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5 Efficient Landlord Marketing Tips for Filling Vacant Rental Units Quickly

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Vacant rental units take money out of landlord pockets. The sooner they can get new tenants, the better their cash flow will be. However, landlords must be careful not to compromise quality tenant screening techniques for the sake of filling the vacancy, or they will risk problems later.

The following are some effective ways to market vacant rental units and fill them quickly with desirable tenants.

Vacant Rental Units

1. Narrow the Marketing of Vacant Rental Units to a Specific Type of Tenant

General “For Rent” notices are commonplace, and they all begin to look the same to potential renters searching for a place to live. Make listings stand out by explaining why the vacant rental units are ideal for certain tenants. Give reasons why the location is perfect for a family, seniors or the young professional just out of college.

2. Create a Professional Looking Listing

Investing time in creating a listing with photos, lists of amenities and statistics is important for success. When a listing looks refined and professional, it will draw a higher class of tenant to the property. The landlord will gain credibility with potential renters by ensuring the listing is appealing, accurate and full of useful information.

3. Make Extensive Use of the Internet

Today’s tenants go online with their smartphones and tablets to check out listings for vacant rental units. Many are accustomed to finding what they want on social media sites and other Internet resources. Landlords should create a dynamic presence for themselves and their properties with a website or social media page such as Facebook or Pinterest.

4. Advertise Where the Tenants Are

List properties in the locations most likely to draw the kinds of tenants desired. Consider contacting the human resource departments of large employers in the area to get involved in any referral programs they might have. Some realtors specialize in relocating people and businesses; they can also be a valuable resource. Local colleges often have housing departments that will list properties for rent.

5. Streamline the Screening Process

Landlords should strive to be as fast and efficient as possible with their tenant screening. If potential renters are kept waiting too long while the process is taking place, they may decide to look elsewhere. A professional tenant screening service can offer quick turnaround on thorough background checks.

The more time and attention a landlord places on focused marketing efforts, the better their chances are of finding ideal tenants to fill vacant rental units. Time invested in creating efficient marketing and screening processes can pay off with profitable, problem-free quality tenants.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

5 Current Leasing Trends Landlords Should Consider

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Like any industry or area of life, the world of owning and renting out properties has its own trends. Most of the leasing trends arise out of tenant needs and regional or cultural developments.

Leasing Trends

The following are some current leasing trends that landlords might consider adopting in their own rental businesses:

1. Smoke-Free Properties

More and more Americans are aware of the risks and health hazards of smoking. As many cities and states adopt laws banning smoking in varying degrees, landlords are following suit. Many people have quit smoking, and fewer young people are being swayed to try this health-eroding habit. A smoke free policy can help to keep properties clean, fresh, appealing and healthy for all renters.

2. Electronic Rent Payments

One of the other leasing trends in property ownership is the acceptance of rent payments digitally. The world is increasingly becoming paper-free, and many tenants appreciate the ability to use their PayPal account, a mobile app or e-check banking to make on-time rent payments.

3. A More Flexible Pet Policy

Some landlords have a 100 percent ban on pets with little to no flexibility. However, leasing trends lately have shown many property owners adopting more flexibility on this issue and are allowing pet-friendly apartment. Allowing one cat or dog for an increased security deposit is one option. Landlords might also establish a weight or size limit for pets.

4. Creating and Enforcing a Subletter Policy

There are a variety of approaches to the idea of allowing existing tenants to sublet the unit they are renting. Landlords should include a clear, concise subletting policy on the lease. Whether they allow tenants to sublet a room or the whole unit, clarity about this issue is key to avoiding misunderstandings down the road. Some landlords forbid subletting altogether; if so, this policy and its consequences should be clearly stated on the lease.

5. More Stringent Applicant Screening

In addition to the leasing trends mentioned above, landlords are also less willing to take risks with their properties than ever before. In today’s world, the potential for financial issues or criminal behavior is just too great. Better to avoid a high-risk tenant than have to deal with the stress of handling bad behavior down the road. Professional tenant screening can identify applicant red flags so that landlords can connect with the highest quality tenants for their units.

