If you're a landlord in Fairfax, Virginia, you know how important a lease can be. This contract defines the terms of your tenant agreement and creates guidelines for all parties to follow.
While it might sound simple enough, creating a lease that everyone agrees to can be tricky. If your tenants are responsible and have an excellent rental history, you might be willing to be a little more flexible with it. Let's take a look at how to approach lease negotiations to make sure everyone's on the same page.
Determine Where to Be Flexible
Are your tenants wondering how to negotiate a lease? If so, start with deciding which terms you're comfortable adjusting -- and which ones you aren't. Some of the most common ones include:
- Lease timeline
- Rent amount
- Security deposit amount
- Lease renewal options
- Pet policies
If you're wiling to budge on any of these, let your tenants know as soon as possible. If it means keeping good, tidy renters in your Fairfax property, it can be worth it to accept a lower monthly rate, allow a small dog in the house, or let them to stay in the home for a longer period.
This is especially the case if you're on good terms with your renters and you want them to stay. If they approach you with a request for more favorable lease terms, give them the courtesy of thinking it over. Try to meet them in person rather than online or over the phone, as this allows you to address issues and resolve questions in real-time.
Set Terms
Of course, any time you allow exceptions it's also smart to set guidelines around those terms.
For instance, you might agree to lower the security deposit only if your renters have an excellent credit score. Or, you may adjust your pet policy if the tenants agree to pay an extra fee or cover any damages their four-legged friend may cause.
Make sure to highlight your expectations on the new lease. This way, your tenants will know their responsibilities going into the deal. It helps to keep things as clear and concise as possible, without any legal jargon or complicated language.
Write It Down
Gone are the days when you could seal a deal with a handshake and a smile. Today, you need everything in writing. Take the time to document all of the terms you negotiate, including any special agreements.
This is one of our top tips for lease agreements because it helps you avoid future conflicts. With a written record in place, you should have fewer issues and disputes down the road.
Find Help With Lease Negotiations
We get it. Deciding on lease negotiations can be tricky, especially when you and your tenants don't see eye-to-eye on everything. That's where we come in.
We offer full-scale management services to help you oversee every aspect of your Fairfax property. You can trust our team to handle everything from marketing and tenant screening to lease development and accounting.
Contact us to learn more and get started!
