Most warnings and media stories about scams on rental listing sites such as Craigslist focus on helping renters avoid scams, but landlords and property managers are often targeted as well. Here are some of the most common ways in which property managers and landlords find themselves getting scammed — and how they can prevent it.
 

False Check Refunds

Impostors often will pose as renters who agree to pay a security deposit and rent without viewing the property. Then the impostors send fraudulent cashier’s checks in excess of the stated amounts and request that landlords to return the overages. After sending a “partial refund,” landlords learn the up-front payments were counterfeit.
 

Lawsuit Scams

These scams involve real tenants actually signing a lease agreement and moving in – only to invent an excuse for a lawsuit. This could be failure to provide lead paint documentation or really anything that sounds scary and serious. Even if the tenants eventually lose the lawsuit, they can still often live for free while the landlord deals with the suit. Court may put a stay on any eviction proceedings until the lawsuit is decided.
 

Smoke-and-Mirrors Scam

Scammers steal pictures and property listing descriptions from authentic rental listings, and post them elsewhere online to lure renters. The alternative postings include suspiciously low pricing and contain fake email addresses or 800-numbers, which the scammer uses to draw renters in. For the landlord, their legitimate listing is passed over by tenants clicking on the lower price option, and can create suspicions that the legitimate listing is a scam as well.
 
Here are some ways in which landlords and property managers can guard against these scams:
 

Limit Information

Publish limited information on the internet regarding yourself and your properties. Post the intersection instead of the full street address. Serious prospects will call, giving you the opportunity to conduct a phone screening prior to divulging sensitive information.
 

Use An Alternate Phone Number

Never use your cell or home phone in your rental ads. Consider free options such as Google Voice to receive calls on your cell phone without giving away your true phone number.
 

Conduct A Background Check via Telephone

Always conduct a preliminary background check via telephone prior to showing the property. Scammers will be uncomfortable answering many questions. When doing a more complete screening after showing the property to an interested tenant, be sure to verify their employment, income, credit history, criminal background, and court history. If they have ever sued a landlord, keep searching.
 

Watermark Your Photos

Watermarking your pictures is one way to prevent picture theft. There are a number of watermark software programs and some free online versions. Do some research to choose the appropriate one for you.

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We scoured the internet for tips for new renters. This is what we found:

-If given a manual for your new property/apartment, read it thoroughly. This document covers electrical to plumbing, basic diagnosis of problems, what can be done, or never should be attempted by a tenant.

-Try your best to follow the expectations of your landlord. NO exceptions.

-If your landlord asks if you need any assistance, be honest with your answer. It’s better to get help from them than to escalate the problem, thanks to your own wrongdoing. They’re willing to walk with them through the building and also demonstrate how things in their apartment work.

-Your landlord will be watching your property and are available to take your calls. Please take this into account. Don’t be afraid to ask questions.

–Be honest when your landlord asks you any questions about the property. Communication and honesty is what landlords like to strive for. Do the same for them.

–Bring your checkbook to meetings with your landlord. And be sure to have the money in your account for the deposit and first month’s rent!

–Talk to the neighbors if you get a chance. You can learn a lot just by being friendly with one of the neighbors. Ask them what they think of the place, how the landlord is, etc. – get a feel for your new home before you sign anything.

–Ask if you get a parking spot. A lot of apartment buildings do not have specific spots for everyone, so you should make sure you get one if you want one.

–Never go over your budget. Most finance professionals tell you that you should be paying 1/4 of your gross income. This is not always feasible in certain markets, but it is a good percentage to try to stick to.

–Clean up your credit. I seriously doubt you are going to get approved for any apartment if you have so many red flags. Work on fixing your credit while you stay with a friend on the couch.

–Read the lease. And then read it again. This is a legally binding agreement you are signing – make sure you read it.

–Buy renter’s insurance. When you live with that many other people in one building, you are trusting all of them to not leave a burner on or plug up the toilet – that’s a lot of trust.

–Make friends with at least a few neighbors. Stay away from the ones that you think will be knocking on your door everyday, but you need to know a few people in your building. You want someone to know when you are away, so they can keep an eye on the place. Trust me on this one!

