Last week, we went over how to review the application and three most important details in making a decision on qualifying the tenant. The next step is a formal offer to rent and (assuming acceptance)the lease signing. Today, we will give you three tips regarding the lease signing.
To go over everything an owner needs to include on the actual lease would be a long and extensive article. In fact, we would have to detail the whole lease and all required addenda.
We can tell you that it is a poor idea to buy a generic lease at Office Depot and use that form. At RPM West Valley, we have a proprietary lease agreement that provides the owner more protection than a standard lease. All required addenda is included and all lease documents are constantly updated.
Here are three tips regarding the lease signing that will help.
1) Conduct the actual lease signing. Sit down with the tenant and go over the lease rather than e-mailing it. This will clear up any ambiguity and you will have the opportunity to go over all expectations with them.
2) Have the tenant pay the full security deposit and first months rent at the signing. If the tenant is trying to negotiate a payment plan on the deposit right off the bat, this is a bad sign. If they can't afford the deposit, it is much better to part ways than to proceed.
3) Get all contact information and payment references as possible. If the tenants can't pay down the line, this will help you get a hold of them. Get cell, home and work phone numbers of all occupants and as many references as you can. We have found that if friends and family know the tenants are late on the rent, the chances are better that we will receive it.