As the saying goes, “it’s better to be safe than sorry!” And, this is no more true than with a rental lease agreement. While it is easier to use a standard lease agreement, as a landlord, it is in your best interest to customize your lease to your exact specifications. Consider adding the items below to tailor your lease agreement to your exact specifications; keep in mind, this is exactly what we offer at TALK Property Management:
- Pets – Do you or do you not want pets in your rental property? If this is important to you, make sure your lease verbiage is clear. Do you want to set a guideline that cats are okay and dogs are not permitted? Or, do you want to add an extra monthly or yearly fee to allow pets? Also, consider the maximum number of pets allowed in the rental property and make sure to state it in your lease agreement.
- House Keys – How many copies of the key do each resident receive? Will they be allowed to make copies of the key? If a key is lost, will there be a fee to replace it? Make sure these are all explicitly stated. Also, if there is a replacement fee or fine required, make sure to put it in writing.
- Lease Term – Make sure the rental term is clearly stated in the lease agreement. Customize your lease to indicate how far in advance the tenant must notify you before moving out (if they need to move out before their rental term is over). Also, tailor your lease to specify if it automatically renews if you do not hear from your tenant. Customizing this section helps ensure that your rental property will not be vacant for long.
- Late Payments – Will late payments result in a fine? How late can the rental payment be made before you post an eviction notice? Note these points in your lease agreement along with how your tenant will pay you their rent (check, bill pay, online payment service).
This may seem like a lot, but that’s where we come in! TALK Property Management walks our clients through the steps of customizing your lease to your specifications. Also, you won’t be responsible for maintenance requests, collecting rental payments, locating tenants for your property, and more. Contact Austin’s TALK Property Management team for more information! We would love the opportunity to earn your business.
Resources:
https://www.trulia.com/blog/write-rental-lease-agreement/
