She said ‘no’ to pet deposits and ‘yes’ to additional rent!
Ms. Anselmo gave an impactful overview of helpful tips to keep in mind – some practical and some real eye-openers to us – especially what to clarify in the lease.
1) the exact number of adults and children living in the premises (providing grounds for termination of lease if additional tenants appear),
2) that all payments for rent and deposit clear the bank prior to tenant moving in (to avoid insufficient funds),
3) instead of pet deposits charge a non-refundable pet fee. Pets usually destroy something so avoid the problem of later claiming a deposit; get it up front instead.
4) indicate that the lease is non-assignable (you control who lives in your property),
5) all additional fees – late fees, pet deposits, etc. – are considered additional rent, not fees (additional rent you control, fees you don’t).
Ms. Anselmo also shared the fantastic Addendum she suggests all landlords should include as part of their lease, which included specifying the number of cars allowed on the premise, no alterations to property are allow without landlord approval, HOA compliance, tenant vs. landlord maintenance expectations, and much more.
Each month the Miami Landlord Association highlights a featured expert that significantly empowers our members and guests to improve the effectiveness and profitability as landlords. Remember, one aspect of doing your business right can save you lots of money, time and energy. See our meeting schedule at www.MiamiLandlordAssociation.com.