- Landlord News
As a fledgling landlord, you want to own property in an area that has a lot of prospective renters. When it comes to rental markets, it’s hard to find a community with more people looking to rent than you’ll find near college campuses. With young, eager students looking for places to live, renting out property in college towns can be a thriving business, but all is not hunky-dory, as there are several risks involved when renting out property in college towns. We’ll discuss the ... Read More
When it comes to finding the right tenant for your rental, there are no guarantees that you will find the best tenant every time. By asking a few key questions, you can eliminate possible headaches prior to finalizing a rental agreement. Consider these seven questions the next time you speak with a prospective tenant.
1. Do you have any references?
Ask for references from their employer and previous landlords. Speaking with their employer will verify that they have a job and a steady incom ... Read More
Your job as a landlord is much easier when you manage cooperative and responsible tenants. That means one of your first responsibilities as a landlord -- finding tenants for your rental unit -- is one of your most important. Evaluating prospective tenants is essential to ensure that you find renters you can trust. During the tenant-screening process, look for these five warnings signs, which should serve as red flags that may make you reconsider your prospective tenant.
1. Bad Credi ... Read More
Investing in real estate is one of the best ways to get ahead financially. Investing your money in property is not only less risky than playing the stock market, but it also comes with a regular income in the form of rent payments. The downside to becoming a real estate investor is the fact it also makes you a landlord, which means you have to find and screen tenants, collect rent, maintain the property, and put out fires. The biggest problem as a landlord is the need to be available 24/7 for yo ... Read More
You've asked, begged, and pleaded for your tenants to pay their rent, get rid of the unauthorized pet, or stop disturbing the neighbors at midnight with uncontrolled parties. Being nice isn't getting you the results that you need, so it's time to look into your legal options. Eviction is a fairly straightforward process as far as court cases go, but when you're a new landlord, you don't necessarily want to go it alone.
When to Hire an Attorney for an Eviction
Evictions ... Read More
You've spent hours researching how to set up a property for rent, the administrative side of becoming a landlord, how to cultivate good tenants, and a dozen other things you learn as a new property manager. One thing that you might not have thought of is all the accounting you have to handle. Chances are you don't have your own accountant or bookkeeper to do all the day-to-day work for you, so understanding essential parts of accounting keeps you from ending up in a world of financial tr ... Read More
Eviction is never a prospect you want to face, but it's sometimes a necessary evil. One of the scariest parts of removing tenants from the property, especially if you think they're going to fight it, is the fact that they are living in your property. There's no telling what kind of damage they can do from the time you tell them they need to be out to the time the sheriff comes to actually remove them from the property. There are a few steps you can take to protect your property in th ... Read More
For months now, you have been preparing your property for the rental market. Your hard work, time, and money are all on the line when you hand the keys over to a new tenant, and as a landlord you want to be sure that your investment is in good hands. For a first-time landlord it's understandable to be wary allowing a new tenant to live in your property. However, taking the proper steps during the application process makes it easier for you to find a tenant that meets your requirements and, h ... Read More
You can put great pictures and floorplans on your website all you'd like -- nothing matters quite as much as that initial impression that a prospective tenant gets when they take a tour. That's what helps them stop thinking of a place as a nice-looking property and more as a potential home.
It's always a good idea to perform repairs on a property to get it up to snuff for prospective tenants. But by the time that you're booking tours for a property, you're no lon ... Read More
Great tenants make a landlord’s job easy; however, new landlords often feel anxious about the screening process. They worry about asking too many questions and scaring off a potentially good tenant, or they fear that they’ll miss something important and sign a lease with someone unreliable. In reality, good tenants won’t mind answering your questions and they’ll view thoroughness as a sign of professionalism. If you'll be renting multiple units within your property, p ... Read More
Everywhere you look these days, social media is being used to promote businesses, people, and ideas. Social media is very accessible, and it's easy to see why people have turned to outlets such as? Facebook, Twitter and Instagram to promote their properties.
While these new tools are excellent resources, new landlords who want to fully advertise their properties should consider a few dated, yet still effective, methods. These simple solutions?, which range from fliers to "For Rent&qu ... Read More
Thoroughly screening prospective tenants is the best way to avoid problems with future renters. Pleasant and timely tenants ensure that the property is taken care of, and that rent is paid consistently each month. To increase the chance of renting to thoughtful, trouble-free tenants, check off ?these ten items.
1. Credit Report
Landlords should always obtain their own copy of a tenant's credit report after receiving permission from the applicant. A credit report provided by the applica ... Read More
Many first-time landlords already know that it's illegal to discriminate against rental applicants based on race or age -- but did you know that the federal Fair Housing Act of 1968 and its amendments in 1988 covers several other protected categories of people?
The Fair Housing Act covers your entire relationship from advertising to managing the rental, and prohibits discrimination based on race, national origin, religion, family status, disability or handicap, gender, or age. If you' ... Read More
Evictions are one of the most legally intimidating things a landlord or property manager can do. Especially at a small company, emotions can run high, and it's easy to act rashly, but don't -- the last thing you want to do is invite a lawsuit.?
If you do find yourself in a situation in which you need to evict a tenant, it's important to understand the laws that govern evictions in the United States. The following information is a brief overview, and laws may vary from jurisdiction ... Read More
Ever property manager prefers a low-key tenant who pays rent on time. However, tenant behavior can be unpredictable, which sometimes forces landlords to have to deal with tenants they don't care for, but who haven't gone far enough awry of any laws to make for an easy eviction case. If you are dealing with troublesome tenants or simply want to protect yourself in the future, read the information below to get a better handle on how to respond to potential tenant problems.
Know What Cat ... Read More
How many times have your tenants told you that "the check is in the mail?" With the busy lifestyle that so many people lead today, tenants will often send their rent checks late. You might have a rent collection drop box onsite, but checking the box every day becomes a hassle. Not to mention, when checks come in piecemeal during the month, you have to make multiple treks to the bank to deposit them.
You're not the first property manager to notice that collecting rent c ... Read More
No landlord wants to deal with high tenant turnover -- it's expensive and time consuming to vet new renters. But more importantly, once you have good tenants, they're a gift. They pay rent on time and in full, they take good care of the property, and they're just pleasant to have around. Here are four tips to make sure they don't go leave? anytime soon.?
1. Be Transparent About the Lease?
Don't rush your tenants through signing the lease; make sure they know that you ... Read More
Facebook now has more than 1.31 billion users, and Twitter over 645 million. No matter whether you're looking for tenants, vendors, or a prospective partner, chances are they use social media. Here, we will look at some of the innovative ways that social media can be used by landlords to manage their investments more effectively.
1. Promoting Properties with Facebook Fan Pages
Facebook pages can be an excellent platform for promoting your rental properties. You can setup a Facebook fan ... Read More
Fall is here--prime time for some seasonal upgrades to your property. These suggested fixes will protect your investment and save you money over the coming years.
1. Yearly Inspection of Furnace and Air Conditioner
Autumn is the perfect time to make sure that the heater or furnace on your property is working as it should. An inspection now can save you costly emergency repairs later, so the investment is worthwhile. Unless you are a heating and air conditioning specialist, hire a ... Read More
Well-chosen property insurance packages provide an essential safeguard that landlords shouldn't take take for granted. Solutions offered by insurers can be tailor-made based on your specific needs, allowing you to obtain the best deal for your money. Choosing the wrong package compromises your ability to recover in the event of a loss due to inadequate coverage.
Use an insurance calculator to make sure you have sufficient coverage for your properties. The appraisal must take int ... Read More