There are some property owners who just do not have what it takes to be successful, hands-on landlords. It could be because they do not have the knowledge, time, or desire to perform all the tasks that landlords need to do in order to make the property a profitable one.
If you are also this type of landlord, you should consider hiring the services of a property management company if you have not already been thinking about making this move. There are many benefits that come with property managers and they can help you take care of essential day-to-day tasks to manage your property, whether it is one or multiple.
How does a Property Management Company Help?
There are many benefits that come with hiring a property management company, including reducing your stress and saving you time and money. The other benefits of having a property manager to help you include:
Screening Potential Tenants: Smart property owners know that income is only produced in a rental property if they have ideal tenants who pay rent punctually every month and maintain the place properly. To ensure that you obtain solid and reliable tenants, screening applicants is an important step. A property manager will perform the task as required and eliminate questionable tenants and take in only decent and responsible ones.
Lease Agreement: It takes a lot of time and effort to create and enforce a solid lease agreement. A property manager can act on your behalf and perform the various tasks involved in enforcing the lease, including tracking paperwork, sending out official notices and fielding phone calls from angry tenants. If the notice is not complied with, eviction proceedings can be started for you by the property manager.
Short Vacancy Cycles and Improved Retention: Having a low turnover rate is important when you own properties as empty units equals an empty wallet. A profound and respectable property management company has knowledge about the particulars of effectively keeping tenants in the property.
Forms and Reporting: Taxes are a necessary evil and certainly far too high right now and vary based on your property’s location. There are so many tax rules as well! A property management company helps you in the process and understanding what deductions you can claim. Property management also involves a lot of reporting such as leasing contracts, invoices, property documents, and so forth. You need to sift through a lot paper work and laws while a property management company can keep things organized and provide transparent, easy-to-understand reports.
As you can see, there are many benefits to gain by hiring a property management company. As an owner or landlord, there are many details that you need to take care of to run your rental property smoothly and successfully and having a property manager by your side can make your world a whole lot easier.
One of the biggest decisions that a landlord has to make is whether to hire a property management company. Although you may manage your property on your own, there are times when you will need help and this is when hiring a property management company makes sense.
Having such a company to help with your property can be invaluable and a huge asset to you. There are certain factors that you will need to consider to determine if hiring a property management company is the right decision for you.
When You need a Property Management Company
There are many advantages that come with hiring a property management company but they can be expensive and depending on such a company is not for everyone. Hiring a property management company can be the right move for you if:
·You own multiple properties: If you own lots of properties or rental units, a property management company can be of immense help in handling them. When the number of units you own increases, your responsibilities grow as well. Having many tenants comes with more complaints, maintenance problems, and vacancies to deal with.
·You do not live near your properties: Commuting from property to property when you do not live near your rental properties can be a major hassle, costing you time and money. With a property management company, you can get help in dealing with many problems that you cannot handle from a distance and not when you already have a full time job.
·You do not want hands-on management: Many landlords like the challenge of finding good tenants and find maintaining a safe and attractive property rewarding. However, if you think of your rental property ownership only as an investment and are not interested in the day-to-day management, you should consider hiring a company to help you out.
·Your property is a part of a cheap housing program: If your property is a part of an affordable housing program, managing it can get complicated. In these programs, landlords usually receive assistance financially in return for agreeing to rent at least part of your property to tenants who earn below a certain level of income. The assistance may be in the form of tax credits, low-interest loan or a grant. To continue receiving the financial assistance, you will need to comply with a complicated set of rules. Since you have a lot at stake, hiring a property management company that has experience and expertise with that particular housing program.
By hiring a property management company, you can make your life as a property owner or landlord easier. You can ensure that your properties are well-taken care of and the business runs smoothly.
Talley Properties, a property management company, covers the entire Charlotte are including Gastonia, Rock Hill and Concord.
Whether you are experienced in property management or new to it, there are a few things about tenant screening that need to be improved. For new property managers, it takes time to find an effective and solid routine for screening potential tenants and sadly, it can become a process of trials and error that can be extremely frustrating and time consuming. For experienced property managers, there are a number of reasons why tenant screenings fail.
No matter how long or why you are in the business, tenant screening is a make-or-break step that is a part of the process. In this article, you will learn 12 tips for screening potential tenants to avoid any problems or to certainly reduce the changes of their being any problems.
Online Research Screening tenants has become easy, thanks to modern technology. You can simply do a Google on them or log on to social media to find out what you need to.
Get a Complete Application Always make sure that every document has been signed by your potential client, including verification documents (background check, employment, credit check, etc.). Ensure that you are protected by adhering to the laws in your state. Request all the required verification documents and ask questions that abide by Fair Housing Laws.
Call Each Reference Calling every reference provided by a potential tenant is important as it gives you valuable insights. What kind of a person are they? How long have they known the applicant? Ask for a characteristic.
Conduct Criminal Background Checks Conduct as many checks as possible to make sure that you cover all bases. Include criminal background checks, credit checks, sex offender checks, terrorist checks, bankruptcies and national evictions of each potential tenant. It is OK to profile too. Profiling is human nature and it is the reason humans beings still exist on this planet – well, it is one of the reasons.
Look at Past Rent Checks You can learn a lot about a potential tenant when you check their cleared rent checks from the past. You can learn how much their current rent is, if they are running late on rent, and who they are making payments to.
