What is essential for a property manager to include in the lease agreement?

A clear and reasonable late fee structure is essential for a property manager to include in the lease agreement because it establishes expectations regarding payments and consequences for late submissions. This provision helps to ensure that tenants understand their financial obligations and the exact penalties they may incur if they do not meet these obligations on time. Such transparency fosters a professional relationship between the landlord and tenant, as both parties are aware of the terms associated with rent payments.

Including a late fee structure also protects the property manager's interests by incentivizing timely payment of rent, which is crucial for maintaining cash flow and managing property expenses. Moreover, local laws often dictate what constitutes a reasonable late fee; hence, incorporating this in the lease can help ensure compliance with legal standards and prevent disputes.