When it comes to rental property management, timing matters. That’s particularly true when it comes to lease agreements. It’s not just what is in the lease that counts; it’s how the leasing process unfolds:
1. Work out all the content that is going into your lease agreement before you advertise a vacancy. It’s critical to wait until your attorney has had time to review the lease and advise you on any changes necessary to fully protect your legal rights.
2. Leave the lease at the office when you conduct a property tour. You do not want to make the mistake of offering a lease agreement to a prospect before you’ve had a chance to run a tenant background check. Bad tenants may try to smooth talk their way out of tenant screening — and into the property. Never rent to an applicant on the spot. Ask for a completed rental application, verify that information, and run tenant screening reports before finalizing the lease.
3. Take the time to review the lease before providing it to the tenant. Read it from end to end. Check that the pages are all there, as well as any attachments or exhibits that belong in the lease package. The tenant can’t comply with provisions that they haven’t seen, and some of those disclosures your attorney included are mandatory.
4. Provide a copy of the lease in advance of signing and allow the tenant a chance to ask questions. Don’t negotiate lease changes at the last minute. You need time to check with your attorney before making any significant modifications to the lease.
5. Mark the date on your calendar 60 days before the lease ends. Catch the tenant before they start shopping around for a new place — it’s a smart strategy for increasing tenant retention.
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Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.