–Relax, you are in your own place now! Decorate as you see fit. Make it a home, not just some apartment you happen to rent. Welcome and enjoy!

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It’s important for property managers to compete on service, not fees. New property managers often accept low-priced management contracts, just to bring in business. With rents on the rise and demand for rental housing overpowering supply, now is a good time to sit down with your clients to raise your property management fees (we suggest to about 8-10% of rents collected). Here are some strategies for raising your prices without losing clients.
 

Never Make Excuses

Don’t make excuses about the economy, inflation, or other justifications. Rather, show them the reason they should stick with you. For example, explain that you are hiring more employees and attaining more tools to reduce vacancies. If you explain it this way, most clients will agree to slightly higher rates.
 

Show Your True Value

Show that you are going above and beyond for your tenants. If you’re doing things like offering online rental payments and online maintenance requests for tenants, or have a smartphone app that allows you to monitor vacancies without physically being on site, remind your clients of that.
 

Be Smart When Breaking the News

Do not announce a price increase via email or text. Give your customers a personal heads up way in advance. You can communicate it in your newsletters or an email – just as a reminder or follow-up.
 

Option vs. Ultimatum

Offer the increase as an option, where your customers get to choose either how much of an increase or limited services at the same price. Offering your services on a three-tiered/good-better-best/a la carte model would allow for more client control. People like to feel they have a say in things. Offering a voluntary choice can strengthen your business relationship with them, rather than fray it. Do not present a price increase as a take-it-or-leave-it sort of situation.
 

Prepare to Make Some Deals

There will be some who will not respond well. For those customers who are hesitant, an alternative might be to offer them a longer contract term. Phrase this effectively and politely, however, and be clear that you are making a special exception for them.
 

Do Your Homework

Before considering increasing your prices, know your value and your competition. Regularly check in with industry sites and magazines for the latest trends. If there is something out there you are not currently providing, consider doing so and weigh the risks of not doing so. Do your homework and don’t be afraid to ask for what you’re worth. When people can see the value in something, they will pay the asking price, if it’s affordable.

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Property managers keep a lot of crucial files that contain information like names, dates of birth, Social Security numbers, addresses, bank account details, and credit card information. Therefore, they have a substantial responsibility to protect this information from security breaches and hacks that can lead to fraud, identity theft, and loss of trust.

Here are a few tips in information security to prevent a tragedy like this:
 

Know Your Computers and Who Has Access

Knowing who has access to information is critical to understanding your security level, thus making it possible to make the necessary corrections ASAP.
 

Take Into Account Other Electronics

This includes flash drives, cellphones, and laptops. Don’t let employees to take any of these items home unless absolutely necessary, as these items may be lost, stolen, or accidentally damaged.
 

Keep Up-To-Date with Hacker Methods

Example: Heartbleed Bug.
 

Change Passwords Frequently

They don’t need to be incredibly strong. But change them.
 

Keep Up-To-Date with Laws Involving Credits Cards

Draw up a written policy addressing why and how the information is kept, who as access, and how long to keep it. Once you don’t need that info, permanently delete or shred it.
 

Introduce a Security Training Program for All Employees.

Focus on protecting sensitive information. Ask a representative of you alarm company, a security company, or a police officer to instruct the class.
 

Install a Security System

Keep it and your encryption system updated and a strong virus and firewall protection system on your computers.
 
And lastly, back up your files often! This is a great way to protect you, your tenants, and your clients’ personal information.
 
And for your information, The Gramm-Leach-Blliley Act, the Fair Credit Reporting Act, and the Federal Trade Commission govern the use of personal and private information for all business. The Department of Housing and Urban Development governs tenants’ rights, and each state has its own laws protecting tenants.

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As a property manager, you take on a lot of responsibilities. You must maintain your properties, renovate properties and do repairs once the current tenants leave. From listing and marketing properties available for rent, collecting rent payments, and inspecting properties, you already have a full plate. The best property managers in the industry look for practical solutions so they can wisely manage time and money. One solution that is becoming popular with property managers is to rent storage units.
 