Like any area of life, there are trends that come and go in the world of property rental. Landlords should consider these leasing trends and ideas for their own properties. Doing so just might result in higher tenant satisfaction levels and more success as a landlord.

Source: http://www.americanhumane.org/animals/adoption-pet-care/caring-for-your-pet/pets-in-rental-housing.html

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

The Right to Bear Arms: What Landlords Should Know About Tenant Gun Ownership

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Tenant Gun Ownership

The issue of tenant gun ownership and gun owner’s rights are in the press quite a bit right now. Overall, tenants are protected under the second amendment of the Constitution, but landlords may still conduct criminal background checks to ensure tenants will be responsible gun owners.

Tenant Gun Ownership Specifics Vary By State

The second amendment as well as individual state’s rights play into what is acceptable for this issue on a state by state basis. Many states have conceal and carry laws on the books, which means that individuals with the required permit may carry a loaded firearm on their person. This means they may also have them in their living space, even if it is a rented apartment, condo or home.

Even in states that do not have conceal and carry permits on the books, tenant gun ownership is generally allowed by virtue of our nation’s Constitution. While many fear the integrity of the second amendment is in danger of being challenged by President Obama, for now, tenant gun ownership rights are still intact. That said, because landlords are technically business owners, they do have some latitude in the rules they set up for their properties.

From “Reasonable Regulations” to Inherent Rights

Some landlords and property owners have taken it upon themselves to challenge the Constitutional right to bear arms. A few have imposed bans on all weapons and firearms in their buildings and properties.

While gun owners can challenge these landlords and often win, some states like Colorado are actually more supportive of this type of action taken by landlords. The term “reasonable regulations” is often used to describe what landlords are allowed to enforce, although the specific meaning can be hazy.

Some states actually have laws on the books that prohibit property owners from issuing any type of restrictions on gun owners. Minnesota, California and Virginia are three such examples. Other states are more reticent on the issue, and a range of outcomes are possible if a landlord decides to impose parameters on the rights of gun owners who live in their properties.

Rental Screening Makes All the Difference

Regardless, landlords can always make use of a professional rental screening service to assist them in finding quality renters for their properties. Criminally-minded persons with guns are a threat to any vicinity; however, there are also many responsible, law-abiding gun owners in America. Resident screening can help with determining and avoiding the potential tenants who have a history of violence or criminal behavior.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

5 Landlord Tips for Having A Pet-Friendly Apartment

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Having a pet-friendly apartment and allowing tenants to have pets has both risks and rewards. However, with some ground rules and tenant screening practices, it is possible to connect with responsible pet owners.

Pet-Friendly Apartment

According to pet ownership statistics from 2012, nearly 67 percent of American households have at least one dog or cat. Not allowing renters with pets reduces a landlord’s potential tenant pool by about two-thirds. Conversely, having a pet-friendly apartment and allowing pets could allow vacancies to be filled much faster.

But how to make a pet-friendly apartment and the entire property “pet friendly” in a way that protects and preserves the property and a landlord’s livelihood?

The following tips and ideas can assist with making a pet-friendly apartment and a property open to pets in a way that is fair to everyone involved – including the animals:

  1. Set Reasonable Limits

Ground rules should be set for properties and kept consistent for all renters. For example, one dog per unit could be the limit. Other landlords might consider a “total pounds” rule, meaning the weight of all pets combined may not exceed a certain limit.

  1. Vaccinations

It is advisable to require that pets stay up to date on their vaccinations for rabies and distemper. These shots are required by law in most states anyway, so it’s a good idea to enforce them.

  1. Spaying and Neutering

It is also reasonable to require that pets be spayed and neutered. This requirement will help to eliminate a number of undesirable behaviors, reducing the likelihood of property damage and liabilities. Animals that have been neutered are far less likely to urinate around the property and become aggressive or destructive.

  1. Pet Deposits

Requiring an additional security deposit when a renter has a pet is a good idea. Some landlords choose to make this pet security deposit non-refundable; however, not all states allow for this. Landlords should check the specific rules in their state before having a pet-friendly apartment.

