Credit is one of the first things landlords consider when reviewing a potential tenant. If you know you have credit problems for whatever reason, you can take a copy to your landlord when they review the apartment you want. While landlords do not have to accept your credit report copy, you can explain why your credit is the way it is. Also explain to them how you will clear up the issue. Another item to have handy is a rental resume, which should include employment information, references from past landlords and supervisors, and other relevant information. This can be especially helpful if your credit score is not where it should.

If you have bad credit, you can make a compromise by offering an additional deposit or maybe a shorter lease. You can even improve your credit by paying debts and ensuring that everything on your credit report is accurate. Be honest with yourself. It’s going to take time to improve your credit. There is no quick way around this. However, if you are willing to work off any bad credit, the landlord can give you a chance.

As of 2004, the Federal Fair Credit Reporting Act requires each of the three big credit reporting agencies (Equifax, Experian, and TransUnion) to provide you with a free copy of your credit report once every 12 months. Additional credit reports will cost you $10. It will cost a few dollars more if you would also like a credit score (FICO score), in addition to your report.

Keep in mind that each credit reporting agency will have different information. It all depends on whom your creditors use. You might want to get all three, requesting a different one every few months so you have the complete picture.
And after all that, if your landlord denies you because of your credit report, they must tell you that they did so and provide you with the name and contact information of the credit reporting agency that provided that information to them. Then, that credit reporting agency must provide you with a free copy of your credit report.

And after all that, if your landlord denies you because of your credit report, they must tell you that they did so and provide you with the name and contact information of the credit reporting agency that provided that information to them. Then, that credit reporting agency must provide you with a free copy of your credit report.
 
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As you find a  new property, you may feel overwhelmed by the sales process. Let us simplify it for you and encourage you to focus on these features when assessing whether a property is worth your investment
 

Amenities

Do not underestimate the amenities that come with your property: in-home and in the neighborhood. Consider local public transportation and stores.
 

Listings and Vacancies

Check how many vacancies are in the area. If there’s a high number, you may want to avoid the area. If this is the case, do research on why the vacancy rate is so high.
 

Future Developments

Check with the local council to see if anything is in the works. This could affect the property’s ability to be sold. Factories could make your property unattractive while a small shopping mall could attract clients.
 

Crime

Check the crime rate. Your clients want to feel safe in their new neighborhood.
 

Schools

If the property has great schools in their area, this can be a great selling point for young couples or families.
 

Jobs

Is unemployment rate high or low? Also, if a major employer is in the area, that can lower the vacancy rate
 

Natural Disasters

Research what natural disasters are most likely to occur in the property’s area. You can also find out how much money you will need to invest in insurance premiums.
 

Rent

When you calculate rate, take into account rising interest rates and other unforeseen factors. Rent could increase within five years of move-in.
 

Property Taxes

Property taxes vary based on characteristics of the property. Tax needs to be calculated when determining income. Remember that you also need to pay capital gains tax when selling the property.
 

Neighborhoods

Always assess the neighborhood as a whole before deciding to invest in a property. Different neighborhoods will attract different people. If you live near a university, you will definitely attract students (who might also leave during the summer, so think about this). Consider the local environment and how that will play into your income and investment.
 
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How you react to a crisis could mean triumph or disaster for your business. However, taking a proactive approach to this idea is essential. Today, we’d like to share with you some crisis management tips:
 

Have All Emergency Contact Numbers

Not having a plan means planning to fail later on. You must have an emergency line on hand when disaster strikes, in addition to emergency lines for contractors and your clients. Should a problem arise, you can call your clients’ phone numbers to confirm if they were okay and then ask if any additional problems occurred.
 

Keep Contact Numbers Up To Date

Regularly update your clients’ contact information like email address and phone number. In addition, you should have up-to-date contact information for cleaning services, reconstruction teams, and security personnel.
 

