Feb
07
Jan
12
Keep up on Repairs
The longer you wait on repairs, the more expensive and extensive they become. Physical issues at a property tend to just worsen over time and then need to be done quickly.
If repairs are taken care of in a timely fashion and before they are too extensive, this will ultimately save you money in the long run.
Inspect Property Annually
This not only keeps tenants on their toes and keeps them accountable; it shows them that you actually care about the property. This also allows you to see how the property looks and encourage the tenants to let you know if there are any issues they haven’t brought up. This will not only help you keep the property in good condition but al...
Oct
10
Here are five easy steps you can take to help protect your investment property against potential damage.
Use glossy or semi-gloss paint
This makes it easier to clean walls and remove things like smudges and scuff marks
Install Door stoppers behind every door
Prevents damage if doors are slammed and bang into a wall
Forget about Carpet, go with tile, faux wood or bamboo flooring
These flooring options are much more durable and last much longer than carpet.
Simple landscaping
Renters may appreciate a few plants here and there, but less is more and it’s best to keep it as low maintenance as possible
Require tenants to replace AC filters
Be sure to include a clause in your lease tha...
Jan
16
Month-to-month lease agreements provide both the landlord and the tenant with flexibility, but as with anything they also have some down sides
Pros for Tenants:
- Flexibility to move - one of the most common reasons for a tenant to sign a month to month or opt to go month to month is so they have the ability to move quickly.
- No specific end date - unlike a long term lease agreement, month to month leases allow you to give a normal (typically 30-60 day) notice and you aren’t burdened by lease break penalties
- You can (usually) switch to a long term lease -a lot of owners give the option to sign a longer term lease if plans change
- Can look for a home - this is often an ideal o...
Aug
22
Rental properties are a big investment, so making sure you are protecting your investment is a must! Here is a breakdown of what your landlord insurance can cover:
Property damage: This covers damage to the home itself and personal property due to fire, storm damage, theft, vandalism and tenant damage. Ideally, your landlord insurance will cover the replacement costs for your entire rental property in the event of a total loss.
Liability insurance: This coverage protects you against liability claims and lawsuits. Whether a tenant, visitor or even a trespasser is injured on your rental property, you could find yourself in a legal headache. Your liability insurance will help you ...
Aug
16
Although they’re more common in suburban settings, single-family rentals have been abundant in most of the nation’s biggest urban centers. When RENTCafe looked at increases in the number of renter-occupied households by type, they found that in 22 of the 30 largest U.S. cities single-family rentals expanded faster than apartments between 2007 and 2016.
With some of the largest numbers of foreclosures and sharpest drops in home values during the housing bust, the city of Phoenix tops the list of cities with the biggest percentage increase in single-family rentals. According to U.S. Census estimates, the number of houses for rent in Phoenix increased by a whopping 7...
Aug
10
Finding new tenants is expensive and time-consuming. The cost of advertising, showing the property, screening potential tenants and more eats into landlords’ profits, especially as the property sits vacant.
So what are the benefits of offering incentives to tenants to renew and/or sign leases?
Keeping good tenants is always the way to go, which is where incentives can come in handy. According to a survey conducted by SofwareAdvice.com, half of males and 41 percent of females aged 26 to 35 say they would be more likely to stay at a rental property if offered an incentive when the lease is nearly up and 52% of renters prefer cash or other types of spendable rewards.
Incen...
Jul
26
1. YOU'RE THROWING MONEY AWAY
WHILE YOU MAY NOT BE GAINING EQUITY IN A HOME, YOU ARE PAYING FOR SOMEWHERE TO CALL HOME, WHICH IS NOT THE EQUIVALENT OF THROWING MONEY IN THE TRASH
2. YOU HAVE NO NEGOTIATING POWER
RENT PRICES AND LENGTHS OF LEASES ARE OFTEN NEGOTIABLE. DON’T BE AFRAID TO ASK THE PROPERTY MANAGER OR LEASING AGENT TO SEE WHAT THE OWNER WOULD CONSIDER.
3. IT'S DIFFICULT TO GET OUT OF A LEASE
ALTHOUGH YOU ARE RESPONSIBLE FOR THE LEASE, DEPENDING ON THE LEASE TERMS, LEASE BREAK POLICIES CAN DIFFER. RESEARCH YOUR LEASE OR AS THE LANDLORD/PROPERTY MANAGER FOR MORE INFORMATION
4. THE LANDLORD IS RESPONSIBLE FOR ALL REPAIRS AND REPLACEMENTS
AGAIN, DEPENDING ON THE LEASE TERMS, ...
Jul
13
As a property manager it’s a good idea to inspect properties regularly.
When should you inspect?
Move In - done before a new lease begins, ensures all previous work has been completed and property is move in ready. Then again by the tenant once they move in to notate the condition of the property when the moved in.
Annual - done with a tenant in place to note the condition of the property; one, two or even three times a year is normal.
Move Out - accesses the overall condition once a tenant moves out
