Author Archives: Property Manager

6 Sure-fire Signs of a Great Landlord

You are close to finding the ideal apartment or rental house. It’s near-perfect:

  • It’s close to the school district.
  • It has the right amenities.
  • It only costs a fair rental.

There is one problem. You met the landlord, and he is an annoying jerk. It’s his road or the highway. The question is: Should you ignore this area and continue looking? Or should you swallow your pride and try to find the best?

Renters claim to have been the landlord of all evil. We’ve all heard them. Is there a way to find a great landlord?

The answer is yes. And there are six secrets to it. These secrets are crucial to happiness in finding your new rental home.

  • Your Landlord Professionally Interacts With You

Although it may not be the most important thing in your head, when you take a look at a rental unit for the first time, you want to find a good listener and not a salesman. So these are the questions you should ask:

  1. Are you able to get a response from the leasing agent when you call, text or email about the apartment?
  2. Are they truly listening and trying to understand your needs?

Renting from a management company that truly cares about you as a customer and future resident is a good idea. Pay attention to the quality of the agent’s listening skills when you visit the community. You can tell them about your interests, hobbies, and pastimes.

A professional leasing agent will review your information and make recommendations regarding the apartment’s features. The best leasing agents will be honest with you and work with you to find the right fit.

Management companies that are the best will make you feel more comfortable in your home. In addition, they will take the time to thank their customers, as any business should.

  • Your Landlords Listen To Your Questions and Answers

Although it may sound easy, it is essential to ask your landlord questions. You will be on the right track if your landlord answers your questions honestly and doesn’t try to hide them. It’s important to know who the owner and manager of an apartment are before you apply for a place to live.

A landlord may hire a property manager to manage the rental. You should ask the following questions if your landlord is also the sole owner:

  1. What is the average tenure of ownership?
  2. How has the price of rental changed over time?

If rental prices frequently fluctuate from low to high, it could indicate that the owner is more interested in finding tenants that are willing to pay the rent than in finding quality tenants. It could be a red flag if they refuse to give this information. You can request it from the state government.

  • Your Landlord Provides Good Customer Service

A contract or lease is a business agreement between your company and you. Their staff should be proud of providing a great customer experience, just like in any other industry. You, the customer, expect pleasant interactions from their staff when you need repairs, inspections, or maintenance.

Good landlords will always ask permission to enter your home when you’re not there. They will also request a convenient time and will do their best to accommodate you. They will communicate clearly and concisely with you about their access request. They will inform you if the problem has been resolved, awaiting parts, and how they got there.

  • Your Landlord Wants to Know About You

After you have done your research, you are ready to submit the application. Remember that the application is a reflection of the landlord. If the landlord only cares about your name and telephone number, you should be worried.

The landlord should know as much as possible about you. A landlord will need to have as much information about you as possible when considering all potential tenants for the apartment. If a landlord has made a large investment in the apartment building, they will want to find good tenants to protect their money. They will want to know about your:

  1. Monthly salary
  2. History of employment
  3. History of rental
  4. Rental reference letter

You should be required to complete a detailed application. It shows they care about the people living in the building. That’s the kind of landlord you want.

The landlord will review your application once you have submitted it. The landlord will review all your personal information, including contact information for your employer and any references. Ask your references to tell you if the landlord has reached out to them. If they have, that’s a good sign. It shows that the landlord is serious about the whole process.

  • Your Landlords Communication is Clear & Effective

Renting your home means that you are responsible for maintaining it. Therefore, when you visit the apartment, ask the Leasing Agent these questions about maintenance:

  1. What is the process?
  2. What is the timeline for maintenance requests?
  3. They will communicate the timelines for planned repairs and maintenances, as well as fire alarm testing. With reasonable notice
  4. Are they available for 24/7 emergency maintenance?

Although no one can predict an emergency, it is important to be aware of planned events such as closing off a parking area, annual testing of an emergency system like fire alarms, or window washing.

Good landlords will respond quickly to any concerns or unsafe conditions in your home. A good landlord will follow up on repairs to ensure you feel safe and secure in your home again.

  • Your Landlord is Honest & Can Be Trusted

Talk to your property manager or leasing agent when you are looking for a new apartment. You should get to know your leasing agent and property manager and let them know about you. Trust your gut instincts about whether it is a good match. It’s not worth the effort to find the perfect apartment if you have to move every weekend or listen to power drills in your spare time.

What Traits Make a Tenant Great? 7 Traits Landlords Look For In Tenants

It’s a lot like dating to find a good tenant. The process involves going through a lot of applicants until you find someone who shares your values and you feel comfortable with. You’re not looking for Pina Coladas or long walks on the beaches, but someone who enjoys walking in closets and having a large backyard. Someone who won’t break your heart.

Apart from the hassle of fixing the damage, the wrong tenant can cause major expenses. Tenant turnover can lead to a monthly average cost of $1,750. Extreme situations may require the tenant to be evicted if they refuse to pay rent or engage in criminal activity. It is not only dangerous for your investments and neighbors but also puts you at risk of financial and mental health.

