We've said it before here at RentHub, and we'll say it again as the experts in Plano property management services: You need to have an airtight lease. Your lease agreement is your first line of legal defense against the unthinkable happening in your rental property.
- Don't want to have 40 goats living in a small kiddie pool in the middle of your single-family homes? There's a lease-based solution for that.
- Want to put it down in writing that rent is due no later than the 10th day of each month before fees and penalties start racking up? Put it in the lease!
- Don't want random, unscreened renters suddenly calling your property home without your consent? Add a clause to your lease agreement.
- Want renters to know there are consequences for leaving a busted vehicle up on cinder blocks in the driveway? Address it using your lease.
You may already know that a lease agreement is a crucial element of being a successful rental property investor. However, we want to pose a question today that we suspect many property owners have either not had to address or find themselves facing now with some concern: How exactly do you enforce a lease?
As an experienced Plano property management company, we're happy to answer this question! However, keep in mind that this article is not legal counsel. When in doubt, get in touch with your attorney or with the property management pros here at RentHub!
Following Your Airtight Lease Agreement Protects You
Your lease is like the 'legalese armor' for your rental property. Gaps in your lease equate to gaps in that armor and can expose you to unnecessary risk. Working with an attorney that's skilled in rental real estate or a property manager to define your lease agreement is an excellent first step.
- Actively following the guidelines you've set down in your lease for your responsibilities as a property owner protect and shelter you from claims of discrimination or bias if you find yourself in court.
- It also gives you a defined path to walk when it comes to where responsibility for certain tasks falls. In single-family homes, your renters may be responsible for lawn care. Alternatively, you may point out that you roll the costs of professional lawn care into the rent.
- Defining the expectations you have for your renters (and yourself) as well as the care of your rental homes in Plano is just one of the many important functions of a lease that protects property owners.
However, it's worth noting that if you add all of these details into your lease agreement and then fail to uphold your end of the deal, you'll earn the ire and wrath of your renters—and possibly even the backlogged court system.
Follow the lease agreement you've created, and you're less likely to paint a target on yourself for the law. Plus, you'll have happier long-term renters who can appreciate that they rent from an excellent investor.
If You Have Multiple Properties, You Need Your Lease More Than Ever
A few 'slip-ups' may pass the notice of your renters if you own single-family homes for rent in Plano. None of your renters are connected and are therefore less likely to spread the word about your failings. If you own multi-family properties, it's an entirely different ballgame. Following your lease under these conditions is crucial if you want to survive as a property owner.
Accidental discrimination is still discrimination—and your renters won't fail to pick up on this. You need to apply the same policies and processes to everyone, every time, across every property. Following your lease agreement helps make this consistency easy!
Both you and your residents will benefit from this arrangement:
- They'll know what to expect from you as the property owner, as well as the services you bring to the table.
- Your renters will also understand what is expected of them to continue living in your rental homes long term.
Again, having a lease is a moot point if you don't enforce it when your residents don't live up to these expectations. Ensure that you enforce your lease equally for each of your investment properties and renters, and you'll be more likely to keep yourself out of a courtroom.
Double-Check That Lease Agreement With a Trusted Partner
Prefabricated leases that you can download off the internet for free aren't always designed with a property owner's interests in mind. If you want to protect yourself, it's best to work with either an attorney or a full-service property management company to review your lease.
The best part about working with an expert in Plano property management is that they can also enforce this lease for you! You'll receive the benefits of having an active, professional buffer in place to handle resident requests and disputes. Plus, you have years of experience working for you when it comes to lease enforcement if you leave the matter in the hands of a property manager.
Enforcing your lease agreement (and having the right kind of lease to enforce) is just one way that property owners can protect their real estate investments in Plano. To learn more about ways to shield your rental homes from risk, download your FREE copy of our resource, Protecting Your Investment Property: A Guide!