Length of lease - discrepancy
7 Replies
Dianne Cooper
from Cedar Park, Texas
posted over 3 years ago
I hired a realtor to list my first single family rental house. A week later, he texted me that he found a client, screened her, and she is ready to sign a 10-month lease. I agreed via text, but when he sent me the lease agreement today, the dates of occupancy are August 22-May 31. I have already deposited a cashier's check to cover the security. Am I obligated to sign the lease agreement, even though it's for only 9 months and 9 days, and go ahead with the deal? I feel like this realtor, who was recommended to me, does not have my best interest in mind.
Thomas S.
replied over 3 years ago
What is your concern over the length of the lease. It has zero bering on how long a tenant will stay.
Dianne Cooper
from Cedar Park, Texas
replied over 3 years ago
I guess it boils down to I don't trust the realtor. The property was listed for a minimum of 12 months, so I was surprised he even brought me this tenant. Agreeing to 10 months was a big decision for me. Thank you so much for your response. Maybe I just need to stop overanalyzing everything.
Kenneth Garrett
Investor from Palatine, IL
replied over 3 years ago
Here is a thought process. I know quite a few landlords try to time the expiration of the lease so they are in the hot market time for find a new tenant. If your market base is families with children you want to be able to beat the start of school. I think when he brought the perspective tenant on a 10 month lease you should of had a conversation at that time. How long was the property on the market? If it had been a while then it would make sense to move ahead even though it wasn't 12 months.
Good Luck.
Dianne Cooper
from Cedar Park, Texas
replied over 3 years ago
My property was on the market less than two weeks. In the future, I will be finding and vetting my own tenants. This is all new to me, and I'm learning as I go. Thanks for your thoughts. I am so impressed with this forum! It has been very helpful.
Andy Wu
Rental Property Investor from Columbus, OH
replied over 3 years ago
I think realtor is doing you a favor. May 31st is the best time to find new tenant. 12 month lease from now is a bad choice.
Mindy Jensen
BiggerPockets Community Manager from Longmont, CO
replied over 3 years ago
@Dianne Cooper , check out the very helpful Tenant Screening Guide from Brandon Turner. It is filled with great tips you didn't even know to check on.
Dianne Cooper
from Cedar Park, Texas
replied over 3 years ago
Thanks, Mindy! There are so many useful resources on this website. I'm learning so much.