Effective property management is about consistency, especially in a state like California where tenant protections are detailed and abundant. Sometimes, flexibility can better serve your residents and your own investment goals, however.
This is especially true when we’re talking about lease agreements.
Leases are legal documents, so there’s a lot of language and terminology that absolutely needs to be included for your own protection. But, as tenants decide where they want to live, they’ll be looking for something that catches their attention and sets your property apart.
Your lease agreement can make renting from you especially attractive.
We’re taking a look at some of the most innovative lease agreement strategies that will help you attract quality tenants in California.
Be Willing to Negotiate Lease Length
Most standard lease agreements are a year in length. This makes sense, and a majority of tenants are likely to still expect that. But, what if a tenant is looking for a nine-month lease or even an 18-month lease? If you’re willing to meet their specific timing needs, you will find you’re attracting a larger pool of potential residents. You might also be able to increase your rental amount for the convenience of flexible lease lengths.
You may also want to include an option to extend the lease on a month-to-month basis after the initial term ends, offering continuity without long-term commitment.
Not only does this flexibility work well for some of your prospects, it also demonstrates to potential tenants that you’re willing to create a customized lease and a personalized rental experience. That goes a long way with tenants today.
Stay Open to Pets
You don’t have to allow all pets. And, if you’re worried about property damage and extra liability, we can recommend some solid pet policy points and a few tips around screening cats and dogs who will soon be tenants.
Always include a pet addendum in your lease agreement when you allow pets. This will help attract quality tenants because it opens you up to a wider tenant pool. More than half of the people looking for rental homes in California have at least one pet.
Implement Technology and Convenience into Lease Agreements
Modern tenants appreciate technological conveniences; they know that things such as online rental payments and digital lease signing can save them time and keep the entire process of renting a home simple and stress-free. In your lease, you might also consider including clauses to enable a broader acceptance of technology.
- Offer high-speed internet as part of the lease package. This is especially valuable for remote workers, and when tenants can move in with their internet service already in place, they’ll feel supported and happy.
- Employ smart home technology, such as smart thermostats that contribute to energy efficiency and lower electric bills. You can also provide video doorbells or other types of security systems, and provide training on their use.
By including innovative strategies within your lease agreements, you do more than entice good tenants; you create an image of a thoughtful and modern landlord. We can help you with this part of the leasing process. Please contact us at ZenPro Property Management.
