In the rental market, a tenant’s experience usually depends on the potential landlord. While location and space are certainly important when renting, the relationship you have with your property manager can directly impact your quality of life—and you’ll have that relationship until your lease ends.
To ensure a positive rental experience, you’ll need to learn the signs of a bad rental experience before you sign any papers. We asked the members of Forbes Real Estate Council how prospective renters can avoid falling victim to a bad lease by a landlord. Here's what they had to say.
1. Read The Entire Lease
You would be surprised at how often people sign leases without fully reading or understanding all of the strings attached. There are a lot of bad landlords out there that will take advantage of their tenants, and the best protection is fully understanding your rights. Attorneys are always helpful as well, but they come at a cost and most leases aren't too long or complex. - Tyler Hague, Colliers International
2. Address Any Issues Upfront
It is very important to read the lease and any addendums which will help one understand if one wants to negotiate change or find another landlord as a tenant. The lease term dictates the potential responsibility of the tenant, including fees along with rent and renewal terms. Look at the online reviews if it is an apartment community. Ask questions and see if you can negotiate some of the terms. - Chander Mishra, Accel Equity Group LLC
3. Utilize Third-Party Resources
Practice due diligence by having a third party look over the lease agreement to ensure all is well. There are services like LegalShield that offer affordable document reviews. The third-party service can also guide the tenant on additional questions they may want to ask. - Ali Jamal, Stablegold Hospitality LLC
4. Have An Advocate
As a tenant, you are at a significant disadvantage because the industry is stacked against you. To be able to effectively navigate the landmines and negotiate a favorable deal, you need a tenant broker that is 100% on your side. Do extensive due diligence on potential landlords, but ensure real protections by negotiating tenant favorable lease terms as the building could always sell to a bad owner. - Jonathan Keyser, Keyser
5. Ask An Attorney To Review The Lease
It's important before entering into a lease agreement to have your attorney review it. It may seem like a burdensome upfront cost, but it could save you thousands of dollars down the road. Additionally, don't lock yourself into a lease that is greater than 12 months. In the event you have a negative landlord or rental experience, you want to be able to exit your agreement after one year. - Noah Grayson, South End Capital Corporation
6. Look For Precedent
In my area of expertise (New York City), brokers do not have a say in what a landlord puts in their lease. A tenant should always ask the broker if they know the reputation of a management company or landlord of the particular home they want to rent. Always look for precedent. If the building looks well-maintained, is up to code and the reviews are reasonably favorable, you will minimize your risk. - Elena Smirnova, Douglas Elliman Real Estate
7. Understand Who Is Financially Responsible For Services
Your lease should say what services are included with your rent and what is on the a la carte menu. For example, know who pays for heat, air conditioning, electricity, trash collection and water. Many landlords also charge a monthly pet fee and garage parking. Never assume your monthly rent is all-inclusive. - Joe Houghton, RE/MAX Results/The Minnesota Property Group Team
8. Hire A Broker
People look at brokers as bad or slimy, but we are not or at least the good ones are not. We will know what to look at in a lease and what you should look out for. Finding a good broker with a solid reputation is the key to not falling victim to a bad lease and spending a few dollars on a good lawyer is wise too. In the long run, both a good lawyer and a good broker will save you money and aggravation. - Heidi Burkhart, Dane Real Estate
9. Engage A Commercial Specialist
When it comes to commercial spaces, tenant representation typically does not cost the client anything out of pocket, but can potentially save them thousands of dollars. Unlike residential leases, there aren't standard leases provided by the local realtor association that most landlords use. As such, engaging a commercial specialist with experience who can provide relevant insight is key. - Catherine Kuo, Elite Homes | Christie's International Real Estate
10. Keep Open Lines Of Communication
A tenant wants to know that they're being heard and issues are being addressed. Too often landlords view tenants as annoyances. By keeping an open line of communication with a tenant, the landlord is letting them know that they are valued. Tenants will usually understand if a repair is taking longer than usual if the landlord keeps them informed as to what is going on. - Ryan Moran, Option Realty Group
11. Address Potential Friction Points
Most big landlords are not willing to modify their leases, so reading every clause is not enough. You have to address any issues you detect in the lease and ask questions point-blank. Am I truly expected to cover over 80% of my space with carpets? What exactly will happen if I discover that those bed bugs returned? If they don't modify the lease, ask for email verification. - Rodolfo Delgado, Replay Listings
12. Investigate The Landlord's Reputation
To get a good lease agreement, tenants have to investigate landlord reputations, read the lease thoroughly before signing and do not add any surprises, like pets, after the lease is signed. Many times it is not the lease or the landlord, but a tenant who is uncooperative. That is why landlords do background and credit checks on tenants. It takes two to dance, which can be a moshpit or a waltz. - Timmi Ryerson, Smart Property Systems - Property Management
13. Make A Rational Analysis
It's important to avoid quick emotional decisions. Focus instead on making a rational analysis. There are many key questions that should be asked and/or addressed in the lease agreement. If you are unsure of how to navigate the situation, hire an agent. They can ensure the contract, due diligence and analysis are in your best interest. - Michelle Risi, Royal LePage Connect Realty
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May 04, 2020 at 07:29PM
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13 Ways To Avoid A Bad Landlord Lease - Forbes
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