Lafayette, LA, boasts a unique culture, excellent cuisine, exciting festivals, and friendly locals. Residents also enjoy a lower cost of living than the U.S. average. So, it's no wonder this beautiful city is the best place to live in Louisiana and among the top 100 in the country.
All those positive characteristics draw renters in, making Lafayette an excellent place for landlords. So, if you have property here that's only sitting empty, consider renting it out to generate rental income.
In this property management guide, we've shared lease administration tips to help you get started, so read on.
Clear and Concise Lease Terms
Effective lease management starts with creating a lease that complies with the Louisiana Residential Landlord and Tenant Act (LRLTA). The lease must establish your rental's terms and conditions in clear, concise writing. That way, renters will have an easier time understanding what they're getting into.
At the very least, you should clearly state the following in the lease agreement:
- Rental rates
- Rent payment due dates and grace periods
- Other fees, such as charges for late payment of rent
- Lease length
- Grounds for eviction
Be as straightforward as possible when writing about landlord and tenant rights and responsibilities. For example, use simple words when listing what you and your tenants must do to maintain the property. If you allow pets, ensure you're clear about the requirements (e.g., all types of vaccination, pet insurance, pet deposits, etc.).
Use Technology to Your Advantage
Using landlord software is one of the top lease administration strategies for staying organized. It allows you and your tenants to store, track, and access lease agreements online through a centralized system. It also lets both sides upload and see other crucial documents, such as rent payment receipts.
Innovative landlord software also lets you and your renters track vital dates, such as lease start and end dates. Some even allow you to collect and process rent payments online. They also often provide direct communication methods between all parties involved.
Conduct Regular Property Inspections
Conducting regular inspections is one of the most crucial steps for managing property to preserve and boost its value. These monthly, quarterly, or semi-annual assessments let you stay on top of necessary property maintenance and repairs. They allow you to enforce the lease while staying compliant with the LRLTA.
Regular inspections also help you ensure your tenants are following the lease terms. They allow you to spot signs of property damage that are intentional or due to tenant negligence. They can also help you catch unauthorized tenants and pets or illegal activities.
Lease Administration Done Right
Remember, for your lease administration policies to be effective and legal, they must comply with the LRLTA. Using technology and regularly inspecting your property can also help. With these strategies, you can turn your Lafayette property into an income-generating investment.
If you want the simplest way to enforce your leases, partner with our team, PMI Integrity Properties. We're a full-service property management provider that can help with all your leasing needs. Our parent company, PMI, manages over $5 billion of assets and has over 20 years of experience.
Speak with us today for a free property consultation and rental analysis!
