8 CHANGES THAT NEED TO HAPPEN BEFORE YOU GET NEW TENANTS

When landlords are changing apartments out between tenants there are basic maintenance items that will need to be done to ensure the unit is ready for the next tenants to move into. Doing these routine maintenance items is key to keeping the units all looking neat, clean, and in top shape for the next tenant who is going to move in.

The following is a checklist of 8 things that need to be done between each tenant moving out and the next one moving in:

• Repair Any Damage Caused By Previous Tenants: If there is anything that needs replaced or repaired you will have to take care of that before welcoming new tenants into the rental unit. This will include things like a hole in the wall or a broken window. Maintenance of the unit will be necessary before the next tenant moves in to help ensure that the next tenant can live safely and healthfully in their new home.

• Clean the Property: Paying a professional to come in and clean the unit will be necessary before the next tenant is able to move in. It will help get rid of any dirt and grime left behind from the last tenant and make it sanitary for the next tenant to move into the property. This especially includes areas like the tub, toilet, sinks, refrigerator, and oven as well as washer and dryer and any other appliances that are in the unit for the new tenant to use.

• Deep-Cleaning the Carpets: Having a cleaning service come in and helping deep-clean the carpets will help remove all the dirt and grime that was left behind from the previous tenants. It not only keeps the unit clean but helps preserve the life expectancy of the carpet to have it cleaned on a regular basis. It also provides a nice, clean place for the new tenant to move into.

• Checking for Insects/Bugs: This might sound weird but many parts of the country have issues with a whole variety of insects at various times of the year. Ensuring that the unit is clear and free from bugs especially around windows and doors is vital before a new tenant moves in. Nothing will turn someone off faster than finding a dead bug or bugs in their new rental!

• Check Heating/Plumbing/Electric: Ensure that all utilities in the unit are working properly before allowing tenants to move in. This means they will be able to turn on the heat or air conditioning unit to keep the temperature comfortable or are able to turn the oven on to cook a meal. The tenant will need to be able to use electric plugs in the walls safely meaning there is no risk of sparking or other issues that can cause electronics to overheat or risk of the tenant getting shocked or otherwise injured. Checking all this to make sure it’s in order between tenants is vital to avoiding a future issue once new tenants have moved in.

• Review The Entire Lease with the Tenant: Go over each lease section by section when the tenants sign it so they understand what is allowed and what is not while they are renting the unit. This will include what quiet hours are in the neighborhood or this may include things like how many vehicles they may park on the premises or how many people are allowed to stay in the unit and for how long if they are not listed on the lease. It will also make it clear how many pets or what kinds of pets are allowed in the rental. Having them sign each section as you review it can help eliminate the questions and misunderstandings about how tenants are expected to conduct themselves.

• Change the Locks: Changing the locks before new tenants move into the unit is vital to keeping them safe and ensuring that people from past rentals don’t have a key to this person’s residence. Keeping everyone safe is the best bet and changing the lock with each tenant is the best bet.

• Collect Security Deposit & First Month’s Rent: Security deposits cover you as a landlord in case there is damage to your property. Requiring rent to be paid up front ensures that you are not going to have people living there not paying rent, so collecting it UP FRONT is in your best interest.

These are just 8 of the great tips that landlords can use to help ensure that their their tenants are moving into a clean and comfortable rental and are ready for them to live in and enjoy while they are staying at one of your properties.

6 Things Tenants Look for in a Rental Property

October 29, 2018Edit

Although things like location, walkability, and nearby amenities matter to tenants looking for a rental home, those decisions occur before you buy the property you intend to rent out. To make your existing rental as attractive as possible to new tenants, recognize the interior and exterior features most of them look for. These changes range from the simple to the extensive, but all can make a real difference on how many applicants you attract and what they are willing to pay for their monthly rent.

WHAT DO TENANTS LOOK FOR IN A RENTAL HOME?

One of the first considerations when deciding where to rent is safety.

OFF-STREET PARKING

Tenants want to make sure their family car or SUV will be safe from accidents and vandalism. A driveway also gives a place for kids to ride their bikes and have fun.

LOCKS AND ALARMS

Home security gives peace of mind that their belongings and the people they care about will remain safe while they live in the rental property. Install new locks with every change of tenant and make sure security systems are functioning properly.

Tenants also care about efficiency and function.

ENERGY-SAVING APPLIANCES

Not only are new ovens, dishwashers, and laundry machines easier to use, they save money on utility bills that most tenants have to pay themselves.

UPGRADED FIXTURES AND LIGHTING

With an open floor plan and plenty of natural light, this may not seem important, but properties still look and feel more comfortable when the lighting is bright and new. Use LEDs to save electricity as well.

Comfort, appearance, and curb appeal matter too.

NEAT LANDSCAPING

If the renters will manage the lawn and gardens, make landscaping low-effort but still attractive. Property managers can handle contracting with outside services if you prefer.