  1. Screening Tenants

Screening tenants carefully and thoroughly can yield a wealth of valuable information. References should be collected from prior landlords. Character references can also be requested; garner permission for these persons to be contacted.

A professional tenant screening service can assist with checking an applicant’s credit history and criminal record. Insights into these areas can help determine if a potential tenant is likely to be a responsible pet owner – someone who will treat the property with respect.

Becoming a pet-friendly landlord and having a pet-friendly apartment can increase a rental business in positive ways if handled responsibly. Use these five tips to become a successful pet-friendly landlord.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

4 Essential Things New Landlords Should Know

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New Landlords

While being a landlord can be lucrative and satisfying if done well, it isn’t for everybody. New landlords should possess essential qualities and information to increase their chances for profits, success and a positive overall experience.

The following are four essential things new landlords should know:

1. Numbers Count

First and foremost, one should determine if being a landlord is in the best interests of their financial future. Startup costs are mainly about procuring a property or properties to rent, of course, and a mortgage payment will factor prominently in the math. New landlords must evaluate the chosen area and rental market and decide what kind of rent amounts and return on investment are possible. Repairs, maintenance, marketing, property taxes and other relevant costs should be factored in.

2. Becoming a New Landlord Means Running a Business

While renting to reliable, high-quality tenants in well-maintained properties can result in cash flow that feels like passive income, those considering this path should know that being a landlord is far from a passive activity. Persons who become new landlords should have entrepreneurial characteristics like discipline and big-picture thinking. They should also be skilled at DIY household projects and/or be prepared to outsource what they prefer not to do themselves. Being organized and keeping good records is important as well.

3. Outsourcing Can Lower Stress

New landlords should also know that they don’t have to go it alone. Many aspects of being a landlord can be outsourced, from repairs to maintenance to all the details of managing the property. Tenant screening may also be outsourced.

4. Rental Applicants Should Be Screened Thoroughly

Lastly, one of the key ways to help guarantee a positive experience for new landlords is by screening potential tenants before making final decisions. Tenant screening should involve asking applicants for permission to contact their employer, past landlords and references that they provide.

Applicants should be screened for state eviction records, criminal background records and their credit history at a minimum. Hiring a professional tenant screening service to take care of this important step can ensure that it is done thoroughly and in compliance with state and federal laws.

Being a new landlord can be lucrative and highly satisfying, but only if it is done with a keen business sense. Those considering becoming a new landlord should be aware of these four tips to maximize their odds for success.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

Rents on the Rise: How Landlords Can Take Advantage Of The Rising Rental Market

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rising rental market

Recent studies have shown that rents are on the rise in the U.S. Harvard University found that the percentage of Americans who are renters has risen since 2004, and is now up to 43 million households. The rising rental market and trends toward renting continues, affording an excellent business opportunity. Being a landlord can be lucrative, but only when done well.

Here are four ways for landlords to take advantage of the rising rental market:

1. Be Aware of What’s Required

Being a landlord requires a certain type of individual who can blend customer service with professionalism, patience and attention to detail. Landlords must also be willing to follow state and Federal laws to ensure that they stay in compliance with current renting laws and practices; partnering with a professional tenant screener can assist in these areas.

2. Pride of Ownership

Drawing in quality tenants requires creating an appealing property that has both functionality and curb appeal. Finding the right balance between staying on budget and keeping properties attractive and appealing is another effective way landlords can draw in quality renters in this rising rental market and keep those tenants around long term.

3. Screen All Tenants

Finding good renters depends largely upon the effective screening of all applicants. Tenants should be screened in a broad range of areas, including their current income, employment status, past rental history, credit checks, eviction history and criminal history. A quality tenant screening service can assist with screening in several of these areas in a way that is compliant with current laws and assists with finding the best people to approve as tenants in this rising rental market.

4. Outsource to Professionals

While a landlord may be handy and proficient in some areas, a good one also knows when to let someone else handle more challenging tasks. Certain repair or remodeling jobs may be beyond the scope of what the landlord can handle. Tenant screening laws and considerations can be complex and difficult to navigate; outsourcing tenant screening can help to eliminate risk and ensure that it is done effectively.

