How to choose a property management company

There are times when owning a rental property or properties can become too much for a landlord to handle. That is where a property management company can be helpful. There are several reasons a landlord would need to enlist the help of a property management company. One reason would be geographic relocation to a place a great distance from the property in question. Another would be if the landlord just had more properties than he could attend to, thereby, needing assistance. Yet another would be that if a property owner did not want to deal with the day to day running of investment properties. For example, finding tenants, collection of rent monies, evicting tenants, scheduling repairs, or maintenance. Finding the right property management company could be difficult. These tips should help find a management company that will care for the property just as well or better than the landlord would.

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The Perfect Tenant Applicant

As a part time property manager of my own units, I often find myself struggling to sort through the mess that is the new tenant screening process.  Usually to make the most efficient use of my time, I would host an open house on the rental property so that if any prospects were interested, he or she could by at the scheduled time.  This has saved me a tremendous amount of time as I don’t need to do the “let’s check my schedule” dance.  However what bothers me most is not so much meeting new prospective tenants but rather sorting through incomplete applications and missing documents and verifying that all information is correct; which brings me to the point of the perfect tenant applicant. [Read more…]

What does Renter’s Insurance Cover and Why Your Tenants Need it

Renter’s insurance policies vary from company to company as to what is covered by the policy. There are, however, several coverages are standard in the industry. The landlord has insurance that protects the property against disasters such as fire, and other damaging events. The renter’s personal property is not covered under the landlord’s policy, so the renter must assume the responsibility to provide the coverage necessary to protect themselves from unexpected events. But just what is available to be covered by these renter’s insurance policies? [Read more…]

What is a good FICO credit score for renting?

The landlord is faced with finding tenants that will pay on time and be a dependable source of investment income for the landlord. One evaluation tool available to the landlord is the FICO score. The FICO score is a calculation from several sorts of credit criteria based on a persons credit report. In order to determine what is a good FICO credit score is for renting the landlord must first understand the basis of the FICO score. Then a determination can be made as to an appropriate score that would be acceptable for a renter. [Read more…]

12 Key Inspections in a Move Out Checklist for Landlords

What happens when a tenant moves from the rental property? Once the property is vacated there  is typically an exit walk through of the property to evaluate the condition of the property and thus determine the effect that will have on the exiting renter’s security deposit. This moving out inspection can take place with the tenant present or in the tenant’s absence depending on the rental agreement. Either way the landlord performs this move out inspection process. The problem arises while the landlord is walking through that he or she overlooks this, or forgets that, or doesn’t even think about the other. That is where the landlord should create a previously printed document to assist them in this matter: the Move Out Checklist for Landlords. [Read more…]