Train Your Employees

If you have anybody working under you, train them to work with your crisis plan. It’s important to clarify who needs to do what in an emergency so that the aftermath runs its course smoothly. Keep your employees’ abilities in mind while creating your plan. Do not beat around the bush with this.
 

Have A Well-Trained Spokesperson

A great spokesperson will eliminate any rumors or misunderstandings that can arise after a crisis. Many spokespersons do not handle emergencies with grace so please keep this in mind while finding a spokesperson. Having good credibility and a calm personality are indicators of an ideal candidate.
 

Have An Evacuation Plan

In addition to having a plan for an emergency’s aftermath, you must have an evacuation plan for yourself and any employees you may have. This evacuation plan should include an evacuation drill (to practice every so often), managing clients that also could be in the building, proficient insurance knowledge, medical preferences, first aid kits, emergency contacts, and the like. A well-thought out and well-practiced plan will reduce the risk of financial ruin after an emergency.
 
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You may have heard of the term “sales lead” in your time as a real estate professional. These leads are generated from a real estate networking group from big name companies like Zillow. However, there isn’t a well-established group for landlords. As a landlord, you absolutely need a plan to execute and stick with in order to find leads. Need help creating a sales plan? Read the tips below:
 

Mail Campaign for Rental Owners

Probably the most inexpensive item on the list, but can be effective if done well. If you go down this route, stay consistent. Mark down on your calendar when you will send out mailing. Create a timer on your phone. Make sure that your message is simple. Nothing too “flashy.”
 

Speak at a Local Business or Club Lunch

Organizations like Rotary have lunches on occasion. Let these people know that you are available to speak. Many times they are scrambling to find another speaker because the original cancelled. This is another great place in your community where you can network.
 

Don’t Underestimate Internet Marketing

Reach out to those on social media who are looking for a place to rent. On Twitter, you can search keywords and hashtags for those who are in need of a rental. However, industry professionals suggest hiring someone who is social media savvy to launch a campaign such as this.
 

Newspaper Ads

Yes, this is an old school tactic, but pay attention. This method actually still works. When deciding on your advertising budget, this can go for 1/3 of your budget and you can still make a profit.
 

Lead Websites

Another good sources for finding leads are online lead directories. You may pay a monthly fee in order to search for leads to bid on or even receive your own leads. However, you may get leads that want a low-cost leader and the “bidding” type does not stay loyal to the landlord.

Within a few months, you should have a solid sales plan to use consistently in order to generate more business.
 
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In this ever-changing business, it’s easy to feel overwhelmed with work-related tasks. Adding elements of time management to your business can be difficult due to the constant urges of “We need this done now!” or “This is urgent!” Here we have some time management tips to take back your work life! With structure and discipline, all of your tasks will appear simpler.

-Time blocking is one way to organize your daily tasks. Set aside a block of time each day for answering emails, looking for leads, following up with potential clients, etc. You can schedule these time blocks multiple times in a day, of course. You don’t need to set only one time aside for checking emails.

-Don’t be tempted by that ringing phone or those pop-up email alerts. Time is precious.

-Simplify your schedule to include only a few (but important) tasks. This will decrease the amount of time you work. Once you learn to focus on just a few tasks, distractions will decrease.

-Think about delegating tasks to other team members, if you have some. Sometimes you can get rid of half of your to-do list with this technique.

-Get important stuff done early. Pick 2 things you need to accomplish today and place them at the top of your list or schedule. Pushing these items back can cause even more distraction and stress on your part. Get these tasks done as soon as possible to keep your mind focused for the rest of the tasks at hand.

-Try grouping similar tasks together and doing them all at once. This relates to the “time block” tip we had earlier. Creating groups for your tasks can increase your productivity.

-Focus on one project at a time. Even if you think you are the multi-tasking type of person, that does not work well in most situations. Pick one project to work on, finish it, then move on.
 
