Terms Your Lease Agreement Should Define
By Utopia Property Management
SAN DIEGO, CA. – Want to have a successful portfolio of portfolio of rental properties in Southern California?
The key to success with owning a portfolio of rental properties in San Diego is to define certain terms in your lease agreement including the following:
Terms of Tenancy
You must lay-out if the terms for the tenancy are self-renewing, month-to-month, or a fixed term lease agreement because, you want to make sure that you and your tenant are well aware of when your lease is going to start and end.
Rent Payment Rules
Every San Diego property management company will agree that one of the keys for long-term success with owning rental properties is to lay out the terms for rent payments. Your tenants must know when rent is due, when it’s late, and the penalty for paying late and bounced checks.
Set Limits for Occupancy
Your limits for occupancy should include how many tenants are allowed to live in the rental (some state, county and city safety codes) at any given time, including how long guests are allowed to stay before they are required to start paying rent.
Assign Maintenance Duties
Yes, your lease should have all tenant maintenance responsibilities listed. You want your tenants to be aware that they are accountable for doing things like mowing the yard, pulling weeds, and keeping the exterior of the rental clean or those tasks may never get done.
Clarify Access Rights
Last of all, but most important, you must clarify your access rights so that your tenants are aware that once you give them notice you will be entering the property within 24 hours to make repairs etc.
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