Lease Term Length

[Tom Goans]

Length of the lease term (more than 1 year): the goal is the longer the term of the lease the better. Why? A multi-year lease is extremely beneficial for both the tenant and landlord.

The goal for the tenant is to establish a valuable home for a predictable period of time. The longer the term, the more the tenant views your property as a valuable home. This can produce added benefits for the landlord; the longer the term can translate into a happier tenant, which has many positive benefits, such as a better payer and the property receiving better treatment.

Are you concerned about being “stuck” with an undesirable tenant? A well-written lease agreement provides resolutions for any perceived problem or one that does arise and cannot be resolved. A well-written agreement will have language where the agreement can be legally terminated and the parties move on. Your attorney where the property is located will be very valuable in creating a good lease agreement that is mutually beneficial to all parties. Do not create one on your own.

However, should a problem arise, seeking a resolution is a much better option. Seeking resolution can turn a bad situation into the best tenant you will ever have.

THE WAY YOU TREAT PEOPLE WILL AFFECT YOUR RESULTS. Treat your tenants as you would like to be treated. After all, they are enhancing your life, as you are theirs.

The thoughts of a landlord since the 1960s. And, oh the learning stories I can tell - both good and bad.