Not all marketing tools and techniques cost heaps of money and time. Take social media marketing, for example -- a technique that every property manager can utilize, no matter their experience level or budget. Google+ is one social media tool that not only gives you the benefit of a robust online profile, but also provides you with direct communication to your followers. It also helps to improve your local search marketing efforts, which can garner the strongest leads on tenants.
1.&nbs ... Read More
At some point, almost every landlord encounters a bad tenant who doesn’t pay rent on time or owes money for a damaged apartment. While these situations may prompt you to take to a punching bag, this isn’t always the best course of action. Instead, consider reporting them to the credit bureaus. There are plenty of reasons to report your client to all three credit bureaus, and this article will help you understand the benefits of taking this extra important step.
Costs and Benefit ... Read More
One of the most troublesome aspects of being a landlord is tenants who skip on their payments. While doing thorough research into the tenants before renting to them can reduce the frequency of this, even the most thorough landlords are sometimes caught by surprise. When this happens, it’s important to know what your legal rights are. While the process varies from state to state, there are a few general guidelines to follow.
1. Perform an inspection
You have to give notice to the resi ... Read More
When tenants go bad, a landlord who knows how to tip-toe around an impending legal battle has more to gain by keeping the law on his or her side. For a common-sense approach to managing unwanted tenants, pay keen attention to these rights and limitations of landlords related to residential rental housing.
Eviction Actions to Avoid
1. Don’t change the locks on property entrances! There are times when tenants do things that are so infuriating that landlords lose their heads, especially ... Read More
No matter how good your tenant selection process may be, it's bound to happen. As a landlord, you will have a tenant who stops paying the rent. While showing up at the property, angrily demanding money, and refusing to maintain the property might make you feel better or teach your tenant a "lesson," none of that is a good idea. Follow these seven steps when your tenant stops paying their rent to find the quickest and most legal resolution.
1. Talk to Your Tenant
If this is a ne ... Read More
Renting is popular for those new to an area or saving for their own property. As a landlord, a good tenant is an asset and avoids problems such as non-payment, trashing a property and illegal activity. Landlords should take steps to avoid approving an application from a "tenant from hell." Here are some tips for finding good tenants:
Do Your Homework
Before your apartment is finished and ready to let, it is worth planning that advertisement to reflect the type of client you want. ... Read More
We're all familiar with the saying "what you see is what you get," but in real estate, this mantra could be a little tricky. Investing in real estate has many advantages, and that's generally all you hear about, but there are some downsides to investing too. The best thing to do—especially when you're thinking of investing in personal properties—is to weigh out all of the pros and cons before making a final decision.
Single Family Homes
Investing in a single f ... Read More
As a landlord, you may wonder whether you should allow dogs to live in your rentals or keep your properties pet free. There are at least two ways in which renters with dogs can actually save you money. Once you've read and understood the perks of having a dog on your premises, you may reconsider any existing ban on dogs. Here are some reasons why allowing tenants to bring dogs can save you money in the long run.
1. Dogs Can Substitute for Security Systems
Dogs are great at deterring crim ... Read More
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
The Fair Housing Act of 1968 and the Fair Housing Act Amendment Act of 1988 prohibit a wide array of discrimination when renting out a property. Unless you're offering senior housing, you cannot restrict who you'll accept as tenants when the applicants fall under any of the seven legally protected statuses. Technically speaking, senior housing is a rental property or community targeted at seniors above the age of 55. In some cases, you can ignore the family-protected status under the Fai ... 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
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
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