FACT: As a new landlord, you want to turn your rental property into a successful source of income. But, the process can be daunting if you don\'t have the right skills. In order to guarantee the rentability and profitability of your rental, you must learn how to work smarter in order to avoid common pitfalls. Our tips below will help you ensure you run a lucrative business.
FACT: Renting is a form of temporary ownership. As a landlord, you are giving someone the key to your property and you want to make sure they are qualified for the job. When clearing an applicant for a lease, good credit makes a strong case for their candidacy, but you also want to take the time to peer into their tenant-worthiness.
A turnover in your rental property is inevitable. Tenants come and go, but every time they leave, you have to invest money time finding a newly qualified renter. Landlords know that maximizing renter retention is a key factor in increasing their profitability.
Fact: Ultimately, renting is a business decision. If you are a landlord, you want to guarantee your projected cash flow and equity with a reliable tenant that pays rent on time and takes care of your property. When choosing a renter, your gut feel might serve a key factor in your decision, but it is important to back it up with the right data.
Every landlord has a dream tenant. What if you are lucky enough to find two? When multiple applicants are truly equally qualified, finding a way of narrowing down to the ideal match for your rental can be a daunting task.
You’re a landlord—maybe even a landowner. You’re living the American dream. A passive income on the horizon promises a brighter future, one filled with cash and not stress, minimal work and maximum return. It seems simple enough. Buy a property, rent it out, and let the money pour in. Well, we’re sorry to tell you but it’s never that simple, and being a landowner can actually be wor se than your current full-time job.
Searching for a tenant is burdensome, especially if a sneaky vacancy keeps stealing money from your wallet and dropping dollars into the abyss. That’s why it’s tempting to sometimes take the first tenant who comes along. Don’t. Get a free rental history report. Believe it or not, it matters.
Landlord property management is no easy task. It requires being at the beck and call of not just one boss, but of every single tenant your house. Faulty pipes and cracked floorboards are just the beginning. There’s appliances, paint, decor, flickering light bulbs, rebellious toilets, leaky shower heads...the list goes on.
The free online rental application revolution is upon us. With more online tools, more online information, and more online technology available than ever before, it pays to move online. Literally. It puts more money in your pocket, more time on the clock, and more properties in your possession
What, really, are the rules behind raising rent? Stories routinely circulate in the news concerning rental management services, skyrocketing rental rates, and testy tenants fighting back. Unfortunately for renters and fortunately for landlords, the laws in place regarding rental increases are, well, minimal.