lease agreements

5 Items to Include in Your Lease Agreements

Solid lease agreements are key to successful tenant-landlord relationships. The landlord outlines the terms of the agreement and their expectations in these contracts. Without detailed specifications, miscommunications may occur down the line. Writing up a clear and concise agreement, on the other hand, ensures the tenant fully understands what they’re agreeing to. Are you starting up a rental business this winter or making changes to your current policy? Here are five things you should always include in your lease agreements:

5 Items to Include in Your Lease Agreements

1.      Occupancy Terms

Every landlord should know how many people are occupying a single unit. You don’t want an individual to move in and invite a friend to couch surf at their residence a week later. Unscreened people who are staying in someone’s residence pose a safety risk for your entire business. Additionally, tenants shouldn’t be allowed to sublet the property without your knowledge. The only people allowed to occupy a rental unit should be those outlined in the lease agreement. Typically, this will include all tenants and any minor children.

2.      Rental Agreement or Fixed-Term Lease?

Rental agreements continue on a month-to-month basis and go on indefinitely unless the tenant or landlord cancels the contract. A fixed-term lease lasts for a specific amount of time. Once as a fixed-term lease comes to an end, the tenant can decide whether they want to renew their lease. The choice between these two options ultimately depends on the landlord’s preferences, but it should be clearly laid out in the document.

3.      Rent Details

Rent details are the most important part of lease agreements. How much does the rent cost? When is it due? Do you want tenants to pay in-person or online? What payment methods do you accept? You should also address what happens if the tenant fails to pay on time, including late fees and grace periods.

4.      Information about Maintenance and Repairs

When a tenant encounters something in need of repair, they should know what to do. All lease agreements should describe the maintenance request process. However, landlords should also let tenants know what maintenance they can or can’t complete on their own. Many lease agreements, for instance, prohibit painting without a landlord’s approval. Tenants should know that they’ll be expected to pay for any damage to the property as well.

5.      Rules and Restrictions

Finally, landlords should restrict any dangerous activity on the property. Lease agreements usually include rules related to noise, substance abuse, pets, and other important safety concerns. That being said, adhering to the law is of utmost importance. If you have any questions about what rules and regulations are permitted in your area, contact your local and state governments.

Partner with All County Denver South for Expert Property Management Services

If you need a property management company in Denver, look no further! All County Denver South Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote, or to learn more about lease agreements, call us at (720) 664-4550.

rent collection process

3 Tips for a Smooth Rent Collection Process

The rent collection process can be stressful, especially if some of your tenants are behind on their payments. Ultimately, making the process easier starts with your screening methods. Do you normally contact and verify a tenant’s references, as well as their employment and financial status?

Rent collection will always be a struggle if you don’t select responsible tenants with a history of paying on time. However, there are additional ways to streamline your approach once as you’ve got that covered. This article will show you how to minimize the number of missed or late payments and improve the overall efficiency of your rent collection process.

3 Tips for a Smooth Rent Collection Process

1.      Send Tenants Reminders

We can all agree that life is busy. It’s easy to forget important deadlines when you have so many other things on your mind. A tenant that misses one rent payment isn’t necessarily irresponsible; more than likely, they simply forgot. Fortunately, landlords can easily prevent this from happening today. We suggest keeping tenants on track by sending regular reminders over text, e-mail or automatically using software. You can also choose to customize the timing of alerts. Some landlords might only send one reminder, but you can send more if you want to be extra cautious. This benefits responsible tenants and ensures those who are evading payments can’t use forgetfulness as an excuse.

2.      Collect Rent with Help from a Property Management Company

You can streamline your rent collection process in a myriad of ways. Today, many tenants have the option to make payments instantly online or through an app. Property management companies, however, can make the process even simpler for landlords. Their rent collection service completely takes this off your plate and ensures you receive profits each month. Additionally, a respected company will assist with tenant placement, lease enforcement, and accounting. With their help, you can grow your business and stay busy with other projects at the same time.

3.      Ensure Late Payments are Penalized

No landlord wants to harangue grown adults repeatedly and prompt them to pay on time. Unfortunately, situations like these can have an adverse effect on your business over time. The majority of tenants are diligent, but there are always some who make rent collection a headache. One surefire defense against a rocky rent collection process is late fees. It isn’t always pleasant to charge someone when they may not have enough for rent to begin with. However, in most cases late payments serve as a deterrent. Tenants who care about their finances and want to keep a roof over their heads will do everything they can to avoid extra fees. If someone is forced to pay the penalty once, they won’t want it to happen again.

Partner with All County Denver South for a Smooth Rent Collection Process Every Time

If you need a property management company in Denver, look no further! All County Denver South Property Management is here to help property owners have confidence in the quality of their tenants and the security of their property through knowledgeable and trustworthy property management services. From managing tenant relationships to lease enforcement, we look forward to working with you to see how your investment can be a long-term, stress-free asset. For a complimentary quote, or to learn more about our rent collection process, call us at (720) 664-4550.