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In a recent report by Statista, forecasts for the real estate, rental, and leasing industry in the U.S. show the number of firms in this industry to rise to 325,886 by 2026. It's a growing industry that has many investors hooked. But like any other business, communication is vital to prevent issues caused by confusion and misunderstandings. Thus, writing simple letters is essential in keeping you and your tenants on the same page. With that said, you might want to keep the following in mind:
You need to make it sound like you're speaking to the tenant directly in your letter. It's one way to establish a firm tone with your message while still maintaining the formality of your approach. Names must be complete and correctly spelled at all times.
Dates are essential in letter writing, as they can serve as proof of notice. Typically located below your business letterhead, the date must be visible on the front page of the letter for you and your recipient to refer to in the event of a dispute.
Lease letters can cover a variety of subjects. It could act as a private rental agreement, or provide rental notice on the status of one's payment or any information regarding the rental property. Be sure to state this clearly in your letter.
Your signature will prove that you wrote the letter and acknowledge the message it conveys. For credibility reasons, signing it will also put a reader's mind at ease knowing that the letter came from a legitimate source, especially if you don't plan to hand them the letter personally.
A lease contract, or commonly known as a lease, in real estate, is an agreement by which the owner grants another party the right to reside in a property for a specified time in exchange for a periodic payment. The lease outlines the terms and conditions of the relationship to guarantee accountability and security on both sides.
Without a written contract to govern the real estate arrangement, the parties involved will find it difficult to resolve conflict and address policies discussed in an oral agreement. That's because the rights and responsibilities of the landlord and the tenant weren't set in stone before closing the deal.
The key difference between a lease and a rent lies in their duration of validity. Lease agreements tend to be more detailed and specific, covering longer periods for renting the property. Rental contracts, on the other hand, usually occur every month. It's one reason why renting is more desirable to short-term tenants.
Since there's a lot to do before allowing the tenant to move in, having them sign the lease 30 days before occupancy will be a good idea. You'll also want them to review the lease at least a few days prior in case some parts require further negotiations or revisions.
One way to eliminate the barrier that separates tenants from their landlords is to improve the way you communicate. Since personal interaction may not always be possible, you can use letters to relay messages promptly.