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Filling vacancies is an essential aspect of staying profitable and making sure your rental property business is making you money. However, the rental market can be very competitive, and it can be hard to generate potential tenant leads without paying for them through advertising or using a broker. A website for your rental property will not only serve to market your property to potential tenants, but it can also help you generate more rental inquiries if utilized correctly. However, it is not enough to slap a few pictures and paragraphs together for your property if you want to have your website generate leads. Rather you need to follow website industry standards and tips so you can get the most out of your website.
Make Sure Your Website is SEO Friendly: search.Organic traffic from search engines like Google and Bing can help bring visitors to your website that are looking for rental properties in your area. Make sure your using meta tags, meta descriptions and have a search console set up on your website which can let you know if any glaring issues are preventing Google from indexing your website so that it can rank on Google
Have a Blog: Posting a blog at least once a month not only helps with SEO when you use relevant keywords; it also lets potential tenants know your website is active. An updated and active websites build trust with prospective tenants, and therefore they may be more likely to contact for inquiries about open apartments.
Get Reviews: Positive reviews have been shown to result in more leads and product sales. Therefore having customer testimonials on your website from satisfied tenants can highlight why someone should live in your property and lead prospective tenants to feel more at ease in contacting you for more information about your property
Have Great Pictures: Highlighting your rental property with professional pictures will emphasize the positive qualities of the unit can lead to more tenant inquiries and fewer vacancies.
Websites can help generate tenant inquiries for vacant properties but only if they are utilized correctly. Make sure your website is optimized for SEO and lead generation and continually update it if you want it to be a tool for prospective lead generation.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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Jumping into the rental market is a risky endeavor for even the most successful business owners. For many first-time landlords, the margins are so low that it makes it difficult to keep the lights on especially if the property is not well run. Therefore it is important that the right management decisions are made from the beginning of the property management process. Here are some tips for first-time landlords to help keep them in the black.
Start with Technology: Thirty years ago property managers and landlords did not have anything close to the technology available that we have today. New landlords can purchase property management software that organizes documents, saves important information and even integrates with payment portals so that landlords can easily collect rent. Therefore, whether your starting with one property or 10, jumping into the rental market and starting with property management software will make it easier for you to manage your property. In addition, you will not be weighed down by the cost of money and time when you acquire more properties and have no choice but to switch to a software-based system to effectively manage your additional properties because your property management system in already software based.
Do not delay marketing: if your property is vacant or will be vacant shortly, market it right away and don't wait. Every day you're not collecting rent your losing money. Therefore, market your property on several popular rental listings, make sure to have great descriptions and pictures and if required hire a broker to get the property filled fast.
Try to reduce turnover: If you can re-sign your tenants even with a small increase in rent every year, you will save time and money in marketing, and lost rent due to vacancies. In addition, you vastly reduce the risk of having a new tenant that causes noise issues, breaks things or does not pay rent if you already know they have been great tenants for the last year.
Screen tenants & employees: Allowing the wrong tenant into your property can cost you money in lost rent, legal fees, and even damage to your property. Spending time and money suing and chasing after tenants that do not pay rent is a sure way to lose money quickly. Also, higher inexperienced and problematic employees can lead to unwanted issues with your tenants and constant repairs that need to be fixed often. Therefore, only hire employees and contractors once they have been vetted.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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Filling vacancies is an essential aspect of staying profitable and making sure your rental property business is making you money. However, the rental market can be very competitive, and it can be hard to generate potential tenant leads without paying for them through advertising or using a broker. A website for your rental property will not only serve to market your property to potential tenants, but it can also help you generate more rental inquiries if utilized correctly. However, it is not enough to slap a few pictures and paragraphs together for your property if you want to have your website generate leads. Rather you need to follow website industry standards and tips so you can get the most out of your website.
Make Sure Your Website is SEO Friendly: search.Organic traffic from search engines like Google and Bing can help bring visitors to your website that are looking for rental properties in your area. Make sure your using meta tags, meta descriptions and have a search console set up on your website which can let you know if any glaring issues are preventing Google from indexing your website so that it can rank on Google
Have a Blog: Posting a blog at least once a month not only helps with SEO when you use relevant keywords; it also lets potential tenants know your website is active. An updated and active websites build trust with prospective tenants, and therefore they may be more likely to contact for inquiries about open apartments.
Get Reviews: Positive reviews have been shown to result in more leads and product sales. Therefore having customer testimonials on your website from satisfied tenants can highlight why someone should live in your property and lead prospective tenants to feel more at ease in contacting you for more information about your property
Have Great Pictures: Highlighting your rental property with professional pictures will emphasize the positive qualities of the unit can lead to more tenant inquiries and fewer vacancies.
