As you well know, owning and/or managing rental property is time and labor-intensive. When tenants move out, is this your chance to take a well-deserved break? Ahh.. well, that’s what vacation is for! Now is the perfect opportunity to take care of the nuts and bolts of move-out processes, tenancy agreements, and getting the unit in top shape for the next renter. Here’s what you need to know when you have a property that is between renters.
Successfully managing the transition between renters is critical in helping you minimize vacancies and maximize income. Some steps to follow:
Owning property can be a great way to build your portfolio - or increase your stress level. It can be a wonderful way to earn an income - or spend more on headache pain relief than normal. It can be a terrific way to achieve goals and prepare for the next phase of your life - or make you wish for a regular 9-5. Ah, the property owner’s life! But investing in property in Asheville, North Carolina is a solid, strategic move. Ready to avoid the stress, headaches, and second-guessing?
When you’re a landlord, you have to wear a number of hats. In addition to handling late-night plumbing calls and tenant disputes, you also have to know and adhere to the laws regarding renting and leasing. Among these are issues related to security deposits. What, exactly, can you charge to your tenants’ security deposit?
As a building owner or manager, you have a lot of decisions on your plate. From capital investments to tenant selection, there is never an end to the choices that you make on a daily basis - and for the long-term success of the property. One of the most critical in terms of tenant retention and satisfaction (as well as risk mitigation) is whether or not you should offer a longer-term lease to a tenant. What are the pros and cons?
There are many lease agreement clauses that are under-specified. They might be unclear or leave a lot of legal wiggle room for a tenant. The best way to write a lease is in a way that's clear and transparent. This protects both you and the renter. There are some key sections that are even overlooked. It's also not uncommon for an owner or property manager to overlook a legal responsibility they have.
Understand first that you shouldn't approach this in an antagonistic or aggressive way. You and the tenant are not necessarily on opposite sides of lease clauses. As you'll see, many tenants simply may not realize that there are certain restrictions or why those restrictions are sensible. The more they're spelled out, the less room there is for confusion and the easier it is for tenants to keep you in the loop and meet their responsibilities. These are the top five lease agreement clauses that help everyone stay on the same page.