Category Archives: Administrator

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Investing in debt?

Why you need to be careful before investing in the real estate market

It’s no secret that the real estate market has loads of great investment opportunities for realtors and consumers alike. But as we all know, sometimes things are too good to be true. Before you take the plunge and invest in what seems like a great real estate venture, there are a few things you should consider.

Is this property as good as it looks at first glance?

A property may look great when you first see it, but you can’t guarantee that there aren’t any underlying issues. Imagine if you look at an apartment with carpeting, and it looks great…but then summer comes along and mold starts to grow because the property had water damage, something that you didn’t know about because you can’t really see that when you preview an apartment. It’s important to fully check the property to make sure that it has no previous damages or anything that may be on the verge on breaking.

Will you find a tenant/tenants for this property?

You need to consider that not all properties are easy to rent or easy to find tenants for. Before you invest, look at the market and area where the property is located and determine if there is potential for you to find a tenant. You don’t want to spend a ton buying a house to rent, and end up with no one to rent it.

Consider the long-term risks

Make sure that you look at costs that may show up later on in your investment! Short-term costs are important because you need to handle them immediately, but long-term costs can sneak up on you and set you back. Plan out the investment so you’re aware of any expenses that may come up.

investment

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When should you start looking for a new tenant?

If you’re having problems with your current tenant, you have to ask yourself, at what point is it time to have them move out and find a new tenant?

Finding a good tenant is hard, and keeping a good tenant is even more difficult. Sometimes a tenant that may

new tenant, eviction

have been the best thing since sliced bread can turn sour, leaving you with a mess. At some point, you need to start considering finding a new tenant that you know you’ll be at peace with.

Now, you can’t just decide to evict your tenant out because they’re bothering you, but you can evict them if you

have a reason. While actual eviction laws vary from state to state, if you have a valid reason to ask your tenant to leave, it’s typically justified. If your tenant remains in your property beyond the date stated in the lease, you can evict them. You can also evict them if they fail to pay rent. Property damage, and rule breaking

are also justifiable reasons for to ask your tenant to leave the property. Basically, at the first sign of any of these, or if you feel that your tenant is putting you or your property in danger, you should ask them to leave to avoid further problems.

 

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What terms should you include in your lease agreement?

So, you’ve officially found the perfect tenant and now it’s time to put together the finalized lease agreement; but the question is, what do you include in the agreement?

When you’re putting together all the terms of a lease agreement, it’s extremely important to touch on any issue that you think is relevant or may come up throughout the time of the rental. You need to make sure that the lease is clear on everything, and not just a vague list of things that are left to the tenants discretion, or even your own discretion (for their sake).

lease agreement If you make a lease agreement that doesn’t cover specific items, you’re leaving a lot of blank space that may hurt you later on. It’s imperative to set clear roles and decide what’s going to be your tenants responsibility and what’s going to be your responsibility. This comes into play when you’re talking about things like general maintenance, or even landscaping; who’s going to be hiring someone to fix things, who’s going to take care of mowing the lawn? Some people may think these things are implied and won’t put them into the terms of the lease, but that can lead to problems later on.

Your tenant is also going to want to know what they are and aren’t allowed to do, so be sure to set rules that are both clear and fair. If you’re clear with your terms it makes it easier for your tenant to follow them, or for you to address issues if they go against your agreement.

 

 

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Sears Making Moves in the Real Estate Industry

sears

Earlier today, Sears decided to change up the nature of its business and dabble in the real estate game. Sears, which has had retail locations all over the United States since 1925, is now selling some of these locations, along with Kmart locations to balance out their finances. Sears plans on selling some of its best properties (a whopping 254 stores!) and leasing them back. The department store chain is working out the deal with Seritage Growth Properties, who will buy the properties lease them back to Sears. Sears is also working out a real estate joint venture with General Growth Properties, the number 2 mall owner in the United States. The joint venture involves Sears receiving $165 million dollars and fifty percent ownership of the venture, in exchange for 12 of their locations in General Growth Properties’ malls.

Some think that Sears isn’t making the right move in its new real estate venture, but it seems like it could definitely help them. We all know that real estate has definitely grown since the economic slump in 2009, and commercial real estate is no exception. Sears isn’t putting its name or brand at stake, its just restructuring its assets (both internally and externally) through effective real estate. It’s interesting to think that such a huge company is using real estate to turn itself around; could it be possible that other companies will follow in Sears’ footsteps?

 

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A beacon of hope for the real estate market?

Recently, on the Tenant File Facebook we shared an article about beacons being the next big thing in real estate; this begs the question: can we really change the future of real estate by using beacons to collect buyer information?

First of all, what are beacons? Basically, beacons are small sensors (wireless, of course) that use smartphone technology to push user data via Bluetooth Low Energy. Bluetooth Low Energy uses much less energy than the traditional Bluetooth technology we’re used to, so users don’t have to worry about it draining their phones. Since beacons transmit mobile data, they work very well in terms of convenience for the user and information gatherer.

As we all know, the future is digital and changing very quickly before our eyes, so of course we want to integrate technology into every aspect of life that we can. Using beacons adds an entirely new edge to the real estate market because it allows realtors to easily collect valuable data on consumers and consumer preferences, and even use that data later on. Typically, when you’re on the prowl for a new home, you go and take a look at the home before buying; in this process a realtor will most likely ask you to fill in a sign-in sheet with basic information about you and what you’re looking for. Beacons eliminate this awkward step, and instead use your smartphone to transmit information to the realtors inbox where they can gain consumer insight and have data for later on.

