Three tips to help you tailor your lease to your needs and your property.
Today I want to talk to you about having a well-oiled, airtight lease that you won’t have any issues with and a rulebook that you and your tenants can follow and be on the same page.
I know you can go online and find thousands of cookie-cutter leases, but I urge you to make sure that whichever lease you go with is tailored to your property. This is the rule book that you’ll use, and it could make or break having a wonderful experience or a nightmare when renting out your property.
Here are my three tips when creating a lease:
1. Finances. This is the main thing you want to make sure you clarify in your lease. How much is the rent? When is the rent due? What happens if rent isn’t paid? Who holds security deposits? What happens if something is damaged? Having your finances ironed out and making sure everyone is on the same page will help you out in the long run.
2. Tenant and owner responsibilities. Clarify who’s responsible for what. Who pays for trash collection? Who pays for utilities? Is it rolled into the rent? Is the tenant responsible for cutting the grass? These are all things you want to make sure you have outlined.
3. Property rules. Make sure the rules that you want in place for your property are set in stone. Is subleasing allowed? I wouldn’t suggest it. You probably want to ban smoking. Clarify whether pets or which kinds of pets are allowed. We allow pets because we have our pet protection guarantee that covers up to $5,000 beyond a security deposit for any pet damages. That way, we’re not cutting out over 80% of the tenant pool
If you have any questions about leases, please reach out to me by phone or email. I’d love to sit down and go through a rental consultation with you. I look forward to hearing from you.