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The Most Overlooked Part of a Rental Agreement or Lease
Every experienced landlord has a good rental agreement or lease with all of their favorite protective clauses. But most landlords forget the most important protection of all: the other stuff you give to your new tenant or resident along with the lease.
Just look at the above picture of a local pharmacy. They’re selling nails. Your new resident will walk in and buy those to hang pictures. If you have plaster or sheetrock walls, that’s bad news for you. The nail is going to rip out a chunk or a gash, especially if what they hang is too heavy. Just below the nails are sticky hooks. Those can be just as bad.
That’s why I give my residents wall anchors. I say, “Go ahead and drill a hole, then tap this anchor in. If you need me to come drill the holes for you, just mark out where you want your pictures and I’ll come in to drill them for you.” During the lease, pictures stay secure. At the end of the lease, the anchors pop out and the holes are quickly spackled or mudded over. Savings: $30 per patch.
Other things you should give a new resident:
- A bedbug brochure: Show them a picture of a bedbug with some information about how they act and what the warning signs are. Make it clear that bedbugs affect clean people so there’s no shame. Tell the resident that they should notify you immediately if they suspect bedbugs so that you can call an exterminator. In a building with apartments above and below, you can save $6,000 by not having to treat the neighbors, as well.
- Move-out and cleaning fees: This itemizes the costs of leaving things dirty upon move-out. Not only is this required before a security deposit can be withheld, but also it motivates people to clean for you. Savings from not having a professional come in to clean the apartment: $300.
- Trash brochure: Tell the resident how they get rid of their trash, where they can buy the right bags, and how they can save money and/or help the environment by recycling. Clean apartments don’t attract mice or cockroaches, which if you need to exterminate, might cost you $1,000.
- Fuel assistance and insurance forms: Tell your new resident how they might qualify for a government subsidy for heating. Also, tell them how cheap renter’s insurance is in case anything gets stolen. More money for them means more assurance to you that the rent will be paid in full and on time. Savings: from $0 to one month’s rent, depending on what kind of bad luck your resident has.
- Tell them it’ll be all right: Everyone at some point runs tight on cash. Tell them you won’t be upset as long as they let you know in advance that they’re going to be late paying rent in any given month. Savings from avoiding “where’s the rent?” worries: priceless.
What else do you tell your new residents? Leave your thoughts in the comments below!