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..
Use these three tips to increase word-of-mouth advertising to fill your rental properties
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..
How to find vendors for your maintenance requests
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..
How to improve the profitability of your property
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..
The top five mistakes landlords make when dealing with their tenants
Landlord relationships with tenants are critical to the success of any rental property. Without a healthy landlord-tenant relationship, landlords will not be able to consistently get the return-on-investment they were hoping to receive when they purchased their rental properties. Here are five mistakes landlords make when it comes to working with their renters: 1. Not treating the relationship as a business relationship Landlords need to keep their distance and treat their rental property operation as a business. It may be tempting to invite tenants over for family dinners every Sunday or avoiding contracts but either choice has the potential to not end well. At..
Handling Collections
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..
Wednesday War Story – Plug Problem
A maintenance request was turned in to the management company regarding a hazardous outlet that sparked whenever something was unplugged. The manager, rushed over due to the fire hazard and was unable to ‘re-create’ the issue so a licensed electrician was called in. He was also unable to isolate the issue, so they changed out the outlet and double checked that the wiring was ok. A week later, the tenant called again stating that the problem had returned, and again the electrician was sent out, nothing was able to be found wrong with the outlet. After careful review and speaking with the tenant the..
Consider Renter’s Insurance
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..
Tuesday Tenant Tip: Rental Listing Scams
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..
Wednesday War Story – Bed Bug Blaze
This story comes strait from Detroit a few years ago, its sad but true. It is a great reason to educate tenants, and owners on the treatment options for bed bugs. www.freep.com/story/news/local/michigan/detroit/2015/11/05/womans-failed-attempt-fight-bedbugs-sparks-fire/75242704/
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