“If a tenant chooses not to renew their lease, can I start advertising my property immediately to ensure there is no loss in rental income?”
Feature agent: Madeleine Smith, New Client Relations Manager at Raine & Horne Terrigal – Avoca Beach.
See the rental property listings Raine & Horne Terrigal – Avoca Beach currently has listed on Rent.com.au.
See other posts from Madeleine Smith here.
We asked Raine & Horne Terrigal – Avoca Beach New Client Relations Manager, Madeleine Smith for her opinion on this question:
Madeleine said landlords can only ‘re-list’ a property after a tenant gives the notice to vacate.
“Not renewing a lease does not mean you are moving out of a property until you give formal notice,” she said.
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“Once you do this, it is in your best interest to advertise the property immediately to minimise your loss of income. You must allow reasonable access in the last 14 days for them to show new tenants through.”
Madeleine said it was important to remember that a new tenant cannot sign a lease until the previous tenant has vacated and handed back possession of the property.
We’ll be posting answers to reader questions every week. If you have a question you think would be interesting to see answered here, let us know!
Madeleine Smith was the Business Development Manager for LJ Hooker Gosford, Lisarow, and East Gosford on the Central Coast of New South Wales between 2015 and 2018. She won the LJ Hooker Top Business Development Property Investment Manager NSW/ACT 2017-18 and 2016-2017 awards. During her time at LJ Hooker Gosford, Madeleine also worked as the Senior Property Manager, maintaining a portfolio of 300+ properties, and as a Property Manager.