Category Archives: New User Questions

How to Work With Out-Of-Town Renters

Map on computer

You may find yourself as a landlord to out-of-town renters – those who only inhabit their vacation rental for a few months. A large part of your job is keeping these rentals in the same condition – or in even better condition – while they are away.

What do out-of-town renters need the most? Peace of mind. They can’t be there to make sure their rental isn’t going to get damaged. As the housing market grows, if these homes are well kept, the more these homes will increase in value. The best ways to take care of out-of-town renters in this retrospect is through the following:

Rent-ready inspection and preparation. Do this early and efficiently.

Comprehensive tenant screening. This can dispel any potential problems.

Move-in, periodic, and move-out inspections published to owner portal. This creates a better relationship between you and your tenant.

Follow tenant policies and procedures for lease compliance. Do not let anything slide.

Access to the accounting and maintenance portal. Again, this strengthens your relationship.

Quarterly updates on how the property is doing in the housing market. This is critical to your business.

Establish an easy way to accept rent payments from your tenant. Practice this payment method from the get-go and address any payment problems as soon as they appear.

Create an open communication policy with your tenant. Time differences can make things problematic so work this out with your tenant very early on the in your relationship.

Another big step you can take as a landlord to out-of-town tenants is trust. Your job is to make absolutely certain that the rental owner trusts you. A way you can maintain this trust is through surveys. A small survey with questions surrounding your performance can benefit the relationship. You can easily find out if you’re on target with your clients or completely missing the mark.

How to Improve Video Listings

film strip for video listings

One of the best ways to enhance your property listing is adding a video with it. However, these videos need to be done well in order to gain attention from prospects. Here are a few tips to improve video listings:

Voice Over

A friendly voice-over greatly enhances a video listing. It’s also the least expensive way to add value. Some computers have a microphone built in. If not, it’s easy to find a fairly priced one. Voice-overs let you point out the property’s best features and describe any recent updates added to the property. Just make sure you work from a script.

Pre-Roll

Don’t skip this one just because you don’t know what it is. It’s footage that’s played before the actual video listing. This personalizes the video and also makes your video look more professional. This also enhances your appearances knowledge-wise to your prospects.

Neighborhood Tours

Another great option, while it requires a little more work on your part, is a neighborhood tour. Prospects want to know what’s in the area. This is especially beneficial if your property is located in a popular neighborhood. So enhancing features like a park, pool, shopping mall, recreational building, arts districts, etc. are all great ideas.

Aerial Video

Exterior features of the property are challenging to film from the ground. Filming from off the ground can get a little tricky and expensive but, if done well, can exponentially enhance your video. Chartering a small airplane or hot-air balloon are some of the best routes to accomplish this task. Airplanes will give you more control than a hot-air balloon, however.

However you go about enhancing your video listing, make sure it is done well. Take these tips into consideration in addition to shooting high-quality footage and editing neatly. Or else, you and your listing will look sloppy.

Top 10 Windows Phone Apps for Real Estate Professionals

windows-apps for real estate

Last in our app countdown series, we are covering Windows Phone apps today. Here are the top 10 Windows Phone apps for real estate professionals:

Realtor

Price: Free

This has already been covered in our previous articles, but we’re letting you know that there is an app for Realtor. This is a must have because of its access to MLS data and its high accuracy rate.

Real Estate by Smarter Agent

Price: Free

This is another repeat, but again, we’re letting you know that it’s available on Windows Phones. This app contains multiple search engines for you to use on-the-go.

Loan Rate Calculator

Price: Free

Real estate-focused calculators are essential for every Windows Phone-owning real estate pro to have. While speaking with a client, you can easily calculate the appropriate loan rate for them. Keep in mind, this is for commercial real estate.

Investment Property Analyzer

Price: Free

Let this app organize all your properties for you. In addition, it lets you perform analysis on potential properties to figure out if this property is worth investing into. You can also store and compare them side-by-side.

Plexi Voice

Price: Free

PlexiVoice is like the Windows Phone version of Siri. One benefit is that you do not need to memorize a series of commands. You can ask it to find information you need while driving, talking with a client, and more.