The use of beacons in real estate seems extremely promising, so we’re looking forward to see how this changes the way that consumer data is collected and used.

beacon
A typical beacon and it’s inner parts.
(source: postscapes.com)
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When Tenants Go Sour: How to Avoid Bad Tenants

Here at Tenant File, we’re constantly stressing the importance of finding a tenant that is a perfect fit for your home. While there are certain steps you can take prior to renting out your home to them (check out our video on tenant screening here), can you guarantee that your tenant won’t go bad? Realistically, you can’t, so you need to be alert and keeping your eyes open for signs that your tenant may not be as good as they seem. Having a bad tenant can make the rental process immensely difficult and costly for you, so you need to make sure you don’t end up with one!

For starters, don’t rush the process of screening your tenant. It’s important to make sure that you have legitimate information that checks out. You should definitely require proof of employment from your tenant and verify it to make sure it’s not falsified. If you skip this step, you may end up with a tenant that you think is a high earning executive, when in reality they’re unemployed. Missed or late payments are also a huge red flag your tenant may be going bad; if they stop paying out of nowhere without speaking to you about any issues they might have, it may be time to have them move.

A huge thing that some tend to overlook is making sure everything is in writing. The lease contract needs to be sure to have every single aspect of the rental agreement being made in it, not just a general overview of the terms. If all the terms of the agreement are in writing, it’s clear to your tenant what they can and can’t do in your property. Having a fully stated agreement also makes it easier for you to point out certain terms your tenant is breaking and provide concrete reason to have them evicted.

bad tenant

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Holiday in the Sun: How to Find the Perfect Vacation Home

What do you want to look for in a vacation home?

With summer slowly approaching, the clock is ticking for people who are trying to find the perfect vacation home. Here at Tenant File, we’ve compiled a checklist of the top 5 things you should look for when trying to find your summer rental.

1. Good price – Look around the area where you’re thinking about renting and compare prices before jumping the gun on the first home you see. You want to make sure you’re getting your money’s worth and not paying too much.

2. Location, location, location! – Once you know what kind of area you want to spend your summer in (suburb, city, beach town, etc.) do some research to select the perfect area. You want to make sure the place you’re living in fits the description of where you want to spend your time.

3. Furnished – Unless you have an entire furniture set ready for your summer rental, make sure you look for a place that comes furnished and ready to move in. Having to buy and move furniture into the home is just another large expense that can be avoided.

4. Lease time – Do you want a week-to-week lease or month-to-month lease? It’s important to know what time frame you’re looking at so you and your landlord can create a solid agreement.

5. Comfort – Comfort is key! Your vacation home is where you’ll be spending a decent amount of time so you want to make sure that you feel comfortable in it and know you’ll be comfortable living there.

vacation

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Keeping Good Tenants – Top 5 Tips for Tenant Retention

At Tenant File Property Management Software, we recently covered the importance of tenant screening. But once you have a good person chosen and moved in, how do you ensure tenant retention? We’ve compiled a list of the top 5 tips for keeping good tenants that you should be sure to use if you want to guarantee a low tenant turnover.

1. Allow pets.

It’s very difficult for pet owners to find a rental home that will let them bring their four-legged friends, so if they find a home that does allow pets they are likely to stay there for a long time. A tenant with a pet is also responsible (they have to take care of themselves and their pet!), so they’ll be responsible enough to take care of your home

2. Listen to your tenants.

Listening to your tenant is key in being able to keep them as your tenant! If your tenant has a request, like painting a wall, or changing an appliance, hear them out and try to take care of it as best as you can. It’s important that you and your tenant listen to each other and voice any concerns or requests either of you may have.

3. Offer discounted leases.

If you have a tenant who’s lived with you for an extended period of time (over a couple of years or so), you can offer them discounted or reduced rent. This gives them an incentive to keep living with you and makes it clear that you like having them as your tenant.

4. Take care of issues promptly.

If something breaks, fix it quickly! Don’t make your tenant wait a long time for things to be fixed, because they’re going to think that you don’t care about taking care of them or the property.

5. Treat your tenant right.

It’s important to talk to your tenant and be able to develop a relationship with them. If they’re having issues that may prevent them from paying rent, or may require them to leave for a period, your tenant should feel comfortable enough with you to be able to talk to you about these things. Sending cards for birthdays and other holidays are also great because they give your tenant a nice reminder that you’re thinking about them.

Do you have any tips you recommend for keeping a good tenant?

landlord and tenant

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Life’s A Stage: The Importance of Staging

Staging your way to success!

Recently at Tenant File, we read a BuzzFeed article about the importance of using good photos when posting real estate listings. Making sure your real estate listing looks good is crucial because its the first image that people see of the property, and creates an idea in their heads of what to expect. These photos would be nothing if the home doesn’t have anything in it, simply blank walls and emptiness; this brings up why staging is so important in renting or selling your property.

Staging involves setting up your home to have it shown to potential tenants or buyers. The home is fixed and decorated to appeal to those who are interested in possibly living there, making them feel comfortable and welcome. You want your property to be staged in a way that makes the person seeing it feel at home; you want them to feel comfortable with the idea of living there themselves and making it their own home.

Effective staging involves using the right paint colors, furniture, decor, and overall ambiance. Use warm and light colors to make the room seem bigger and have a nice calm feel. Make sure that the furniture you choose also goes with the overall design of the house; you wouldn’t furnish an old Victorian home with very modern furniture. As far as decor, have pillows on couches, to exude a look of comfort, and paintings and wall decor to be able to draw people into the room. Another great tip is to have candles lit throughout the home with a nice, calm scent (vanilla is a great choice) because it makes people associate the home with nice, warm, positive thoughts.

staging

 

Do you have any great staging tips that you always use? Tell us about them today!