Loading...

Follow RentVest - Residential Property Manager on Feedspot

Continue with Google
Continue with Facebook
or

Valid
Landlords and property managers, like many business owners, seize upon the New Year’s tradition of establishing resolutions based on lessons learned from both the positive and negative experiences of the previous year that impacted their business’s growth. They plan and implement new strategies for the year ahead to fix mistakes and accelerate tactics that achieved their specific short- and long-term growth goals. In the early days and weeks of 2019, landlords and PMs should make the additional effort to recognize the commitment required to take risks when establishing new strategies for cultivating growth. To achieve success, you need to be willing to take a risk and see it through to calculate the outcome of your decisions, which is the only way you’re going to recognize what works and what doesn’t to guide yourself and your investment on the right course. Resist succumbing to the fear that a new approach might fail, a common response that can make it easy to hastily rationalize walking away from a great idea. Fear can undermine your opportunities for achieving your investment goals. If you make a decision that doesn’t go as planned, take advantage of the lesson learned and consider it a valuable indicator of which direction to head. Investors and businesses who don’t take risks will never benefit from the value that learning from their mistakes provide when it comes to understanding what works and what doesn’t. This is how profitable strategies that lead you and your investment in the right direction translate into skills mastered and goals achieved.
With eyes wide open and a commitment to take risks in order to cultivate growth, check out these five New Year’s resolutions that every landlord and property manager should make for 2019:
Out with the paperwork, in with the digital
Landlords and property managers can eliminate piles of paperwork by utilizing the robust technology designed specifically for rental property management. Manage your accounting, keep track of regulatory updates, and offer superior tenant services by doing things digitally.
Today’s digital property management tools can save you money, especially by helping to greatly reduce or eliminate the human error factor that is unavoidable under manual systems.
Dealing with rent and other tenant payments as well as payables on a regular basis calls for accurate organization of your income and expenses if you’re going to achieve your financial goals. Start by carefully reviewing your financial history from 2018 to calculate and compare revenue against spending and use the information to plan a budget for 2019 with your financial expectations and objectives in mind.
Communicate with your tenants
Communicating routinely and effectively with tenants, and providing them with the opportunity to do likewise, is the crux of establishing a cooperative environment. Inadequate communications can lead to misunderstandings, which will snowball into problems and time wasted explaining policies and instructions. Make an effort to reach out to tenants on a regular basis to make sure they’re satisfied with conditions on the property, and ask if they have any suggestions to improve their rental experience. Happy tenants stay long-term, reducing vacancies and making your life easier.
Effective and clear communication is the key to successful cooperation between landlords and tenants. Most landlords reach out to their renters once a month when it comes to rent payments or late payment fees. Remember that poor communication leads to misunderstandings. As a result, you’ll spend even more time on explanations and additional instructions. Try to regularly communicate with your tenants to be sure they are satisfied with their living conditions and current rental price.
Never put off for tomorrow what needs to be done today
Resolving maintenance issues at your convenience does not make for good tenant-landlord relations, and it could cost you more in the long run. By attending to problems and fixing any damage as soon as they arise you’ll avoid the potential of more extensive damage occurring if a problem is left unattended for even a short period of time. Additionally, satisfied tenants will be motivated to leave positive feedback on your website, while the opposite is likely to occur if maintenance issues are not swiftly addressed. Negative feedback can prevent you from attracting new high-quality tenants when vacancies become available.
Don’t wait for tenants to complain about a problem. Instead, establish a maintenance schedule with a reputable service professional to make routine checks on common areas, washers and dryers, and other areas that tenants depend on for day-to-day convenience. Some issues can create a safety risk as well⸺ better to catch a problem early than to deal with the expense and inconvenience of a problem that could have been avoided.
Stay on top of property management trends
Trends in the rental market are ever-changing, and it makes sense to keep up with them especially if your competition is steep. Trends to follow include those that tell you what your target audiences are looking for in a rental, the latest property management technology available and property values in your area. Buy arming yourself with the latest trend data routinely throughout the year can reinforce your ability to achieve the best return on investment. Property managers who stay on top of trends are going to experience better results developing and growing their businesses.
Start by subscribing to property management-related publications and blogs. Social media sites like LinkedIn have property management groups that you can connect with to receive information updates on a variety of relevant topics. Utilize the trend information you receive to make decisions and incorporate changes that will help your business grow and establish your reputation as a smart and attentive landlord based on issues pertinent to the property management industry. It can also help you predict future trends to plan on implementing to grow your income and prevent losing tenants to your competitors.
RentVest Property Management offers customer-centric property management services to property owners in Atlanta, Dallas, Denver, Hawaii, Houston, Las Vegas, Phoenix, Portland, Tucson, Reno, San Antonio, and Vancouver. To learn more about our full-service property management benefits, visit the RentVest Property management website.
Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 
One of the most effective things a landlord or property manager can do in order to keep their business operating profitably is to learn to say no. Most have stories of tenant shenanigans that taught them some tough (and often expensive) lessons, and they understand that the choices they make when problems with tenants arise can impact their profits and property value.Bottom line, renting apartments and homes to tenants is a business. The business of being a landlord, unlike most other businesses where there is a one-time exchange of goods and services and engaging in further transactions is optional, landlord-tenant transactions typically last a year or more.
With each party tied to the other over a long period of time, it can be very difficult to end the tenancy if the situation starts to deteriorate.
Cultivating the ability and discipline to say no is key to successful landlording.
Landlords and property managers develop working relationships with their long-term customers (tenants), which makes for a delicate balance when problems occur. There’s a human element that contributes significantly to this balancing act—between the landlord’s need to meet his or her financial objectives and coping with tenants who are struggling.
Tips for saying no effectively
Always refuse a tenant request calmly, politely, and clearly, without negativity.Keep the focus on the request. This will help convey that you are rejecting the request, not the tenant, This is strictly a business decision, nothing personal.Provide a clear explanation about why you denied the tenant’s request so that he or she realizes the decision is not open or negotiation. This helps the tenant accept and come to terms with your decision. “no.”Keep your voice firm and make eye contact so that your body language shows you are to be taken seriously.
It is not personal. A lot of ill will can arise when the line between the landlord as a person and the landlord as a business is blurred. When you handle tenancy issues make sure you are acting for your business not for your person. By de-personalizing the way you communicate with your tenants, especially during tense situations, you can better focus on the matter at hand while you deal with the issues in a professional manner.
Landlords and property managers who succeed are the ones who have learned to be firm and say no--almost without exception.
What constitutes a nice landlord?
They take applicants at face value.
They ignore negative information on the applicant.
They break the rules for tenants. They become too personally involved in tenants’ lives. They rent to friends, family. They forget it’s business.
No more Mister Nice guy
Nice guys make broke landlords.
That’s not to say landlords and property managers aren’t nice guys, they’re just as amiable as anyone in business. But considering the unique demands of landlord-tenant relationships, and the need for property owners to ensure their cash flow is consistent to keep the business viable, those with an intrinsic need to be liked and lacking the discipline to enforce the terms of every tenant’s lease agreement, even under the most difficult circumstances, should hire a property management team or they will fail. Nice guys make broke landlords.
It’s not that landlords and property managers should stop being genial and helpful to their tenants, but property management best practices prescribe the boundaries that property managers need to identify and heed; or risk emboldening renters to take advantage. Tenants often detect vulnerability in a landlord’s sympathetic and accommodating nature and try to exploit it; maintaining business hangs in the balance.
In 2017, ⅔ of the nation’s 3.8 million rental property owners failed to make a profit.
Tenants and landlords have different responsibilities to each other. Being a successful landlord or property manager is about behaving professionally under any circumstances, and consistently showing tenants respect, which can come across as “nice”. Tenants may ask for extra time to pay their rent or to have a friend or family member stay beyond the specified time allowed for guests or another respite during a difficult time. If they’re responsible tenants with a track record for paying their rent on time, saying yes can help foster positive relationship among your tenants.
But more often, tenants will request rent payment extensions for less than legitimate reasons (i.e.: one landlord reported that a tenant asked him for an extension on her rent payment until her boyfriend got out of jail. His answer? No!
Or they ask for approval to make home improvements that go beyond hanging new drapes (i.e. one landlord reported that unbeknownst to him, a couple of tenants renting his three-story triplex set up a makeshift patio with chairs and a table on the second-floor flat roof, which they accessed through a window, damaging the rubber roof system by walking around and dragging furniture onto it, presumably through the window also. They called the landlord to ask if he’d install a door leading out to the roof so they could create a garden seating area. The roof was constructed only to function as a roof. His answer? No!
Or, they get caught housing a dog in their apartment, located in a no-pets apartment building. (i,e, one landlord reported that other tenants reported hearing the dog cry while the tenants were at work during the day, and at night when they were home, By the time the landlord became aware of little Rex, they’d all grown attached and pleaded for an exception to the no pets rule. Her answer? No!
Knowing when to be accommodating and when to put your foot down is key to maintaining profitability and satisfied tenants. . Here are a few examples of situations in which landlords and property managers should stand firm amid tenants’ sob stories and over-reaching requests that call for an unequivocal “No” and not come out feeling like “bad guy”.
Problem: Late rent payments
Perhaps the most challenging tenant request is for an extension on the rent payment. Denying someone who appears to be struggling an extended grace period can be extremely difficult but except in very rare situations, landlords and property managers must apply lease agreement terms unilaterally and say no. Long-term tenants who have historically paid their rent on time could be granted an extension at the landlord’s discretion. Tenants who pay late by a few days should always be responsible to pay a late fee.
A late rental payment can negatively impact your cash flow. Provided the rental laws in your state do not state otherwise, always enforce the late fee defined in the tenant’s lease agreement, without exception. Once a tenant believes he or she can pay late with impunity, they’re apt to make it a habit.
