Incentive Clauses
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Above are just some of the basic provisions of a lease. However, you can also turn your lease into a valuable marketing tool for your business while at the same time providing extra satisfaction for your tenants. Here are just a few basic ideas, which will be covered in more detail in a future article.
1. Award special benefits to your tenants the longer they stay. At each tenant lease anniversary, provide a financial or other type of award, provided they are on time with all of their rent payments.
2. Provide incentives for your tenants to recommend you to other prospective tenants.
3. Provide an incentive for your tenants to eventually own the house they currently rent, provided they remain in good standing as a tenant.
4. Encourage your tenants to make upgrades to your property if they have the skills. You can provide materials and they can provide the labor.
The TENANT File Property Management Software makes it easy for you to quickly enter rents and post expenses.
Important Added Clauses
Most times, a basic lease is not enough. There are many other important clauses that many landlords tend to neglect, yet they become invaluable if there is ever a dispute. Here are some examples of clauses that can be added to your lease agreement.
• Parking - how many vehicles (cars, boats, motorcycles, etc) can be parked at the residence?
• Residential use - can the tenants run a business? What kind?
• Garage sales or auctions? Are you going to permit these? How often?
• Change in status (any changes in the lease application, such as employment)
• Subletting - is it allowed? How many residents? What notification?
• Co-signer on lease - should you add another responsible party as a guarantor?
• Partial payment of rent - how is it handled?
• Returned check fees - how are you going to handle returned checks?
• Bankruptcy - what if your tenant files for bankruptcy?
• Lease violations - what are your rights? What are the tenant's rights?
• Absence of tenant - what is the tenant disappears? Can you get into the rental?
• Furniture lien - can the tenant possessions be taken?
• Increase late fees - can you charge additional late fees if the tenant is often late?
• Judgment collection - who pays?
• Utility bills - what if the tenant defaults?
• Emergency repair - what if you have to cut off the water for repairs?
• Problem neighbors - how do you handle complaints?
• Disasters - what if you can't fulfill your landlord obligations because of a disaster?
• Illegal activity - make sure you can take action against drug use, explosives, firearms, etc.
• Quiet enjoyment - you should insure that the tenant does not intrude on other people's rights
• Smoking - make sure your rules are clear.
• Pets - how many pets? What additional deposit? What about additional cleaning costs?
• Yard upkeep - Make sure your property looks neat and is safe.
• Health and safety codes - Be sure your tenant doesn't not violate these.
I hope these ideas make you think about how important your tenant lease can be. With the right rental agreement design, you can create a lease that will protect your property, promote timely rent receipt, motivate your tenants, and protect your legal rights as a landlord. |
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Author Resource:-
Wayne Gathright is president of W G Software, Inc. developers of the Tenant File Property Management Software. He has over 30 years experience in consulting and software development for real estate. Mr. Gathright also markets a product for easy creation of leases called the Lease Designer software.
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By :
Jack Authors
Submitted
2010-03-11 22:54:20 |
Article From Article Mayhem
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