Michigan leads an exceptionally bustling real estate economy. According to the Census Bureau, Michigan has more than 4.6 million homes, with Flint holding tens of thousands.
If you're interested in making the most out of your property in Flint, you'll need to understand lease administration. But what is lease administration, and how does it impact your lease agreement strategies?
If you're curious about lease management, we're here to help. Read on for a quick overview of lease administration and how to properly execute it.
- What is lease administration?
- Hold proper inspections
- Incorporate technology
- Make your lease terms clear
- Streamline renewal and termination
What Is Lease Administration?
To start, what is lease administration and why does it matter?
Lease administration is the term for the agreement management process. Put simply, if you're creating a lease or a rental agreement, this process is the lease administration process. According to WXPR, Michigan has more than one million renting households, so understanding agreements is critical.
Lease administration can include, but is not limited to:
- Tracking lease agreements
- Helping to coordinate lease renewals and terminations
- Lease compliance and maintenance obligations
- Managing and tracking rent payments
Good lease administration will make the rental process easier for both parties. Conversely, poor administration can muddy the waters, worsen your lease agreement strategies, and damage your real estate compliance.
Strategies for Lease Administration
What lease agreement strategies can streamline the process for you? Here are some tips for honing your rental property administration.
Hold Proper Inspections
A full inspection should always occur at least once a year. If your home has recently been vacated, an inspection should take place then as well. But why?
Inspections help make sure you find any issues before they start. That's critical for real estate compliance and to avoid accidentally taking advantage of a client. They also help you to set accurate safety deposits.
Incorporate Technology
Lease administration used to be purely pen and paper. That led to agreements getting lost, miscommunication through handwriting, and more.
Nowadays, we have lease management software that makes the process much easier. Make sure you use technology to track communication, keep paperwork organized, and keep tabs on anything you still need to accomplish.
Make Your Lease Terms Clear
One of the most critical property management tips is to keep your lease terms clear to avoid miscommunication. Having unclear terms can lead to costly situations down the line.
Consider looking into professional management services to help you hone your lease. Professionals know how to handle lease administration to streamline the process and cut down on miscommunications.
Handling Lease Administration
Lease administration sounds complex, but it's an integral part of the process that both landlord and tenant need to understand. Use technology to your benefit and make sure you're handling all the tasks on your plate.
At PMI Mid Michigan, we provide both residential and commercial property owners with the highest quality services. We use state-of-the-art technology to provide our clients with the best customer service and to help make management manageable.
Consider a free rental analysis to see how we can help you increase your profits.