MapSnap GPS

Price: $2.49

This GPS is unlike any other. Take a picture of a map with your phone, mark your location in the app, select the scale, and then the app will automatically build your map and map your route.

Power Tools

Price: $0.99

This is the ultimate toolkit for Windows Phone users. It includes a flashlight, compass, and even more tools that measure sound, vibrations, lengths, angles, and more.

Evernote

Price: Free

Here is another repeat app, but many people are not aware that Evernote can be accessed on Windows Phones. Take notes that can be accessed from your phone, desktop, or tablet.

Adobe Reader

Price: Free

This is a must for any real estate professional. Documents are passed around and you’ll need one place to read and store it on the go.

Digital Signature

Price: Free

This is the Windows Phone version of any other smartphone signature app. This allows you to sign documents while out and about, meaning you can go paperless!

Top 10 Android Apps for Real Estate Professionals

app-icon

Yesterday we covered the top 10 iPhone apps for real estate professionals. Today we are focusing on the top 10 Android apps.
 

Realtor

Price: Free

Like stated yesterday with the iPhone app version, Realtor is one of the best apps for real estate because it was developed out of the National Association for Realtors and it gives you access to MLS data. Here are the Top 10 Android apps for real estate professionals.
 
 

Smarter Agent

Price: Free

This app is a full dictionary of Real Estate Terms that’s user-friendly and convenient. Quick and easy access for on-the-go agents.
 

Google Voice

Price: Free

Google Voice allows you to send text messages and place phone calls with your Google number.  It also lets you listen to voicemails and read transcripts. To get a Google voice number, go to the Google Voice YouTube channel.
 

Remember the Milk

Price: Free

Every real estate professional needs to have a to do list. Not only does this app integrate with Gmail and Google Calendar but it also lets you add and complete tasks and alert you of any nearby task locations.
 

iHandy Carpenter

Price: $1.99

This app is a mini-toolkit tucked away in your Android phone. The tools included in this app are spirit level, surface level, plumb bob, steel ruler, and a steel protractor.
 

Google Maps

Price: Free

Google Maps is not just any other GPS app. It allows you to search for a specific object and will filter search results by distance and relevance. You can also search by your location, business listings, traffic, latitude, and more.
 

Where To Go

Price: Free

WhereToGo lets you get to know your current surroundings. You can search for the nearest grocery store, gas station, park, gym, and many more.
 

Karl’s Mortgage Calculator

Price: Free

Calculate mortgage payment plans on the spot. You can calculate payments given principal, interest, and term and reverse calculations for any of the three.
 

Evernote

Price: Free

This is another app that was covered yesterday, but I would like to inform you that, yes, there is an Android app that works very well with your real estate needs.
 

Safe Neighborhood

Price: Free

Safe Neighborhood lets you search for sex offenders in the area. While this might be a disturbing app for some, many of your clients will have a concern for nearby sex offenders. It’s better to be safe than sorry.

 

 

 

Top 10 iPhone Apps for Real Estate Professionals

app-icon

Having your smart phone on hand can make your job much easier. You just need to know the possibilities. This week, we are discussing the best real estate apps for iPhones, Androids, and Windows Phone users. Today, we are starting with iPhone apps. Here are the top 10 iPhone apps for real estate that you should have:
 

Realtor

Price: Free

An extension of Realtor.com, this app separates itself from other real estate search apps because it was developed out of the National Association of Realtors’ standards. It also provides access to MLS data, which has a high accuracy rate.
 

LoopNet

Price: Free

LoopNet is the cousin of Zillow and Trulia, but this allows you to search for commercial real estate.
 

Real Estate Calc: Mortgage & Home Loan Qualification Calculator

Price: $0.99

Says what it does. Great news is that this app is only a calculator. It is not cluttered with real estate listing search engines or other deals to take you away from the app.
 

Open House Manager

Price: $4.99

You can use this app to manage open house attendees. Simply put the attendees in your content management system for easy contact later.
 

DocuSign

Price: Free

This app allows you to sign documents on-the-go and send to clients. Utilizing this app can even allow you to go paperless!
 

