It Might Be Time to Switch to a Digital Payment Method Accepting cash for rent sounds great, and it makes sense that a cash method would tempt many landlords. After all, cash is convenient — you don’t have to worry about checks bouncing, and you don’t have to wait (sometimes for days) for your payments …
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10 Essential Lease Terms for Your Rental Agreement
Fundamentally, a lease agreement is a legal contract that ensures access to a rental property in exchange for payment. The things the tenant can and cannot do with that property, the terms of payment, and the responsibilities of each party are all defined in the lease agreement. Leases can range drastically in size and scope. …
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Requiring a Lease Guarantor: A Strategy for Safer Renting
Total insurance premiums in 2017 reached nearly $1.2 trillion dollars. Suffice it to say, Americans like to reduce risk when it comes to their financial investments. Homes, cars, and even lives can be insured. But as a landlord, other than your lease and an effective screening policy, there isn’t much to ensure your tenant will …
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Altering a Lease Mid-Term
A lease is a contractual agreement that dictates a landlord-tenant relationship for a future period, typically twelve months. But the circumstances around that agreement are not static. It is common for both landlords and tenants to request changes to a lease agreement after it has been signed. As a landlord, it’s important that you find …
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Online Leasing: 5 Common Myths & Misconceptions
Accessing, signing and storing documents of all kinds online is commonplace in today’s increasingly digital world. Nevertheless, many landlords are reluctant to make the switch from traditional pen and paper to digital. Of course, it’s important to be cautious about making major changes to your business, particularly those that have legal implications. But, some of …
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Month-to-Month Leases: A Landlord’s Guide
(Note: The terms “fixed” and “annual” leases are used interchangeably. Both refer to traditional 12-month, fixed leases in the context of this article.) Twelve-month, fixed-term leases have long been the standard structure for residential rentals, but they aren’t the only option. Month-to-month (M2M) leases are popular with many tenants looking for flexibility and temporary rental …
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What are Individual and Joint Leases?
Primarily, two methods of structuring a lease for multiple tenants are available: you can sign each tenant individually (or “by-the-bedroom”), or you can sign the tenants jointly. Individual leases provide flexibility during the leasing process while joint leases provide flexibility during the management process. Depending on what you’re trying to accomplish, where you’re renting and …
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Online Leases: How Do They Work?
Online leases are a valuable tool for improving your property management. Among other great benefits, they can reduce your units’ turnover time while simultaneously adding convenience for your tenants. If you’re unsure about the legality or difficulty of leasing online, there’s no need to worry. We’ve addressed these common misconceptions (and others!) to assure you …
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Understanding the Importance of a Lease Addendum
Murphy’s Law has several subtle variations, but the general message is as follows: if something can go wrong, it will. Many landlords can vouch for this with their rental properties. The truth is that the longer you manage properties, the more problems you are likely to encounter. Your lease agreement is your strongest protection against …
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Tenant Screening: Everything You Need to Know
Finding the right tenants and avoiding the bad ones is critical for any landlord that wants to maintain their sanity while growing their rental business. Online tenant screening is therefore an indispensable tool. Just think about it, almost every nightmare rental scenario relates to the quality and maturity of your tenants: late payments, trashed properties, …
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