HEATING AND CENTRAL AIR CONDITIONING

These systems should be efficient and work very well. If the tenants cannot get comfortable in their home, they will think twice about renewing the lease.

Off-site and out-of-state property owners need assurance that these features are in good condition and maintaining their value as tenant attractors. A professional property management company can give you peace of mind that the changes you make to a property are having the desired results and a true boost to renter satisfaction.

How To Choose the Rental Properties You Invest In

Choosing the rental properties that you want to invest in can be challenging for landlords. In the end, landlords want to invest in properties that will be lucrative and will not only help them make their money back off of the investments that they have made but also to help them turn a profit.
Hand-selecting properties carefully can be the difference between losing $10,000s doing renovations before someone can event rent the unit versus simply having to spruce up the place a bit before it's "rent ready".
So What Do I Look For When Deciding What Properties to Invest In?
Anyone looking to get into being a landlord needs to know what to look for in potential properties that they will invest in. This can be the difference between investing in rental properties that turn out to be nothing but "money pits" versus investing in those that are going to help the landlord make money instead.
The following are some great tips to help new landlords decide which properties are worth investing in versus things that should tell them to "STEER CLEAR" of the property:

• Research The Area: Research the area to determine which types of homes are the most in demand at that time. This can help you determine which types of homes you want to invest in. This can be the difference between deciding to invest in townhomes versus condos or single-family units. Knowing what rents for the highest rates in that area will help you know what to focus on when you are purchasing properties to rent out.

• Set Your Criteria: Set the criteria on the properties that you will be purchasing for rental units. For example, you may only want to rent homes that are a minimum number of square feet in size or you might want to only purchase properties with a certain number of bedrooms and bathrooms. Other options for minimal requirements might include things like appliances must be from a certain year onward or that the property must be more recently renovated.

• Remember, It's OK To Start Slow: Just because you want to invest in rental properties does not mean that you have to go out and buy 25 properties to start. It's OK to start slow and build into it. There is a great article from the Washington Postthat even suggests buying a property a year is a great way to build up wealth in real estate over time. Take it at the speed you feel comfortable going at and can reasonably afford without spreading yourself too thin financially.

• Consider the Area You Are Purchasing Property Near: Consider the parts of town you are purchasing property in and how easy they are to rent out. For example, you will get more money out a rental in a safe community than you will in a community or area that has a higher crime and violence rates. Properties next to other distractions or annoyances such as an airport or train tracks may also affect the desirability of the properties being purchased.

• Have Each Property Inspected: The average home inspection will cost $300 to $500 per property. Yes, this may seem like a cumbersome expense to take on before you even purchase the property but it can save you a lot of unnecessary expenses later on. Inspections can reveal problems with the property that you otherwise wouldn't have known about. Structural issues and safety issues are taken very seriously when someone is renting a property and you are protecting both yourself from legal action and your tenants from dangers to ensure that your properties are in good condition before purchasing and renting them out.

• Understand Your Expenses When Choosing Rentals: This includes understanding the tax rates in the area. The amount of tax that you have to pay on your property will cut into your profits as a landlord. Some neighborhoods have different tax levels than others. Some cities, towns, and, counties that seem close in proximity have very different rates of taxes. Understanding this as you go in helps you calculate what you will pay before you take the leap and realize property taxes are too high. As a landlord, you pay these taxes, not the renter, so you are responsible for whatever those taxes may be!

• Consider the "Livability" of the Area: Choosing a neighborhood that is desirable to more people will lead to more successes in renting out your properties. This includes ensuring that there are good schools in the area, that the crime rates are low, and that the area has amenities people want to use and will enjoy. This will all entice people to move to the area if it's a quality neighborhood where people want to live.

The bottom line is that every area has great neighborhoods to live in and rental properties to purchase.
Finding the ones that people want to live in is the key to being a successful landlord. In the end, there are no guarantees, but ensuring that you are purchasing properties in an area where people want to live and can pay a good going rental rate will ensure that you are lucrative as possible in your future landlord endeavors.

5 Tips For How to Successfully Manage Multiple Properties

Being a landlord or property owner can be a stressful job. Add in the fact that you very well might be managing multiple properties and the job becomes even more challenging. The more properties that get involved, the trickier the entire managing process becomes. Many property owners are not sure how to handle the additional stress and balance all the responsibilities that come with managing the extra properties.
While managing multiple properties at a time is never easy, the good news is that the following are 5 tips that can help you organize the managing multiple properties a much easier process:

• Screen the Tenants Carefully: Carefully screening your tenants before they move in or utilize the property will make less stress for you in the future. Ensuring that tenants have a clean criminal background, have adequate income to pay the rental rate being charged, and ensuring they haven't had past rental issues can make your job much easier in the future. Keep in mind that no screening process is 100% foolproof, however, screening carefully can help you find more cooperative tenants moving forward. Keep in mind that this process may take more time at the initial screening process but that additional time and effort now can pay off tenfold in the future when those tenants are less likely to give you problems than the ones you don't screen carefully.