Nobody wants to spend their hard-earned money on legal fees or filing fees, waste time in court appearances, or lose income due to tenant turnover or vacancy. So how can you find great tenants who won’t cause you headaches?

    1. Tenants Shouldn’t Be Involved In Criminal Convictions

You feel like a landlord and have to protect your property, yourself, and the neighborhood. Landlords might believe they can trust their instincts to choose the right applicant for their rental property. However, data shows nearly one-fifth of the rental applicants that were screened had a criminal record. It means that approximately 20% of potential applicants in the sample have a criminal record. It could indicate that criminal records can be critical information to your decision when leasing.

To avoid letting potentially dangerous tenants in your space, you should conduct an online background check. In addition, it is important to refer to or follow the HUD guidelines (as/where applicable) when screening potential tenants based on criminal histories.

    1. Tenant Should Have Clean Eviction Record

Quality tenants are the key to a profitable rental business. Renters who fail to pay their rent on time can lead to a loss of income. You need to think about what you can do to protect your rental income. If the tenant continues to default, an eviction is likely.

It is vital that landlords do all they can to reduce the chance of eviction. A single eviction can result in a cost of up to $3,500 for landlords and take anywhere from three to four weeks. Unfortunately, independent landlords are often too busy to handle such a heavy task.

Past evictions can be a great indicator of future risk. Therefore, it’s smart for landlords that they obtain a rental history report to get insight into a prospective tenant’s rental history. Ask prospective tenants to provide a list of their previous addresses and contact information for their landlords.

    1. Tenant Should Have Good Credit History

It’s becoming more difficult to rent and keep up with financial obligations due to rising rent rates, increasing cost of living, growing student loan debt, and mounting student loans among Millennial and Gen Z renters.

Landlords are concerned about payment problems. Non-payment of rent can lead to difficulty paying your mortgage, business expenses, and bills. It takes time and energy to track down late rent payments. It’s impossible for independent landlords to do this.

You may be able to avoid non-payment by checking the credit history of applicants. It will give you an upfront look at whether they have been responsible for their money in previous years. In addition, independent landlords need to look at the financial history of applicants when screening tenants.

      • Credit Score
      • Late Payments
      • The total amount of debt
      • Credit Marks that are Derogatory
    1. Tenant Should Have Stable Employment and Income

To feel confident that their tenant can pay rent on time and in full, landlords must have proof of steady income.

Industry standards for rent-to-income ratios suggest that tenants should earn three times the rent cost in monthly income. However, this can vary from one state to another. For example, rent is generally cheaper in Montana than it is in Las Vegas, so the “3x rule”, based on the fair market rent in your region, might not apply to you.

Always ask for an estimate of your income when you rent. Check the laws to see if they apply to you, or contact your legal counsel to find out what you can do. But don’t assume that the information is correct.

    1. Tenant Should Show Respectful Behavior

It is important to find tenants who are respectful of landlords and neighbors. Respectful tenants will be honest with you about maintenance issues and will take responsibility for their own responsibilities when they live in your rental property.

Respectful tenants are more likely:

      • Rent on time
      • Be sure to follow the lease terms
      • Avoid causing trouble for other tenants or neighbors
      • Don’t damage your property beyond what is normal wear and tear.
      • Communicate politely and in a timely manner
    1. Tenant Should Be a Good Communicator

Effective landlord-tenant relationships are built on communication. Therefore, consider the communication style of applicants from the moment they reach out to you.

    • Are they paying attention?
    • Are you quick to answer questions and/or messages?
    • Before asking questions, pay attention to the details.
    • Are they responsive to requests for documentation?
    • Are they able to answer all your questions, or do they avoid asking difficult questions?
  1. Tenant Should Present Organizational Skills

A great tenant is an organized one. Therefore, focusing on qualified applicants will help you to get rid of uninterested tenants as soon as possible.

Tenants who are organized will be prepared to move quickly. They are prepared with documents and checks and can respond quickly. The organization shows they are serious about signing the lease and will comply with your rental requirements.

Ask interested parties to bring all documentation required to your property showing.

  • Completely filled out a rental application
  • Report on rental history
  • Refer to personal references

Comprehensive Screening Can Confirm Your Tenant Has Best Qualities or Not

The key to landlord success is finding the right tenants with the best qualities. It is a tough market for landlords, with rental housing in high demand. You can ensure that you get the best match for your rental property by conducting thorough tenant screening.

The verification of information provided by tenants is only the beginning. It will confirm whether your applicant has a stable income and an excellent financial history. These are two of the most important qualities that you can look for in a renter.

You can rest assured that your potential tenant will be honest and responsible by conducting a background check. In addition, you have a greater chance of not having to deal with costly problems later on if you accept a tenant with such great qualities.

