4 Tips for Making Your Lease Protect You

As a landlord, you began investing in real estate to make money, but, if you’re not careful, you may end up paying out more in expenses than you’re making. The lease can be much more than a rental agreement. It should be used to help you protect yourself against mounting upkeep costs that should be the burden of your tenant.

Include a Guest Clause

The largest cause of property damage is people. The more people you have occupying a unit, the greater the wear and tear on the apartment. For this reason, it’s important to have a clause that designates just how many people can live in the unit. You can and should also add a clause limiting the number of guests that can stay overnight in the unit. As a part of that guest clause, include a clause that states that the tenant is responsible for any damage or other liabilities caused by guests of that tenant.

Put a Cap on Utilities

If you’re paying for the utilities, be sure to include a clause in the lease about the tenant’s privileges. The best way to handle this situation is to designate a number, such as $50 for gas, and state that the tenant is responsible for paying overages. If the tenant knows he’s responsible for paying the difference, he’ll be much more concerned with conserving resources.

Include Property Inspections

While most leases do have a “right to entry” clause, you might want to consider specifying routine inspections. This is the best way to protect yourself as the property owner. By making a routine inspection occasionally, you can ensure there are no serious damages to the property, unregistered tenants, or unapproved pets. This is your property and you have the right to ensure it’s being cared for in a proper way.

Specify Restrictions

This means going into detail in the lease on how the property is to be used. If you don’t want tenants using the fireplace, state that in the lease. Also point out that using utilities in a way other than intended is prohibited. This way, if their son throws a toy down the toilet and that creates a costly plumbing repair bill, the tenant will be held responsible for paying it. This is added protection against damages caused by the tenant.

If there’s anything that concerns you in renting out your property, you should make a point to mention that in the lease. This is your opportunity to let your tenants know what is and isn’t acceptable. By providing detailed clauses in your lease, you can ensure your property will be well tended and you’ll be spared the costs of paying for damages.

*Originally posed on JasonCohenPittsburgh.net

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Top 7 Blogs for Real Estate Professionals

The Internet offers professionals in real estate a near-arsenal of online resources…if you know where to look. Scouring the web to pinpoint the most helpful resources is as tedious as it is unnecessary, thanks to Placester’s curated list of essential blogs for agents and brokers. Here’s what they’ve deemed the most beneficial blogs and forums for realtors and consultants alike.

 

Matrix

With his interesting insights and acute awareness of important subjects in the real estate market, Jonathan Miller provides a riveting account of the country’s financial status. He dissects national housing and fiscal reports and provides clear explanations on how the figures he lays out can impact current and future sales and mortgages. By wading into recent budgetary developments, Miller offers his insights as guideposts through the ever-changing financial landscaping.

 

BiggerPockets

Offering both commercial and residential agent standpoints, BiggerPockets covers a broad scope of real estate topics. From campaign ideas to marketing trends, BiggerPockets is a treasure trove of useful tidbits for professionals in real estate.

 

Speaking of Real Estate

Run by the National Association of Realtors™, Speaking of Real Estate offers a plethora of videos, real estate news, and pertinent market information. Their balanced blend of audiovisual and written content gives their blog an added appeal.

 

Eye on Housing

Rich with analyses, statistics, and data, Eye on Housing intends to keep agents and brokers up-to-date to ongoing trends, making this blog an indispensable asset. Complete with visual aids and data-laden illustrations, Eye on Housing is a rich resource for all real estate professionals.

 

Eight11

Tracy Weir strays from conventional blog norms with her tech-savvy insights and understandings. She believes that technological advances can aid real estate professionals in their business dealings – and intends to use her blog to prove her point. Every post underlines the message that understanding, utilizing, and leveraging technology can help agents get a leg up on their competitors. As Weir delves into the boundless world of real estate technology, she hopes to empower realtors to find success.

 

1000watt

Geared to the needs of fast-moving professionals, the straightforward and thought-provoking pieces found on 1000watt area enough to pique the interest of any quick-thinking real estate operative. With timely industry advice, personal stories, and news coverage, 1000watt invites listeners to broaden their horizons and tackle rewarding challenges.

 

Movoto

Equipped with civilian-friendly guides, Movoto does what other blogs don’t by veering away from mainstream data. Best schools,  neighborhoods, attractions, and safest areas are a few of the many topics covered within this forum.

Originally posted on JasonCohenPittsburgh.net