photo credit: stangls
Landlords and property managers have noticed a trend over the past few years that they generally see as a benefit: there are more renters on the market these days. That’s because many home owners have lost their homes to the subprime mortgage bust and the general decline in the housing economy. These people can’t afford to buy another home so they end up getting back into the renting pool. (more…)
photo credit: diongillard
Screening your prospective tenants needs to be taken seriously and treated like a job. You need to follow the same screening procedure for each applicant and document your work. These steps are not only important for you to make sure you’re getting the right sort of tenant but they’re important protection against discrimination suits. (more…)
photo credit: Foraggio
A lease or rental agreement is something that should never be forgotten or skipped by anyone, whether you’re the landlord or the tenant. Both lease and rental agreements are designed to iron out all the details of the arrangement so problems don’t crop up in the future. If you want to avoid future conflicts, include the following information in your paperwork. (more…)
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Pets are playing a more important role in the lives of individuals and opening your property to pets can increase your tenant base. But of course, you don’t want to suffer property damage or possibly have some an individual harmed by a rogue pet. The best way to get the benefits and limit your risks is by creating a pet agreement. (more…)
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Getting the right tenants is the most important thing a landlord can do but this doesn’t mean you can discriminate against a group because you personally feel they wouldn’t be the best renters. In fact, there are a whole slew of federal and state laws that protect people from discrimination when it comes to housing and it would be very useful for you to peruse these laws routinely and follow the tips below. (more…)
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It’s your property, right? So you should be able to enter whenever you want. Wrong! If you’re renting property to someone else you give up the right to use that property whenever you want for whatever purposes you want and in return, you get a little (or a lot) of extra income. But your tenants also gain some rights when they rent your property, one is the assumption that you will not enter their living quarters without permission or proper notice, unless, of course, there is an emergency. (more…)
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Many landlords struggle with the decision of whether or not to allow their tenants to have pets on the property. The struggle usually comes from the fact that they themselves like pets but don’t particularly want to deal with the damage that can happen to a home when a pet is allowed to live there. Those landlords that are struggling with the decision should know that there’s a right way and a wrong way to let pets on the property. (more…)
credit: Javier Aroche
Probably the most litigated issue between landlords and tenants is the security deposit. Going to court can be expensive and can drain that deposit, leaving you with nothing for the repairs. As a landlord it’s important to iron out all of your security deposit rules when you first rent to a new tenant.
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