How to: selling property with tenants

Home values are improving in many areas around the US and perhaps you are now considering trying to sell while things are on the upswing. The only problem is, you have tenants and want to list while they are still living there because you can’t afford to keep your property vacant for months before a sale.

 

The good news is, it can be done.  Just make sure you follow a few bits of advice so selling your property can go as smoothly as possible for you, your tenants, and potential buyers.

 

The first step is knowing the laws for your jurisdiction, as they are different everywhere. How many days must you inform tenant of the home being put up for sale? Does the tenant have a right to refusal during their lease term?

 

Assuming you’ve done your homework, then know that having open communication with the tenants should always yield positive results. For example, make sure you give them at least 24 hours notice before a showing.  You don’t want to be in violation of your lease in the haste of wanting  a sale. Also, if the tenant isn’t prepared for a showing then it’s likely the property will not be shown in its best light. That will leave both potential buyers and your current tenants with a bad taste in their mouth.

 

For this and more information about selling a rental property with tenants, please visit our website at http://www.alwaysscreen.com

Landlord Christmas List

Are you making a list and checking it twice? Here’s our list of people every landlord should include on his/her Christmas list!

 

Make your list, and check it twice!

1.      Your tenants: They like to know you are thinking of them during the holidays. A personalized not goes a long way in keeping the relationship running smoothly.

2.      Your trusty handyman: If he works weekends or holidays, you might want to send him more than a card. A bottle of wine or gift card to Home Depot couldn’t hurt either!

3.      Your security man (or service provider): Goes without saying, let them know you appreciate the work!

 

Others not to forget!

 

4.      Office Assistants: Because without them, you’d be completely disorganized!

5.      Property Managers: After all, you trust them with your investment

6.      Trash provider: Not an easy job, especially if you have multiple units

7.      Lawyers: As much as they love when you call for a problem, they like to hear from you when things are going well, too!

8.      Tenant Screening provider: Just because J

9.      Mail carrier: Their job isn’t easy either, especially if your property has multiple units and frequent change of faces.

10.  Real estate agents: You never know when you’ll have to call them up for help in filling a vacancy or buying a great investment property!

 

For this and more info on landlording, please visit us at http://www.alwaysscreen.com

Which is better: Hardwood or carpet?

Every property owner has to grapple with that all-important choice: carpet, or hardwood?

 

For homeowners, the decision should be based on lifestyle. But for landlords, there is more to it. There are several pros and cons to both surfaces, so here are some things to consider:

 

Noise

Is your rental on a second floor or higher? Some buildings mandate carpet flooring if there is living space below the unit because of the noise. Carpeted rooms are quieter than hardwood and for that reason some people also prefer it on the 2^nd floor a two-story home.

 

Pets

Animals can ruin carpet easily, so if you allow them in your rental unit you might want to consider hardwood (or even laminate flooring). That’s not to say pets excrement can’t ruin hardwood also, but those circumstances would have to be extreme. Constant carpet replacement and cleanings can get expensive if pets ruin them frequently.

 

Expense

If you are remodeling a rental, consider that hardwood is expensive to install – up to more than $10/sq ft. Carpet can run up to $5/sq ft. However, wood is longer lasting. While it’s a bigger investment up-front, it will add value to your property for years to come as it rarely needs to be replaced.

 

Routine Upkeep

Carpet will hide everyday dirt better than hardwood. A tenant would have to sweep a hardwood floor more frequently than they’d need to vacuum carpet.

 

So which do you prefer in your rental and why? Comment below!

 

For this and more landlord tips, please visit ATSInc’s website today!

How Paint Color Affects Mood

Whether or not you decide to let tenants paint the interior is your decision. However, should you be so bold as to forego the standard neutral tones in favor walls with color, keep in mind that your decision could impact the mood of your renters.

Some psychologists believe that color changes the chemicals in our brains, which directly correlates to our brain energy and level of excitement. For example, it is believed seeing the color red can increase heart rate and make us more alert. Perhaps it’s not the best color to use in bedrooms where one goes to relax.



 

Orange is considered to be warm and joyful color. It reminds us of the sun and ripe fruit, and therefore would be best suited for gathering rooms such as a living room or kitchen areas. Your prospective tenants might be turned off to too bold of a color in bathroom or bedroom areas.

