Rental Tips, Insights, & Property Stories

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.

The new year is the perfect time to make resolutions and turn them into specific long-term goals. Landlords and property managers tend to set New Year’s resolutions to grow their business. But the property management world requires commitment and clear priorities set prior to taking actions.

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.

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.

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.

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. 

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.