Self-Storage Rental Agreements | Potential Ticking Time Bomb

Things are going great at your facility - occupancy is high, maybe you are expanding and the new building is already 50% reserved, your website and software tools are creating revenue and saving time... so what should you do with your time?

Diffuse the potential ticking time bomb at your self-storage facility - update your rental agreement.

Your rental agreement should be your suit of armor that helps stand between you and litigation with your tenants. Many people “copy” their rental agreements from other operators thinking that because these operators are larger and more successful, they have spent time and money developing a solid rental agreement. This may not be the case and you may be “borrowing” a rental agreement that is worse than your original.

Some operators take clauses and sections from the rental agreements of others, industry articles and from trade show/seminar content that they like and insert into their rental agreement without thinking about how that insertion may affect other portions of their rental agreement. Combining your rental agreement from multiple sources can often weaken your rental agreement. In any case, the time to find out if your rental agreement has issues is not once you have been sued, it is now when times are good and you have the time to review it and make improvements.

Your rental agreement is all that stands between you and a lawsuit, it is imperative that you regularly review and update your rental agreement to make sure it is accurate and current with all Statutory updates and case law changes. How do you know if your rental agreement is up to date?

Industry attorney Jeffrey Greenberger, a partner of Katz, Greenberger & Norton LLP discusses what he looks for when reviewing a rental agreement and reviews the baseline mandatory provisions that any good rental agreement must contain, provisions a modern day rental agreement should contain to stay current, as well as additional provisions you might consider adding for the special services you may offer. After watching this webinar you will be able to take Jeff’s list and compare it to your rental agreement to decide whether or not it is time to have a professional look at, or revamp, your rental agreement before it gets you into trouble.

Article Contributions by: Jeffrey Greenberger - Partner at Self Storage Legal

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