A potential tenant applicant may appear great on paper. However, you’ll find out if they are the right tenant for you if you spend more time with them.

buying a new house

Buying a New House? Get a Great Deal with These 8 Never Heard Before Tips

Homebuyers don’t want their money stolen. It doesn’t matter what the market is like; it’s vital to ensure you get a fair price. How can you be sure that you are getting a great deal, even if the market is tight? So you can make an informed investment decision of buying a new house, it is essential to understand how to assess the value of any property.

When the norm is to overpay for a house, it’s challenging to get a great deal. However, Q3’s survey of over 1,000 top real estate agents revealed that 87% of homebuyers are willing to pay more for homes with low inventory.

This guide will help you create a razor-sharp house-hunting strategy. It includes clever ways to save money and tips for finding hidden opportunities. You’ll be glad you played your cards right and won’t have to compromise your needs or settle for a substandard home.

Buying A New House – 8 Amazing Tips To Get Great Deals

Look Out For Recently Sold Houses

Comparable properties are similar in size and neighborhood to the one you are planning to buy. For example, a 1,000-square-foot, newly remodeled double-story home with a garage should be listed for roughly the same price as an identical 1,000-square-foot home in the same area.

You can gain valuable insights by comparing the price of the property to other properties. Is it significantly less expensive than bigger or more luxurious properties? Are smaller, less desirable houses more expensive?

buying a new house - Recently Sold Houses

Your agent can provide the most accurate and updated information about comparable properties to you. Also, you can look at similar properties that are in escrow. It means that the property is currently being sold but has not been closed.

Find out the Reason behind Seller’s Decision to Sell

You can make your offer more tailored if you have more information about the seller. Is the seller moving to a new location and needs a fast closing? Are there any divorce proceedings? Is the seller moving to a new location, and would he prefer a longer closing time or a rent-back arrangement?

Use Online Real Estate Listings and Public Records to do Research

You should focus on collecting information about the seller, property, and neighborhood. Find out if the house may be in foreclosure and if the seller is involved in a divorce proceeding. You can also see Google Street View determine if the house was on the market previously and what the price was.

buying a new house - Use Online Real Estate Listings

Make sure to look at the property as well as the surrounding area on each real estate listing site. The more information you have about a property, the more confident and competent you will be as a buyer.

Look Out For Comparable Properties

You can visit other homes to get a feel for their size, condition, and amenities. You can then compare prices to determine what is fair. If they are to remain competitive, reasonable sellers will similarly price their properties to comparable on the market.

Analyze Market Conditions

Are prices fluctuating lately? Properties in a seller’s marketplace will be more expensive than properties in a buyer’s. It depends on your current location on the boom-and-bust curve of real estate.

buying a new house - Analyze Market Conditions

If the real estate market is on an upswing, and the peak price is not yet reached, then properties might not be too expensive even in a seller’s marketplace. If rates have just started to fall, then properties may be too expensive even in a seller’s market. It can be hard to see the valleys and peaks until they are passed. Consider the effects of the mortgage interest rate on your economy.

Search for Short Sale Properties or Bank-Owned

You can also deal-hunt for homes by looking for properties that are in foreclosure or that are bank-owned. According to data from the National Association of Realtors, foreclosure homes were sold at an average discount of 20% below market value as of May 2020.

Short sales may be listed online under “subject to bank approval.” Public records can also help you find short deals. For bank-owned properties, your agent can search the MLS for REO listings or use an online foreclosure aggregator such as the one provided by Bank of America.

However, buying a short-sale or foreclosed house comes with its own set of challenges. First, you will need to be prepared to bid on a foreclosure home auction-style. Second, cash is likely to be required. Third, the foreclosure market is fierce when you have to compete with all-cash investors who are looking to rent or flip these bargain-priced homes.

Buy During Offseason

It’s an excellent idea to zigzag when other homebuyers are zagging. Experts say that the best time to begin your house hunt is in March. It is due to increased competition from other buyers and the real estate momentum that tends to pick up in spring.

Instead, start your home search in November before the rest of America falls into a turkey coma. Data shows that home buyers who close by February can save an average of 7.17% on their home purchase if they beat the spring rush. For seasonal trends in your market, enter your city and search for the “Worst Month” for sale.

Test & Compare

You can always offer a lower price than the seller’s list price in a seller’s market to get their reaction. Sellers list their properties at the lowest possible price because they are unwilling to negotiate. However, some sellers still list their properties for a higher price because they want to see if anyone is ready to buy their house at a higher price or not. You will know if the seller is willing to accept your counteroffer or price adjustment.

Some sellers might under-price their properties to generate interest and start a bidding war. However, unlike eBay, sellers don’t have an obligation to sell to the bidder who bids higher. Sellers have the right to reject any offer that doesn’t match their expectations.

You may be tempted to offer a lower price if you are serious about the property. However, sellers could find it offensive and refuse to deal with anyone who uses such tactics. You may also be at greater risk of being outbid if you offer less than the listed price.

The Bottom Line

It is essential to know how housing prices are set up before you start looking for a house. It will allow you to make an informed decision and negotiate a fair deal with the seller. These tips will help you make an informed and confident offer on any property in any market.