While most Dallas, TX property managers already have specific clauses and provisions that automatically go into every lease, there are some who don’t. It may be that these property managers in Dallas, TX are new or are managing their own properties, or a combination of both. Regardless of the reason, it’s important that those who provide property management in Dallas, TX determine what provisions and clauses will be in their leases as soon as possible.
If you have decided to purchase some investment properties of your own, then you need to make sure you get an acceptable lease agreement drafted up before you purchase your first rental property. This will ensure that your lease agreement is airtight before you rent your first property. Below are some tips for preparing a lease agreement:
- Skip the 30-Day Notice. Most leases require that tenants give them a 30-day notice before they leave a rental property…skip the 30-day requirement, and impose a 60-day notice instead. This may seem a little extreme, but Dallas, TX property managers who do this will enjoy having more time to market the property in order to get it leased before the existing tenant moves out.
- Don’t Allow for an Automatic 1 Year Renewal. A lot of Dallas, TX property management companies have a clause in their lease that calls for an automatic 1 year renewal unless the tenants notifies them otherwise. While this appears to be a great idea, you’ll find that it isn’t ideal in all situations, especially when you have bad tenants you would like to get rid of without going through the eviction process.
- Include Specific Rules for Paying Rent. Many Dallas, TX property managers have had to rewrite their leases because they weren’t clear enough on how and when rent is to be paid. Make sure you have specific instructions outlined in the lease. This includes stating any late fees that will be added for every day rent is late (even if they are still in the “grace” period before the eviction process starts).