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In this tutorial for landlords, the importance of a lease agreement is emphasized, highlighting the financial risks of operating without one. A residential lease agreement is described as a legally binding contract that outlines the rights and obligations of both tenants and landlords, helping to prevent disputes and address issues as they arise. It serves as a protective measure for landlords. The tutorial also notes that creating a lease agreement is straightforward and outlines essential components that should be included, such as property details and contact information. Overall, understanding and implementing a lease agreement positions landlords for success.