Ask them Why they are Moving Check out the potential tenant’s housing history and find out why they are moving. Do they move every year? If so, do you want a short-term tenant? Did they leave their previous landlord on good terms?
Act Fast Answer all questions that your potential tenant has quickly and try to provide applications, paperwork, etc. as fast as possible. Ask them to do the same.
Obtain a Driver’s License Copy It is important to get a positive identification to make sure that identity theft and other malicious actions are not involved. The information can also be used to cross-check social media.
Send Term Verifications It is important to ensure that the potential tenant fully understands the terms of the rental agreement. To help them and make sure you are covered, send them an email or letter with a summary of all your terms.
Verify Employment To make sure that your potential tenant is employed and find out more what their employer’s opinion of them is, call to verify their employment.
Collect Application Fees You should make sure that you collected your listed application fees and get them processed as quickly as possible.
Ask for Pet Photos If you have a restriction on breed or weight, ask for pet photos so that you can eliminate applicants who may attempt to break the rules and find out which potential tenants will follow them.
With these tips, you can make sure that you find a tenant that will make timely payments, maintain the property, and stay for a long term.
Due to modern health care and technology, people are living longer lives than ever before. This means that the number of elderly citizens will rise and proper accommodations for them will have to be considered. According to a report from the Census Board, in 2010, the number of people aged 65 and older was 40.3 million, comprising 13 percent of the overall population. Projections indicate that by 2015 the over-65 population will comprise 20.9 percent of the population.
The rapidly aging population will definitely have an effect on the housing market and offers property owners opportunities to gain reliable tenants who are likelier to stay in the same place for a longer period than younger tenants. Renting to an older tenant helps owners reduce the hassle comes with constantly changing tenants and avoid voids in the year when no rental income is coming in.
Things the Elderly need in a Home The elderly have specific wants and needs when it comes to their rental properties. The most important is that the property should be their home for the rest of their life and should be able to adapt to their needs as they change with age.
If the property has multiple levels, room for a stair lift is an adaptation that could be made to an elderly tenant’s rental property. Alternatively, having rooms on the ground-level that can be converted to a bedroom and bathroom will work well.
Larger rooms and doorways may be required for the elderly in case they will require a wheelchair in the future. Extra space to make accommodations for a caregiver or visiting family will also be a bonus. When it comes to the neighborhood of the property, a place where there is access to fantastic local transportation, stores, services, and their doctor is best. It is also important for them to have safety and security in the neighborhood.
Building New Properties for the Elderly Most condominiums and houses have not been designed for the elderly and in some cases, redesigning can be difficult and expensive. If you are considering investing in a newly built rental property for the elderly population, the same precautions taken for other new-builds should be applied. In particular, research what the real property value will be and do not be taken in by the developer’s suggested headline price.
The Future The elderly population is undoubtedly growing and they will be in search of homes that fit their requirements, whether it comes with adaptations or new homes that are built. They should also be built to the same standards that other properties meet. With such a large elderly population and specific housing needs, new opportunities in the housing market could be opened up by an aging society.
When it comes to maintenance, landlords and tenants often find that the rules are rather vague. Many tenants have no problem performing small maintenance work like changing air filters, but they are not certain what exactly they need to do. On the other hand, landlords may prefer it if their tenants do not perform maintenance duties for different reasons. When it comes down to it, who actually has maintenance responsibilities?
Maintenance for Tenants
Generally speaking, keeping rental properties clean and sanitary is the tenants’ responsibility. This can mean that they should handle bug infestations that occurred after they moved in. Tenants are also generally expected to fix anything that they break. However, normal wear and tear is not included in this category. But if they break a window, paying the bill is their duty.
When it comes to general maintenance, ensuring that rental properties are in clean working order is the tenants’ responsibility. The landlord should be notified immediately if any problem is spotted. Plumbing fixtures should be kept as clean as possible to make sure they work properly at all times. When it comes to general maintenance, tenants are responsible only if they cause the damage, such as broken fixtures, tiles or windows, holes in the walls, etc.
Maintenance for Landlords
Landlords are generally responsible for maintenance. Some maintenance items can be included in a lease, but necessary maintenance should be performed by the landlords.
Before a new tenant moves in, the landlord should perform maintenance so that the rental is in habitable condition and the property has enough heat, power, and water. It must be clean and in solid structural shape as well.
Landlords should also ensure that their properties correlate with the legal guidelines. Additional laws are put into place in many states to ensure tenant safety. For instance, in many states, landlords are required to ensure that doors and windows can lock securely. Landlords are also accountable for lighting and ventilation.
Sometimes, tenants may offer doing maintenance in exchange for rent reduction. The landlord can accept or decline this offer. If the job is not done properly, the landlord has the right to rescind their part of the deal. When this happens, the landlord has to complete the maintenance.
State laws vary, but maintenance should be done on time. If the tenant is forced to hire a maintenance contractor, the responsibility for the bill generally goes to the landlord. Of course, this does not apply if the maintenance is due to the tenant’s mistake.
As you can see, the maintenance roles of the landlord and tenant are fairly simple. The law requires tenants to keep their rental properties clean and in good condition and take responsibility for the bills if they cause any damage.
Landlords should keep their properties habitable, which means maintenance must be performed on time. In between tenants, they should inspect properties to make sure that they are clean, habitable, in good order, and up to code.
Some maintenance items can be included in the lease, but the landlord is ultimately responsible.