Landlords and property managers who know how to stand firm in circumstances that can get highly emotional and even aggressive aren’t the bad guys, They’re the ones who know that their obligation is to the business and ensuring its profitability. When tenants fall behind enough on their rent to warrant eviction, regardless of how much they ask or more time, the landlord or property manager doesn’t have the option to reverse a decision. Although it feels personal, it isn’t. These are simply the unpleasant realities of the rental housing business. No one is exempt.
Problem: Tenants Decorating
Most people look for rentals that allow tenants to make some decor changes that appeal to their taste and aesthetic predilection. However, landlords have countless horror stories about renters who go beyond the scope of their lease agreements and make changes to their apartments that can undermine the property’s value and the landlord’s ability to re-rent the space without costly and time-consuming repairs, Scheduling apartment inspections once or twice a year may deter tenants from attempting unapproved improvement projects, or happen upon a DIY bathroom remodel in the making.
Whether or not you’ve dealt with such a scenario already, make sure to review the rules involving the scope of decorating tenants may execute at the lease signing, and make it clear that permanent changes are not allowed.
Banning tenants from making permanent changes doesn’t impede their ability to decorate the space and make it their own. There is an abundance of renter-friendly, damage-free decor and storage solutions on the market that can give tenants all the design options they want or need that don’t require hardware or mar walls.
If you don’t relish the idea of restoring black or lipstick red walls to white or a light color after a tenant moves out, require that paint colors are approved by the landlord or project manager before it goes up on the walls.
Problem: Denying a Tenant Request
Dan is a landlord who finds himself fielding calls and emails from tenants about noise, parking problems and other lease violations caused by a habitual guest of one of his tenants named Matt. It appears that Matt’s girlfriend has been spending most days and nights at Matt’s apartment. Matt’s girlfriend generates a Leonard Smalls "Lone Biker of the Apocalypse" quality day and night, creating a steady stream of complaints from other tenants and a growing stack of lease agreement violations from Dan,
When Dan meets with Matt to discuss the girlfriend and the lease agreement violations as they pertain to tenant guests, Matt asks if his girlfriend can be added to the lease and move in. While Matt has been a good tenant for several years, Dan has already decided the girlfriend has proven herself to be nothing but trouble and denied Matt’s request. He also reminds Matt that he is responsible for the actions of his guests on the property. Dan respectfully but firmly tells Matt that if he is unable to resolve the issues brought about by his girlfriend’s behavior, Matt would be evicted due to the lease violations. When Matt objected, Dan showed him the section of the lease agreement pertaining to guests and violations and warned Matt that one more complaint would result in a 30-day notice to quit for lease violations.
The next time Matt’s girlfriend visited the apartment, she violated the lease agreement again, angering tenants who notified Dan, who in turn delivered the 30-day notice to Matt the next day. Dan received a desperate phone call from Matt begging him to reconsider, but Dan refused and stuck to the timeline as outlined in the notice. When Matt moved out, other tenants expressed their appreciation for Dan’s handling of the situation. Dan’s unwillingness to back down on the decision to evict Matt, despite Matt’s pleas, registered with tenants as well. By dealing firmly and decisively with one problematic tenant, he sent a message to the entire community that his decisions are non-negotiable.
Successful landlords develop excellent customer service skills and learn to be effective business managers. As a landlord or property manager, you are responsible for making some tough but necessary decisions to safeguard your business’s growth potential.
RentVest Property Management offers customer-centric property management services to property owners in Atlanta, Dallas, Denver, Hawaii, Houston, Las Vegas, Phoenix, Portland, Tucson, Reno, San Antonio, and Vancouver. To learn more about our full-service property management benefits, visit the RentVest Property management website.
###
Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 
I
In 2018, more people are renting than at any time since 1965, according to the Pew Research Center. Landlords and property managers can benefit from the ever-growing pool of potential tenants and better ensure low vacancy rates by making a concerted effort to provide amenities that tenants value most.
In a nutshell, tenants like any technology, services, and conveniences that make their lives easier. Topping the list is smart technology.
appeals to 81 percent of those surveyed, particularly millennial renters. Another study revealed that 86 percent of millennials living in multi-family housing would pay more for a “smart” apartment—on average, about a fifth more---for rentals equipped with automated or remotely controlled devices. Even 65 percent of baby boomers said they would pay more
Some of the features singled out as eritable tenant magnets include:App--based home security systems.
Enhanced security of the entire property makes tenants feel secure, especially inurban areas. According to a 2017 study by Coldwell Banker and CNET, 55 percent of renters said they would pay more for electronic locks, which means you would recoup your investment in the upgrades while attracting more tenants who are seeking them. Forty-five percent of renters feel that physical door keys will be obsolete in the next 10 years.
