Property Management
A Montana property manager learning that a tenant's lease will expire in 60 days should proactively:
AWait for the tenant to contact them about renewal
BContact the tenant well in advance about renewal options to minimize vacancy periods and maintain occupancy✓ Correct
CImmediately list the unit for rent regardless of whether the tenant wants to renew
DOnly contact the tenant if the owner requests it
Explanation
Proactive lease renewal management minimizes costly vacancy periods. A good property manager contacts tenants 60-90 days before lease expiration to discuss renewal options, negotiate terms, and plan for marketing if the tenant will not renew.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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