PropertyLoop offers a convenient platform for both landlords and tenants to manage their tenancy agreements efficiently. As the end of the tenancy approaches, PropertyLoop will send timely reminders to both parties, providing ample time to discuss renewal options or plan for moving out. This guide will walk you through the steps to renew your tenancy agreement using the PropertyLoop platform.
4 Months Before the End of Tenancy:
- At this stage, PropertyLoop will send an email to both the landlord and tenant, notifying them that the tenancy will end in 4 months.
- It's time to start considering whether you want to renew the tenancy or end it.
3 Months Before the End of Tenancy:
- Three months before the end of the tenancy, PropertyLoop will send another email reminder to both parties.
- This is the perfect time to initiate discussions with the other party about potential renewal terms or ending the tenancy.
2 Months Before the End of Tenancy:
- At the 2-month mark, a decision should be made regarding the tenancy.
- If you wish to end the tenancy, notify the other party promptly. This will provide them with enough time to find new tenants (for landlords) or look for a new home (for tenants).
- If both parties agree to renew the tenancy, you can start negotiating the terms of the renewal.
Negotiating the Renewal or End of Tenancy:
- Once both parties have agreed on the renewal or end of the tenancy, you can easily take action online through your PropertyLoop account.
- Either the tenant or landlord, upon reaching an agreement, can log in to their PropertyLoop platform and click on the 'end/renew' button.
- If the decision is to end the tenancy, PropertyLoop will send a notice email to the other party.
- If the decision is to renew, PropertyLoop will generate a new renewal contract with any agreed-upon changes for both parties to sign.
Signing the Renewal Contract:
- After the renewal contract is generated, both parties will receive a notification from PropertyLoop.
- Open the notification and follow the instructions to access the new contract.
- Carefully review the terms, and if you agree, electronically sign the contract using the e-signature feature provided by PropertyLoop.
Renewing your tenancy on PropertyLoop is a straightforward and convenient process. The platform's timely email reminders ensure that both landlords and tenants have sufficient time to consider their options and negotiate terms. Once an agreement is reached, the 'end/renew' button allows for easy action, either by sending notice or generating the renewal contract. With PropertyLoop, managing your tenancy renewal has never been easier.