A blue bedroom can create a calming effect for tenants

Blue is considered the most relaxing of colors. It should be used in rooms where one wants to feel calm and centered, such as bedrooms, bathrooms, or a personal office space.  Green is on the same spectrum of blue, and is also considered to make us feel serene and refreshed. Keep in mind that you can add green to a room not just by painting, but by adding plants or having a window that looks out to a lush lawn or trees.

For this an other tips on decorating your rental property, please visit our website at http://www.alwaysscreen.com.

Why your tenants are moving out (And how to get them to stay)

Retaining good tenants is a great way to save yourself a lot of money. If you have a mortgage on your rental property, pay for advertising , cleaning and painting services, then you know vacancies can get quite expensive.  You need to find out if losing a good tenant is worth several hundreds or thousands of dollars from your bottom line.

 

Save money by retaining tenants

 

1. If you have reliable tenants who give you 30 or 60 days notice without reason, follow-up with them in person to find out why they are moving, and determine if there’s something you can do to change their mind.

 

2. If they tell you the rental is too small, perhaps you own another property with more square footage that you can offer when it becomes available. Or, offer to provide a large, secure shed on the property. Better yet, offer to add more shelving to closets and garage areas.

 

3. If they tell you they want something “newer”, offer to put some money into those upgrades you’ve been avoiding.

 

4. If they tell you the rent is too high, perhaps weigh the pros and cons of lowering it. Offering a $20/month discount for one year might be enough incentive for them to reconsider. After all, moving is expensive and a lot of work. Your tenant might be inclined to stay put in order to save a couple hundred bucks, rather than shell out thousands on a deposit, movers, and setting up utilities. Plus, even if you lose $240 for a year, it still could be much more if you have a vacancy for 1-2 months.

 

For this and more landlord tools, visit ATS Inc.’s website today!

What people REALLY want in a vacation rental

This week, we’ve discussed how to pick the ideal location for those real estate investors interested in buying a vacation home, and what costs to consider. Today, we’ll examine what qualities tenants are looking for in a great vacation rental.

Privacy

Many people will choose a rental home over a hotel because they don’t want to be away from the crowds. Vacation homes without noisy elevators or private pool can be quite attractive to renters looking for some peace and quiet.

Space

Offer as many sleeping areas as possible without making the home too crowded. Pullout couches, trundles, bunk beds are great ways to increase the likelihood of renters because you can appeal to bigger-sized groups. Some people also prefer a rental property with a fully functioning kitchen so they can cook their own meals, or an outdoor space where they can barbeque and let their children play.

Renters like extra beds in vacation properties

Amenities

Vacationers want to hit the “easy” button when they arrive to a retreat for several days. So, having on-site laundry, free wi-fi, functioning kitchen appliances, and good parking are all big plusses. Also, being near a bus route, bike trail, or having a community gym can be very attractive property features. The more qualities you can offer, the more likely your rental will have high occupancy rates all year long.

Visit our homepage today to find out why ATS Inc. is the best background check choice for landlords, property managers, real estate investors and agents.

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.

How to Protect Your Vacant Property

If you are a landlord or real estate investor whose rental property is going to be sitting empty in-between tenants, it’s important that you take the necessary steps to protect your investment.

First, you must inform your insurance company, especially if the rental is going to be empty for 30 or more days.  Your current policy might only cover the home for up to a month without renters. In some cases, your provider might offer an endorsement, or change to the policy, that adds coverage in the event something happens to the property while no one is living there.

Secondly, an empty rental could also be subject to vandalism, invasion, or even theft.  In order to minimalize the risks of these unfortunate events, visit the property regularly to inspect for any signs illegal trespassing. If you have a trusted neighbor, ask them to keep an eye on things to make sure nothing suspicious is occurring. Keep blinds on the windows and install timed lights inside so the property doesn’t always appear to be empty every evening.

Lastly, be aware of the elements. A home without habitants could be at-risk for issues that could go undetected and cause major problem, such as a fire, flood, or weather damage. Make sure you adjust the thermostat accordingly to prevent pipes from freezing in the winter or mold from growing in hot, moist climates. 

Visit ATS Inc's homepage to find out more about our tenant screening services!

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