When you’re renting out a property, it’s so important to make sure you lay out all the parameters in a strong lease. This will ensure that both parties – the landlord and the tenant - understand their rights and responsibilities.
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To be a successful landlord, your tenants must understand their duties when they rent a property from you. The lease is the best place to write down what you expect from them and what they can expect from you. If the contract is not clear and concise, there will be confusion and potential conflict. The owner will expect tenants to take good care of the property, pay rent on time, and pay in a particular way. If they are late, the tenants will incur late charges. Maybe as an owner you’ll also expect a call if rent is going to be late. You may expect the tenants to keep up the lawn maintenance and the pest control. The lease is the best place to make these expectations known.
Communication and Relationships
Tenants and owners need to have the same understanding of the expectations set forth in the lease. When you can clearly state what each party must do, you’ll increase your return because the tenant will know where, when, and how to pay rent on time. You’ll also improve your relationship with your tenant because the tenant will know how to take care of the property. The tenant will understand how often you plan to inspect the home and how repairs will be handled. Your lease should get into the specifics; will a vendor have a key or will the landlord be present any time repairs are made? It’s best to make sure there is no miscommunication or misunderstanding with your lease. Make it strong, appropriate, and detailed.
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There should be no legal violations in your lease. It must comply with the Florida Tenant Landlord Act. If you have legal issues in your lease, you’ll waste a lot of time, money, and resources on lawsuits. If tenants don’t understand something or feel like their rights have been violated, you can find yourself in trouble. The best way to avoid that is with an outstanding lease agreement. Check Statute 83, which is the Tenant Landlord Act, and make sure you are in compliance.
When you’re not sure how to draft a good lease, look for help from a professional property management company. We understand the laws and we manage leases every day. If you have any questions about leases or Orlando property management, please contact us at Morehouse Realty.