Fifty-five percent of residential tenants said they look for properties with outdoor areas for entertainment with access to a weather-sealed exterior area with a high-definition screen.A property management app that provides staff and residents with a residential portal on the property’s website is also highly favored among renters. An app makes it easy for tenants to pay their rent and utilities, keep abreast of what’s going on in the community, and submit maintenance requests.
Mail and package delivery solutions
More than a quarter of renters surveyed said they receive at least one package per month, and 27 percent stated they’ve had problems receiving packages and mail. Rental properties that offer package lockers thar can be accessed 24/7 are sought after . In fact, 31 percent of renters say they would pay more to live in a community that made it easier to get packages. Special delivery options are also attractive to renters who prioritize in-unit delivery by facility staff who rcan place perishable items in the refrigerator upon request.Reserved parking
Tenants who spend a year in a rental with no off-street parking will spend 11 months of
that year looking for other
rentals with designated parking spaces. Everyone hates struggling to find a parking space on the street, not to mention the hassle of carrying groceries and other items back to their apartment. Sixty percent of renters surveyed said they would pay more every month for a reserved parking spot. Most said they would pay $25 extra each month.and some said they’d be willing to pay as much as $75 more per month for a reserved, off-street parking space.
nvestors who are looking to purchase rental properties should keep these tenant preferences in mind, especially when considering a property without off-street parking.
Landlords and property managers can distinguish their facilities from the rest with amenities renters want and can’t find anywhere else. Some of these aren't necessities, but they appeal to potential tenants nonetheless:
Corian, granite or quartz countertopsLarge closetsA ttrack or walking trailUSB charger duplex receptacles.State-of-the-art fitness centerIn-unit washers and dryers
Tenants seek a work-Life balance when apartment hunting
A major factor that appeals to renters when choosing an apartment is close proximity to work. Sixty-four percent of tenants surveyed said they would rather live close to work than close to friends and family. Renters living in large metropolitan areas are more likely to rent somewhere that’s close to public transportation. Apartment complexes without close proximity to buses or trains can attract more tenants who commuter by offering a shuttle service to public transportation.
Today’s renters are willing to pay more for the amenities that make their lives easier, which is why upgrades that attract tenants often pay for themselves. By offering innovative, resident-centric features, services, and conveniences you provide a better experience for your residents, whio in turn are more likely to become long--term tenants, netting greater income and retention for you.
RentVest Property Management offers customer-centric property management services to property owners in Atlanta, Dallas, Denver, Hawaii, Houston, Las Vegas, Phoenix, Portland, Tucson, Reno, San Antonio, and Vancouver. To learn more about our full-service property management benefits, visit the
Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 
Property managers juggle many responsibilities, not the least of which is continually finding ways to grow the rent roll and increase monthly income.
The best tactics for growing your rent roll involve marketing, brand-building, and building strong relationships with potential and existing customers,
Here are some effective marketing and networking tips you can choose from and apply according to your budget, available time, and whether you work independently or with a real estate team. Check out these tips for inspiration, and use them to market yourself and increase your rent roll.
Conduct market research regularlyRegular and consistent research is vital to getting to know your target market.
Ask your current clients to participate in a brief survey to learn more about what motivated their decision to hire your property management services, Some questions to add to your survey include:
Why did you choose us?How many other property managers were considered?How long did it take to make a decision?What primary qualities were they looking for in selecting a property manager?What qualities would disqualify a candidate from being selected?
The answers you gather from this survey can help structure your marketing strategies and arm you with a more comprehensive understanding of what potential customers will be looking for. Establish and maintain a blog featuring informative articles about real estate investing, managing rental property, market trends, and other relevant topics. If you don’t have the time or writing, research, and search engine optimization (SEO) skills to maintain a steady stream of new, original blog content (at least one blog per week) outsource it to a freelance blogger with proven skills and experience writing for property management companies. The ROI on a professionally written and maintained blog will far exceed the fee you pay a writer, and your online visibility will quickly rise. A poorly written or neglected blog can actually give visitors to your site a negative impression.
Blogs provide a great opportunity to build relationships with target customers even before they consider looking for a property manager. A well-written and expertly optimized blog can help you build a following of potential clients,
Market yourself as well as your clients’ properties
Effective marketing strategies are essential for attracting tenants to your clients’ properties, and they’re just as important for attracting new investors and property owners to your services. Work with your team to create a detailed strategy outlining the channels on which you spend the most time and money to attract property owners.
Establish a strong social media presence Establishing and maintaining a strong social medi
a presence is a must, whether you work for a real estate agency or operate your own property management business, You can establish a social media presence as an individual or a company. Linkedin, Facebook, and Twitter are good places to start building a following and engaging with customers and potential customers. On social media,you can post blogs, company news, share articles, photos, videos, and other promotional material.
Pay attention to and participate in conversations on social media LinkedIn, Facebook, and Twitter all accommodate online communities including industry-specific networks, groups, and forums. Participation in these networks provides great information on trending topics among landlords and other property managers and provides opportunities to share your knowledge and position yourself as an industry leader by responding to questions asked by investors and landlords.