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Let’s say you found a property that fits your budget and is in a decent location. You calculated the return on investments and it all looks very promising. Only problem: the property is ugly. Very ugly. However, this is not necessarily a dead end for real estate professionals. The key to selling your property is to highlight advantages it already has and offer incentives to potential owners/renters. Here are some tips when selling a less-than-average looking property.
 

Research

Just because the property is ugly doesn’t mean it’s not safe or hazardous. Analyze its surroundings. Your property may have the potential to skyrocket in value due to potential of future properties, like malls or parks, appearing on said surrounding area. Explore the area to determine the market, attend open houses, and explore the neighborhood initiatives. Calculations are not the most fun part about real estate, but it can definitely create solutions and ideas for you when deciding how to market your property.
 

Offer Incentives

Let’s go back to the very beginning of the article where we suggested offering incentives. Now that you have performed all those calculations from your research, create a budget strategy to justify your property’s appearance. Be realistic through this process. Remember that you will need to adjust your prices accordingly to the surrounding market. We suggest starting pricing at 5% lower than your competitors.
 

Choose Upgrades Wisely

Smaller upgrades like fresh paint and new floors can do an ugly property a lot of good. Your clients will take notice of the small upgrades. Not only are you making the property more attractive, you are also building your reputation as a real estate professional and improving your property’s value and return.

The real estate industry includes many challenges, like other industries, but not many like selling an unattractive piece of property. However, through research, persistence, patience, and creativity, your property can pay off big time.
 
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Today, we have a special post for tenants. Most people find documentation to be a pain. It’s a hassle to keep papers together and to turn it in to the right people. But, here are some scenarios which will show why documentation benefits you as a tenant.

Signing Your Rental Agreement

It’s important that you have a copy of your agreement. Read the document clearly and takes notes. Don’t be afraid to ask questions. Pay special attention to late charge terms, security deposit terms, and maintenance responsibilities. Notice the financial grace period, the policy on security deposit refunds, and who is responsible for repairs. You may get a move in/move out checklist from your agent or landlord. If not, ask if they can give you one. This will make the move in/move out process easier on you and you agent or landlord. Before you sign anything, be sure that the property is in the same shape as described in the agreement.

Moving In

Make sure to document any defects you find at move-in. Do a thorough inspection yourself, even if your landlord claims to have done one already. Bring another witness with you as you complete your inspection. You could even document the inspection via pictures or video. Any defects you find needs to be reported to your landlord as soon as possible. Even better, hand deliver the documents or mail it with proof of mailing. Keep all copies of your inspection documentation.

Moving Out

Give at least a 30 day notice of your departure. This notice needs to be in writing. Again, hand delivering the document or mailing it with proof of mailing. Keep a copy of the notice. Like moving in, it’s important to document the condition of your rental on move-out. Schedule a walk-through inspection with your landlord before you move out. Request a copy of the landlord’s inspection checklist afterwards.

Why is having documentation so important? It protects you from landlords who take advantage of their tenants. Additionally, having copies can help jog your landlord’s memory regarding the state of your rental. Lastly if the matter ends up in Court, you will have files to back you up.

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The most recent tornados are a good reminder that disaster can strike any time, anywhere. Here are a few tips we’ve gathered to help you prepare for the next big disaster in your area as well as save time, money, and frustration in the aftermath.
 

Video Your Business

Get all of your property on tape. Property includes the outside, vehicles, equipment, inventory, supplies, offices, signs, etc. Talk about what you are filming so a FEMA, SBA, or insurance agent will know what existed before the disaster. Include who is making the video and the date. Store it in a safe or a bank.
 

Read your insurance policy

Read your insurance policy thoroughly. Know every detail. Is it current? Any upgrades or improvements that must be completed? Are you covered for wind, fire, and flood? If you said “no” to any of these details, fix them as soon as possible.
 

Communicate With Your Employees

If you have any employees, get their regular and emergency contact information. This will help get business up and running again soon after the disaster. Make sure to give your employees your contact information as well. Also remember to give each employee an assignment like securing hard drives and covering windows in case a disaster is in the immediate future.
 