Apple Maps

It’s already on your phone, which is all the more reason you should still use it. It can easily be used to find a house’s location. You can also use Street View to find the closest bus stop, gas station, and more.
 

Dropbox

Price: Free

This app is something every person of every career should have, but especially real estate pros. Users can save files on their account and send a link to that file for other people to easily access.
 

HomeSnap

Price: Free

Users take a picture of a home for sale, then the app matches the image and GPS location to display data from MLS and other sources on price, size, and other features.
 

Evernote

Price: Free, or $5/month or $45/year, depending on the plan

Use this app to takes notes – however you’d like. Evernote also has its own website where your notes are stored. No more emailing yourself any notes!
 

Magic Plan

Price: Free, but file export plans start at $2.49/month

Follow the instructions as you take pictures of a room, then the app designs a floor plan specifically for that room, which includes dimensions, doors, and windows. These floor plans can be saved in different files types.

 

How to Find A Good Remodeling Contractor

folding-rule

With real estate sales growing and property rentals filling up right now, it is harder now to find a good remodeling contractor. If you need your listing or rental refurbished a bit before landing a prospect, here are some strategic tips to find a contractor who fits your needs:

Word-of-Mouth

Ask your group of friends who are also in the real estate business for any recommendations. Getting referrals from people you know and trust will bring you a peace of mind. And if your contractor knows they were referred by a past client, the contractor will make it a priority to keep you happy.

Be Clear

Don’t beat around the bush with your properties. Make it absolutely clear what your goal is. Show that you have put a great deal of thought into this project as well as how much you can spend on a contractor. This all may change later, but at least have something in mind so the contractor knows that you are serious.

Get Contractor’s Input

Be careful not to jump into pricing. That can be better determined by the contractor. First, ask about a proposal from the contractor, which can include objects like sketches. This shows that the contractor is knowledgeable and is serious about you, your business, and getting the job done.

Negotiate

Now it’s time to bid. This can take some time, so be patient. Try to get bids from at least three contractors. Forego any bids that are way too high or low. If your first choice’s bid is over budget, negotiate some more.

Be Flexible

Bidding is a good time to discuss scheduling. Ask your contractor about typical start and end times for your kind of project. Just remember to be flexible. For your first choice, you may have to wait for some time in order to get the results you want.

When making physical changes to your property, it is very important to find a good contractor. Do not rush with trying to nail down a contractor. Spending some time on a project like this is worth it.

How to Make Your Property “Green”

solar-panel

Making your rental property “green” is easier than you think. More and more landlords are going green with their properties. And even more and more don’t know where to begin. Here are some tips to get you started:

Reduce Flow

Replacing your faucets and toilets with low-flow faucets and toilets can reduce water usage across the board. Many gallons of water can be saved just by making this switch. These savings can also affect your heating bill. Since your tenants won’t need as much hot water, the heating bill can be reduced. Water is a crucial part of life for many states and cutting back on water waster can greatly benefit the environment.

Insulating

Insulation can be installed to benefit the environment. Materials for insulation are inexpensive. It keeps airflow at a minimum between outdoor and indoor areas. It can also control the temperature within a property. Installation may be difficult. However, there are some options that can make installation easier. I would suggest you do research before making a decision.

Air Sealing

Another option to control air flow is air sealing. One way to go about this is a pressure test. You will need to hire an expert for this, so keep that in mind. Areas that can be tested for air loss are base boards, windows, and outlets. Foam, caulk, and gaskets can be used to seal the area.

Solar Energy

Solar energy is a great tool to go green. Solar energy can reduce electricity usage to zero. You can even receive credit on your bill during the summer if excess electricity is fed through the power grid. This credit can then be put towards the winter months. Systems are scalable and energy formulas depend on the contractor. So again, do your research.

The biggest note to take away from this is to do your research. Going green may not be for every landlord due to time or budget constraints. But take some of these tips into consideration. They could benefit you greatly later on.

3 Things to Consider After A Property Fire

firefighters

Most landlords see fires as uncommon occurrences. But that doesn’t mean fires cannot possibly occur. Best case scenario, nobody gets hurt. Property is replaceable, lives are not. Take a look at these things to consider in the aftermath of a fire.

