How often should a property manager review lease agreements?

A property manager should review lease agreements annually to ensure that the terms remain relevant and comply with current laws and regulations. An annual review allows the property manager to assess any changes in legislation, market conditions, or management policies that may affect the lease terms. It provides an opportunity to ensure that lease agreements are updated with necessary amendments, which can help protect both the property owner's and the tenants' interests. This practice also helps in identifying any potential issues with tenants and addressing them proactively before they escalate.

Conducting these reviews less frequently, such as monthly or quarterly, may be excessive and could lead to unnecessary administrative burdens without providing significant benefits. Additionally, waiting until a tenant complains to review lease agreements might result in reactive management rather than proactive oversight, which is not ideal in property management practices. Therefore, having a structured annual review process is essential for effective property management and tenant relations.