A well drafted lease is something that you must have if you are going to be renting out your property.  The laws in each state are slightly different so be careful – a lease must both spell out the entire agreement between you and your tenant and must meet all of the requirements of your state.  If you miss a key element, enforcing your lease can be costly and troublesome. 

The lease is a binding contract that defines the responsibilities of the two parties – the tenant and the landlord.  A well drafted lease protects your tenant from abuses and misunderstandings, and it protects you from tenants who make unreasonable demands or make claims of verbal agreements that never existed.

A lease has many components, but here are a few you should ensure are in the final lease form you use:

Alterations:  Your lease should clearly state the kind and extent of alterations that you will allow in your property.   

Subleasing:  Your lease should state very clearly if subleasing is allowed. If it is allowed, be very clear on the terms.

Due Dates and Late Fees:  Your lease should be very clear on when rent is due, when a late fee will be assessed, and the amount of the late fee. 

Form of Payment:  Your lease should specify clearly what forms of payment you will allow.  Checks?  Cash?  Cashier’s Checks?  Money Orders?

Access:   As an owner and landlord, you should have access to your property for periodic inspections. Your lease should detail when and how you will enter the property to conduct inspections.  State laws vary on this subject and your lease should conform to the laws of your state.

Maintenance:  Your lease should state very clearly who is responsible for the maintenance of the property.   If it is a joint responsibility (not a good idea), the lease should make clear who is responsible for what.

Utility Payments:  Your lease should be very clear about which party is responsible for which utilities that serve the property.   Be particularly cautious about garbage service.  While many landlords consider this a utility, many states have laws that deal strictly with which party is responsible for garbage service.

Abandonment:  Your lease should be very specific on the subject of abandonment.  It must clearly define your options if your tenant leaves the property without notice.

Are you ready to maximize the value of your income property investments?  Contact Grid Property Management, LLC today to learn about our full range of management services designed specifically to eliminate the tasks, challenges, and headaches of residential property management.  Our Management Success Formula™ program is the most comprehensive full-service residential management program in the market today. 

Whether you own a single property or an extensive portfolio here in the Portland, Oregon metro area, Grid Property Management, LLC is the ideal residential management partner to help make your home, condo, townhouse, or plex income property investments a success!

If you own rental property, all of your revenue is tied to keeping the property rented at all times.  An empty house is not producing any revenue and that defeats all of your other efforts. 

Here are five quick tips to successfully rent your home:

Curb Appeal: Curb appeal is an important area on which to focus your money and your efforts.  When potential residents drive by, you want your property to be attractive and appealing.  Statistics show time and time again that people rent homes because of what they see when they drive by.  If your property is unattractive, you will have a hard time renting no matter what other tactics you use.

Signage:  Be sure to put a sign in the yard.  The sign should be large enough that it will catch the eye of someone driving by.  You want your sign to be professional and attractive.  Drive by the property often to make sure the sign is still up and the property is in top shape.

Get the Word Out:  Make it easy for people to know about your home.  Research the area and see how people are looking for homes. Use at least five different online sources to market your home.  Craigslist is a popular website, but not everyone uses Craigslist.  Make sure you are marketing the home every day!

Answer the Phone:  Answer the phone when it rings!  Many people or businesses use an automated voicemail service for convenience, but this can make it frustrating for potential tenants.  Have a person available to answer the phone and respond to questions. 

Set Asking Rents Deliberately:  Be sure to thoroughly research the asking rents for similar homes in your immediate area.  Do online research, but get out and drive the comparables the way your tenants will.  It is tempting to base your rents on the amount of your mortgage payment, but there is no connection between these two figures.

Are you ready to maximize the value of your income property investments?  Contact Grid Property Management, LLC today to learn about our full range of management services designed specifically to eliminate the tasks, challenges, and headaches of residential property management.  Our Management Success Formula™ program is the most comprehensive full-service residential management program in the market today. 

Whether you own a single property or an extensive portfolio here in the Portland, Oregon metro area, Grid Property Management, LLC is the ideal residential management partner to help make your home, condo, townhouse, or plex income property investments a success!