Storing Large Machinery that Cannot Be Stored in the Office

You need to look as professional as possible. The last thing you need is a large piece of equipment sitting in the middle of your office. Not only is this dangerous in case of emergency, it also looks very unprofessional when investment property owners and potential tenants come into your office for a meeting. You need to find a place to store large equipment while it is not in use. You can rent a storage space close to your office to free up space and make yourself more presentable to clients and investment property owners.
 

Storage Units That Are Accessible 24 Hours a Day

Most reputable storage facilities keep their units accessible 24 hours a day, 7 days a week. You never know when you or any of your employees are going to need to pick up the equipment they need to clean up a property before a tenant viewing. By renting these units, you never compromise the quality of services you offer.
 

Size Matters

There are several storage units available in a wide range of different sizes. If you want to store belongings that your past tenants have left while you are repairing the property, you may want to choose a larger storage unit. If you are looking for a space to store equipment and materials, you can choose a smaller space. Make sure that you look for spaces that are secure and monitored, and keep all of your business equipment and materials offsite and accessible.

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You have an older property that you know if perfect for someone out there. How do you convince that particular person? How do you show your property off in style? Here are a few tips:
 

Target the Right Audience

You have to find people who can picture themselves living in your property (whether for the price or its characteristics) and who will find beauty in its age. If it’s an older apartment or home, young families might not be interested. The older crowd, however, might be more easily convinced.
 

Tug at their Heartstrings

People who appreciate the music, movies and stories of the olden days typically have an emotional connection with older properties. Does the property (or surrounding area) have significant history? Research! Reference the property’s qualities, its value, and yes, its charm and character. Everything vintage has experienced a distinct surge in popularity – connect your property to the recent comeback. You can also appeal to the younger crowd’s desire to be unique. Older properties are one-of-a-kind. The crown moldings, wood plaster, claw foot tub and gigantic trees in the backyard are not things found on most contemporary properties. Point out every detail.
 

Prove That Old Can Be Hip

Real estate professionals take different approaches to presenting older homes appealingly. Sometimes they use words adjectives older adults may like but words which young buyers may see as “ancient”. Try using some new, bold descriptors to market this property. Get out your thesaurus and start looking.
 

Remove Doubts

Provide a detailed record of updates, fixes, and repairs. If everything has been maintained recently, your tenants will sleep much easier knowing the property isn’t falling apart.
 
When you have an appealing, clean property with great history on your hands, marketing it well just means helping renters adjust their idea of old in their heads. Assure them that even an old property will still provide plenty of enjoyment. Older properties can still win your heart over. You just need to market them well.

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It is common knowledge that having a roommate cuts living costs in half. While this sounds like a no-brainer, a roommate can actually end up costing you more than it’s worth, unless you’re careful. Follow these guidelines when selecting your next roommate to avoid headaches later.
 

Paperwork

First, decide whether you’re going to sign the lease on your own or co-sign with your roommate(s). If you do choose to sign on your own, remember that you will be responsible for cutting the rent check to the landlord each month in full, regardless of whether or not your roommate has paid you their share.
 

Background Check

You’ll also want to know if your roommate is financially responsible and/or crazy. Don’t wait until the first of the month to find out that he actually doesn’t have enough money to cover his share. Do a background check, credit check, proof of income, and references, even if it’s a good friend.
 

Shared Expenses

Discuss all shared expenses before you sign or agree to anything to avoid any surprises later. You could also put it in the lease agreement or create your own roommate contract. Think about items like cable, cleaning supplies, and office supplies.
 

Utilities

Talk with your roommate about energy/water conservation. If they like blasting the air conditioning, you might have a problem that needs to be worked out quickly. Rooming with another person seems like an easy 50/50 split until the first utility bill comes in. This might also be something you could put in the lease agreement or roommate contract. Don’t get too specific, but include something like watching energy/water/gas conservation.
 

Shared Purchases

Rooming together is like getting married. From couches to bathmats to pots and pans, you’ll decorate your new home together. It’s a good policy to designate ownership from the outset. This is especially helpful if both of you are moving in at the same time.

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With demand for rental property increasing every year, it is becoming more challenging for tenants to find a suitable property in their price range with increasing heavy competition. As a property manager, you owe it to your property owners and your other tenants to find the very best applicants among the pool of candidates.