• Provide Equality For ALL: This might seem like the most obvious of all, however, it happens and sadly it happens all too often. It's not only illegal but it's also wrong to be prejudice against anyone based on any sort of race, gender identity, religion, sexual orientation, etc. for any reason. Any rentals you have on the market should hold an equal opportunity for everyone to rent that property if they are a qualified tenant.

• Pre Schedule Regular Visits: While it is very much illegal for a landlord to barge into a tenant's rented space to inspect it or see if something is going wrong, scheduling regular visits with the tenant to inspect their property is perfectly legal. Provide plenty of warning and keep the visits scheduled on a regular basis so it's no inconvenience for the tenant. Be willing to move visits if it fits the tenant's work schedule or social life. Don't make it an inconvenience for them but ensure that you are able to check to make sure things are going smoothly and that they don't need anything from you as well.

• Be Available to Tenants: While it's unreasonable to expect you to answer a phone call about a light bulb that needs to be replaced at 3 am, tenants will expect timely responses to their inquiries about issues with their rental. Setting a 24-48 hour response rate during business days will allow tenants to know that you care about their needs without making you go crazy. You won't feel like you have to be available 24/7/365 (because you have a life as well) yet it won't leave tenants feeling neglected or uncared for which is crucial to keeping quality tenants long-term.

• Set Aside YOUR Time: Even if it's a few hours per day, set aside time that you TURN OFF your business electronics and set time aside for you. Spend it with your family or do something you personally enjoy. This is critical to keeping that work-life balance in check. While it can be very hard to set limits on your work when you are self-employed in a position such as a landlord, it's vital to keep your work-life balance in check and to giving yourself time to unwind and relax.

These are just 5 great tips that will help you be the best property manager that you can be. Treating residents with respect will likely get you the same treatment in return! Be attentive to your resident's needs and their requests, comments, and concerns while also being professional and protecting your best interests. This balance will help you be the best landlord you can be and will keep your tenants happy well into the future!

7 TIPS FOR SUCCESSFUL HOME RENOVATIONS

Home renovations, property investments, or flips can be very stressful projects to undertake. It can be even more stressful if you are not sure exactly how to go about the renovation and what you should do to make the renovation go smoothly as possible.

Sure you can hire an architect to do all the work for you but if you are on any sort of budget that is quite a costly undertaking. If you are choosing the more DIY route, the following are 7 things to remember when you are going to renovate or flip a home:

• Budgeting Will Be Key: Budgeting will set a total price tag that you are willing to spend on a project. For example, if you are renovating your kitchen, you might say I am not willing to spend more than $10,000 on this project. Knowing how much you can spend will help you determine which projects are most important and will be tackled first.

• Do Your Research: Understand what features will have the highest resale value if you are ever looking to sell your home. For example, if you want both new countertops and new appliances then do some research and find which one will give you a better return value on your investment when you go to sell your home. If you ever plan to sell your home, determining which renovations offer the best return on your money you will have a better guide to determine which renovations you undertake first.

• Increase the Efficiency of Your Space: Renovations generally do not create more space. The square footage of your home is the square footage of your home, however, maximizing the space you have can make all the difference in making your home feel much larger than it did before the renovation. This is especially true for storage spaces, maximizing every inch can make the home feel like it has a lot more storage space than it did before. It will help you get the most out of your renovation and a great resale value if you ever look to sell your home.

• Consider Adding Natural Lighting with Skylights: Adding skylights to “dark” rooms such as bathrooms or closets can add plenty of extra natural light to the home, which makes these rooms more usable. A skylight is also a relatively “economic” option for your home about $400 and $1300 depending on the size from start-to-finish.

• Do Some of the Grunt Work For Yourself: Whether it’s hauling heavy objects or demolishing an existing structure to replace it with a new one, doing many tasks yourself can save you from having to hire outside labor. Laborers work is not cheap but if you become the laborer you can save quite a bit of the cost of the project by making it a true DIY.

• Visit Secondhand Stores & Recycling Facilities: You will find great deals at many junk yards, scrap metal facilities, secondhand stores, and other recycling plants. Everything from cabinets, tubs, sinks, or even front doors can be reused. You can find many of these prices at steep discounts by simply buying secondhand and renovating the items at home on your own. That way you can customize them to fit the renovations you are doing as well!

• Look At Garage Sales, Flea Markets, & Estate Sales: Many different garage sales, flea markets, or estate sales can offer great deals on gently-used or barely used second-hand furniture. This may be just the place that you find a great deal on dream piece a piece that looks like it was just made for that room you’ve been renovating.

These are a few great tips that you can follow to help make your renovation easy and effective as possible. Planning ahead is key. Make a budget and stick to it as closely as possible. This helps you undergo a smooth renovation you can afford while also adding value to your home in case you ever plan to sell your home again.