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

Do’s and Don’ts Tenant Screening

This one goes out to all of the new landlords, or those feeling hurried with the hustle and bustle of the end-of-the-year:

Do:

Call the tenant’s references listed on the rental application.

Don’t:

Email or text the tenant’s references. You need to speak to a REAL person.

DO: Pick up the phone & speak with references

Do:

Run a credit check.

Don’t:

Ask the tenant applicant for a credit score and take their word for it.

Do:

Verify employment. Check a website, make a phone call and get proof the applicant is employed where they claim to be.

Don’t:

Take “self-employed” as an answer. Request W-2’s to prove there is an actual income!

Do:

Verify identity with license or government issued form of ID.

Don’t:

Ask them about their religion, sexual preferences, or native origin. It’s none of your business and has no weight on your decision to enter into a lease according to the Fair Housing Laws of the United States.

For this and more information about tenant screening, please visit our website at http://www.atshome.com


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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

Landords: Planning to take a holiday break? Here’s how!

We know that working in the property management industry it’s almost impossible to “disconnect” and break away for a vacation. But, perhaps this year you can no longer put off that trip to see Grandma for Christmas, OR you’re finally taking a long weekend to go skiing. After all, landlords deserve vacation, too! 

 

Before you take a holiday vaca, make sure your interim landlord is prepared!

So, assuming there is someone that you trust implicitly being left at the helm, here’s our advice on ways to ensure things go smoothly in your absence:

 

1.      Make sure your stand-in has the names, phone numbers and and addresses every single one of your current tenants.

2.      Provide your sub with an extra set of keys that are PROPERLY LABELED for each unit.

3.      Leave behind a credit card or some signed blank checks in the event theirs a major event (i.e. costly repair) that is needed while you’re away

4.      Send your tenants a letter or email informing them of your vacation plans, and the name of your substitute landlord, and all of their important emergency contact info.

 

Just taking a few extra precautions can ensure you get a restful break from the daily grind of landlording.

 

For this and more tips on managing your properties over the holidays, please visit our website.

Reasons Landlords Should be Thankful

1.      New laws favor landlords

Over the past year, we’ve told you about several laws across the US that have been passed in favor of making your job easier. In Florida, it’s now easier to evict and landlords in Wisconsin can throw away abandoned items without facing prosecution.  Having the law on your side is always something to be thankful for!

 

2.      YouTube can help you do anything.

So, perhaps you aren’t a handy landlord. The good news is that it’s 2013, and if you have a computer and the internet, you can fake it until you make it. Did you know there are tutorials on YouTube for ANYTHING and everything home-related? Would you like a 20-minute instruction on installing aceiling fan? How about learning to fix a toilet in 7-minutes? Yes, we will always be thankful for YouTube.

 

Be thankful the answer to many questions are just a click away

 

3.      Delinquency and Foreclosure rates have improved

How much have they improved? Some estimates say to their lowest rate since 2008. This is good news for property owners everywhere, as a dip in foreclosures and delinquencies can only help the value of your own property to stabilize or perhaps finally see some improvement!

 

 

So what are you thankful for this year? Tell us below! For this and more information about landlording and real estate investing, visit our website at http://www.alwaysscreen.com

Landlording by the #’s

Here are some interesting numbers and statistics about landlording in the United States:

 

·         Rented single-family homes are on the rise in the wake of the housing bust. Thirty-two of this country’s top metropolitan regions 1/5 of all occupied single-family homes are rentals (USA Today)

 

·         29% of single-family homes in Las Vegas are now occupied by tenants (USA Today).

 

·         Landlord insurance typically costs 25% more than homeowners insurance. (Houselogic.com)

 

·         Expect annual repair and maintenance costs to run about 1% of your property’s value every year. So, if your home is worth $100,000, you will probably spend at least $1000 in repair and maintenance. (MSN Money)

 

·         If your state does not have a law regulating late rent fees, know that a good average is 5% added on to the amount owed. (NOLO.com)

 

·         32% of homes in the United States are renter-occupied (National Multi Housing Council)

 

  

 

For this and more information for landlords, visit our website 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!