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In this tutorial, landlords are introduced to the importance of a lease agreement. It highlights the risks of operating without one, such as potential financial losses, difficulties in collecting unpaid rent, and liability for property damage. A lease agreement is defined as a legally binding contract that outlines the rights and obligations of both tenants and landlords. It serves as a vital tool to prevent disputes and address issues as they arise, acting as the first line of defense for property protection. The video also emphasizes that creating a lease agreement is straightforward, and covers essential elements that should be included, such as the property details and contact information.