The importance of having a written rental agreement cannot be understated. It is the best way to protect yourself from any unforeseen legal issues and also puts your tenants’ minds at ease, as they have the agreement to rely on too, should they need to.
Without a clear and specific rental agreement, landlords can get caught out with various issues like tenants bringing pets onto the property, or smoking indoors, missing furniture or utilities and more. We’ve all heard the horror stories of properties left in an awful state and a good rental agreement between you and your tenants can help mitigate any of these problems.
In your agreement, you should be clear and specific about what you will and will not accept on the property. Are pets allowed? Do you allow smoking? Is noise to be kept to a minimum? Will there be a late rent extra fee? Make sure to have a specific security deposit amount and describe how the tenant will receive it back in full. All of these details are important and should be carefully considered and relayed clearly to the tenant so there are no misunderstandings.
You should also include a complete inventory of the property. So how many plates, cups, etc, right up to larger items like beds and couches/seats. Having all of this is not to be understated, as it will protect you from potential theft or undeclared damages.
Also, include any details regarding repair & maintenance. For example, can the tenant expect a 24-hour turnaround if it is a pressing issue? If something breaks, who pays for the repairs? Are you available only 9-5 or can your tenants contact you around the clock? This should all be clearly laid out in your agreement and will prevent any confusion down the road.
You should also have your agreement looked over by a solicitor as it is a legal document at the end of the day.
If all of this sounds like something you would rather outsource, remember a reliable property management company can look after all of this for you. If there is anything we here at KPM Group can help you with, please don’t hesitate to get in touch and a member of staff will be happy to help you in any way they can.
