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..
The four warning signs of a problem tenant
It’s true. You don’t have to be an interrogator for the FBI in order to vet or assess rental applicants. When you haven’t taken time to pick the best tenants, you increase your risk of different problems such as property damage and late rent payments. Tenants who cause problems are stressful and make life more difficult for you. Here are four warning signs you should know to avoid having problem renters living in your property. The applicant can’t verify income Proof of income is key to ensuring that rent can be paid. If rent isn’t paid then you’re not..
Four ways you can find tenants quickly
One of the worst feelings in the world is having an empty unit. Your empty unit means you’re missing out on cash flow which is no fun at all. Filling your unit may be difficult at first but it doesn’t mean that you don’t have any solutions to solve your problem. Here’s how you can always have renters filling your properties: Signage This super old school way of finding tenants to fill your empty unit dates back to the pre-Internet and pre-social media days. A simple ‘For Rent’ sign can catch the attention of any traffic in the area. Your sign can be..
Differed vs. Planned Maintenance: What’s the difference?
As a property owner, you may have heard of the terms differed maintenance and planned maintenance. What’s the difference between the two? Does it even matter that you know the difference since they both imply that maintenance is happening? Yes, it does it matter that you’re at least aware of the difference. Below are quick definitions for the two types of maintenance: Differed maintenance: The practice of holding off on or postponing maintenance activities such as repairs in stairwells and plumbing. Some of the reasons a property owner chooses to delay action are to save costs, a lack of a budget, or restructuring of..
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..
Friday Fail – Excuse of the Week
I can’t find my lease, but I remember that it said I only had to pay rent for when we are here… We’ve been on vacation for a week, so I’ll just pro-rate this months rent! While some things only require you to pay for what you use, rent is not one of them. It is important to understand the terms of your lease agreement prior to signing it. Once it is signed you are legally obligated to those terms.
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