Utilize social media ads Social media advertising is a very affordable way to reach large audiences, drive traffic to your website, and boost target audience awareness of your business. Social ads can be highly targeted to the audiences and geographic locations you want to reach.
Publish case studies regularly Consistently compile information and statistics to create and publish white papers that detail challenges and your track record for solving them. Examples include how quickly you fill properties after the previous tenant moves out, the effectiveness of your strategies for reducing void periods, your tenants’ average satisfaction rates, the frequency at which you’ve needed to involve your client landlords in problems, the number of potential renters whose information is stored on your database, and other performance-related information.
Concentrate on writing quality property listing descriptions. The effort you exert on all your responsibilities as a property manager help form your professional reputation. Writing strong, compelling property descriptions takes time and focus, yes, but it still needs to be done.right. Rushed or uninspired property descriptions not only undermine your client’s trust,it can diminish your reputation or your real estate agency’s reputation by giving the appearance that your priorities lie elsewhere. You never know when a potential client landlord might view a listing and rule you out as a contender for their business.
Post only high-quality photos of your clients’ properties
There’s no justifying the use of low-calibre images of your client’s rental properties.
To effectively attract quality tenants today, property managers need to take the time and use good camera equipment to capture high-quality images. You’re competing with other rental properties, most of which are represented by,professional-quality images that are first to capture the attention of prospective tenants. Deliver great photos for your current clients and you’ll have other landlords wanting you to manage their properties.
Stage your rental properties Staging rental properties is becoming more popular among property managers who
appreciate the importance making sure their rental properties are well presented. Staging rental properties also builds a property manager’s reputation for doing what’s necessary to get top rental income for their clients. While staging involves additional costs, it can pay off by attracting tenants more quickly, which translates to happier landlords.
Go social with great feedback When a client tells you what a great you’re doing and how happy they are with your services, encourage them to leave a positive review on your Facebook page or Linkedin profile. Anyone researching potential property managers will be impressed enough to contact you to find out more.
Feature landlord profiles and conduct landlord interviews on your website or blog Post profiles of your landlord clients in short, interview-style articles. Ask questions about why they decided to invest in rental properties and how they got started. What’s their advice for people considering investing in rental properties? Ask of they can share and trade secrets or advice.
This doubles as a great relationship-building exercise between you and your existing clients.
RentVest Property Management offers customer-centric property management services to property owners in Atlanta, Dallas, Denver, Hawaii, Houston, Las Vegas, Phoenix, Portland, Tucson, Reno, San Antonio, and Vancouver. To learn more about our full-service property management benefits, visit the
Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 
That pre-winter nip is in the air across much of the country, which means renters and homeowners need to tackle some maintenance tasks before the cold of December and January settle in. If you rent a home or apartment, you’re in luck, as your landlord or property management team will likely take on the most demanding fall maintenance chores. But before you settle in too quickly, there are still some minor tasks you’ll need to complete to make sure your home or apartment is ready for the big chill.
Make Your Home Comfy Cozy
As the temperat
ures drop, heating bills rise. There are options to cranking the heat that don’t involve wearing snow pants to bed or keeping blankets with armholes (Snugglies) in every room. Sealing drafts that penetrate exterior windows and doors will help prevent warm air from escaping and cold air from coming inside. To find drafts in your apartment, hold a lit candle near the edge of windows and exterior door seals. If the flame flickers, you have a draft. Once you find a window or door with a draft, contact your landlord or property manager and ask them to seal the area with draft-sealing or weatherproofing tape (these are also good DIY fixes if you’d prefer to take care of it yourself). For a drafty door, add a door sweep or foam weather stripping or use an old-timey solution—a draft snake you can make yourself. Hang heavy drapes over windows to help reduce heat loss through windows, and prevent biting winds from getti
ng in. If you have a ceiling fan, reverse its direction in winter and run it at a low speed to pull cool air up. This nifty trick can shave up to 15 percent off your heating bill!
Of course, if you’re one of those lucky ducks who have a fireplace or wood stove, a fire is the best way to make a home snug and warm. Keep your fire tools and supplies stocked and handy so it will be easy to start your fire burning. Move a table close by to read, work on puzzles, play board games or just chat with friends and family.
Address Your Winter Maintenance Responsibilities
Check your lease or contact your landlord if you’re unsure about your maintenance responsibilities. You may need to cover outdoor spigots or run faucets in particularly cold weather to prevent pipes from freezing or worse--bursting. Performing these short tasks can help avoid serious damage, not to mention the discomfort of living in a home with frozen or burst pipes.
