Leasing Tips For Landlords
Consider some of our tips below to attract a great tenant – FAST.
- Make an assessment of the overall property condition. Is it clean and attractive?
- How’s the landscaping look?
- How do the parking areas and driveways look?
- Make an assessment of the space you want to lease. How does it look?
- Are all maintenance items up to date?
- Is it clean and ready to lease?
- All lighting & HVAC working properly?
- Windows and floors clean?
- Restroom clean and stocked with paper products?
- Any stained ceiling tiles? All roof leaks repaired?
- Windows and doors clean and working properly?
Marketing & Promotion
- Is your asking rent at current market rent?
- How does your property and space compare to the competition?
- Will you be offering an improvement or refurbishment allowance?
- Hire a broker experienced in your property type?
- The broker should have a written marketing plan with a timeline.
- The broker should give you market data and explain the current market rent.
- The broker should have references.
- Require a rental application and/or financial statement for all tenants.
- Require a credit report for all tenants.
- Review the past two years tax returns, if appropriate.
- Call the references of the tenant.
- Stop by the existing location the tenant is moving from.
- Check if a legal entity is valid through the Secretary of State.
- Check if any licensing (contractor, etc.) is valid.
- Use an industry standard lease or have the lease reviewed by a real estate attorney.
- Be sure the lease agreement is clear and includes all items agreed to in the letter of intent.
- Obtain a certificate of insurance from the tenant prior to allowing occupancy.
An experienced broker should assist you with all facets of the leasing process. They should advise you to any improvements you should make to your property, identify the market lease value, market the property using a written, comprehensive marketing plan, help qualify tenants, and prepare a lease agreement.