A lease is a contract between a landlord and a tenant. Most leases are several pages long, but to sum it up, they highlight the rules and regulations that a tenant must follow to stay on the property.
Breaking one of the rules in the lease could mean immediate eviction. To avoid such a conflict, the landlord and tenant must be able to negotiate favorable terms.
Navigating lease negotiations isn't easy whether you're a tenant or a landlord. Let us help clear things up. Continue reading to learn everything you need to know about making lease agreements in Charlotteville, VA.
Work With a Property Manager
One thing is true whether you're negotiating a commercial lease or renting out a residential property. You should work with an experienced property manager.
Not only will they assist you in negotiating lease terms that are favorable for everyone involved, but they can also help you screen tenants to find the best possible residents to occupy your rental properties.
Do Your Research
When deciding on the terms of your lease, take a moment to research other properties in the Charlottesville, VA, area and perform a rental analysis. Look at payment rates, vacancy rates, and market trends.
Landlords aren't the only ones that can benefit from doing their research. Knowing the average rates and trends can help tenants decide if they're getting a good deal.
Understand What You Need
All tenants have their makes or breaks. Knowing what they are before shopping around can help them during negotiations.
If you're a tenant, consider what size property you need. What part of Charlottesville do you want to be in?
Make a list of amenities that you expect the property to have. If you're renting a commercial property, does it include everything that you're going to need to run your business?
For landlords, think about what terms will serve your operation the best. Maybe you want to give renters the chance to one day own the property themselves.
Decide on a price that's favorable for both you and the tenant. You don't want to make it so high that it turns tenants away, but it shouldn't be so cheap that you don't turn a profit.
Start Looking Early
As a tenant, it's important that you start looking around for a new rental well before your current lease is about to expire. If you wait until the last minute, you won't have as much negotiation power.
You may hurry into a lease without thinking it through because you didn't give yourself enough time to look at the fine print of the contract. Starting early will allow you to explore every option available in your area of Charlottesville.
Navigate Lease Negotiations Like a Pro
Navigating lease negotiations can be complicated. It's a lot of paperwork to go through. Both the landlord and tenant will need to do their research to ensure they get the best deal possible.
Let PMI Commonwealth help. We've been assisting landlords and tenants for over 20 years. Go here to learn more about our services and schedule a consultation.