOTE: By popular demand from our clients, as of Jan 2021, we plan to conduct a “renewal inspection” of your property before renewing the lease- to take a look at the condition of the property (ensure that the property is being maintained by the tenant) so they can qualify to renew. This inspection will simply be a visual walk-through of the property and the cost is $95. Please email us at renewals@chipropertymanagement.com if you would like to upgrade the inspection to receive a written report with pictures (and /or video depending on the tenant's consent) for an additional $55 ($150 total), OR Please email us if you do not want us to inspect at all.
UTILITIES: If you have NOT done so already, this will be a great time to ensure that you set up a Landlord Program with the appropriate utility company to ensure that the utilities are NOT turned off as soon as your tenants move out if they do not elect to re-new. Please note that this is very important as it can avoid major damage to the property if utilities are disconnected, especially since most ComEd (electric utility) meters have been switched to "smart meters" which are turned off as soon as tenants cancel their account. Landlord programs (this is a reversionary system to ensure that utilities remain active under your billing profile when/if tenants disconnect) are one of the most important tools available to you as the property owner and should be active for all your rental properties at ALL times. Also, not having utilities ON makes it very difficult to market and show properties.
If the tenant does not elect to renew their Lease:
If the tenant does not elect to renew their Lease, we will work with them regarding the move out date and will also be completing another rental analysis to approximate the going rental rate for the property and number of days on the market so we are sure to get the highest rental amount and still be marketable. We intend to re-list the property as soon as we complete the move-out inspection (which is normally completed within 5 days of us receiving the keys after move out). We will use the inspection to determine any damages and to determine what type of rent ready work/repairs may be necessary. We typically re-list any property that is in fair condition within 5-10 business days of the move-out inspection so we can secure new tenants as soon as possible- keeping the cash flow consistent. We will conduct regular rent-ready preparation items such as cleaning and minor repairs during the short vacancy and will notify you of any irregularities and/or of any major work required, such as full home painting which is normally only necessary every 3 years- please let us know what is the best way to get in touch with you to expedite this process, and please inform us in advance if you would like to request any additional work to be completed at the property so we can schedule it as necessary during this time.
NOTE: The cost of a visual move out inspection is $125, please email us at renewals@chipropertymanagement.com if you would like to upgrade the inspection to receive a written report with pictures for an additional $55 ($180 total) OR Please email us if you do not want us to inspect at all.
Please email us at renewals@chipropertymanagement.com of any move-out requirements (normally HOA-based requirements if any) such as required scheduling, and if any fees or documentation is required so we can inform the tenant accordingly if needed. Also, do inform us within the first 10 days of lease expiration (by emailing us at renewals@chipropertymanagement.com) if you are charged any fees that may be the tenant's responsibility so we can inform the tenants of these amounts and process any security deposits accordingly (if we are holding any). Please note that if we do not receive it within the 10 days of move out, we may not be able to deduct it from the deposit.
NOTE: If we are holding a Security deposit , it must be refunded within 30 days of move out , please do forward any security deposits that you are holding (if any) to us immediately- we will inform you if we do find any damages that are above and beyond normal wear and tear, whereby we would charge-back the tenants for any items that are positively identified as damage. Security deposit chargebacks and disputes are very sensitive in the state of Illinois (especially in the city of Chicago) and it can be very costly- if the tenant disputes any charges, we will communicate the same with you so you can determine how you would like to proceed.