The Rental Cycle of Life: Step 5 – Lease Signing

Rental Cycle of Life Step Lease SigningI think one of the essential elements of handling any rental property is creating what I refer to as a “Good” lease.  Leases are not “one size fits all” things.  Some landlords try to use fill-in-the-blank lease contracts without the necessary experience or expertise to stay within the law, protect themselves, and treat their tenants fairly.  Others draft their own contracts, again, without the needed experience and knowledge of the law.  And, still others just operate on a handshake.  Risky business, that – especially in this litigious day and age.

Frankly, I use fill-in-the blank contracts, too.  But I didn’t buy generic ones from the local office supply store, and I have more than a few years’ experience at filling in those blanks, in such a way as to customize the lease for the needs of my clients, their individual properties, and their approved tenants.  I exclusively use Arizona Association of REALTORS contract forms that have been drafted and approved by teams of experienced property managers and real estate attorneys in Arizona.  By using appropriate documents, and many years of training and experience, I am able to create legal leases that protect my clients, their investments, and the tenants they lease to.

Lease signing is the fifth step to rental properties in Prescott AZNot every landlord can truly say the same.  Not all know how to structure a binding lease that requires a legal amount for security deposit, or how to word the lease so that in the event of a forcible detainer action, fees, such as late fees, are collectable as rent, and can therefore be granted and successfully collected based on a forcible detainer judgement.  Not all know how to create an indemnity clause to help limit unwarranted liability.  Not all Landlords know that you cannot simply turn off utilities on a delinquent tenant, and so, cannot lawfully structure a lease to allow that action.

So, not all leases, fill-in-the-blank, or otherwise, end up being “Good” leases, because they don’t lawfully and fairly provide for the interests of both landlord and tenant.  Here at Far West Realty’s property management division, we have the know-how and experience to draft customized lease agreements on well-designed document forms that really become “Good” leases, because they provide for the needs of both sides of the agreement.   This almost invariable yields happy, successful landlords, and satisfied tenants.  And that all equals a “win-win-win”, because if our landlords and tenants are happy and satisfied, then so are the staff and management at Far West Property Management.  “Till next time – Happy Leasing!

For more information about what Far West Property Management can do to help you with your rental investments, call Dave Hamill at 928-772-9400.

For more on how we can help you manage your rental properties, contact us today!