There is nothing worse for a property manager than having a tenant who has not paid their rent. It can lead to all kinds of legal problems and the unpleasant task of eviction. As a landlord with a rental portfolio, non-payment of rent from enough renters can lead to serious financial issues. Here's how to be ready to tackle non-paying tenants.
Be Prepared for Trouble
When a new tenant is on their way, there is no guarantee that things will run smoothly. They may turn into the tenant from h ... Read More
You end up in the worst-case scenario for a landlord. Your tenant is breaking one or more lease clauses, and you have no choice but to act decisively. You have a business to run, and dealing with lease breaches is a necessary part of it. How you handle your tenant breaking the lease will depend on how they broke the lease, whether a cure is available for the breach and whether the tenant has already left the property.
Breaking Lease Clauses
Your lease agreement has a number of clauses includ ... Read More
You're in a nightmare situation. Your tenant found themselves smitten with their new lover, and it didn't take long before they essentially moved into your property. What should you do?
The Problems with an Off-Lease Tenant
The main issue with an off-lease tenant is that you have no opportunity to screen them before they are living in your rental unit. They might come off as the best person in the universe to your tenant, but you can't risk your business based on your tenant' ... Read More
Not many landlords or property managers flat out refuse to allow a tenant to have guests over. When these guests become long term or start causing problems, however, it becomes pertinent to have them removed from the property. Unfortunately, a tenant may see it as their right to have whomever they want over for however long they want. This is definitely not the case, so when these situations arise, it's important for a landlord to know how to handle the situation.
An Ounce of Prevention ... Read More
You have a prime location near a college or university, and you know that the school is charging the kids way too much for sub par dorm rooms. You see a business opportunity staring you right in the face, but you need to figure out exactly how to appeal to the student housing market, and how to fill up your rental units with students who won't trash the place as soon as you turn your back.
Location is Key
You don't need to be right on top of the university to win the location game, b ... 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
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" ... 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 as part of the screening process after receiving permission from the applicant. A credi ... 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
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'r ... 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
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
According to census data, almost 200,000 tenant evictions took place in 2009. This is an increase of 127 percent from the previous census survey. Meanwhile, the number of tenants paying more rent than they could afford (defined as 30 percent or more of their income) rose to a record 50 percent by 2010, according to a study from Harvard’s Joint Center for Housing Studies.
A recent New York Times post, Evictions Soar in Hot Market, indicates that in many parts of the country, this trend h ... Read More
When landlords set out to rent properties, it is important for them to be aware of the laws and regulations in place to protect both themselves and the tenants. Many states have modeled their statutory law around the Model Residential Landlord-Tenant Code or the Uniform Residential Landlord And Tenant Act (URLTA), both of which stipulate rules and regulations for legal landlord-tenant relationships. As a landlord, awareness of these laws will help you rent out your property in a hassle-free mann ... Read More
Managing your own property isn't an easy job -- it involves maintaining your property, finding the right tenants, keeping them happy, and many other things. However, it is clearly worthwhile. In fact, real estate remains one of the smartest investments you can make. Fortunately, there are things that you can do to make managing your property easier and more lucrative. Here is a rundown of three property management secrets from professionals that you can use on your own rental property.
&n ... Read More
Have you been thinking about purchasing out-of-state property? Investing in a hot, new out-of-state development can sound exciting and lucrative, but before you do so, consider the following advantages of buying real estate closer to your own home.
You Know The Area
You're likely to have a better grasp on the amenities of your own community. You've seen local neighborhoods grow and change; you know how the property values have varied, and what is likely to impact them.
No matte ... Read More
In the United States, we take it as a given that it's illegal for businesses to discriminate against certain groups of people. This understanding is supported by a long string of laws and court rulings, such as Title VIII of the Civil Rights Act, also known as the Fair Housing Act. This act protects tenants from unfair discrimination by landlords and real estate agents.
Laws and interpretations can change swiftly, and many states and municipalities may have laws in addition to the Fair Ho ... Read More
Any landlord will tell you that when all is said and done, the primary objective for investing in rental properties is to make money. In fact, we generally want to squeeze every last penny out of our properties, and that means increasing the rent from time to time. However, give careful consideration about how much to raise a tenant's rate. Also, if you have a stellar tenant, consider not raising that person's rent at all.
Increasing the Rent
Your rental rates should be in-line wit ... Read More