Cobalt Creek Property Management in Denver, Colorado, can help you avoid costly landlord rental lease mistakes. There are several factors to consider when filling a vacant rental, yet many landlords don’t prioritize their lease highly enough.
A rental agreement holds significant legal weight. Our experienced property management experts can make sure your lease covers everything you and your tenants need.
Common Rental Agreement Mistakes
Landlords often make lease mistakes due to time constraints. We get it. When money is tight, you might feel rushed to fill vacancies. Unfortunately, the rental agreement isn’t an area it’s ok to gloss over. The more thoroughly you prepare your lease, the better prepared you are when an issue arises.
Here’s a handy checklist of property lease drafting tips you can use to avoid many of the most common rental agreement mistakes.
- List the names of each adult occupant in the first paragraph and the signature block.
- Use the tenant’s name throughout the agreement in place of the word “tenant.”
- Always refer to the tenant by full legal name in the rental agreement. Ask for a driver’s license or another form of official ID that states her legal name.
- Research your local rental market to set an optimal rental rate. Re-evaluate your rate every time you place a new tenant to ensure you’re in line with current trends.
Include a grace period for rent payments, late fees, and an eviction process in case of non-payment. - Set designated lease start and end dates, as well as how many days’ notice the tenant should give you when it’s time to move out.
- Personalize your rental agreement by setting specific property rules and outlining the consequences for breaking those rules. Consider making rules addressing maintenance responsibilities, pets, smoking, and interior changes.
- Make sure your lease complies with Colorado landlord-tenant laws to avoid future legal trouble.
- Number pages, including addenda, with “Page X of [total]” so you’re less likely to lose or leave out pages.
- Include a cover letter addressed to the tenant that covers important information in plain English so your renter can better understand what the rental agreement entails.
The Benefits Of Working With A Property Manager
State and local realtors’ associations often provide universal leases that can be a good starting point, but they can’t satisfy every possible type of lease term. There will be specifics that need to be addressed in the lease, whether you have thought of them or not.
Our experienced property managers can advise you on what terms you should include in the agreement and translate your concerns into legal language.
Getting You The Most For Your Money In Denver
Certified rental property management and real estate brokerages, like Cobalt Creek Property Management, have access to tools that assist with market research. These professional tools and insider knowledge of the Denver area enable our team to set the best rental rate for your property.
Partnering with us and leveraging our expertise can save you time, guesswork, and stress.
Let’s Talk Leases
A proper lease agreement protects you and your tenants. If you’re looking for a Denver property management company to help you draft your lease, look no further than Cobalt Creek Property Management. Contact us today to get in touch with our team and start a conversation.
