Landlords often face the challenge of ensuring timely rent payments from tenants. This dilemma has led to the widespread adoption of rent incentives, offering a variety of perks to encourage prompt payment and tenant retention. These incentives for apartment tenants to pay rent on time range from discounts and waived fees to bonus amenities or lease extensions. However, as landlords navigate the complexities of managing rental properties, it’s crucial to implement comprehensive strategies to mitigate the risk of rent loss. Among these strategies, landlord insurance and rent guarantee insurance ..read more

We are often asked by other landlords like ourselves, “Do I need a business bank account for rental income?” For most, the answer is yes. Managing rental properties comes with its fair share of financial responsibilities, and setting up a separate bank account for your rental income can streamline your financial management processes significantly. This dedicated account serves as a crucial tool to organize your finances effectively, ensuring clarity and transparency in tracking rental income, expenses, and profits. In this article, we’ll discuss the essential steps to establish a separate ..read more

In the real estate industry, understanding the nuances of property valuation is vital. For most independent landlords like ourselves, Net Operating Income (NOI) stands as a cornerstone. NOI represents the income generated from a property after accounting for operating expenses but before deducting taxes and interest payments. In the context of property valuation for sale, NOI plays a pivotal role as it provides a clear picture of a property’s financial performance and potential profitability. NOI valuation serves as a fundamental tool for both buyers and sellers alike. For prospective buyers ..read more

In today’s digital age, the rental application process has evolved significantly, thanks to the convenience of online platforms. Landlords can now streamline and expedite the tenant screening process through online applications. This shift not only saves time but also offers a more efficient and organized way of managing rental inquiries. However, navigating the realm of online rental applications requires a strategic approach to ensure you gather all necessary information while adhering to landlord-tenant laws. What is a Rental Application? A rental application is a document that prospective ..read more

Note: This post has been updated with our top choices for tenant screening services in 2024 If you own a rental property, your success greatly depends on the type of tenants that live there. With good renters, you don’t have to worry about the well-being of your property or the rent payment. On the other hand, a bad renter can be a source of never-ending anxiety. To avoid distress, you must learn how to screen tenants properly before entering into an agreement with them. Tenant screening can help minimize the risk of having bad tenants. As a result, you save yourself from the potential loss of ..read more

In this video, Landlord Gurus founders Eli Secor and Chris Lee discuss frozen pipes. Eli talks about his experience with a bursted pipe in one of his rentals and some lessons he learned. Topics in this video include: Eli’s experience with burst pipes [0:41] Lessons learned [3:11] Cleanup after a burst pipe [7:26] Takeaways [12:33] Transcript Chris Lee: Hi there. We are Landlord Gurus and we’ve got another video coming to you today. So today we are going to talk about one of the issues and one of the types of phone calls that landlords probably dread the most, and that would be flooding or w ..read more

In this video, founders Chris Lee and Eli Secor do a Baselane landlord software review. What features does Baselane provide? How much does it cost? What are the highlights of Baselane that Chris and Eli have noted? Topics in this video include: What is Baselane? [0:58] Baselane banking [1:13] Rent collection [4:25] Other features [6:52] Baselane highlights [9:12] How much does Baselane cost? [10:29] Takeaways [11:39] Transcript Eli Secor: Hello, you’ve got Chris and Eli from Landlord Gurus here again. And today, we’re going to talk about one of the products that we feature and many of our r ..read more

Becoming a property owner is exciting, but for new landlords, it comes with its fair share of challenges. From tenant screening to rent collection and property maintenance, the responsibilities can quickly become overwhelming. In the dynamic landscape of real estate, efficiency is key, and traditional methods often fall short. This is where property management software comes in—an essential tool for landlords who are just starting out. This technology offers a comprehensive solution to address the intricate demands of property management, providing an organized and streamlined approach. In thi ..read more

Talking to tenants about rent increases is one of the hardest things for me to do. It makes me uncomfortable and I find myself dreading any upcoming conversations about it. However, if you own rental property long enough, it is something you inevitably have to do. If you also have a hard time with these conversations, remind yourself it’s not just about the numbers; it’s about conveying the message with honesty, understanding, and professionalism. In this article, we explore practical ways for landlords to talk about rent hikes that are easy to understand, empathetic, and respectful. We also s ..read more

For a landlord, maintaining a clean and inviting rental property is not just a matter of aesthetics; it is a key ingredient for success. The upkeep of rental properties goes beyond tidiness. It directly affects tenant satisfaction, property value, and the overall longevity of the investment. In this article, we discuss the importance of rental property cleaning and offer invaluable landlord tips and advice to enhance the appeal of your rental space and foster positive landlord-tenant relationships. Developing a Comprehensive Rental Property Cleaning Checklist To ensure each of our rental prope ..read more