Tag Archives: tenant

New User Questions

Walk it Out – How to Successfully Conduct Your Walk-Through

We recently talked about the importance of providing a move out checklist for your tenant, and how much easier it’ll make the process for the both of you. Once your tenant is all moved out and the property is empty, the next step on your agenda is to conduct the walk-through.

The walk-through is a very important step in the process because it allows you to assess the condition that your property was left in and determine what your previous tenant is liable for. When conducting the walk-through, you should take a record of what damages and/or issues the tenant may have noticed when first moving in, a report of any maintenance problems they may have had while living there, and the move-out checklist that they completed for you. You may want to consider making a chart where you can document all of these things so as to avoid having to be going back and forth.

The first thing you should pay attention to when doing the walk-through is whether or not your previous tenant did everything that they were responsible for. Look at the checklist and make sure that everything on it is done, because are the things that your tenant was held fully liable for. If something hasn’t been done, make note of it so that you can see if it will need to come out of their security deposit or if you will need to charge them additional for it.

Once you’ve determined what the tenant is still responsible for, look at reports of existing issues, and maintenance problems that may have come up while your tenant was living there. This way, you’ll be able to see if any problems still exist and if repairs held up well. You can then determine was needs to be fixed or replaced before the next tenant moves in.

New User Questions

Moving Out

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Moving out can be pretty hectic for both you and your tenants, but it can be made easier! Giving your tenant a checklist for them to follow makes the moving process way simpler. There won’t be any confusion on either end about how things need to be left or what steps the tenant needs to follow. This also helps if something isn’t left as it should be, because you can bring up the checklist to show them exactly what you had expected from them.

What kinds of things should you include on the checklist? The first step is telling them when they need to notify you of their official move-out date, so that you can schedule an inspection after that date. Beyond that, make it clear if they need to re-paint anything that they may have changed from it’s original color, maybe walls, or doors. The checklist should highlight that everything needs to clean, basically returned the way the home was first presented. It’s also very important to make sure that you make it clear on the checklist to have them remove all of their belongings and any trash that may be around the home. Your tenants need to ensure that everything is disposed of and that trash isn’t left around for days.

Your tenant will benefit from this too because they’ll be more likely to get most of their security deposit back once the entire process in completed. If they do everything on the list, you can return them their deposit and save yourself the time and money of doing everything that was needed to be done. If any additional repairs need to be done, use the money from the deposit, and if that doesn’t cover it, you will need to bill your tenant.

New User Questions

Website Wonders

As a property manager, your website is important for all kinds of things. Not only can it showcase what your property has to offer for those looking for a new place, but it can also be a resource for your tenants to take care of their property needs.

Depending on how you set up your website, your tenants will probably be some of the main users. A lot of property managers use their websites as portals for residents to pay rent, check any balances they may have, and put in maintenance requests. Using your website for this purpose is great because it’s quick and easy for both you and your residents.

Your website is a great way to showcase what your property has to offer to those who are looking for a new rental. On your website, you can post pictures of what the property looks like, with floor plans and more pictures of how different units look. The internet is the first place people turn to when they’re looking for anything, so you want to make sure that your website makes a good first impression. Put as much information on your website as you can people can know about the property and not have to be reaching out to you over and over again with the same questions.

New User Questions

What kind of amenities should you offer?

From furniture to incentives, we’ve covered all kinds of things that can set your property apart from the rest. Aside from these, there are certain things that people tend to really look for in a property. Don’t fret, we’ve put together a list of the top 3 amenities that you should always try to incorporate into your property.

  1. Having a washer and dryer inside the unit is a huge deal breaker for most people. No one likes having to pack up all their dirty laundry and soap to have to go somewhere else to wash and dry it. If it’s not possible to have a washer and dryer in each individual unit, make it a point to at least have a few laundry machines somewhere on the property for tenants to use.
  2. For properties in warmer places, central air conditioning is a must. Though this may be costly, it will surely make your property stand out among the rest. Tenants aren’t going to want to install their own A/C or have fans all around, so they’ll be very happy to see that your property is well equipped.
  3. Parking spaces near the unit are also a really big deal breaker for people. You should try to provide each tenant with at least two spaces near their own unit, and provide adequate visitor parking around the property. No one wants to walk five minutes to get from their home to their car, so try to avoid offering resident parking far from each unit.
New User Questions

Incentives Matter!

As a property manager, there may be times when you encounter difficulties in finding tenants for your property. In a case like this, where there are lots of properties similar to yours available, what can you do to stand out? Give people an incentive!

One of the basic economic principles is that incentives matter, and it really is so true. If you provide people with an incentive, they’ll be more inclined to choose your property over others. Incentives are great because you can target them to your specific property or target market. For example, if your property is located on a golf course near a country club, you can team up with the club and offer those who rent with you a lower membership rate. This same kind of thing can also work with properties in college towns, too. Team up with the local cable and internet provider and offer a ‘student special’ with lower rates to those students who decide to rent with you.

