The entry to barrier to every property rental is the rental application. Without it, you can’t even get past the front gate. Everyone knows that. But are you as the landlord or property manager asking the right questions of your applicants? Are you gathering all the right information to be able to make the right decision on selecting the perfect tenant? What’s this rental application process look like? [Read more…]
Subletting an apartment is one of the most prevalent practices within the rental property market in recent years. It is a good opportunity for renters to the shoulder costs and to hold on to their apartments when they travel to another city for work or vacation rather than leaving the property vacated for a few weeks to months. But despite the promising benefits of subletting, there are certain jurisdictions that must be observed to ensure that state laws governing the rental properties are not violated. Not only do landlords play a significant role in making sure that the legalities are taken care of, but they also need to determine whether a sublease is going to be put into place – after all, as the landlord you have the final say on the matter. [Read more…]
The thing about screening tenants for your rental property is that, your standards should never be arbitrary and you should never be subjective or emotionally driven when selecting your future tenant. The process of screening is crucial, especially in the long run. As a matter of fact, many experts consider screening tenants more important than getting the highest market rent. Why? For the simple reason that, if you get the right tenants, you will basically be receiving payments on time month after month, your property will be well-maintained, your neighbors will be happy, and your property management will be stress-free.
Having the wrong tenants will get you into a whole mess of troubles, and you may find yourself paying the mortgage until you get rid of your tenant.
So it’s imperative, as a landlord, that you find the right people to occupy your property. Here’s the checklist guide to screening for the best tenants. [Read more…]
Nobody likes a landlord who raises rents, but sometimes, it is both inevitable and necessary. Simply put, landlords who haven’t increased the rent of their rental property for the last two years, would be losing an average of $600 in loss revenues per year. Increasing your rental rate can be very stressful, but not doing so is just leaving money on the table.
Here are some tips to raise rent while keeping legal and ethical compunctions: [Read more…]
As a property owner and a landlord, checking your prospective tenant’s credit is important not just to gauge their capability to pay, but more importantly, a good way to protect your investment. We all know the saying “don’t judge the book by its cover”, and as a business owner, you should be objective in accepting tenants.
What’s in a tenant credit check?
Tenant credit check includes the identifying information of the prospective tenant, the name, current address and past addresses, birth date, employers, spouses and their Social Security Number. It also includes credit history such as credit card limit, payment pattern; public records which includes tax liens, bankruptcies, reported evictions and inquiries, which shows the names of people who have requested credit report on that person for the past year.
Obviously, if a tenant has a good credit history and pays bills on time, chances are, he or she will pay the rent on time as well. Of course, you should keep in mind that tenant credit checks are not foolproof. [Read more…]