Tips for Attracting New Tenants During the Holidays

The holiday season is full of cheer and merriment and best wishes for the coming New Year.  But it can also fill a landlord’s heart with worry about filling empty units.  In general, people don’t like to move between Thanksgiving and New Year’s, so getting a lease signed during the month of December is tricky.  Here are some tips for attracting tenants during the holiday season. Word of Mouth If your current tenants think of you as a responsible and respect ... Read More

5 Rental Incentives to Generate Interest During the Off-Season

Your off-season is a frustrating time if you have unoccupied properties. You don't want to deal with an empty rental for long, especially over the winter when you have to keep it heated. If you aren't getting much interest in your standard rental listings, consider adding incentives to set yourself apart from the competition and get prospective tenants through the door.   1. Lower Rent During Off-Season Do you want to keep existing tenants past their normal leases if they e ... Read More

5 Advantages of Investing in Out-of-Town Property

  If you’re looking to diversify your real estate investment portfolio, investing in property outside of your town or state can be a financially rewarding proposition due to a variety of reasons such as tax breaks or rental properties with a lucrative location that's appealing to renters. Here are five advantages of investing in properties away from home.   1. Getting An Early Foothold in Developing Market Some areas have a hot real estate market. If you’re ... Read More

Ways to Save on Taxes and Insurance as a Landlord

Renting out a property comes with plenty of associated costs ranging from property maintenance and repair to the taxes and insurance you're required to pay for as a landlord. However, you have ways to save on these costs and enjoy the additional money in your pocket. Taxes Many of the taxes you pay as a landlord are deductible. Discuss the details with a tax professional, but keep in mind these commonly missed deductions when you're ready to file your taxes. Interest payments ... Read More

Top Things to Look for when Buying Property to Rent

These days there are more people than ever looking to rent an apartment rather than buying. For the savvy real estate owner building a portfolio of places that can be rented easily is a no brainer as the return on investment is higher than some financial schemes. Knowing what makes a good rental home is vital to ensure it is quickly rented and can be filled if the tenant leaves. Here are some suggestions on what works in the land of rental real estate. Think Like a Tenant Many rental homes ... Read More

Real estate marketing through social media - How do you Measure Up?

Whether you’re a real estate agent or property manager, using social media outlets to generate leads for your business is a smart decision. Building your online presence will not only make it easier for people to find, but also generate buzz around the properties that are awaiting purchase or rental. Facebook and Twitter can be lifelines for your business. In today’s booming real estate market, they are essential tools that help to increase your client base and sustain existing clien ... Read More

Hosting an Open House During the Holidays

It can be difficult to get new tenants during the holiday season, as most people do not want to add moving to their to-do lists at such a busy time. They often take a break from looking at properties until after the new year. An open house is often poorly tended, but you can change that by getting into the spirit of the season with your plans. Make It Festive As you plan your open house, make it fun and festive with holiday decorations and snack foods. Have holiday music playing in the bac ... Read More

Spread Holiday Cheer with Community Stewardship

Affiliating yourself with a charity is a great way to show current and prospective tenants that you are invested in the local community, and there’s no better time than during the holiday season. Not only does it help those in need and spread holiday cheer, but it also develops your network of contacts. Since charities are usually aware that you have a secondary motivation for participating with them, many of them have gotten really good at helping you receive a return on your investment w ... Read More

How to Create a Tenant Retention Plan

For landlords, having a sound tenant retention program makes strong business sense. Advertising, marketing, brokerage, vacancy loss, and building repairs are costs associated with tenant acquisition; these are avoidable if you can retain your existing tenants. The value of keeping tenants satisfied becomes apparent when the rental landscape is bleak and occupancy rates are low. There are some things that you can do to ensure that you retain your quality tenants.   Get to Know Your Ten ... Read More

Secrets to finding and keeping great tenants

Attracting and keeping good tenants is an important goal for any landlord. Good tenants make your life easier in a number of ways, including paying rent on time, maintaining their apartment’s condition, and generally improving the quality of your rental community. Below are five tips that will help you get and keep the tenants you want: Attracting Tenants Proper screening procedures will help you ensure that the tenants you accept have good credit and can pay on time. If you see an a ... Read More