Aside from market specific incentives, you can also offer general incentives too. You can offer a reduced application fee (or get rid of the fee all together) to those who sign before a certain date. You could even offer cash incentives, or gifts for tenants, too. The purpose of having an incentive is to make your property stand out when the competition is very similar, so it’s important to also factor your competitor’s incentives as well.

Administrator

Is Big Data the next Big Thing?

We can all agree that technology has done wonders for the field of real estate. Within seconds, you can have all kinds of data, specifically big data, right in front of you almost instantly. Big data, as its name implies, is basically a huge set of data that requires extensive processing because it’s so big. You’re probably thinking, what does this have to do with real estate?  

Well, the possibilities are endless…

Once a big data set has been analyzed and the relevant information has been extracted (this process is called data mining),  it can be used to show you all kinds of trends that can be very useful for your real estate or property management business.  For example, a big data set that has housing information for your area can show you how the housing market has changed in the past year, while showing which specific factors may have contributed to it.

Analyzing these large data sets can also help you determine the potential value of a property based on data pertaining to similar properties. Depending on the type of data you have, you can develop an algorithm that can tell you which properties are good investments, and which are not so good.

It’s pretty clear that big data will eventually serve a much bigger purpose than predictive analysis and trend examination (even though these are huge in the real estate industry), the question is, what’s next?

 

 

 

Administrator

Reference Required

Just like with any other application, a reference letter can definitely set someone apart from the rest. Though it’s not necessarily a requirement of the lease application process, asking your possible tenant for a reference letter from their previous landlord is absolutely in your best interest.

Other parts of the application, like proof of income, and credit history, give you information about the tenant and whether or not they can afford rent, but they don’t really tell you if they’re going to be a good tenant or not. The reference letter is written from someone who was in the exact same position as you, so it’s going to be your best source. This is where their previous landlord can tell you about any specific issues they may have had (that you probably won’t know right away), and where they can also tell you if that tenant was the best they’ve ever had. The reference letter is a way of knowing things that you wouldn’t immediately know about the tenant, but you should consider when making the final decision.

The same wreferenceay that you would expect an honest and detailed reference letter from a possible tenant, you should always be willing to provide your tenants with a reference once they move out. When you’re writing the reference letter, talk about anything that you feel is relevant and valuable to the next landlord. Mention how well your tenant took care of the property, if they paid rent on time, etc. Maybe you want to provide a number where the landlord can reach you at in case they have other questions.

 

Administrator

Are You Accepting Applications?

Somewhere in the tenant screening process, tenants are usually required to fill out a lease application that will help determine if they are a good fit for the property or not. Lease applications are pretty standard but you can modify the required information if your lease requires you to. So, what exactly is a lease application?

A lease application, like any other application, requires tenants to put down basic information that goes into making the decision about renting your property out to them. Basically, contact information, previous residence(s), proof of income, criminal history, and employment history are all standard on rental applications.

Rental applications are a great tool for weeding out the people who really aren’t interested in your property. If someone who is very unsure of whether or not the home is right for them, they won’t want to waste time filling out an application. Plus, a fee is usually required of the tenant, to be submitted with the application; not surprisingly, this is referred to as the application fee. They aren’t going to want to pay a fee if they don’t think they’ll actually end up living there.  If you have multiple people interested in your property, tell them about the rental application and their responsibility to fill it out and pay the fee; those who are truly interested will be the ones to stick around for the entire process.

application

Administrator

To Furnish, or Not to Furnish

furniture

Finding a place that comes furnished is a big deal breaker for a lot of people and can really make your property stand out among the rest.  For someone who is unsure of how long they will be staying in a certain town, renting a furnished place is perfect. There’s no need to buy and transport heavy furniture, so the move is made really easy.

The real question is, should you furnish your rental?

Furnishing a rental home may seem costly, but it does pay off. If you offer your property furnished, you’re automatically entitled to charge more for monthly rent. Basically, the large one-time cost will continue to benefit you.

What furniture should you provide?

For bedrooms, you can provide basic things like a bed, nightstand, dresser, and maybe a desk. In the living room, you can provide a couch or two, and a coffee table. For the dining area, find a simple table with at least four seats.

Don’t think that you have to go out and spend tons buying furniture! Check places like Ikea, and even your local thrift stores and garage sales to find affordable furniture that will look nice in your property. When shopping, try to find furniture that’s simple and neutral, this way your tenant can add their own personal touches and make your property feel like home.

Remember the lease! If you do decide to furnish your property, make sure that it’s included in the lease agreement. Make it clear that the furniture is just an extension of the property, and that your tenant is liable if anything is to happen to it.