For one reason or another we often ask for the tenant to find someone to stand with them on the lease. You’re looking out for your owner and adding security to the lease. When there is a co-signor you need a document for them to sign promising to pay what the tenant left owing when they vacate. This is their personal guarantee for the tenant’s obligations under the lease. We get co-signors on about 20% of our leases and it works like a charm. Don’t reinvent the wheel. Let our mistakes make it easier for you. You can figure this out on your own, develop a document and tweak it over time, or have it today.
The longer you’re in property management the more you realize that it’s sticky, often hostile, and sometimes even litigious. Over 35 years we’ve been burned many times by tenants and after the second or third time (we’re slow learners), we go back to the attorney and have them draft a document that prevents it from ever happening again. Blaming the property manager has reached an all-time high and isn’t going away anytime soon. So, understanding this reality, smart managers need to spend extra time, money and effort building and crafting documents designed to protect themselves, even from those they are trying to serve. We’ve pulled these documents from our archives and have listed them here for your review and individual download (or in packages by topic). We’ve laid them out in the Property Management Life Cycle categories to give the discussion some order.
Protecting yourself from tenants is what these documents are all about.
Download (PDF, 417KB)
The Property Management Lifecycle by Crown Investor Institute LLC