What does HOLDOVER mean in Property Management?

By
Real Estate Agent with RE/MAX DFW Associates/PLATINUM PROPERTIES & MANAGEMENT 0534986

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. 

 

Posted by

Tracy Lee Parker

Broker Associate with
RE/MAX DFW ASSOCIATES

Servicing all of North & East Texas Areas for home selling, home buying, leasing & property management since 2005!  

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Comments (2)

Mimi Foster
Falcon Property Company - Colorado Springs, CO
Voted Colorado Springs Best Realtor

I am the Realtor for a property managment company and two of my daughters are property managers. Was this tenant planning on moving? We they just going to leave their stuff there? I was supposed to list a home this week. Tenant was supposed to be out today. TODAY he notified us that he is not leaving for at least 60 days after our April 11 Shelter in Place is done (but will probably be extended). Oh! and he's not gonna pay rent, either! Yeah, it's always an interesting business. Good luck!

Mar 31, 2020 05:37 PM
Tracy Lee Parker

Hi Mimi, 


yes he called me last night and asked for one more day and he was sorry he had to do that but we still charged him holdover.  I was releived. Wow, so sorry to hear this on your rental. I hope we don't have to experience that! Thanks for your comment. Pleas let me know how that turns out. 

Apr 01, 2020 11:54 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I’ve been pretty lucky thru the years not to bump into this problem  !

Apr 01, 2020 07:11 PM