The life of a landlord once involved doing everything in person. From putting up "For Rent" signs to speaking with contractors, handling property management was a time-consuming process. While being a landlord still requires a ton of work, almost everything can now be done electronically. In fact, using just the following tools can simplify a property manager's work immensely.
Listing the Property
The first part of renting out a property involves getting the home or apartment ... Read More
Many individuals, landlords included, are opting to "go green." By making a property more eco-friendly, a landlord reduces the environmental impact of that home, but in addition to this benefit, there are a variety of ways it can also save them money.
1. Utilities Savings
While some landlords leave it to their tenants to have all utilities turned on, many also offer certain utilities, such as water and gas, as part of the rental agreement. By installing water-saving technologies, s ... Read More
When a former tenant disappears while owing you money, there are a couple of things you need to do before you can collect on the debt: find out where they live and get the court to issue a money judgment against them. Once you’ve obtained the new address and a money judgment, you’re in a much better position to take action and collect what is owed. The legal system provides several solutions for landlords trying to collect unpaid debts from their tenants, including these four options ... Read More
As a landlord, you may face many challenges when managing your rental properties. One of the most frustrating challenges is recovering money that is owed to you if a tenant leaves and hasn’t paid their rent. Tracking down deadbeat ex-tenants can seem like a lot of trouble, but the money they owe is lost income that you deserve to be paid, so don’t give up too quickly. Even if they didn’t leave a forwarding address, you can still track down non-paying ex-tenants if you use these ... Read More
Having a valid residential address for a former tenant allows you to contact them via certified letter or serve them with court documents. Unfortunately, many tenants who owe their landlords money will not provide this information. However, there are several methods you can use to find their new address, so you can collect the debt.
Requesting the Address From the U.S. Post Office
The simplest way to find an old tenant's new address is to use the U.S. Post Office. First, you should sen ... Read More
Security deposits can trigger the age-old “he said, she said” debate in landlord and tenant relationships. While the onus is on the tenant to preserve their rights to their money by documenting the condition of the property when they moved in, it is still the responsibility of the landlord to implement best practices in their dealings with tenants. Here are five things both landlords and tenants should be aware of when it comes to security deposits:
1. Get it in Writing
One of ... Read More
iPhones can be immensely useful for helping to run any business, and property management is no exception. Within the App Store, you'll find tools to help you organize your day, perform essential management tasks and get the best out of the properties you own. Let's take a look at five apps every landlord should have installed on their iOS device to make the job easier.
If you can't afford to hire your own personal assistant, don't worry! Your iPhone or iPad can be t ... Read More
In a perfect world, landlords would never have to worry about tracking down former tenants. Unfortunately, tenants will sometimes break a lease or vacate a property owing more money than their security deposit could possibly cover. These tenants often don't want to be found by a former landlord, but the Internet has a wealth of information that can help property managers track down these individuals.
Anyone who has typed a name into Google has likely found that a h ... Read More
A 1031 exchange, also known as a “Starker” or “like kind exchange,” refers to the swap of one asset for another. While it is most often used in real estate, the 1031 can apply to just about any business or investment asset. The 1031 allows for the changing of a form of investment without ever cashing it out and receiving a gain, allowing it to keep growing tax-deferred. Within the 1031 criteria, there’s often no tax payment required, or just limited tax. There is no ... Read More
When you first get into property management, you will need to decide between two main accounting methods: cash and accrual. Even if you don’t have an accounting background, you will need to understand these basic principles.
There are a number of differences, but the main one is that with cash accounting, the arrangement used by most property managers, recording of transactions is done as soon as money changes hands, whether that’s money that’s coming in or going out.
For exa ... Read More
Tenants who move out without notice may leave property owners with a big bill for repairs or back rent. As tenants who skip on the rent do not want to be found, it may be difficult to track them down to ask for payment or serve them a court order to appear in small claims court. There are ways to track down former tenants if need be, and using court records can help. Here are the steps for using court records to find former tenants.
As a landlord, property owners have a l ... Read More
Almost every aspect of a person's daily life is affected by technology, and in the majority of cases, this makes an individual's day simpler and more manageable. Fortunately, technological advances can make the life of the average landlord easier as well. By using the following programs or gadgets, property managers and landlords alike can simplify a variety of their necessary tasks.
1. Happy Inspector App
One of the most essential aspects of being a landlord is the final property ... Read More
Congratulations! You've won your small claims court case against your current or former tenant. Now it's time to collect your money. Unfortunately, many people believe that the courts collect on behalf of plaintiffs. This isn't true. Once you are awarded a judgment, it's up to you to collect it. The courts can help, but you'll have to do most of the work.
Check out your legal remedies
In many cases, a simple demand letter from you or your lawyer may persuade your former ... Read More
Being a landlord in the technological age may be a bit more complex than it was a few decades ago, but it can also be much more streamlined, as well. Modern technology makes it possible for landlords to accomplish tasks in a fraction of the time it took in the past, leaving you with more time to do other things. Take a look at five ways technology can make your property management tasks faster and easier:
1. Smartphone Apps for Landlords
There are actually quite a few smartphone apps out t ... Read More
When there are problems with a tenant, it can often prove difficult trying to evict them. For any instances regarding criminal activity, however, a tenant will need to be evicted immediately.
The Seattle Just Cause Ordinance protects landlords in the event of criminal activity within their building, as well as protecting the rights of the tenant. However, the eviction must still follow standard eviction procedures, and the criminal is still afforded some basic tenancy rights. Gaining a better ... Read More
If there's one thing that all seasonal tenants have in common, it's that they have options. Areas that seasonal tenants like to frequent often have numerous properties where these individuals can stay, so it's imperative to keep these renters happy so they continue to return. Repeat business is the only way to succeed with seasonal tenants, and these tips will go a long way in accomplishing just that.
1. Provide Cleaning Equipment
Everyone has brooms, vacuum cleaners, sponges, ... Read More
Atlanta landlords who need to evict a tenant must follow the laws of Fulton County. Evictions can be conducted in less than 30 days, but they must be addressed through the court system. The landlord begins the eviction process by filing paperwork asking for a court order. If it is granted, the marshal's office will then help the landlord regain control of the rental property.
Three Reasons for Eviction
Landlords can legally evict under the following circumstances:
The tenant has ... Read More
Finding quality tenants for a rental property can be challenging for a landlord. Even with the protocols of background checks and employment/income verification, renting to just anyone can often be a roll of the dice. There is one segment of society, however, that is instilled with specific qualities that can be very attractive to owners of rental property. Military personnel are endowed with discipline, accountability, and allotted housing income, giving them a distinct appeal over civilian ren ... Read More
In a perfect world, all tenants would pay their rent on time, abide by the rental agreement, and become the model of rental perfection. Unfortunately, none of us live in that world. Sometimes, no matter how carefully you screen and select prospective renters, you'll have to evict a tenant. For landlords in and around the Miami area, here's what you need to know to make sure the process runs smoothly.
Understand Everyone's Responsibilities
Before you get to the point of needing to ... Read More
Every landlord wants to avoid high rental turnover rates, and it's easy to understand why. After all, there's quite often a period of time when a unit remains unoccupied. When this is happening frequently, a landlord can lose out on substantial amounts of rent money. Unfortunately, lost rent payments aren't the only costs related to having high turnover in rental properties.
1. Marketing the Property
Some people live in markets where advertising a rental property is as simple a ... Read More