Consider a lease agreement as a marriage. There is a tacit agreement between two parties to care for the same thing for as long as it’s appropriate.
Golden Assets & Property Management LLC (GAPM) advises that both the landlord and the tenant have a shared responsibility to take care of something.
It’s not marriage, but more of a partnership of some sorts. Starting this partnership with a lease agreement is a good way to jump-start this relationship.
How to Clean up a Lease
Consult your attorney – nobody can know the law better than a lawyer, and having one will really help you set what should be allowed and not. The following are things you need to set straight:
- Define your authority – sometimes the lines get blurred on who should decide on what when it comes to rental properties. On a larger scale, the landlord has the upper hand, always. The limits as to what the tenant can do inside the property should be set. This will also serve as towards your benefit should a lawsuit come up.
- Set up regular schedule for inspection – as the landlord, you still maintain the right to enter your property for regular inspection. This way, you’ll know if there are maintenance repairs that need to be done and if there have been any damages to the property.
- Set parameters for changes allowed in the property – some tenants will want to personalize the property as much as possible. For example, for the extra shelves or picture frames that they want to put up on the wall, they would want to drill some holes to achieve this. Set clear parameters on what changes they can make, and the consequences for the violation of this rule.
- Set limits on the issue of visitors “staying in” – some tenants would invite visitors to stay in for the night, or a couple of nights. But some factors such as noises made and the security as well as that of the other tenants have to be considered.
- Liability and compensation – Should the tenant violate some rules or has incurred damage(s) to the property, set a clear definition of what these liabilities are and what should be compensated as well as how. The same goes for the tenant, too, as part of the responsibilities of the landlord.
Hiring a Property Management Services Company
Having professional property managers manage your rental property will considerably lessen your burden as the landlord. Technical and legal details such as a lease agreement is something that Golden will take care of for you.
Golden Assets & Property Management LLC (GAPM)
Golden is the leading property management services company in Las Vegas. Our professional and highly efficient property managers are equipped with the right knowledge, experience, and training to handle all of your property’s ins and outs. With the Golden Advantage, you’ll be able to add value to your investment without the hassle.
If you want to know more, contact any member of our company at 702-651-8886.