Here are some steps to take to pick reliable tenants:
 

Check Their References and Rental History

Look for recommendations from previous landlords. Consider how long the applicant lived in their previous apartment, whether they regularly paid their rent on time, and the condition in which they left the property. You can also check in with former and current employers.
 

Check Their Credit and Employment History

Credit reports are a good indicator of a tenant’s payment history. They will also reveal any bad debts or bankruptcies. This lets you know if the tenant is likely to keep up with rent payments.
 

Trust your Instincts and Don’t Rush

If you feel uneasy about picking a potential tenant, don’t. There is a lot of demand for properties, so it is unlikely that you will be left with an empty unit for long. Be patient. Do not feel like you need to rush to find someone.
 

Obtain the Deposit First

Different properties will require varying deposit amounts, but the usual fee is between 4-6 weeks rent payment. This needs to be placed in a separate bank account.
 

Meet Your Tenants

This can give you the most insight into an individual’s personality and behavior, so you can make accurate judgement in terms of how well you two will get along during the tenancy. Trust between both tenants and landlords is key.
 

Research the Competition

It may be a good idea to bring your property to a higher standard to avoid attracting less desirable tenants.
 

Know Your Property and Surrounding Area Well

Be prepared for any questions a tenant will ask. You must be friendly and helpful to prospective tenants as a property manager or landlord.
 
A key skill to develop as a property manager is finding good tenants. They’ll give you far fewer headaches, which means you can spend less time with headaches and more time creating a community that will make you love coming to work.

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Your property management team cannot manage their workload, tasks are piling up, and tenants are unhappy with your service. Sounds familiar?

Many property management companies are outsourcing tasks to cut costs, free up their team’s workload, and deliver more efficient service to owners and tenants. But is this really the best way to manage your business?

You may save some money, your team may have more time to focus on other tasks, and your clients may be happy with your service. But this is not a long-term solution to managing your business. You are simply dealing with the symptoms. There is a better way to gain what you are hoping to gain from outsourcing! The problem is your current strategy. Implementing better strategies is a long-term solution that not only adds value to your business, but gets rid of the need to outsource. Better strategies allow you to manage every area of your business.

Look at your company’s current strategies. Work out where improvements must be made and how to simplify tasks to achieve the level of service you want to deliver. Put your new strategies in place and start training your team. It’s important your team understands how to consistently manage your company’s strategies in order to deliver a consistent level of customer service.

Also, survey your tenants. Ask them what needs the most improvement. They may even give you some new ideas. Pay attention to their comments and take them into consideration when planning your new strategy. Check in with them after changes have been made to see if it meets their liking.

Outsourcing is a short-term fix to address the symptoms. But if you want to seize the opportunity and deal with the problem, then implementing better strategies and educating your clients is the way to go. It’s the long-term solution you need to keep you, your team, and your tenants happy.

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It is now common that some tenants are ready to buy property. Unfortunately, many tenants simply lack the confidence or know-how to move forward. With rising rental prices and rental housing shortages, it makes sense to help tenants get into their own property sooner.

Helping your tenants buy property could actually help grow your property management business because property owners might also need property managers! Not only are you helping make your tenants’ dreams come true, but you are also getting the sale. Remember that tenants also have family and friends. They can refer more clients to you.

How do you get started? Educate your tenants. Most tenants are unaware of the options available or how to even go about getting a home loan or if in fact they are even eligible for a loan. It’s worth marketing to your tenants and opening their eyes up to possibilities, or at least encouraging tenants to have that conversation with a mortgage broker who can give them the right advice to help them move forward with their plans. Doing this has many benefits in the growth of your portfolio, your brand, and your business.

Often tenants are afraid to ask the all-important questions. If you are armed with the information and tools to take to your tenants to help them get into their property sooner, this will then be a great way to build your business over time. If you give great advice and help enough people, this will also create great word-of-mouth

Talk to some industry experts about possibly holding a seminar for your tenants. And maybe take a tour of your potential investment properties on the market with your tenants. This will encourage tenants to ask questions and encourage them to learn about and therefore buy property. These ideas will bring opportunities.

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