- Landlord News
Even if you're a property manager or landlord with only a single property under your belt, networking can be essential to gaining guidance from experts, deals on services, and even leads on potential additional revenue. While you may think you're dialed in simply because you have met a few contacts through your daily dealings, there are likely networking opportunities that you're missing out on. Fortunately, these opportunities are all quite easy to integrate into your existing netwo ... Read More
You could just hand your new tenants the keys, but it's a good idea to put together a welcome kit to help them get settled in. Your locality may also require you to provide them with information about the landlord-tenant relationship and how housing disputes are addressed.
Getting Ready to Move In
Give your tenants the numbers they need to contact service providers to have utilities, telephone, and cable turned on. Let them know how to schedule their move in date and if there are any r ... Read More
After acting as a property manager for a certain amount of time, bringing in new tenants becomes second nature to most. You put the property on the market, meet with several potential candidates, do the appropriate screening, and select the big winner. There are several aspects of preparation, though, that are sometimes overlooked. Putting more focus on these steps can make your life far easier.
Offering an Early Notification Discount
Rarely do landlords think of this, but how much easier ... Read More
Pets are a part of life for many Americans. In fact, The Humane Society of the United States reports that more than 164 million Americans own pets. When you're seeking tenants, you don't want to rule out this large subset of the population by banning pets from your unit. At the same time, you don't want a dog or cat to damage your rental. The key, then, is offering a pet-friendly unit with an ironclad lease that protects your rental from potential damage. Several methods allow you to ... Read More
One of the most common landlord and tenant disputes comes at the end of the relationship, when tenants move out and want their security or damage deposit returned. While laws differ by state, in most locales you cannot withhold funds to repair normal wear and tear, but you can withhold funds to repair damage. In general, you can only retain enough money to restore the apartment's original condition, not to upgrade finishes.
Normal Wear and Tear
The term "normal wear and tear" ... Read More
Networking is important in almost all professional fields. Most of the learning you will do will happen on the job, of course, but the most successful professionals also cultivate relationships outside of the workplace. As a professional, you can learn more about advances in the field, hear about new opportunities and have a chance to get feedback on your ideas.
If you are already doing this in the workplace, why not extend it to your work as a landlord? Networking is arguably even more imp ... Read More
Many landlords and property managers struggle with deciding on a pet policy. After all, there are pros and cons that need to be carefully weighed in order to determine whether you should allow pets. Here is a guide to help you explore which option is right for you, and how to protect yourself in case you do decide to allow pets inside your properties.
The Benefits of Allowing Pets
There are a number of clear benefits to allowing pets inside a property, and for many property owners and landlo ... Read More
An important part of any interview process is obtaining references, but how do you know these references are legitimate? Here are some helpful tips to ensure you’re getting honest renters!
1. Your First Point of Reference: Interviewing the Tenant
Always interview a potential tenant first before calling references.
Some critical questions to ask:
“What is your monthly income?” - Verify this information with their current boss.
“What are your monthly debt obl ... Read More
We all wish for wonderful tenants who pay on time and stay until the end of their lease. Unfortunately, life is unpredictable and renters will sometimes break their leases and vacate early. Here are some common warning signs of tenants who may vacate early, so you can better prepare for these situations:
1. Be a Good Listener
At times, a tenant will communicate something with you that indicates that they intend to leave. Perhaps they’ve asked you what your policy is for breaking a le ... Read More
The Pacific Northwest region offers a quality of life that is unmatchable in the rest of the United States, due to its abundance of natural wonders. Once a backwoods of timber and industry towns, the area is now attracting people from all over the world who are health conscious and want to pursue an "outdoor lifestyle". For those looking to buy rental properties in the Pacific Northwest, there are an incredible variety of places where prices are still low but the outlook remains strong ... Read More
Regular preventive maintenance on a rental property can save a landlord lots of money in the long run. Catching and preventing a small problem before it escalates into a large one helps reduce the risk of needing costly repairs at a later date.
Here are five preventive maintenance steps that every landlord should undertake to ultimately save money.
HVAC Maintenance -- An HVAC system often requires costly repairs or replacement if not properly maintained. Heating and air conditioning uni ... Read More
One of a landlord’s most important responsibilities is to keep the property in good repair. Developing some useful preventive maintenance habits can go a long way toward keeping things running smoothly and fixing small problems before they turn into costly repairs.
Clogs inevitably develop in sinks and tubs, but there are some effective proactive steps that you can take to keep this from being a recurrent nuisance in your rental properties. Begin by installing drain sc ... Read More
Perhaps you inherited a house, have been renting it out, enjoy being a landlord, and are interested in acquiring additional rental properties. Or maybe you've come into some extra cash and are interested in investing in a property and making a steady rental income. Regardless of the reason, do your homework first. You’ll only make money on your rental property if it is occupied. Here are three hot spots where rentals are always in demand and command top dollar.
1. Miami, Florida ... Read More
Austin, Texas has a lot going for it with its "Keep Austin Weird" slogan. There's all types that find their home here, from a vibrant art culture to a number of tech companies. It's been declared as one of the best rental markets to invest in, causing plenty of landlord attention to be turned to this growing city. So what exactly makes Austin the place to put your rental investment dollars?
Austin has several large colleges nearby, resulting in an overall ... Read More
You have a lot on your plate as a landlord, including handling common maintenance issues. You want to maximize your profits on the rental income coming in, so you don't necessarily want to call in a professional contractor every time something goes wrong. However, understanding the difference between maintenance issues that need a pro and those you can handle yourself helps keep your tenants happy and your property in good repair.
Your HVAC system is one of the most expensive compon ... Read More
When you are looking at investing in rentals, you want to consider cities with the best climates for renting. These cities should be areas that are growing in population as well as income potential. The following three cities have a lot to offer real estate investors.
1. Fort Worth, Texas
When you see lists about housing and real estate in Texas, you often see Austin mentioned. However, Fort Worth has a lot to offer investors, especially with the growth of the oil business. More people are ... Read More
As a landlord, you can be accused of harassment if your actions motivate a tenant to willingly abandon the lease. This usually occurs when a landlord wants to evict a tenant but doesn’t want to go incur the cost and trouble of a legal eviction. Landlord harassment generally involves interfering with a tenants’ privacy or making them feel unsafe or uncomfortable.
Breach of Responsibility
If you fail to properly maintain a property, a tenant may have a claim for landlord harassme ... Read More
Just about every landlord will deal with a loss of power in their rental at some point, and often the cause is a blown fuse or a tripped circuit breaker. If you know what you’re doing, you can fix these problems yourself quickly and easily. Here is a guide to dealing with both issues, allowing you to do a little DIY handiwork around your own property.
The Basics Behind The Problem
There can be many reasons behind a power failure. For example, an entire city can be hit with a blackout t ... Read More
Owners are often wary of making upgrades to their rental units, and for good reason. Why spend loads of money on things that can be damaged or otherwise devalued as soon as they are added? There are a couple of upgrades you can make that will not only add value right away but for years to come, and will make maintaining the property even easier than it was before. One of these is taking out the carpet and adding hardwood floors. Thankfully this is a relatively simple process that pays off in the ... Read More
The average cost to repair water damage is $1,200, and taking on this cost will eat into your profits as a property owner. Not only does water damage lead to the need for repairs, but it is also possible for mold to grow when water is left to seep into the walls of your rental property. The best way to avoid costly repairs is by taking preventative measures before you rent the property out. Here are some ideas that will help you lower your ongoing maintenance costs.
Keep an Eye on Water Cos ... Read More