Tag Archives: landlord

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Negligence is Never Okay – The importance of maintenance

We recently talked about the importance of maintaining your property even when it’s vacant (check it out here); but before you start planning that maintenance, it’s important to make sure you’re not neglecting maintenance that needs to be done while your tenant is in the property.

Neglecting maintenance and repairs can not only end up being very costly, but it can also pose a big safety risk. If you notice some wiring that looks slightly frayed, change it! Waiting for the problem to worsen is never a good idea; in a case like this a fire could start and be extremely dangerous. Neglecting any sort of repair automatically creates a problem that’s just waiting to worsen. If you start to notice the flooring on one side of your attic going bad, you shouldn’t wait for it to collapse to change it.

It’s also important to constantly be checking up on things like alarm systems and fire/carbon monoxide detectors, and making sure the property has a working fire extinguisher at easy access to the tenants. By checking up on small ‘repairs’ like these, you’re potentially saving the lives of the your tenants. negligence

Neglecting maintenance isn’t entirely always the fault of the landlord; as a tenant you should inform your landlord whenever you think something needs to be repaired. If your landlord doesn’t know about a problem, they’re not going to be able to fix it.

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Maintenance Matters

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So, your tenant just moved out and you still haven’t found a new one and your property is vacant…sounds like the perfect time to stop maintaining your property, right? Wrong!

In fact, you should take advantage of your property being empty and do maintenance that can’t be done when it is being rented out. Use this time to paint walls, steam carpets and wax tiles, and perform more prolonged repairs, like fixing a staircase. These are things that you can’t do on any given day because people and furniture will get in the way. You should also continue checking that your smoke detectors and alarm system (if you have one) are in working order since they won’t be put to use as much as they normally would be.

Maintaining your property when it’s vacant is essential in finding a new tenant; if your property looks nice, people will be more inclined to rent it from you than if it looks unkempt. Consistencyis key in maintaining your property, you should always keep up the regular maintenance even if no one is living in it. Little things, like mowing the lawn and raking leaves, really impact the appearance of your house and can affect how they feel about. Consistent maintenance also shows potential tenants that you’re a good landlord. Consider someone is interested in your property and views it on multiple separate occasions and notices that the garden always looks nice and the bathrooms are always clean; they’ll feel that you’re a good landlord and will take care of problems that may arise.

 

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Security Deposits: Securing yourself from debt

Yesterday, on the Tenant File blog we talked about pricing tactics for choosing the right amount to charge your tenant for rent. When you’ve set the perfect cost of rent, you need to also think about how much you want to charge for the security deposit.

Some may think the security deposit isn’t necessary in cases where your tenant is someone you know from before, or if the lease is only for a short period of time, but the security deposit is something you should always require of your tenant. Just because it’s your friend or family member living in your property doesn’t mean that it’ll stay completely intact the entire time; life happensyour property for six months doesn’t mean that things won’t need to be repaired once they move out.

 

The point at which you decide that you’re not requiring a security deposit from your tenant is the point where you’re making yourself accountable for the cost of repairs that may be incurred when they move out. The security deposit covers (at least some of ) the repairs and maintenance that need to be done once your tenant leaves, so in requiring it you’re removing some of the financial burden from yourself.

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Pricing: It’s All Relative

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So, you’ve fixed up your property and now it’s time to put in on the market and find a tenant to rent it out to, the only question is: what pricing strategy should you use to maximize your income?

Pricing is relative, meaning that you should set your rental price according to the area, type of property, and the cost of investment. It’s important to do research on what similar properties in your area are being rented out for to make sure that the price you have in mind isn’t too high or too low based on what you have to offer. You also need to consider the income level of the people living in the area where your property it; you can’t set a crazy high price if most people in the area have low incomes, because you won’t find tenants. The cost of investment you incurred is also an important factor in determining how much to charge for rent because you want to make sure that you’re not selling yourself short and that you’re actually maximizing the income potential for the property.

Once you’ve done the research and have a general idea about how much you want to charge for rent you can employ a few other tactics to ensure that you’re getting the most out of your property. You should always make sure to set the price a bit higher than the desired amount you want to leave a little wiggle room for negotiation (people will always want to go lower, not higher). You should also consider ending the price with with an odd number instead of with ‘.00’. People would rather pay $3,995 instead of $4,000 even though the difference is tiny. This also helps when people are searching for properties and want to search for a property under ‘X’ amount because it’ll allow your property to fall under that window.

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Springtime is the Best Time

…to fix up your property!

This is the time of the year that we always associate with blooming flowers, green grass, and spring cleaning, making it the perfect time to beautify your property for the coming summer months.

If you’re a homeowner thinking of renting your home for summer, you can take this time to make sure that your home is ready for the upcoming months. If you have a pool, make sure the maintenance is up to date so it looks crystal clear when potential tenants see it. People love flowers! Do a bit of research about what flowers and plants work best in your region and add some foliage to make your home brighter and more inviting to those who are thinking of renting it out.

If you’re a property manager with multiple properties or units, take advantage of the fact that we haven’t entered the rainy season yet and do maintenance on bigger things for your properties. It’s not safe to be toying with electrical power and wiring when there’s a storm going, so use this time to do electrical inspections of your properties and fix what needs to be fixed. Painting the outside of your property definitely can’t be done when it’s rainy out; make it a point to use springtime to your best interest and do any exterior work that you need to do now, before it gets too rainy and hot to enjoy being outside.

Spring is one the best seasons to spend time outside,  don’t let it pass you by!

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Tenant & Landlord Relationship – It Goes Both Ways

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Here at Tenant File, we constantly emphasize the importance of finding a good tenant, and keeping them. A large part of tenant retention is being a good landlord or property manager.

As  a landlord or property manager, you hold a very important role in your tenants life; you own the place that they call home, and you control the terms that allow them to live there. Obviously it is in your tenants best interest to be the best that they can and make the lease process go smoothly, so you want to make sure that you’re reciprocating this.

Being a good landlord or property manager goes beyond just making sure you do things in a timely manner or charge a fair price for rent (though these are super important), it means treating your tenant with respect and developing a a good understanding with them. Because of the nature of the situation, it isn’t as difficult to be a good landlord to a single home or small property; you’re able to have a more personal experience as a landlord and give more individualized service. If you’re a property manager with a lot of tenants, be sure to get to know them and make them feel that they’re not just lost in the sea of all the tenants. If you can make a lot of tenants happy, you’re bound to keep them and have them referring people to your property.

 

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How should you go about eviction?

Recently on the Tenant File Blog, we talked about signs that you should consider finding a new tenant (check it out here). Once you decide that you want your tenant out, how do you go about the eviction process?

Now, eviction laws and the eviction process vary from state to state, so for the sake of all of our readers, we’re going to make this a fairly basic outline of the process.

1. First comes the eviction notice. The eviction notice is the written notice where the tenant is asked to vacate the premises. This notice usually includes the reason for the eviction, the amount of time the tenant has to leave, the date and your signature, and any conditions that may affect the eviction.

2. If you’ve already given your tenant an eviction notice and they’ve failed to leave by the specified date, it’s time to move on to the next step: filing a lawsuit. Once your tenant is served, you’re both responsible for showing up to trial; for the most part, this ends with the judge giving your soon to be ex tenant a date by which they have to leave the property.

3. If after all of that your tenant still hasn’t left, you have the right to have them removed from the property. You can ask someone from your local sheriff’s office to escort them out of their property and place their possessions outside.

These steps are just the general process for eviction, make sure you check out what your state requires before you take the plunge.

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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

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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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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.

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