Top 5 Myths About Property Management Business
The property management business has its fair share of myths. These are beliefs that may seem accurate to landlords and property managers who have just entered the rental market, but experienced property management professionals can debunk these fantasies with one hand tied behind their back.
Can a Tenant Withhold Rent for Repairs?
It is rare, but every once in a while I get a tenant who stops paying rent and tells me it’s because I won’t fix something. They often state they don’t have to “legally” pay because the rental is in bad condition. Once a tenant even claimed they should get six months free rent because the roof leaked. It’s even rarer that the courts will see this as anything but “nonpayment of rent.” It is, however, your responsibility to make sure all is in order. These days it’s quite easy to do that using technology.
Types of Roommate-Renters You May Encounter
Dealing with roommate-renters might not be that easy. When it comes to joint lease agreements or separate rent payments, you’ll probably get confused and start searching for a property management software if you’re not already using one. In addition, tenants who share an apartment have specific obligations regarding rent payments and lease agreements terms. But sometimes they can’t get along with each other, and that causes trouble for the landlord and can eventually put rental income at risk. To avoid this, share with your roommate-renters the list of common roommate types to help them better understand each other and enhance their roommate experience.
4 Main Things Landlords Should Do Before New Year’s Eve
The new year is all about setting goals and getting ready for new challenges. For landlords and property managers, the week between Christmas and New Year’s is another chance to catch up and set business goals for the upcoming year. To make a fresh start, be sure to resolve maintenance issues related to your rental properties and complete urgent tasks before the clock strikes twelve, so you can leave any rental troubles behind and stay on good terms with your renters.
What if a Tenant Stops Paying Rent – Quick Solutions
The dreaded part of being a landlord is having to deal with a tenant that will not pay. The investment you calculated is not paying for itself, and time is against you. The reality sets in that rent is not coming in, and you still have a tenant living in your rental.
Why Renting to Gen Zers Might Be a Genius Idea
So much has been said and written about Millennials and their renting priorities, while Generation Z is entering the rental market with heads held high. Obviously this topic cannot be left unaddressed, since 18- to 22-year-old Post-Millennials seem to be the perfect renters.
Tips on How a Landlord Can Maintain Work-Life Balance
Being a landlord doesn’t mean sacrificing personal life for your renters. The key to success lies in balancing work and personal life, fostering harmony in both your internal mindset and relationships with tenants, which will ultimately lead to greater efficiency in managing rental properties.
Pre Holiday Checklist for Landlords
We have two pieces of news for you: the holiday season is just around the corner, and as a landlord, you should create a pre-holiday checklist to get prepared. Before you start decorating your Christmas tree, consider the following tips that will help you to effectively manage your rental properties and keep in touch with your renters during the holidays.
Tips on How to Maximize Your Rental Income through Renovation and Decoration
The first things a tenant pays attention to when looking for the perfect apartment are cost, location, and availability. These are essential (hands down!), but what about the rental’s appearance? Do the interior and exterior matter?
8 Tips on Being a Landlord and Ensuring Safety Standards
As a landlord, you ensure your rental is safe and habitable. Once you collect rent you want to keep it. In many states tenants can be awarded free rent for claims against habitability. But what exactly does making a property “safe and habitable” entail? Read our eight-step guide to ensure you’re doing everything to make sure you are covered from any tenant claims.