Contact Local Emergency Office and Alarm Company

Get the necessary information for businesses in the aftermath of a natural disaster. Once you have this information, formulate a plan to prepare for a future disaster and its aftermath. It’s also important to contact your alarm company so they can stay in touch with you while you are away from your business.
 

Maintain A Generator

You will need a generator that can generate gas for 3 days. If you are stranded at your business, you will need something to keep you warm. Also remember to run gas in a well-ventilated place to avoid carbon monoxide poisoning.
 

Be Careful Who You Hire to Remove Debris

Some contractors like to scam off of those in need in the wake of a disaster. They want to make quick cash off of desperate people. Do thorough research before hiring somebody to clean debris. Don’t make yourself the victim twice.
 
You never know what kind of disaster will strike in your area next. It’s important to make plans for any type of disaster to save stress, time, and money later.

The internet can create many rewards and challenges for those in the real estate industry. Opportunities to connect with and discover potential clients are endless. Here are some pointers to manage your online reputation as well as the best way to deal with negative reviews.
 

Invite Your Tenants

Connect with past and current tenants to let them know that you are looking for reviews for your business. A good number may say yes, especially if it’s a business that has given them a place to call “home” for many years. Invites through social media, email newsletters, or old-fashioned postcards are great ideas. Know that you may need to remind your tenants to make their voices heard. If this is the case, remind them gently.
 

How to Handle Negative Reviews

In any business, you must know that you cannot please everybody. And that’s okay. However, if you see a negative review, do not let your emotions take over. Never take a review personally. Remain positive and professional. Reply back to the review with a “thank you” for their feedback and address their concern. Apologize and and correct the problem as soon as possible.
 

Monitor Your Online Image

Stay vigilant when monitoring your online presence. You want to make sure that your business has an accurate portrayal online. If you are too busy for this responsibility, Reputation.com can monitor your online presence for you and even clean it up if it gets messy. Additionally, Google has a service called Google Alerts, which searches for certain words or phrases you create. The results are then sent to your email to review.
 

The Internet Can Side With You

Know that even though people can make negative comments because of the possibility to remain anonymous, you can use positive reviews to boost business through social endorsements. Positive reviews also act as word-of-mouth, which has the underestimated power of increasing business. However you advertise these reviews is up to you.
 
If anything else, use common sense when dealing with online reviews. Avoid fraudulent reviews, request reviews from tenants on a regular basis, and remember to engage your audience.
 

A loyal and skilled team is vital for a long-term, successful property management team. Using this team and their skills can create a strong and loyal customer base. Here are some tips to foster a strong property management team.

Recruitment

Take the hiring process seriously. Look for potential team members with the right attitude. You can always train them in skills later. Why? When potential team members have the right attitude and are teachable, hiring them will benefit you in the long run over an applicant who are not willing to align with your brand because they already have their own.

Communication

Define every role in your business before you hit the ground running. This will eliminate any problems in the future over who’s doing too much work and who’s doing not enough work. In addition to what each person’s role is, define what their responsibilities are, who they report to, and your expectations.

Standards

Speaking of standards, it’s important to reiterate what your standards and expectations are for your team. Your standards make your business unique and can also create a unique brand. Make sure to write standards for every area of your business, large or small. Some areas may include customer relation, task completion, and communication presentation.

Induction

You must properly induct your team members. Make sure they feel welcomed. Ensure that every new team member is properly introduced to every area of your business. Also remember to give them the right training once they begin their time with your team.

Training

Did you know that employees who receive the right training are more likely to stick with their employer longer than employees that do not receive training? Not only does training make your employee feel like part of the team, it also creates a better presence for your business.

One last tip: do not stop the momentum. Keep training your employees. Keep making them feel welcomed and appreciated. This will foster a loyal and strong property management team.