rental application: Always Get It In Writing And In The Lease
- 03/27/13 02:40 AM
Sometimes the owners of rental properties are too trusting for their own good. You, as the property manager, undoubtedly know what I’m referring to. But that’s why the owner hires you to begin with. They don’t want to have to deal directly with the resident-tenant, right? For this article I wanted to share a true story that demonstrates why it’s imperative to protect your clients from situations where the resident says something like, “We don’t need it in writing. I have great references and my word is as good as any document.” In this story it was the Property Manager’s idea … (2 comments)
rental application: Determining if a Tenant Is Better Than Their Bad Credit
- 09/04/12 03:13 AM
Determining if a Tenant Is Better Than Their Bad Credit When you are a landlord in this economy, you have to offer some concessions to applicants. After all, there are many wonderful renters who have poor credit scores (as you’ll discover when completing a tenant screening report) after experiencing foreclosures or job loss. However, you do still have to look at a number of things to see if they are a good candidate to rent your property: They have proof of employment – make sure that you take a look at a recent paystub that shows you that they are actively … (1 comments)
rental application: Costs New Landlords Don't Anticipate
- 08/30/12 02:33 AM
Costs New Landlords Don't Anticipate When you decide to become a landlord and rent out your property, you may assume that all of your costs will be the same, even though the property is making a transition from a primary home to an investment property. Make sure that you’re prepared to deal with the following expenses: Additional maintenance – when you live in a home and maintenance issues come up, you can get them fixed when your time and budget allow, since they are only impacting the way you live personally. For example, you may wait to have a plumber come … (1 comments)
rental application: Walking Away from Your Rental Property
- 08/27/12 02:54 AM
As a landlord, there may come a time when you are done with the whole thing – you want out; you just don’t want to deal with the risks of a changing real estate market where you might take a loss on a sale. Or you may not want to risk having your tenant abandoning ship and leaving you to foot the full bill of maintaining a property with no additional income. Either way, you’ve got to be aware of what should, and might, happen next. Especially if you're selling when you have a tenant in residence. 1. Tell your tenant … (0 comments)
rental application: Exotic Pets: Yes or No?
- 08/20/12 02:39 AM
Although dogs and cats are arguably the most popular pets for people to have in a rental unit, that doesn’t make them the only pets tenants are likely to want to bring home with them. This brings up an interesting dilemma for you as a landlord: Should you allow more exotic pets in your rental space? Should you charge more for exotic animals in a pet deposit, as well? Legalities Sometimes zoning regulations are actually so strict they don’t allow certain animals to be kept as pets. Other regulations may limit the number of animals per square foot on a property. … (1 comments)
rental application: What Rights Do Tenants Have After a Natural Disaster?
- 08/16/12 03:02 AM
What Rights Do Tenants Have After a Natural Disaster? Nobody can foresee a natural disaster or predict the devastation it can cause to a rental property. That makes it difficult for both landlords and tenants to know how to handle things when disaster strikes. Even renter’s insurance, which can be helpful in covering a tenant’s personal property, may not cover repairs to a rental property after a flood or major storm. So the question becomes, how do you fix your property without compromising your tenant’s right to their deposit and home? Vacating the Property If your property is severely damaged by … (0 comments)
rental application: Renting to Tenants with Disabilities
- 08/08/12 03:40 AM
Renting to Tenants with Disabilities Although you might have a specific type of renter in mind, when you begin your tenant screening process you’ll receive applications from prospective renters of all shapes and sizes. Some may be good candidates while others won’t even make it onto the short list. Throughout the process, however, you have to remember to eliminate applicants based on whether they’ll be a good tenant, regardless of their race, gender, or disability. Questions for Disabled Renters If a tenant with a disability is the best candidate for your rental property, it’s important to know what you must provide … (1 comments)
rental application: Respecting Tenant Privacy
- 05/17/12 05:01 AM
When you own a property, you may feel as though you’ve got the right to access it any time you want - after all, there’s a mortgage and a deed in your name. But you can’t just go strolling in whenever you feel like it, unfortunately. Why isn’t this an option, you ask? The property is your tenant’s home – despite your ownership status, your tenants are paying you rent, and it is essential that you recognize that the home is theirs. You wouldn’t have the right to just walk in on your neighbors unannounced, and the same applies in this … (1 comments)
rental application: Should You Lease Furnished Units?
- 04/17/12 03:39 AM
Should You Lease Furnished Units? If you are offering a traditional lease to a residential property, you do have the option to decide if you would like to rent the home furnished or unfurnished. Now, we aren’t talking about a short-term lease here – although, in that case you may find that renting with furniture is necessary – we’re talking about a traditional lease where people intend to hang around for a while. On the one hand, leasing with furniture may be an appealing point that puts you ahead of some of your other competition on the market. You may also … (1 comments)
rental application: How to Find the Right Tenant with Fewer Showings
- 03/07/12 08:23 AM
How many times should you show your rental property before determining if you’ve found the right renter? Is there a minimum or a maximum that will help get you to the magic number and the magic tenant? Not really, but there are a few things that you can do to simplify the process and find a new tenant in as few showings as possible. Post all the details online – when you post your rental ads online, be thorough in both your description and your photos. By providing a complete tour of your property in photos and filling in any remaining … (3 comments)
rental application: How Do You Manage a Property from a Distance?
- 03/05/12 03:17 AM
If you purchase a property that you intend to rent out, you may choose a location that isn’t close to where you live. Perhaps you wanted to invest in a more up-and-coming area, got a really great deal elsewhere, or you went in on it with a partner in that location. Or maybe you just don’t want to awkwardly run into your tenants at the grocery store. Regardless of your reasons, if you’ve ended up with an investment property that is not close to home, there are some specific management problems that will pop up. One major question is whether … (2 comments)
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Sometimes the owners of rental properties are too trusting for their own good. You, as the property manager, undoubtedly know what I’m referring to. But that’s why the owner hires you to begin with. They don’t want to have to deal directly with the resident-tenant, right?
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