If you’re a landlord, you know that renters are the lifeblood of your business. You also know that finding the right renters will help you avoid problems such as late payments and evictions. Tenants need to be a good fit when it comes to you working with them and tenants also need to get along with neighbors. It’s up to you to figure out if you should accept a potential renter’s application or deny it. At the end of the day, you’re the gatekeeper and it’s up to you to choose the best tenants for your properties. Asking the right questions will help..
One of the best ways to find tenants for your rental properties is word-of-mouth. People often trust the recommendations of other individuals in their network. Think about the times you’ve taken a friend’s advice to check out the new restaurant in your neighborhood or buy a new pair of headphones. Word-of-mouth happens when you give your tenants something positive to talk about and share with their friends and family. Here are a handful of ways to find new tenants to always keep your investment properties filled: Make your property Instagram worthy Social media is one of the best platforms for sharing..
You need a new paint job since your property is looking rather sad. You’re in need of an expert opinion with your sprinkler system that you want to update but you don’t know how. As of last week, your tenant has been complaining about a leaky toilet bowl and the last plumber you hired didn’t complete the job. Above are all real scenarios that rental owners have to deal with. When you don’t have the know-how, time, the expertise, or the equipment to get the job done, hiring a vendor is usually your best option. Outsourcing repair and maintenance needs allow you..
You shouldn’t be operating your rental properties at a loss. It defeats the whole reason why you worked so hard to purchase your rental properties in the first place. Here are a handful of tips that will increase the profitability of your property and help you make more money: Appearances matter First impressions are key. You’re not setting yourself up for success if you’re not maintaining the exterior of the property. Always stay on top of lawn care and trimming any bushes or trees. If the front door is damaged, you’ll need to repair it or replace it. Install a new light bulb if..
I frequently hear frustrated landlords complain that “I’ll never see that money, so why even bother trying to go after a tenant who owes me?” Sometimes that is true, but not always. It is almost always worthwhile to make an attempt to collect what is owed to you. By following the simple steps and procedures outlined below you can begin to reduce the amount of money that tenants owe you and ensure that your business becomes even more profitable. The best way to get nothing is to do nothing The only way to guarantee that you won’t get anything is to do nothing. Far too..
I know I didn’t ask if it was ok to get a dog, but I did anyways. What do you mean I can’t keep him…. he’s family! When someone decides to rent out a property they have the right to choose if they would like to allow pets. Simply getting a pet does not mean that you will be allowed to keep it. Talk with your manager BEFORE you bring a pet on to the property to avoid legal consequences.
It is fairly common for people to assume that expenses are not theirs. In property management it is a daily occurrence. Here are some of the common expenses that are the tenants responsibility that are often assumed to be ‘included’ in a rental: Lightbulbs: #1 on this list is definitely lightbulbs. Upon moving in the light bulbs should all be working. The resident’s use of the lights is what causes them to need to be replaced. This is why it is typically the residents responsibility to change them when they burn out. Furnace Filters: Along the same lines as light bulbs, filters become dirty through..
Did you know that your landlord’s homeowner’s insurance policy does not cover any of your personal belongings in case of an emergency? If your fridge goes out, the basement floods or someone breaks in and steals your TV, the landlord most likely won’t be the one paying for your stuff. This is a great reason to have renter’s insurance, which can cover all of your personal belongings depending on your coverage. We often don’t think of having renter’s insurance because as non-permanent residents, it just doesn’t seem like we have that much or that what we have is even worth the money. What to consider..
Most landlords prefer to sign one year leases with their tenants. And for most tenants, living in one place for a year will work with their own schedules as well. But whether you are planning on staying for the entire lease term, or if you already know of life plans that will require a move, it is good to know what the options are for getting out of your contract. Before you sign a lease, make sure to review it and talk to the landlord to understand what the expectations are for getting out of that lease. Are you allowed to sell your contract? What’s..
Don’t send that deposit check! New and experienced renters alike are often victims to rental listing scams. It happens like this: you search online for that perfect rental. You find it and contact the manager/owner about renting. They message you back and tell you to email all your personal info for an “application” or ask you to mail them a deposit check with certified funds. Next thing you know, they have your money and you have no keys. When searching for rentals online, it is very easier for scammers to steal pictures and details about a house to create their own rental listings. If in..