Health and Safety

The number one thing to remember after a fire is the health and safety of your tenants. Be considered about the health and safety of your tenants, even if they caused the fire. Fires can sometimes cause unstable conditions in a property. In that case, you need to think fast and move your tenants to another living area. The recovery process after a fire will not be easy, so prepare yourself and your tenants for a lengthy road to restoration.

Coordination/Organization

Organizing all parties involved in the fire is a significant task. If your property is part of an association, notify the right agent and managers for this association. Check your state’s laws on loss claims related to incidents like fire. Notify all parties whether they have nothing to do with repair. The sooner you notify all parties, the sooner repairs can begin. Some property elements need to be tended to as soon as possible due to their nature, like dehumidifiers. Think and act fast.

Insurance

This should be a common practice for you and your business already. But always carry your insurance card. Additionally, you should require your residents to carry around their insurance card. You do not want an incident like this to happen and to not be covered (or to not have that information handy). You can also add a statement within the lease that states that residents should carry around their card. Implement these changes now, or kick yourself later for not doing so.

Taking steps to prepare for an incident like this is not a bad idea. Even if your property is not likely to catch on fire, you will need these tips in case disaster strikes.

 

5 Reasons Why Landlords Should Hire A Property Manager

vector house

A property manager can be a great asset to your real estate or rental business. However, they are expensive. So make your decision wisely. If you are debating to hire a property manager or not, see the factors below:

To Lighten Responsibilities

If you have many rental properties or many responsibilities, or both, then a property manager can benefit you. A growing business needs a property manager in order to continue their steady growth and not fall through the cracks so early on in the game. Remember, the more tenants you have, the more maintenance issues, vacancies, and other related problems you will have to deal with.

If You Do Not Prefer Hands-On Management

Some landlords like the challenge of finding new tenants and maintaining a clean and safe property. Others do not. Others only view their rental business as an investment and not their primary day-to-day focus. If you do not have interest in hands-on management, consider a property manager to take over those tasks for your ease of mind.

If Time Is Short

What if you do like hands-on management but do not necessarily have the time to dedicate to every tenant and their needs? Maybe being a landlord or agent is a part-time job? Bringing in a management company can reduce any time crunch-related stress you have. If you want to spend more time growing your business or changing your business structures, a management company can help you maintain sanity.

If You Don’t Live Near the Property

A property manager can be a invaluable in dealing with properties not local to you. Many issues come up when dealing with a tenant that cannot be settled from afar. Having a physical presence and your property could be a good idea if you cannot be there yourself.

If you decided to hire a property manager, the best places to search are your local apartment association, professional directories, and word-of-mouth.

Should You Allow Pet Owners As Tenants?

dog

Renting out property is time-consuming enough as it is. Pets are just one additional factor that many landlords do not have time to deal with, which is understandable if you have property that is easily damaged. However, it might be to your advantage to allow pet owners as tenants. But this is all a case-by-case basis. Here are some pointers when screening pet owners:

Aggression

Any landlord that allows pet-owners will have almost no trouble allowing pets like cats and birds. Dogs are a completely different issue. Their aggression varies based on their breed and training. Allowing all pet owners except for dog owners can hurt your business. So it is best to screen dog owners on a case-by-case basis. Research the breed before meeting the prospect in order to prepare yourself.

Noise

The noise factor is critical to potential furry tenants. Again, this is a case-by-case basis. But this time it all depends on the kind of property you rent out. If this property is separated from the next property over, this should not be an issue. If you own an apartment complex, this factor makes screening more complicated. When interviewing your tenant and their pet, be wary. Your expectation of noise level based on the dog’s size might not match up with reality.

Temperament

Screening the pet in addition to their owners is crucial to the approval process. Do not go by what the owner tells you about their pride and joy. Communicate to the prospect to bring their pet to your first initial meeting. It could be clear within the first few minutes what kind of temperament their pet has. Of course, your rental, its furnishings, and the security deposit come into play while making a judgment on the pet.

Allowing pet owners as a tenant of yours is completely subjective to you and how you run your business. There’s no national standard on pets inside rentals. Use your own discretion.