For most home buyers or renters, the residential real estate business is monolithic. As insiders, we know differently.
Each property is unique, and each real estate business operates in a slightly different way. If you work in one of the following three capacities, you might use custom contracts to reduce risk, meet business goals or address the specific attributes of your units.
1. Property owners
As the landlord of a single-family property, you usually draft a contract that embodies the agreement you want to make with your renters. This could include some standard clauses and fill-in-the-blank sections, but there will also probably be language specific to your deal.
For multi-unit properties, you might not have to write up a separate contract for every unit. In some cases, you could insert relevant terms for special units from a bank of prepared clauses. Examples include specific rules, common area privileges and so on.
If you are like most agents, you prefer to give your clients personal attention. Custom contracts are a good way to show that you are paying attention to the details.
Many agencies compose standard documents and supplement them with a library of special, case-specific terms. Doing something similar should allow you to expand protections for your clients while adding customization and peace-of-mind value to your services.
3. Management companies
Management companies that handle residential rentals for large developments have a unique and complex set of concerns. You need to think about the rules for your building, the interests of the unit owners and the landlord-tenant regulations in your municipality. A clear, detailed contract often complements the HOA guidelines.
In general, your contracts should be clear, specific and enforceable. It sounds simple, but it often takes some work to achieve.