The credit report tenant records are one of the most important things that you as a property owner must have. These documents and files are the ones that tell you whether or not an applicant is able to fulfill the role of being a tenant in your property.read more
When you get into the business of looking for tenants, you may think it is an easy job to handle. And at first, you would be right. However, when your business expands, you will find yourself struggling to cope with all the components of leasing property, including the all-important tenant screening process.
At this point, you will have to ask yourself how you want to handle the screenings. This is where a third person party, or a company, can come in and help you. A company that specializes in screening tenants can offer you many benefits.read more
When you have apartment vacancies, it is very common to hope that the perfect tenant will walk through your door. Often, in times of need, however, you will find that exactly the opposite person finds your listing and applies. In these tough economic times, you may be tempted to rent to the first person who applies, too, since he may turn out to be the only one.
That is a strategy for frustration. Let’s turn that situation upside-down. It would be preferable to do the following exercise before you need a new tenant.read more
When you and your tenants signed the rental agreement, listed on the agreement were all the tenants (i.e., roommates) who would be ultimately liable for payment of the rent and carrying out the obligations specified in the rental agreement. Over time, you may find that people other than the originally-listed tenants are living in the rental unit.
While most rental agreements run their course without any changes necessary, on occasion, you may find that your rental agreement needs updating. One situation where this becomes painfully obvious is when the people seemingly living in an apartment are clearly not the original tenants.read more
The college rental market is unique, with special considerations and circumstances that you should contemplate before you enter it. This article will attempt to explain these special considerations and lay out a plan for maximizing your success in renting to college students.
First of all, consider the maturity level of your average college student. In many cases, they are fresh high school graduates, out on their own for the very first time in their lives. Further, most of them will not be gainfully employed (their class work is their job, but it won’t pay the rent), and they will have zero experience living independently. Additionally, they may have no credit history whatsoever and they may not have ever purchased, leased, or rented anything on their own.read more
As a property manager, you know that every rental property is unique and your current and future tenants have particular expectations. Vacation rentals put those expectations on a completely different level. Your prospective renters expect a lot more from you and the property. If you are to be successful, you need to meet those expectations.
The first thing you need to do is imagine your typical rental prospect. What are her expectations? What does she want when she looks at properties like yours? Put yourself in her shoes—imagine her emotions as she walks through the property.read more
It seems that no matter where you go, parking seems to be an ever-present issue. It doesn’t help that cars have grown in size over the past decade, either. Parking issues arise at the grocery store, the mall, and the rental properties you manage. Your tenants will appreciate your efforts in making their parking situation as easy as possible.
There is nothing worse to a tenant than to arrive at his apartment late one Saturday night to find that there is no parking in the immediate vicinity and that he has to park his car on the street, two blocks from his house. In many places, college towns especially, tenant parking gets used on weekend nights by guests of other tenants and party-goers.read more
With record-high temperatures ravaging the United States, air conditioning units across the land are buzzing. In some places, like Phoenix, Arizona, this is not uncommon in late June and early July. However, AC running almost 24 hours a day in unlikely places like Chicago or New York is not typical.
Wild fires have also been featured prominently in the news. They have decimated places like Colorado Springs, driving people from their homes as they watch them burn to the ground. As people flee their homes, they inevitably take residence in hotels and rental apartments, as it takes months to re-build a burned-down house.read more
As a property manager, you have a lot of responsibilities. You have to collect rent, make sure your units are rented out, and keep your properties maintained in good working order so that they are attractive and appealing to the eye. Your most important responsibility, however, is tenant safety.
Your tenants are your bread and butter: They provide your income. When you first rented out your property to a tenant, you ensured, through a proper credit, that he reliably paid his bills, in full and on time. You also checked that your tenant was gainfully employed to ensure that he would be able to pay his rent.read more
Your rental property business relies on a multitude of things to be profitable. You need to maximize the difference between income and expenses (i.e., profit) and there are many ways to do this. Of course, placing an emphasis on making sure that all of your rental units are rented out should be of particular concern. However, keeping your expenses as low as possible is tantamount to maximizing your profits. In the following, you will find out a few ways to do so.
Preventive maintenance is always the best way to minimize your expenditures over time. Properly maintaining your rental properties is far superior to allowing things to break and then fixing them. Some of your bigger potential maintenance costs include properly servicing your appliances like community washers and dryers. A little bit of proactive maintenance goes a long way. Train your staff to clean the washers and dryers each and every day; inspect each machine at the start of the day, and make sure that they take care of any minor issues promptly.read more