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.
For many people, pets are a part of the family. They purr, cuddle, and love their ways into our hearts. So when we have to move, of course, they’re coming with us! And then we’ll have to pay a hefty deposit. If you’re a renter, you know how frustrating this is. It’s less than optimal, to say the least. But it turns out that pet deposits are not great for landlords, property managers, and building owners either. Let’s find out why.
No one ever said being a landlord was easy! In addition to fielding midnight plumbing emergencies and handling daily maintenance tasks, you’ll inevitably run into tenant complaints, disputes, and, of course, excuses. Here are a few things you never want to hear from those renting from you - and a few tips for dealing with them.
Can you manage rental properties yourself? A manager can be a valuable asset who decreases the amount of work you need to bear; they also specialize in handling tenant concerns. Yet it costs money to pay them for their services. Managing a rental property without a manager can be done. You just need to make sure you can answer these questions about how you'll do it.