Generally, your lease will spell it out if you are responsible for snow removal on walkways, parking spaces, or elsewhere. However, if it’s not in your lease and you haven’t made any verbal agreements with your landlord, check with him or her to clarify. You don’t want to pay extra city fines for not shoveling the sidewalk or driveway if it is your responsibility. Chances are you’re responsible to change the HVAC filters in your rental unit, something that’s recommended with every change of season at minimum. It’s a simple task, and changing your filters will protect the system from damage caused by neglect. It can also help lower your energy bill. Clean filters prevent the HVAC system from working overtime, which can run up your bill needlessly and exhaust the system.
Clean out the garage and/or shed
If you live in a single-family home with a garage or storage shed, set aside time todeclutter and organize the items you have stashed in them.
Find your holiday decorations and move them up front so you can begin decorating, and place summertime items, from rafts to jet skis, in the back. When spring rolls around, you’ll be able to reverse the arrangement and you’ll know where everything is.
Pack Away Seasonal Clothing
Depending on where you live, by November you can probably rest assured that tank tops and flip-flops are not going to be needed in the months ahead. Put the warm weather attire away in a place you can access it easily in case you decide to take a vacay to a tropical paradise for a respite from the winter chill.
In the meantime, you will enjoy the extra closet space for your bulkier winter wardrobe. Store your summer clothes in transparent garment bags to keep them safe from moisture and critters. Do not use cardboard boxes to store clothing, as they offer no protection from moisture, and in fact, creatures like silverfish love making their home in cardboard boxes. Transparent garment bags provide the added benefit of visibility, making it easier to find items you want to take with on that island getaway, quickly and without pulling out everything you so carefully stored away.
Do you have any winter prep rituals that you swear by? Leave us a comment telling us about your cold-weather strategy. We love details!
RentVest Property Management offers customer-centric property management services to property owners in Atlanta, Dallas, Denver, Hawaii, Houston, Las Vegas, Phoenix, Portland, Tucson, Reno, San Antonio, and Vancouver. To learn more about our full-service property management benefits, visit the
###
Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 
One of the most effective things a landlord or property manager can do in order to keep their business operating profitably is to learn to say no. Most have stories of tenant shenanigans that taught them some tough (and often expensive) lessons, and they understand that the choices they make when problems with tenants arise can impact their profits and property value.
Bottom line, renting apartments and homes to tenants is a business. The business of being a landlord, unlike most other businesses where there is a one-time exchange of goods and services and engaging in further transactions is optional, landlord-tenant transactions often last a year or more.
With each party tied to the other over a long period of time, it can be very difficult to end the tenancy if the situation starts to deteriorate.
Cultivating the ability and discipline to say no is key to successful landlording
Landlords and property managers develop working relationships with their long-term customers (tenants), which makes for a delicate balance when problems occur. There's a human element that contributes significantly to this balancing act—between the landlord's need to meet his or her financial objectives and coping with tenants who are struggling.
and the landlord as a business gets blurred. When you handle tenancy issues make sure you are acting for your
Tips for saying no effectively
Always refuse a tenant request calmly, politely, and clearly, without negativity. Keep the focus on the request. This will help convey that you are rejecting the request, not the tenant, This is strictly a business decision, nothing personal.
Provide a clear explanation about why you denied the tenant's request so that he or she realizes the decision is not open or negotiation.
'
This helps the tenant accept and come to terms with your decision. "no."
Keep your voice firm and make eye contact so that your body language shows you are to be taken seriously.
It is not personal - A lot of ill feeling can arise when the line between the landlord as a person business, not for your person. By de-personalizing the way you communicate with your tenants, especially during tense situations, you can better focus on the matter at hand while you deal with the issues in a professional manner.
What constitutes a nice landlord
They ignore negative information on the applicant.
They break the rules for tenants. They become too personally involved in tenants' lives. They rent to friends, family. They forget it's business.
They ignore negative information on the applicant.
No more Mr, Nice guy Nice guys make broke landlords. That's not to say landlords and property managers aren't nice guys, they're just as amiable as anyone in business. But considering the unique demands of landlord-tenant relationships, and the need for property owners to ensure their cash flow is consistent to keep the business viabl, those with an intrinsic need to be liked and lacking the discipline to enforce the terms of every tenant's lease agreement, even under the most difficult circumstances, should hire a property management team or they will fail. Nice guys make broke landlords.
It's not that landlords and property manager////]]]should stop being genial and helpful to their tenants, but property management best practices prescribe the boundaries that property managers need to identify and heed; or risk emboldening renters to take advantage. Tenants often detect vulnerability in a landlord's sympathetic and accommodating nature and try to exploit it; maintaining business hangs in the balance.
