As temperatures drop and the Boise rental market cools down, winter is the perfect time to tackle tasks like reviewing your lease agreements. A thorough lease review not only ensures compliance but also helps you avoid costly disputes and strengthen tenant relationships.
What We Discovered During Our Annual Lease Review
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 Outdated Clauses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- Some leases still had clauses that didn’t reflect the realities of today’s rental market—like outdated rules about pets or payment methods.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- Check for outdated terms in your lease that might confuse tenants or create unnecessary friction.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.
- Subscribe to our newsletter, if you’d like to receive property management tips like these, in your inbox.
We want to be partners in your success. Let’s raise the bar together!