Have you ever dealt with a renter who found a loophole in the lease agreement? It doesn't take much for a resident to find a way to break the rules or skip a rental payment if the lease doesn't clearly outline the guidelines, requirements, and consequences for breaking the rules.
How can investors create strong leases that deliver enough protection for properties and income? If you currently download free lease templates, your rentals are at risk! Most free templates don't include everything investors need to avoid lawsuits or enforce the rules. Here's what you need to know from an expert Salt Lake City property management company.
What's In a Lease?
Your rental property's lease is the binding document that holds you accountable for fulfilling your duties as a property owner. The lease also holds residents accountable for following the rules and paying the rent on time.
No matter the length of the lease term or who rents your property, the lease should be in writing and include your resident's signature to show that they read, understand, and agree to the document. A signed lease also means you're responsible for delivering a safe home, quality maintenance services, and everything required of a good investment property owner.
Every lease should include:
- Names of all approved renters (to avoid problems with unauthorized tenants)
- The property's address
- The rent amount, due date, and penalties for late payments
- Rules for renters to follow (and penalties for violations)
- Your responsibilities as the owner
- Other terms and details, including the lease start and ending dates
A property manager in Salt Lake City can help you create custom leases that apply specifically to each property and deliver better protection than generic templates that fall short!
Why Shouldn’t You Download a Lease From the Internet?
One of the biggest errors many property owners make is downloading lease templates from the internet—without making critical adjustments to protect their investments. While it can be a time-saver to start with a free lease template, online leases can often be quite costly if they don't protect your properties adequately.
Free templates can leave too much room for error, and they don't always apply to rental regulations in Salt Lake City. A valid lease must incorporate current landlord-tenant laws and language that applies to both renters and owners. Without reviewing the lease in detail and consulting a Salt Lake City property management company, many investors don't realize that their downloaded lease leaves them vulnerable to bad tenant behavior and nonpayment of rent.
Your lease must avoid grey areas that leave room for interpretation of rules and penalties open to interpretation.
How to Create a Stellar Lease to Protect Your Investments
When creating a lease to protect your rental investments, make sure you have the information you need to build an airtight document. Your rental properties and income are too important to rely on a "copy and paste" document or template.
It's worth it to invest the resources you need to protect your properties. Work with professionals to review each new lease and make sure they are up-to-date and accurate.
Consult a Lawyer
One of the most important steps in creating a lease that protects your rental property investment is making sure that it complies with the local, federal, and state regulations. However, regulations associated with Salt Lake City property investments change regularly. It can be difficult to stay up-to-date with everything that applies to rental properties without expert help!
Consult a lawyer with experience creating and reviewing rental property leases. They can quickly recognize holes or muddy areas of a lease and help you fix them to keep rentals and income safe!
Hire a Property Management Company
Property management companies in Salt Lake City are a great option for property owners when setting up a new lease. The right property manager creates better leases and enforces them for property owners!
If the leasing process is challenging or too time-consuming for you, let your property manager handle the entire process for you. From marketing your rental to screening renters and managing the lease creation and signing process, the right property manager is a valuable asset in these areas.
Reduce Risks With Strong Leases and a Salt Lake City Property Management Company
Quick downloads might be a time-saver when it's time for a new renter and lease—especially if you have multiple properties to manage. However, saving time isn't the best way to make sure your lease offers the best protection for your income and rentals.
Choose the best Salt Lake City property management company to handle the lease process for you! Reeder Asset Management wastes no time finding new renters and getting rentals leased. However, we never sacrifice quality or thorough processes to ensure that every lease meets expectations and delivers the best protection. If you need to update your leases, reach out and let us help!