As temperatures drop and rental markets cool down, winter presents the ideal opportunity for landlords to tackle tasks that often get pushed aside during the busy spring and summer months. Reviewing our lease agreements is one of those critical tasks. A thorough review now can save you from costly mistakes and disputes later.
Here’s what we uncovered during this year’s review, along with examples of actionable takeaways you can use to strengthen your leases!
1. Outdated Clauses
What we found:
Some leases still had clauses that didn’t reflect the realities of today’s rental market—like outdated rules about pets or payment methods.
What we did:
✔ Updated pet policies to include provisions for emotional support animals.
✔ Added language about online rent payments and late fee structures to keep things clear.
Takeaway for you:
Check for outdated terms in your lease that might confuse tenants or create unnecessary friction.
2. Ambiguities Around Utilities
What we found:
Some leases didn’t specify who was responsible for utilities like water, trash, or internet.
What we did:
✔ Clearly outlined utility responsibilities in the lease to avoid confusion:
Landlord: Sewer and trash
Tenant: Electricity, internet, and gas
Takeaway for you:
Make sure your lease explicitly states who pays for what to prevent disputes.
3. Evolving Pet Policies
What we found:
A growing number of tenants are pet owners, but some leases lacked clear guidelines.
What we did:
✔ Revised pet policies to include:
Breed restrictions (if applicable)
Pet fees and deposits
Expectations for cleaning and damage prevention
Takeaway for you:
Cater to the modern renter by crafting a pet policy that’s fair and transparent.
4. Opportunities for Tenant Retention
What we found:
We realized that lease renewals were a missed opportunity to reward great tenants.
What we did:
✔ Added renewal incentives, such as:
Discounted rent for early renewals
Free carpet cleaning or small upgrades
Takeaway for you:
Use lease renewals to show appreciation for your tenants and reduce turnover.
5. Legal Compliance Updates
What we found:
Local and state regulations had changed, leaving some leases non-compliant.
What we did:
✔ Consulted legal professionals to ensure all leases meet current laws.
✔ Implemented periodic training for our team on legal updates.
Takeaway for you:
Stay ahead of the curve by keeping your leases legally airtight.
Let’s Recap!
Taking the time to review your leases annually ensures your property management practices reflect today’s standards, enhance tenant satisfaction, and protect your investments.
Your Next Steps:
Schedule your annual lease review today.
Reach out if you’d like expert guidance—we’re here to help you manage properties without the headaches.
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