How Rental Agreements Protect You and Your Investment

A Strong and Compliant Lease

Protecting your property starts with a lease which protects your tenants’ interests and yours. While property owners usually download a template online, we recommend consulting a legal professional or a trusted property management company. We work with you throughout the lease crafting, ensuring there aren’t any loopholes to compromise the bottom line. With years of managing properties, you can count on our property managers to customize a lease agreement that suits your property.

Rental Application Form

Before presenting prospective tenants with a lease agreement, you must screen them for approval. The first stage of the screening process is a rental application. This crucial piece of paperwork contributes immensely to your property’s protection. Ensure your applications provide a list of criteria for qualifying, adhere to the Fair Credit Reporting Act, and a signature from the applicants approving the background check and credit checks. If you prefer a more hands-off approach, hire a professional property management company to handle the heavy lifting.

Maintenance Paperwork

Do you have maintenance paperwork for your property or copies of warranties? If an appliance or fixture breaks and you have the proper documentation, you can cover the repairs or replacements. We understand tracking maintenance and repairs can be overwhelming, especially if you own several rental properties. However, paperwork that shows the completed work protects your investment and all the systems. Maintenance is a priority. Hence the need to track and document work done on your premises.

Accounting Statements and Rental Receipts

Whether a single property or several rental establishments, running a business requires an in-depth understanding of what you earn or spend regularly. Using the right accounting system is the best way to document your accounting statements and rent receipts. We leverage state-of-the-art equipment to generate financial reports, audit your accounts, and ease taxation. With the correct accounting information, you can justify tax deductions, demonstrate when rent is paid, and follow up on evictions.

Tracking Tenant Correspondence

Communication is crucial for a good tenant-landlord relationship. If you have letters, messages, or emails from tenants, keep them for future reference. In addition, lease renewal offers, requests for information, and notifications should be kept as long as the tenant is a resident. Tenant correspondence can also help in legal situations, protecting you from hefty fines and penalties.

Renting a property shouldn’t be risky; contact us at 3 Options Realty and schedule a consultation with our property managers. We can help you manage paperwork and grow your return on investment without breaking the bank.