In 2017, ⅔ of the nation's 3.8 million rental property owners failed to make a profit.
|Tenants and landlords have different responsibilities to each other. Being a successful landlord or property manager is about behaving professionally under any circumstances, and consistently showing tenants respect, which can come across as "nice". Tenants may ask for extra time to pay their rent or to have a friend or family member stay beyond the specified time allowed for guests or another respite during a difficult time. If they're responsible tenants with a track record for paying their rent on time, saying yes can help foster positive relationship among your tenants. But more often, tenants will request rent payment extensions for less than legitimate reasons (i.e.: one landlord reported that a tenant asked him for an extension on her rent payment until her boyfriend got out of jail. His answer? No! Or they ask for approval to make home improvements that go beyond hanging new drapes (i.e. one landlord reported that unbeknownst to him, a couple of tenants renting his three-story triplex set up a makeshift patio with chairs and a table on the second-floor flat roof, which they accessed through a window, damaging the rubber roof system by walking around and dragging furniture onto it, presumably through the window also. They called the landlord to ask if he'd install a door leading out to the roof so they could create a garden seating area. The roof was constructed only to function as a roof. His answer? No! Or, they get caught housing a dog in their apartment, located in a no-pets apartment building. (i,e, one landlord reported that other tenants reported hearing the dog cry while the tenants were at work during the day, and at night when they were home, By the time the landlord became aware of little Rex, they'd all grown attached and pleaded for an exception to the no pets rule. Her answer? No! Knowing when to be accommodating and when to put your foot down is key to maintaining profitability and satisfied tenants. . Here are a few examples of situations in which landlords and property managers should stand firm amid tenants' sob stories and over-reaching requests that call for an unequivocal "No" and not come out feeling like "bad guy". Problem: Late rent payments Perhaps the most challenging tenant request is for an extension on the rent payment. Denying someone who appears to be struggling an extended grace period can be extremely difficult but except in very rare situations, landlords and property managers must apply lease agreement terms unilaterally and say no. Long-term tenants who have historically paid their rent on time could be granted an extension at the landlord's discretion. Tenants who pay late by a few days should always be responsible to pay a late fee. A late rental payment can negatively impact your cash flow. Provided the rental laws in your state do not state otherwise, always enforce the late fee defined in the tenant's lease agreement, without exception. Once a tenant believes he or she can pay late with impunity, they're apt to make it a habit.
Landlords and property managers who know how to stand firm in circumstances that can get highly emotional and even aggressive aren't the bad guys, They're the ones who know that their obligation is to the business and ensuring its profitability. When tenants fall behind enough on their rent to warrant eviction, regardless of how much they ask or more time, the landlord or property manager doesn't have the option to reverse a decision. Although it feels personal, it isn't. These are simply the unpleasant realities of the rental housing business. No one is exempt.
Problem: Tenant Decor
Most people look for rentals that allow tenants to make some decor changes that appeal to their taste and aesthetic predilection. However, landlords have countless horror stories about renters who go beyond the scope of their lease agreements and make changes to their apartments that can undermine the property's value and the landlord's ability to re-rent the space without costly and time-consuming repairs, Scheduling apartment inspections once or twice a year may deter tenants from attempting unapproved improvement projects, or happen upon a DIY bathroom remodel in the making. \ Whether or not you've dealt with such a scenario already, make sure to review the rules involving the scope of decorating tenants may execute at the lease signing, and make it clear that permanent changes are not allowed. ‘
Banning tenants from making permanent changes don't impede their ability to decorate the space and make it their own. There is an abundance of renter-friendly, damage-free decor and storage solutions on the market that can give tenants all the design options they want or need that don't require hardware or mar walls. If you don't relish the idea of restoring black or lipstick red walls to white or a light color after a tenant moves out, require that paint colors are approved by the landlord or project manager before it goes up on the walls. Problem: Denying a Tenant Request Dan is a landlord who finds himself fielding calls and emails from tenants about noise, parking problems and other lease violations caused by a habitual guest of one of his tenants named Matt. It appears that Matt's girlfriend has been spending most days and nights at Matt's apartment. Matt's girlfriend generates a Leonard Smalls "Lone Biker of the Apocalypse" quality day and night, creating a steady stream of complaints from other tenants and a growing stack of lease agreement violations from Dan, When Dan meets with Matt to discuss the girlfriend and the lease agreement violations as they pertain to tenant guests, Matt asks if his girlfriend can be added to the lease and move in. While Matt has been a good tenant for several years, Dan has already decided the girlfriend has proven herself to be nothing but trouble and denied Matt's request.
He also reminds Matt that he is responsible for the actions of his guests on the property. Dan respectfully but firmly tells Matt that if he is unable to resolve the issues brought about by his girlfriend's behavior, Matt would be evicted due to the lease violations. When Matt objected, Dan showed him the section of the lease agreement pertaining to guests and violations and warned Matt that one more complaint would result in a 30-day notice to quit for lease violations.
The next time Matt's girlfriend visited the apartment, she violated the lease agreement again, angering tenants who notified Dan, who in turn delivered the 30-day notice to Matt the next day. Dan received a desperate phone call from Matt begging him to reconsider, but Dan refused and stuck to the timeline as outlined in the notice. When Matt moved out, other tenants expressed their appreciation for Dan's handling of the situation. Dan's unwillingness to back down on the decision to evict Matt, despite Matt's pleas, registered with tenants as well. By dealing firmly and decisively with one problematic tenant, he sent a message to the entire community that his decisions are non-negotiable.
