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What is a Lease Agreement?
A lease agreement is a contract that ensures the rights and responsibilities of both landlords and tenants. This agreement contains sections that define the lease, including terms and conditions, lease terms, access to premises, payments of rent, fines, and charges.
How to Write a Lease Agreement?
Online reports cited that the most expensive rental markets are San Francisco, followed by New York while San Jose holds the third spot. And still, California is the most populated state in the US. These statistics indicate that the leasing activity in the US continues to strengthen, which means that the demand for its service continues to rise. And if the market grows, that means the competition of property owners also increases. This is why the need arises for you to create a lease agreement that will win you over those competitors. Open whatever device you have and start your leasing process by following the succeeding tips below.
1. Create A Website
Nowadays, real estate companies put out their properties online so potential tenants can easily access them before visiting the actual site. Put the pictures and relevant information about the property that can entice tenants. Don't forget to put out the exact address; you don't want your tenants to get lost and end up in another property, right?
2. Do Some Background Checks
Make sure you do some research before deciding on approving a potential tenant. You want to ensure that you are letting good people rent the place, right? This way, you are providing protection for your existing tenants. Also, you want to ensure that you are letting a tenant that can afford to pay the monthly rent.
3. Charge The Right Amount
Make sure that you are charging the tenant the right amount, which is just comparable to your strong competitors. Search for the standard rent amount for the state that you are in. This way, you will not lose potential clients over erroneous charging. Thus, make sure to get the payment agreements done correctly.
4. Follow The Premises
You, as a landlord, also want to make sure that you are also following the promises you made to your tenants. In your legal agreement, you will be listing your responsibility as a landlord like providing proper maintenance for the property. Maintenance is essential for tenants.
5. Review The Agreement
When you finish writing the document, you need to consider reviewing it. This agreement has many essential points that you need not forget, like the rights and responsibilities of both parties. This written document clearly spells out the details of the promises between both parties. If someone professional reviews the agreement it is a positive point. List down all the assessments and work on it.