What does HOLDOVER mean in property management?
Property Management always has something interesting going on!
We have been property managers since 2006 and their is always something interesting going on! I say interesting because I think most people would agree with me that if you are supposed to be out of a home by tomorrow you would be packed up and ready to go. I find it interesting that this tenant does not have a box in site!
It is safe to say he may be in HOLDOVER by tomorrow. HOLDOVER is a lease term written into the lease that says if a tenant is not out by the date that he gave on his written notice to move, the owner can charge him HOLDOVER. This is usually 3 times the daily rate of rent! This alone would motivate me to be packed and the property in the condition I found it in at the beginning of the lease.