Networking with other Property Owners

There are so many ways for landlords and property managers to network with each other via various internet channels. Why should you want to stay connected with other rental industry experts?  Here are just a few ways that networking can enhance your real estate investment business:

Keeping Vacancies Minimal

Nowadays, you can utilize social media networks and certain internet group forums to advertise a rental unit to a massive audience. If you are connected to other property managers and real estate professionals on social media, they can share your rental listing with their followers, expanding your reach even more. The more people who view your rental property online, the better the chances are of renting it out quickly.

Online Groups Help you Get Answers

There are many groups on sites like LinkedIn, Google+ or Facebook geared specifically for landlords, property managers, real estate professionals, etc. If you sign up and join these groups, you’ll be able to get tons of free advice from other industry experts. You can get ideas on various topics, from how to stage a small space, to how new laws might affect the terms of your lease agreements.

Establish Yourself as An Expert

Networking with other property management insiders can also help build your credibility as an expert within the rental industry as you offer advice to others. You can also answer questions in group forums, or share things you’ve learned  from your tenants. You can also offer to guest blog for another website, and reach out to a new audience who wasn’t familiar with your business or properties.

For more info on how to successfully network with other landlords , or to get the best credit report for landlords, visit ATS Inc’s website.

Questions to Ask When Pre-Screening Tenants

Before you hire professionals to conduct tenant screening services, you should always do a pre-screen of tenant applicants over the phone or in-person. The following are some questions you must ask during the initial screening to weed out any potential problem applicants:

1.     Make sure they can afford the rent. You need to make it clear how much the monthly rent and security deposit amount are to anyone interested in renting from you. Feel free to ask specifics about the applicant’s monthly income. As a landlord, you are within your rights to determine the minimum amount applicants must earn in order to qualify for residency consideration. A tenant who is confident in their ability to make monthly rent checks will not balk at income questions.

2.     Be clear about how what your tenant screening service provides. Any prospective tenant can lie about how much income they make and whether or not they have been convicted of a crime.  You need to make it clear during the pre-screening that all serious applicants must consent to a thorough background check that will include employment verification, past eviction searches and a credit report. You will find the applicants who haven’t been honest up front will most likely reconsider applying.

3.     Ask if they have any pets. If you are a landlord who allows pets in your rental, explain your guidelines from the beginning. Applicants should be told up-front how much extra the security deposit will be, and if you have any pet restrictions. Do you discriminate against certain dog breeds? Do you limit the number of animals per resident?

4.     Let them know how often you will be doing property inspections. Again, a tenant with nothing to hide will likely agree to whatever terms you set forth in the lease agreement. However, if the applicant had previous intentions of hiding a roommate or sneaking in pets without paying an extra deposit, they will probably be less inclined to go through with submitting a rental application.

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Spread Some Holiday Cheer to Your Tenants

Are you a landlord who gets into the holiday spirit? We smiled at recent online news reports about a landlord in Los Angeles who sent out a letter to all his tenants at the end of November saying he was spreading a little holiday cheer by discounting December’s rental payment.

With little fanfare, the landlord told his tenants, “Please deduct $70 from your regular rent for the month of December and perhaps use those monies to purchase a gift for someone special in your life. Thank you very much for your continued residence with us. It means a great deal.” 

According to the letter, the discounted December rent has become a bit of tradition for this landlord, who mentioned he had done it “for many years.” Regardless of the amount of a monetary discount, all landlords can learn from this demonstration of kindness and goodwill. You don’t have to discount rent in order to express your appreciation for your tenants and strengthen the landlord-tenant relationship. Perhaps a gift card or poinsettia plant, even a plate of Christmas cookies or a simple holiday card expressing your thanks can go a long way in a tenant’s eyes. A nice gesture in December will help you start off January on the right foot with your tenants. We’re willing to bet it will make you feel just as good. ’Tis the season!    

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Landlord Tips: Curb Appeal Goes Beyond Cleaning Up

Curb appeal is something every landlord pays attention to when it comes time to land a new tenant. Attracting tenants to a rental property is done a few ways, one of which is by a carefully worded classified ad. But once the ad piques their interest and they obtain the address, a drive-by is the next step – and they have to like what they see when they drive by.

For many property owners and property management companies, prepping for the tenant drive-bys is limited to decluttering the front porch and trimming a hedge. But if property owners spend a little time and resources into making some small changes that upgrades their property’s curb appeal, they could be looking at a much shorter down time between tenants, and possibly even a bit more in what tenants are willing to pay for rent. If you’re interested in doing more than sweeping the front sidewalk, try these landlord tips:

1.     Play up the era. If your property is from a certain era, play up those features on the outside. Install outdoor lighting authentic to the period, add shutters or other small structural changes that add interest and charm.

2.     Use plants. Adding shrubs, flowers and even small trees in just the right spots can really make the place look inviting. You can also use foliage as additional buffers between close rental units, to add privacy.

Fences make good neighbors. People like privacy, so adding fences, whether a few decorative posts out front or a more substantial fence to enclose the property, will increase curb appeal – particularly for those with pets and children

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Girl becomes homeowner, landlord at age 14

Rental property investment is a business more and more people are getting into as a second, or even retirement, career. But Port Charlotte, Fla., might have the youngest landlord in the U.S. Fourteen-year-old Willow Tufano bought a house in a short sale in Port Charlotte for $12,000. The three-bedroom house is now rented out for $700 a month.

According to news reports, the home had been on the market for $100,000 at the peak of the housing bubble. It was listed at $16,000 but Willow (and her mom) got it for $12,000. Willow put down $6,000 cash and her mom, a real estate agent, ponied up another $6,000 for the house.

The teenager, who recently appeared on “The Ellen DeGeneres Show,” said she earned her money primarily from offering a service where she clears out foreclosed houses on behalf of the new investors, picking through the stuff and reselling any goods or appliances that she can. She also spends her weekends looking for deals from garage sales and reselling them for a profit on Craigslist. She started buying and selling things at age 12 and had $6,000 saved in a year and a half.

After closing on the house, she made a few improvements and turned it around to rent, becoming a new landlord at the ripe old age of 14. Not a bad start to what surely will be a career in rental property investment.

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