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
As a landlord or property manager, you will find it ultimately inevitable that illegal activity occurs on your premises, at one time or another—even if your property is in the most upscale area. What should you do when you discover that unlawful acts have occurred within your rental property? Learn some best practices in the following paragraphs.
First off, if a crime occurs on your property, what should you do? In many cases, theft or burglary occurs from time to time. Another fairly common crime that your tenants may be victim to is mugging or battery. Obviously, your first concern is your tenant. Make sure that he or she is alright, call the proper authorities (i.e,, the police in most jurisdictions but sometimes the country sheriff), and take care of the immediate situation. Safety and the well-being of your tenants should be your highest priority.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
As Fall has just arrived, it’s very easy to push off winter preparation for a few months. However, NOW is the right time to be thinking about preparing for winter, especially when it comes to preparing for winter storms.
Each year, Mother Nature wreaks havoc on rental properties all across the land, from damage causes by snow, water, hail, lightning, and myriads of other things. Winter storms cause billions of dollars in damage each year and property management companies spend considerable money and time preparing for winter storms and cleaning up in their aftermath.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
For the vast majority of move-outs, you will conduct your walk-through, determine what is necessary to bring your rental unit back to your standards for your next tenant, and assess any applicable charges against the exiting tenant’s security deposit. Most times, this process moves along without a hitch.
However, on occasion, a tenant will leave without notice, and you are left having to deal not only with finding another tenant to rent to, but also having to handle properly removing the personal property that was left behind.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
In any business hiring and managing employees is a difficult and challenging process. It is also a legal and bookkeeping nightmare and can cost a lot in terms of bureaucracy and record-keeping. You may be tempted—for good reason—to hire independent contractors. Here’s why.
First of all, let’s address the nuts and bolts of hiring independent contractors versus employees.read more
Ah, summer time! It’s warm, sunny, and busy! Your pool most likely gets a LOT of use during July, August, and September. Your pool maintenance schedule probably consists of checking pH levels multiple times per day, adding chlorine by the barrel-full, and sweeping each and every day, sometimes 2 or 3 times per day in the times of heaviest use.
However, all that changes as soon as the kids go back to school. The temperatures drop, the rainy season may follow soon behind, and less people use the pool. It’s a familiar cycle.read more