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
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:
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
You have a great property that you know tenants love, but finding equally great tenant takes time, effort, and experience. When you're first starting out, it's easy to make some mistakes and spend a lot more time screening tenants than necessary. Take advantage of property management techniques, tools, and services to reduce the amount of time you spend screening tenants. You'll have more time to manage your properties and establish yourself as a landlord when you ... Read More
Managing rental properties and maintaining your rental agreements is a daunting task. It requires forethought, organization, and proper knowledge of state laws. Each state has its own unique set of laws about what landlords can and cannot legally do regarding tenants. It is important to stay up-to-date on your particular state's laws, and maintain positive relations with your tenants to avoid pitfalls and lawsuits. Here are some common components of state rental laws that landlords should be ... Read More
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
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
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
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
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
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.
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
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
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
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
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
If you fantasize about building a stable of rental properties over time that will provide a steady stream of income during your retirement years, you are not alone. Some savvy landlords do just that very successfully. Others who inherit a home, own a vacation condo, or move out of a start-up residence think that holding a property and renting it out is a smart economic move. Many times it is, but before you put out the “For Rent” sign, there are certain truths that you must accept.
Entering int ... Read More
Some people think research ends when you graduate from school, but in reality we carry those research skills through every part of our lives, and if you're a landlord you will really need to sharpen those skills to work for you. If you're investing in your own area or a place you've already invested in before, you may already have a great deal of the research and reconnaissance work done when ahead of time and not even realize you've done it. This helps save time and is often one of the reasons ... Read More
Have youbeen 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 neighborhoodsgrow and change; you know how the property values have varied, and what is likely to impact them.
No matter how much time you ... Read More
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 lucky and knowledgeable enough to get the ... Read More
You have a property or two under your belt, but they may beeither a home you formerly lived inor a one-off investment. Now you’re ready to look at new investment properties by researching the best locations for your nextpurchase. Property managers have plenty of tools at theirdisposal to help them determine the hottest markets for income properties. There are three key trends to considerwhen you’re trying to predict which markets will be the most lucrative in the short, medium, and long term.
1. ... Read More
Have you ever taken just a few minutes to scroll through Trulia, Zillow, or any other listing site? If you have a rental that you're listing online you likely have, even if it was just to check to make sure everything uploaded correctly. What did you see? Depending on the filters that you used in your search you likely saw dozens upon dozens of listings in your general vicinity that are in competition with yours. If you don't stand out above the rest, that could be a real problem when it ... Read More