tenants: How Much Should The Late Fee Be on Your Rental Agreement? - 05/21/08 05:56 PM

What is a proper and legal amount to charge a tenant when the rent is not paid as agreed?
Many landlords and property managers employ late fees to penalize their tenant for the added risk of a late payment.  Some charge a flat fee and some a percentage of the rent rate or a percentage of the late amount.  Some even charge a daily penalty. 
I am not an attorney but I do know that the late fee should compensate the landlord for the damage incurred by the late payment. 
One way to figure this "damage" is to mirror the … (18 comments)

tenants: Residents that vacate prior to the end of the lease. - 03/28/08 06:08 AM
There are a lot of reasons why a tenant might try to break a lease.  Some may be valid and require the landlord to allow this to happen.  One example is a military transfer.   But, most sitiuations are simply a choice, like a civilian job transfer or promotion, don't like the neighborhood, school change, and the like.
A landlord must protect themselves in these situations and enforce the lease.  One way to do this is with a clause in the lease so the resident is aware of what will happen ahead of time.  Here is HomePointe's clause:
34.  Resident agrees that if they must … (1 comments)

tenants: What is your pet policy? - 03/24/08 10:27 AM
If you are renting property you need to consider what your pet policy is.  Did you know that approximately 60% of the population has a pet?  If you do not take pets, you are instantly reducing your pool of tenants down to 4 out of 10 people!
We normally suggest that our clients allow one pet with an extra deposit paid of at least $500.00.  In addition, many dog breeds are never allowed (see below for the policy and breeds). 
If I can rent a property a month quicker by taking a pet, I think our client is better off.  Beside, pets … (11 comments)

tenants: Mold Lease Clause - 03/20/08 07:04 AM
Your rental agreement should not be without a lease clause that instructs the resident how to deal with mold.  Mold is still a problem in that some residents don't know where it comes from and how to prevent it.  Also, there are attorneys out there that want to make your life miserable, so having a good mold clause is a good first step in preventing problems.  Here is the one we use at HomePointe:
21. Mold Notification:  It is the Owner/Landlord's and Owner's Agent objective to maintain the highest quality living environment for any and all Residents.  You are hereby notified that … (2 comments)

tenants: Who keeps late fees? - 03/15/08 04:19 PM
Property management companies around the country have different policies on who keeps late fees paid by the tenant.  Late fees are charged to tenants when they pay their rent late.  Who keeps the collected late fees is a contractual matter between the owner and their property manager.  Most management companies have a standard policy in their contract on this subject.
Some property management companies place collected late fees into the owners account and keep nothing. 
Some companies add the total late fees into the amount of total collections and keep a percentage of the late fees at the same rate they charge the owner … (14 comments)