More and more Americans than ever are renting instead of buying these days, and this creates an opportunity for property owners. Landlords can use these four tips to make the most of a potentially lucrative and rising rental market.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

Top 5 Ways Landlords Can Draw In Quality Tenants

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Quality Tenants

With more people than ever looking to rent instead of buy, landlords must sort through a larger pool of potential renters than ever before to find quality tenants.

The following are some effective ways to help draw in and rent to the highest quality tenants available:

  1. Offer a High Quality Product

The rental property is the landlord’s product, and it’s crucial that it be competitively priced while reflecting a high level of quality. Properties should have tremendous curb appeal as well as high quality features and accents. They should also reflect continual maintenance and upkeep. Keeping the house freshly painted and with excellent landscaping can also contribute to its appeal.

  1. Use Online Media

The Internet offers a wealth of opportunities for listing vacant rentals in quality websites that are known and trusted by users. Zillow, Trulia, Rent.com and even CraigsList are all frequented by those looking for a home, apartment or condo to rent. A well-written listing, high quality photos and strict parameters about income requirements will all help to draw in high quality tenants and appealing renters.

  1. Spread the Word

Asking current tenants who are of high quality for recommendations can help landlords to fill vacancies with high caliber renters. Ask your quality tenants to spread the word both the “old fashioned way” and online to their contacts. Social media sites, forums and local groups are all potential venues for connecting with new tenants.

  1. Excellent Property Management

Whether the landlord outsources property management or does it themselves, a commitment to high quality is key. Responsiveness to tenant questions and needs as well as addressing problems when they arise is a hallmark of a good landlord, and they are more likely to attract high quality tenants and keep them.

  1. A Professional Tenant Screening Service

Finding quality tenants requires a careful and comprehensive vetting process that allows landlords to sift through all applicants and zero in on the best candidates. A professional tenant screening service can assist with looking for past financial issues, state eviction records and criminal history records so that the best renters can be determined.

Great tenants may at times seem elusive, but they are out there. These five landlord tips can assist landlords in finding and keeping high quality tenants and running a successful business for years to come.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

5 Rental Agreement Policies Landlords Should Not Leave Out

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A rental agreement outlines the rules, regulations, details and parameters to be followed by a tenant while they are leasing property. It should cover a range of policies and specifics to ensure compliance; however, some areas are more important than others.

Rental Agreement

Here are five key rental agreement policies landlords should include:

  1. Security Deposit Details

While the amount of the security deposit will have been clearly stated during the application process, rules and parameters related to possible penalties and deductions from its amount should be clearly stated in the rental agreement.

  1. Late Fee

Charging a late fee when tenants are tardy with rent is one of the most effective ways to compel consistency with payments. The amount and terms of this policy should be in compliance with state laws and mapped out clearly in the rental agreement.

  1. Number of Occupants and Subletting

The number of renters that a landlord chooses to allow in their property should be clearly delineated. If subletting will be an option for current tenants, clear guidelines about the process should be spelled out in the rental agreement. Having the current tenant pay for tenant screening and a background check for the new renter should be strongly considered.

  1. Pet Policy

If pets are strictly not allowed, the rental agreement should state this clearly. If they are, rules and parameters should be spelled out. Some components of this section might include limits on the number of pets, their size and type. Specifics about keeping the interior and exterior of the property maintained should also be included. Many landlords charge an additional security deposit amount for pets, and some make it non-refundable; be sure to delineate all of the specifics of your pet policy.

  1. Termination and Other Restrictions

Rules, laws and guidelines for termination of a lease and tenant eviction vary from state to state, but a rental agreement should include a policy that is in compliance. Grounds for eviction might include illegal activity on the premises or failing to pay the rent for a certain number of months.

A rental agreement can help to avoid disputes down the road related to property rental. While it should contain a range of key details, these five policies are crucial, and landlords should ensure they are clearly delineated in their rental agreement.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

3 Tips For Landlords Taking On Short-Term Tenants In The New “Sharing Economy”

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You’ve probably heard of or seen the headlines. A homeowner rents out their home on a short-term basis and ends up with the legal nightmare of a squatter who won’t leave.