Successful landlords are those who learn to be effective business managers with expert customer service skills. As a landlord or property manager, you are responsible for making often tough but necessary decisions to safeguard the business's growth potential.
Successful landlords have learned this technique, and if you can master it, your management abilities will definitely improve. 6 Tips for Saying No to Tenants
Remember that sticking to your lease agreement is imperative, and if you went over your lease terms with your tenants upon move-in, they had full awareness of the agreement. Above all, remember that to avoid a sticky legal situation, it is crucial that you treat all tenants equally. Sometimes the easiest way to say no is to simply say that the policy cannot change for one renter without it seeming that favoritism was given. This takes the burden of the decision away from you or your management team and forces the tenant to recognize that the policy isn't personal.
Landlords should be aware that being able to say "no" to tenants is really important to running a business. It's crucial to make decisions that make sense for your business and to always be an effective manager of your business in order to be successful first and foremost. Saying "no" could mean the difference between a profitable business and a declining one, and landlords should understand that it's not always in their business's best interest to be a people pleaser. How to say "No" Saying "no" is all about showing a tenant that you are not going to be a pushover and that you are in control of your business. Tenants will appreciate when you do say "yes" and will eventually understand when a request is fair or asking too much. Be sure when saying "no" that if you do apologize, only do so once and not excessively so as to not seem open to negotiation. Additional tips include: Always turn down the request politely, clearly, and not in a negative manner Keep the focus on the request, not the tenant, so to convey that you are turning down the request based on business rather than putting down the person Give a clear explanation as to why or why not, so the tenant realizes it's not open for negotiation and they will be more accepting of your "no" Keep your voice firm and make eye contact so that your body language shows you are to be taken seriously Scenarios in which a landlord should say "no" When tenants ask for immediate assistance frequently, you can eliminate this problem by realizing that only safety hazards are considered urgent and are legal to be cared for immediately. If a tenant wants to add someone to a lease that appears to be a problem to the property and neighbors, the tenant has every right to deny this request. Finally, a tenant that is trying to pay their rent late and is requesting more time before being evicted should not be guaranteed the landlord's permission. While tenants are going to make various requests to best suit their needs or because they want a favor, landlords must always first consider what is best for their business. Learning to say "no" is highly important to be an effective business owner.
Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 
1. Find Friends who DON’T talk negatively about your business.
Your friends have a much bigger influence on your business than you realize. Surround yourself with people who strengthen your character and business. Remove yourself from people who would attempt to compromise your commitment to your business. A common saying is true, “your pocketbook is the same size as the 3 people you spend time with”. If you were to take the 3 people you interact with the most add their yearly income up divide it by 3 it will be close to your annual income.
2. Be your best critic but don’t be critical of your business.
Constant critical criticism inward and outward is toxic to a business. Be the biggest encouraged and critic but don’t be critical. Learn to celebrate your success and build up your courage instead of tearing yourself down.
3. Never using the word “Impossible”
Take the “I-word” out of your vocabularies. If you feel a task is impossible or a mountain challenge can’t be conquered, you’re undermining the foundation of success. Commit to your business that you’re taking the I-word off the table and resolve to work through any challenges.
4. Never making excuses.
I hate to be a little vulgar but my dad once said “excuses are like butt holes; everyone has one and they all stink”. One of the most important decisions you can ever make for your business is to choose to stop making excuses for why something went wrong and instead making a way to start improving. Be proactive to your failures and not reactive. If you’re ready to stop making excuses and start making a way, then I’d encourage you to start with the 2 things below.
Two things you need to START doing in your business
Making time together a priority.
I set a time to work and have a goal every day and I stick to it. There will be the temptation call I get every day. As I am typing this my wife just called said 3 oldest kids get out of school 12:30 if we want to spend 1 on 1 time with our 3-year-old on his birthday today I need to make it happen before 12:30. To push through my day and be successful I will most likely go to lunch today with the birthday boy then get a babysitter tonight after work when work is off my mind so quality uninterrupted time will be spent phone away smile to smile. I am an 8-5 kind of guy but run my own business and there are 3000 contacts in my phone and I am always available. I got a call last night while I was in my attic fixing a roof leak from the rain from a client and I picked up. If we stick to 8-5 100% focus except for what I call the stitches or break an arm call (emergency) I am sticking to 8-5 besides that to make success happen.
Point out the positive.
For most of us, criticism comes more naturally than encouragement, but be intentional about pointing out the positive in your business and your business partners if you have them. Praise your business, or partners-him/her for the good he/she is doing. Take your mind off the negative at times and look to the light. Laugh often have fun with life. Our thoughts become actions, let them be positive thoughts always. Build your business up and your positive words will be possibility into reality.
Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Separate tags by commas
To access this feature, please upgrade your account.
Start your free month
Free Preview