Top 5 Lease Agreement Clauses for Property Management Companies (Part 2)
Presented by Mark Cunningham, Grace Property Management
Introduction
- Follow-up to a previous video on top 5 lease agreement clauses.
- Focus on additional crucial lease clauses for property management.
1. Access to Property
- Importance of access clause in lease agreements.
- Example clause: "Agents may enter property for any inspection purposes with a 24-hour notice to tenant."
- Ensure reasonable notice is clearly defined.
2. When Rent is Considered Late
- Importance of specific deadlines for late rent.
- Example clause: Rent is late if not received on or before 12:00 PM (noon) on the third day of the month.
- Benefits: Clear cutoff time allows for efficient processing of late notices.
3. Utility Transfers
- Challenges of transferring utilities for new tenants.
- Example clause: Failure to transfer utilities within three days of the lease start date results in a charge of X dollars per bill.
- Aims to ensure timely transfer of utilities.
4. Multiple Residents (Joint and Several Liability Clause)
- Importance of holding all roommates jointly and severally liable.
- Example clause: Each resident is jointly and severally liable for all lease contract obligations.
- Ensures legal ability to communicate with one tenant as representative of all.
5. Damage Reimbursements
- Procedure for charging tenants for property damage.
- Example clause: Within 30 days of notice, tenant must reimburse for loss, damage, repair, or service calls caused by improper use or negligence.
- Allows property management to bill tenants for damages and ensures reimbursement within 30 days.
Current Events and Announcements
- "Pulling Back the Curtain" event in Atlanta, January 2019.
- One-day session with optional second day.
- Small, intimate event.
- Individual one-on-one coaching opportunity opening up next month.
Conclusion
- Review and update lease agreements to ensure they include essential clauses.
- Aim for a strong, healthy relationship with tenants.