Philippine Butterfly

Posts Tagged ‘terminate the lease’

There are two types of property managers: the big corporations and the small groups, sometimes consisting of just one or two people, sometimes a few more. Large companies like Transglobe Property Management Services are usually aware of the kinds of things that can keep a property manager from filling vacancies, but most smaller groups, or even home owners who are renting out a second home may have a hard time with these things.

If you are a property manager, here are a few things you should know.

1. Many landlords will briefly go over one or two rental agreements to see which one they want to ask people to sign, and they will never really go in depth to see exactly what all is detailed in the agreement. Sometimes there are things in these agreements that will keep your future tenants from renting from you. Make sure you review carefully each rental agreement and that it is relevant to you and the tenant.

2. That leads into the next one. Be willing to edit the lease as necessary. You may find that for a certain tenant you are more willing to hire and take care of certain things, but you will need a small rise in rent or something similar.

3. Decide who does the property maintenance. If there is a pool you need to have set out in the lease who pays for pool maintenance, who pays for yard maintenance. If they think you are going to do it and you think they are going to do it, it may make the space unlivable for them, and unlivable for your next tenants as well.

4. Get an attorney. Not only will you want him to look over your lease agreement before both parties sign it, but you will also want to make sure you have plans in action in case you end up with a bad tenant. A bad tenant can rob you of money and time and keep you from getting your property rented out again when they are gone. There is a reason that Transglobe Property and other professional property management companies have several attorneys they can turn to at any given time.

5. It is ok to evict tenants who will not comply with the terms of living in your property. If they are a fire hazard, or simply aren’t paying their rent, this can be enough reason to terminate the lease. If you don’t, you may end up paying a lot of money, or not being able to rent the property again for a long time. If they can’t pay the rent for several months, that is time that you also can not get a tenant in there who can pay the rent.