When it’s time for new renters to sign a lease, it’s important for property owners to review the document with them and make sure they understand it. Sometimes tenants and property owners have different interpretations of key clauses or rules. To avoid misunderstandings and lease violations, helping renters read through a residential lease agreement can help! Here’s how a Bradenton property management company recommends tackling this process.
Clarify Involved Parties
The first thing to cover is the parties involved, even in a simple one-page lease agreement. This might seem like basic information, but you might be surprised at how often real estate inventors overlook listing every tenant on the lease and confirming the correct spelling of each name with renters during the signing process.
Typically, the lease will identify you, the property owner, as the landlord or lessor and the renter (or multiple renters) as the tenants. Every resident 18 years of age or older should be listed on the lease.
Review Security Deposit Details
The security deposit provides a property owner with some financial coverage if a renter defaults on a rent payment or causes damage to the rental unit. Make sure the rental agreement notes when the tenant's security deposit is due and how much it is. Review this information with your new renters when going through the lease document.
A property manager might also recommend additional deposits if tenants have a pet, though some exceptions may be made if a pet is an emotional support animal. The lease agreement should also outline how and when deposits return to the renters if all lease conditions are met.
Talk About Rental Rates and Additional Fees
To ensure on-time monthly rent payments, talk with renters about the rent payment due date, amount, and late fees that would apply after the grace period. This is an excellent place to mention if any utilities are included in the rent payment and what utilities tenants will need to pay separately. Be sure to document how residents should pay the rent, including mailing or dropping off checks or through an online portal.
Discuss the Lease Term
The lease term is the length of time for which your rental property tenants will rent the home. Discuss the starting and ending dates of the rental lease agreement with your residents to ensure they understand when they can move in and how long they must stay to fulfill the agreement.
There are also situations in which tenants can sign a month-to-month lease. If a fixed-term lease converts to a monthly agreement after the ending date, discuss that with new renters, as well.
Walk Through Move-In and Move-Out Procedures
Many lease agreements include details about moving in and out of the property at the beginning and end of the term. A Bradenton property management company can help you create this section of the agreement and make sure new tenants understand the rules for moving in. For example, include details about specific hours for moving furniture or a particular location where they should park the moving truck and pick up the keys to the property.
Move-out instructions should include when tenants need to exit the premises on the last day of the lease. This section should also identify the tasks tenants should complete before moving out, like cleaning and scheduling a final walk-through.
Go Over Maintenance Obligations
An essential part of a lease agreement is maintenance obligations for renters and the property owner. In most situations, owners must perform all necessary property maintenance and repairs to comply with landlord-tenants laws. However, tenants are often responsible for a few maintenance and upkeep tasks, including taking out the trash, keeping the property clean, and reporting problems by submitting a maintenance request.
Review Inspection Policies and Property Owner Access
When tenants sign a lease, the property will be their home throughout the lease term. However, there are still situations in which you will need to access the residential property. These instances can include safety checks, making repairs, or even marketing the property toward the end of the lease term. Talk through the policies for scheduling property inspections and maintenance. Also, review the process you’ll follow for notifying residents that you’ll be visiting the property to protect your tenant’s right to privacy and comply with landlord right of entry laws—while being an excellent landlord!
A Bradenton Property Management Company Review Leases With Renters
Finding a great tenant for your rental property can be an exciting experience. That said, it's key to help your tenant fully understand the rental lease agreement before they sign anything. By looking out for key terms and carefully reviewing the lease with your new renter, property owners can reduce misunderstandings and lease violations and experience better relationships with residents! For more help with leases and renter management, reach out to Gulf Coast Property Management. Our professional property management services help investors experience better leasing and returns.
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