AssociatesThe following is an excerpt of an interview with Toni Blake, an international speaker, author and comedienne with more than 28 years in multifamily housing. Blake is talking about apartment buildings but there is a lot here we can use in our single family homes.
Mosca: Can you tell us about the new designs, the new technologies, and the renewed emphasis on customer service that are attracting renters? Read more »
By Steve Tytler
Question: I am moving into a new rental house and the landlord’s rental agreement requires me to get renter’s insurance. Why should I have to pay for that? Shouldn’t the landlord have insurance that covers my stuff in case the house burns down?
S.D., Lynnwood
Answer: It is a common misconception among renters that their personal property is covered by the landlord’s insurance in case of fire, theft or other disaster. Every time you see a story in the news about a major fire at an apartment complex, you usually see stories about residents who have lost everything and have no insurance to pay for replacing their property. Read more »
#1) New Electrical Switch Plates
This is such a minor, yet overlooked improvement. Most rental owners and rehabbers paint a unit and leave the old, ugly switch plates. Even worse, some even paint over them.
New switch plates cost about 50 cents each. You can replace the entire house with new switch plates for about $20. For the foyer, living room and other obvious areas, spring for nice brass plates. They run about $5 each - not much for added class. Read more »
Though never popular with tenants, rent increases are a necessary part of property management and are essential to your business success.
As expenses, such as property taxes, utilities and maintenance costs, rise over time, so should your rent. Otherwise, you are subsidizing your tenants, which I believe is never a good business practice. Read more »
One of the more significant home décor choices for your rental is floor covering. Read more »
Rent collection can be one of the most stressful points in your relationship with your tenants.To reduce problems with collecting your rent money on time and in full, there are a number of steps to ease the process. Read more »
As a landlord, you will undoubtedly encounter tenant complaints or tenant problems from time to time. It’s part of the job responsibilities of being a property owner and landlord.
The key to minimizing these problems is developing a system for dealing with tenant problems before they occur. At a minimum, you should have a plan that addresses the following: Read more »
Carpeting can be a substantial investment for most property owners. Unfortunately, many times tenants owning pets do not properly maintain and care for the carpets in their units. Read more »
Industry surveys show bathroom and kitchen improvements will give you the greatest return on your investment. Thanks to technological advances in the manufacturing of bathroom and kitchen products, you can now make an even more cost effective investment. Read more »
All the hard work of screening your applicants needs to be based in reality. Are the applicants who they say they are? Read more »
You can still run a credit check on an applicant without his or her written authorization if you are considering them as a tenant. Under the Fair Credit Reporting Act, a person’s credit can be viewed in connection with a business transaction that is initiated by the consumer. By filling out a rental application, the applicant has begun a transaction-the process of renting an apartment-and the landlord has the right to view his or her credit report. Read more »
According to a recent survey by CompleteLandlord.com, the most frequent complaints handled by landlords are plumbing related. To head off problems before they start, provide your tenants with the following information to prevent clogged drains. Read more »
I find the eviction process to be one of the worst parts of owning rental property. Not only can it be time-consuming and costly, but, if done incorrectly, it can lead to a whole host of other problems. Read more »
You may be able to take a number of landlord tax deductions that can save you big money on your return. The following list of tax deductions for landlords may be easily overlooked, so pay attention. Read more »
Inevitably, renters who move in will, at some point, move out. In fact, each year almost half of the tenants who live in unfurnished properties will move. As a landlord your goal is to make your tenants’ transition out as hassle-free as possible for all parties involved. Read more »
An eviction order, also known as a writ of possession or writ of ejectment, is an unfortunate part of property management for most of us at some point. It gives landlords the right to have a tenant physically removed from the rental premises and retake possession of the unit. Read more »
Bad tenants are BIG headaches. Let’s face it, we’ve all had them. Few things give us landlords more headaches than difficult tenants - tenants who damage our property, don’t keep it clean, make too much noise, and don’t pay the rent on time. Yet, 4 out of 10 landlords don’t perform even basic credit checks on prospective tenants. Read more »