lease termination fee
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lease termination fee (by David [MI]) Feb 13, 2019 7:11 AM
       lease termination fee (by Jim in O C [CA]) Feb 13, 2019 7:30 AM
       lease termination fee (by David [MI]) Feb 13, 2019 7:42 AM
       lease termination fee (by Doogie [KS]) Feb 13, 2019 7:46 AM
       lease termination fee (by JB [OR]) Feb 13, 2019 7:47 AM
       lease termination fee (by NE [PA]) Feb 13, 2019 7:49 AM
       lease termination fee (by TIM [IN]) Feb 13, 2019 7:52 AM
       lease termination fee (by S i d [MO]) Feb 13, 2019 7:52 AM
       lease termination fee (by David [MI]) Feb 13, 2019 7:55 AM
       lease termination fee (by Jeff [CO]) Feb 13, 2019 8:17 AM
       lease termination fee (by cjl [NY]) Feb 13, 2019 9:00 AM
       lease termination fee (by Sisco [MO]) Feb 13, 2019 1:59 PM
       lease termination fee (by BRAD 20,000 [IN]) Feb 13, 2019 2:50 PM
       lease termination fee (by David [MI]) Feb 13, 2019 4:11 PM
       lease termination fee (by Sisco [MO]) Feb 13, 2019 4:26 PM

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lease termination fee (by David [MI]) Posted on: Feb 13, 2019 7:11 AM
Message:

So this is NOT about the well discussed ELT, but a fee charged at normal end of lease when tenant does not renew and moves out.

I've leased cars for well over a decade now and up to a few years ago, there was no fee at turn-in other than excess wear and tear and excess mileage. But recently various makes have charged $300-$700 fee at turn-in , just for the privilege of turning in the vehicle at lease end, but waive it if you lease another one of their vehicles.

So after being hit with another one of those, I thought, why can't a LL do this to keep a tenant renting with them rather than a competitor? You write into the lease a termination FEE of $500 or $1000 or whatever, that is due at lease end , but maybe waived if they move out of the area, buy a house, deployed as military, or rent another one of your units.

--199.247.xx.xx




lease termination fee (by Jim in O C [CA]) Posted on: Feb 13, 2019 7:30 AM
Message:

Does not sound legal to me. The tenant would need to agree to this when siging the lease. I know it would not fly in Tax-a-fornia. --99.23.xxx.x




lease termination fee (by David [MI]) Posted on: Feb 13, 2019 7:42 AM
Message:

well yes, it would be written into the lease, just like it was written into my vehicle leases --199.247.xx.xx




lease termination fee (by Doogie [KS]) Posted on: Feb 13, 2019 7:46 AM
Message:

I'm all for adding fees on if you can, but this one doesn't feel right. I'm also one that's not really in favor of keeping a carpet cleaning fee from the deposit automatically. Normal wear and tear is expected. If it's stained and torn up, definitely. There are some here that it's automatic and written into the lease. I don't like that one.

If you decide to go with that, please report back and let us know how it goes. You might be shooting yourself in the foot though. JMO --72.209.xxx.xxx




lease termination fee (by JB [OR]) Posted on: Feb 13, 2019 7:47 AM
Message:

I wouldn't have signed a vehicle lease with that verbiage either.

Try pulling that on residential tenants and you will likely have a revolt on your hands...and TV news cameras in your face. --24.20.xxx.xxx




lease termination fee (by NE [PA]) Posted on: Feb 13, 2019 7:49 AM
Message:

Personally I wouldn't do that. I think they have fulfilled their lease and have decided to move on and there's no reason to punish them. Damage is deducted from security is a different story. --174.201.x.xx




lease termination fee (by TIM [IN]) Posted on: Feb 13, 2019 7:52 AM
Message:

Fees are good to adding to the bottom line... but some fees are just a little too much and too far.

Here is a great example: all the airlines was charging for baggage. Southwest comes out with, "Baggage flies free." Does that for a year. Southwest went from an after thought when flying to one of the big boys. Made over a billion in profit because of increased passengers. The other airlines are struggling to break even. So the other airlines responded by lowering their fees. --66.170.xx.xxx




lease termination fee (by S i d [MO]) Posted on: Feb 13, 2019 7:52 AM
Message:

If it's not illegal, try it. I've noticed a trend in both private business and Govt toward more fees. --173.20.xxx.xxx




lease termination fee (by David [MI]) Posted on: Feb 13, 2019 7:55 AM
Message:

i would of course disclose this up front and it would be waived for various situations. I am simply looking for ways to both discourage them from moving to the competition and recoup turn-over (vacancy) costs --199.247.xx.xx




lease termination fee (by Jeff [CO]) Posted on: Feb 13, 2019 8:17 AM
Message:

Just because it's written into a lease doesn't make it legal. If a tenant pushes it (very unlikely), and it's illegal, you will lose. --76.120.xx.xx




lease termination fee (by cjl [NY]) Posted on: Feb 13, 2019 9:00 AM
Message:

I get where you are coming from with this I'm just not sure if tenant's would appreciate it and you may end up losing a tenant because they know it's going to cost them just to leave at the end of a lease term.

Do the "big leasing companies" in your area do this? What happens if YOU want to not extend the lease to them? Do you pay them? --209.217.xxx.xx




lease termination fee (by Sisco [MO]) Posted on: Feb 13, 2019 1:59 PM
Message:

It seems that lease initiation fees and lease exit fees are tools that would give us more flexibility in monthly lease fees.

The dominant property management company in my market implemented move in fees (not ren and non refundable) several years ago and was met with little resistance.

I like that an exit fee rewards the tenant staying put and with a built in increase in rate, this is pulling in the right direction.

--72.172.xxx.xx




lease termination fee (by BRAD 20,000 [IN]) Posted on: Feb 13, 2019 2:50 PM
Message:

David,

I like your creative thinking! Times are a changin and we need to keep up.

AT THE MOMENT I'm shy on it. Sure we could write it in the lease and not all leases go to court, but if it did I don't think MY judge would honor it.

Sisco's post about the MO company's signing fee has me pondering.

We charge $200 Exit Cleaning Fee if we have to send in house cleaners.

Doogie,

MY judge says OK to require carpet cleaning. He said "It's not the LL's dirt". Same as mopping the kitchen floor, sweeping out the garage, carrying out the trash on exit.

We've had ZERO pushback on carpet cleaning since implementing it 30 years ago. Carpets can hold allergens that don't affect ME but might affect the new resident.

PLUS it instantly eliminates any argument from the new res when they move out ("It was dirty when we moved in") because I have proof it was professionally cleaned at move IN.

My lease requires they use only our preferred cleaning guy.

The res has the choice to pre-pay directly to the cleaner and use coupons, etc just give us a copy of the receipt OR pay us $50 per room.

This is part of our system to get back perfect ready to rent homes. Working so far!

BRAD

--73.102.xxx.xxx




lease termination fee (by David [MI]) Posted on: Feb 13, 2019 4:11 PM
Message:

Sisco, how does that PM company advertise / disclose these fees? So far I only charge rent and pet fee, so I don't have experience with these extras --50.4.xxx.x




lease termination fee (by Sisco [MO]) Posted on: Feb 13, 2019 4:26 PM
Message:

David, First month rent $2000, monthly rent $1000 is the terminology they use in advertising. --72.172.xxx.xx



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