What Every Landlord Must Know About Security Deposits

Security deposits are paid before the tenant moves in, typically when they sign the lease. They protect landlords against non-payment of rent and utility bills or from property damage. They also motivate tenants to adhere to rental agreement terms so they stand a better chance of recovering the entire amount.   While security deposits aren’t meant to serve as last month’s rent, the amount your tenant pays each month is sometimes used to determine how much of a deposit you can ... Read More

Never Accept a Tenant Without a Lease

Your lease is what protects you. That is the place where you detail out what is expected from both the new tenant and what you will do in return. This is the document that you will refer back to for questions any any disputes that might pop up. Your lease is a binding, legal document that holds you and your new tenant together. You should never accept a tenant without a lease. For most landlords and/or property managers, you likely have policies set up about your lease. You may choose to sit ... Read More

Asking for overdue rent

Some people handle confrontation better than others. When you dive into the rental business, though, you should be certain that confrontation will find you if you want it or not. There will always be those tenants that no matter how well you plan, no matter how well you screen, and no matter how well you manage will always drive you just a little mad. The ones that progressively get later and later with their rent every month are the worst because when they don't pay you, you often can't pay the ... Read More

Know what to look for in a tenant screening

There will be times in your career as a landlord that you will need to fill a property. It may be one that you've just bought or you may have had a tenant move out, but either way, you're looking at a variety of people that will apply in which you likely have no history with. This is where the rental application process comes into play. There are certain things that you'll want to keep an eye out for to make sure that you choose the best tenant for your rental. A good tenant scree ... Read More

Walkthroughs and Tenant's Privacy

As a landlord and/or property manager, you go through quite an ordeal to choose a tenant. You flip through applications, you screen them, and then you compare and choose the best applicant to sign a lease with. It can be a stressful time, but not just for you. Your new tenant has been researching, applying, and going through all the steps to find their next perfect home. They may have found you first or you may have been one of several that they were applying to, but they were likely on the edge ... Read More

Ways to Save on Taxes and Insurance as a Landlord

Renting out a property comes with plenty of associated costs ranging from property maintenance and repair to the taxes and insurance you're required to pay for as a landlord. However, you have ways to save on these costs and enjoy the additional money in your pocket. Taxes Many of the taxes you pay as a landlord are deductible. Discuss the details with a tax professional, but keep in mind these commonly missed deductions when you're ready to file your taxes. Interest payments ... Read More

How to Purchase a Short Sale or REO Property

If you’re in the market for an inexpensive investment property, consider a short sale or a real estate owned sale, commonly referred to as anREO. With these types of sales, you can typically purchase a property for a fraction of its market value because the current homeowners are unable to pay their mortgage. But short sales and REOs can be tricky, and there are a few things that you should understand before you begin your property search. Purchasing a Short Sale In a short sale, the homeowners ... Read More

Fixer-Upper vs. Turn-Key Property: Which Should You Purchase?

If you’re in the market for a new investment property, it's important to consider how much work you're willing to put into repairs or renovations. Some investors like to tackle properties that need a lot of TLC and are turned off by seemingly cookie-cutter housing developments. For others, it's the reverse. Determining the level of elbow-grease you want to put into an investment property can help you decidewhether you should be shopping for a fixer-upper that you can rehab to suit your tastes an ... Read More

Property Management: Stay One Step Ahead

In any business, one step ahead is always better than one step behind. Property management is certainly no different. No matter if it's in knowing your tenant's history, making sure all the bills are paid on time, or protecting your property, there are steps you can take to make sure you're ahead of the curve as often as you can be. There will always be surprises, but limiting them will help your business run smoother and more efficiently. Know who is living in your rental. When a ... Read More

Keeping Great Tenants: Thank You's Go a Long Way

Finding a great tenant is every landlord and property manager's goal. It may take some effort, but a quality tenant is worth it, and once you have them, you'll want to make sure you treat them right. Of course, you'll want to treat every tenant equally and you shouldn't show favoritism, but there are ways that you can make tenants a little more comfortable if you hope that they'll stay with you through another lease term. Thank you's go a long way with some tenants, and it encourages good behavi ... Read More

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