I would hate to learn that my tenants wouldn't renew the lease, even if they liked the house, because of the poor service by the PM.Something to keep in mind...

Require renewals be signed before March 1st.

In WI, until recently, if you filed for an eviction and accept money after that from the tenant, a judge may see it as a renewed lease agreement or a new lease agreement (offer and acceptance).Tenant with access to your bank account could then "force" the acceptance of the payment on you.A few months back they changed the statutes so that rent acceptance after filing does specifically not affect the eviction proceedings anymore.

It would cost the same or less, but I would be losing that profit over a period of months and have the chance to jack the rent back up on renewal.

Jon, the lease was renewed earlier this year which is after the notice of default.

became an unintentional landlord 3 years ago on oct 1st. wanted to share with you the tracked expensed over past 3 years.rent $900, $925, $950, $975 (tenant renewed 10/1/2012 for 4th year)Per month average over 36 months: $626 P/I/PMI $199 HOA$116 Repairs/capital improvements$ 6 Vacancy$ 114 Taxes/Insurance$1062 Total Expenses + debt paymentcurrently -$86/month cash flow(this is why you do not buy a condo &, for newbies, to have reserves for the unknown)

Stay out of claiming against your property insurance for minor stuff, as that does count against you at renewal time AND if you want to change carriers further down the road.

Hopefully I can get the current tenants to renew if they pay me on time.

A few months slip by, and its time for a renewal.

Typically what you see is:5-10% of gross rents collected (some set minimums in addition)50-100% of 1st month's rent for getting a vacant unit rented plus advertising (high in my book)50% of 1 months rent for lease renewal (complete rip off)Some will take a portion of late fees (bad)Many will charge you hundreds of dollars to handle evictions (even though they do nothing but call the lawyer who handles it all)Typically, they also charge $25+ per hour for handyman (who they likely pay WAY LESS)The fees are never-ending.