Sharing Economy

The “sharing economy” refers to the trend of consumer peer-to-peer rentals of houses, cars, skills, and other goods and services. With the rise of the sharing economy, many homeowners have become de facto landlords through use of sites like VRBO and Airbnb.

How can property owners protect themselves as they pocket a little extra cash?

Understand state and local laws

You could rent out your home as a short-term vacation rental for years with no problems. In fact, that’s how it goes for the vast majority of homeowners who earn extra money with sharing economy sites like Airbnb. Most guests are respectful of your property, and many will leave it in better condition than they found it.

But it’s the handful of outliers who can cause serious and costly problems for property owners. First, homeowners should understand that short-term rental of homes is not legal everywhere. And an owner might have to go to court to evict a guest who decides to stay beyond their welcome.

Before renting out a home on a short-term basis, owners should research and understand pertinent local and state laws. In some areas, a stay longer than 30 days falls under landlord-tenant law rather than laws that cover hotels.

Take advantage of all available protections to thrive in the sharing economy

Airbnb encourages hosts to check into prospective guests by reading reviews on the site and contacting the guest, The Desert Sun notes. Airbnb requires that both hosts and guests be site members, and the site provides some vetting. Guests typically review sites where they stay, and hosts also can post reviews of guests. Airbnb also provides insurance to cover damage to a home by a guest.

Do your own sleuthing

Homeowners also can take the initiative to do their own research on prospective guests. Facebook, Twitter, Instagram and even a simple Google search can reveal a multitude of information about renters and their histories. Doing a little legwork can help confirm that prospective renters are being truthful about their identities and can save homeowners from potential headaches down the road.

Short-term rentals require caution

The new sharing economy has brought unprecedented opportunities for homeowners to make extra money from their investments. By understanding relevant laws, taking advantage of protections afforded by online services and researching prospective tenants, you can enjoy the benefits while minimizing the risks.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

Month to Month vs. One Year Residential Leases: Pros and Cons for Landlords

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New landlords face this dilemma when they start renting their properties: should they require a year lease, or rent the space month to month? It’s an age-old dilemma for landlords, and ultimately it becomes a matter of the specific renting scenario, personal opinion, and the landlord’s own comfort level.

Residential Leases

Here is a listing of the pros and cons of yearlong residential leases vs. month to month arrangements:

Year-Long Residential Leases

Advantages:

Better cash flow. The tenant is “locked” into and committed to tenancy for at least a year. (An additional year lease or month to month terms can be negotiated after the year is up.)

Stability and security. Longer-term tenants give the landlord stability of income for a set period.

Less stress, hassle and cost related to renting. With a yearlong residential lease, there will likely be fewer obligations and turnover costs related to renting the unit over time.

Disadvantages:

Locked into the lease. If the tenant is not a good fit, the terms cannot be changed until the residential lease is up.

Fixed financial terms. Landlords cannot raise rents during the lease period.

Evictions are difficult. In the case of problem tenants, it can be difficult and stressful to evict them. Violations must be proven, and costly legal action is often necessary.

Not an Ironclad guarantee. Just because a tenant signs a lease, there is no guarantee they will actually stay through the entire term.

Month to Month Terms

Advantages:

Low-Commitment Renting. Landlords can end a tenancy easily when proper notice is given. This is a good structure in areas where interested tenants tend to be plentiful.

Flexible Terms. Landlords may change the rental agreement, the rent cost or other terms with notice to the current tenant or between renters.

Disadvantages:

Higher Turnover is Likely. With month to month rental terms, a higher tenant turn-over rate is likely. The tenant can simply give the agreed-upon amount of notice and move.

More stress, hassle and cost related to renting. With a month to month lease, there will likely be more obligations and turnover costs related to renting the unit over time.

Clearly, there are upsides and downsides to both yearly residential leases and monthly rental scenarios. In both options, quality tenant background screeners can help to eliminate potential problem tenants before you rent to them for any amount of time.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

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