Websites can help generate tenant inquiries for vacant properties but only if they are utilized correctly. Make sure your website is optimized for SEO and lead generation and continually update it if you want it to be a tool for prospective lead generation.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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In many large metro cities like New York City when a rental is listed as having a “fee” it usually means a Broker’s Fee must be paid. A Brokers free is generally paid to a broker when they list a rental and work to get a tenant into the rental as quickly as possible. Generally, brokers will charge anywhere between 8-15% of the lease to list the rental
When apartments are listed as having a Fee, that generally means the tenant will be required to pay the broker's fee at the start of the lease. While this means less work and no cost for the landlord or property managers in regards to filling a vacancy, it also means the added cost of the rental to a tenant may make it less desirable to rent. When a broker lists an apartment as having No Fee, it generally means the landlord or property manager will be paying the fee once the rental is leased.
For many landlords or property managers, it might seem like a no brainer to have brokers list their rentals because not only is the broker going to be doing all the marketing work, the landlord does not have to pay them at any point for their services. However, landlords and property managers must calculate the risk vs. reward benefit of listing a rental as having a fee.
For example, if a landlord or property manager is mainly using brokers because they have found it has been hard to fill vacancies, adding the cost of a month or two worth of rent up front is likely going to lead the unit to stay vacant for longer. One must keep in mind that every month the unit is empty is a month of lost rent equivalent to the brokers free. Therefore, if a unit is vacant for more than a month partly because potential tenants are turned off by the broker’s fee on top of everything else they need to pay (moving expenses, security deposit, first and last month’s rent etc) then the landlord or property manager has actually lost more money then if they would have paid the fee out of pocket.
One compromise that some landlords or property managers may follow when they list an apartment with no fee is to include all or some of the cost into the rent over the course of the lease. Slightly higher rent could turn off some potential tenants but not as much as an upfront broker’s fee. Also, if the broker’s fee is included in rent, a landlord or property manager has more room to work with when the lease is being renewed given that they would not have to worry about paying any Broker’s fee if the tenants renew their lease.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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Being a landlord or property manager of an apartment building with multiple units means at some point your property may likely get embroiled in conflict. While some management issues like fixing a broken sink or making sure the right paperwork is submitted to the county can be time-consuming, intervening in a tenant to tenant conflict requires more of a sensitive touch.
Issues between tenants can range from noise complaints, parking spot squabbles, leaving strollers in the hallway, noisy guests and everything in between. Therefore as a landlord or property manager, the first step in mediating a conflict between tenants is understanding the full story. Once you have the full story, you can decide what might be the most appropriate steps to ending the conflict.
Many tenants to tenant issues can be resolved by simply reminding tenants of already established rules. For instance, if tenants are fighting because one tenant is leaving items in the hallway (a fire hazard) putting up reminders that no items are to be left in the hallway because it is a fire hazard and that items left will be removed by management may resolve the issue.
However, some situations are not as clear cut, such as noise complaints. Therefore in these situations a simple conversation with tenants, letting them know your not biased, you have heard all sides of the story, and you want to resolve the conflict for both sides might be needed. Keep in mind, a mediator's job is not to fix the problem, rather it is to help residents reach an agreement. That could mean if one tenant is complaining their neighbor's TV is to loud they can discuss texting one another if their TV is to loud or can move the TV to another part of the apartment where it is less likely to be heard through the walls.
The reality is that many inter tenant conflicts can be avoided with clear rules & guidelines that are included in the lease. Also included in a lease or tenant move-in information should be a protocol set up on how complaints will be handled. Clear guidelines could include asking tenants to try to resolve the conflict between each other first, then submitting a formal complaint to management before management intervenes to mediate the situation. Having clear guidelines can not only prevent tenant fights from escalating, but they will also help tenants not feel blindsided if a landlord or property manager contacts the tenant after a complaint is formally submitted. Having tenants formally submit complaints that can be kept within a property management system will also help if at some point a tenant that is constantly being an issue is eventually evicted.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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There have been several trends emerging in the real estate market that could have a lasting impact on the rental market in 2019. According to Curbed real estate news, the Urban Land Institute's annual look forecasted that 2019 will be an unpredictable year in the market due to several complicated factors and trends. Below are some trends that could impact the rental market in 2019 and beyond.
Declining Home Buying Growth
After years of steady home-buying growth, many experts predict that the market is set to correct in 2019. In fact, 2018 started with a hot housing market that cooled by the end of the year. If housing prices continue to drop in 2019, especially on the west coast, it could trigger more renters who had been frozen out of the housing market to buy instead of rent could put downward pressure on the rental market.
New Housing Markets
According to some researchers Millennials are finally choosing to purchase single-family homes in the suburbs. However, housing demand has mostly shifted to second city suburbs. Part of this shift may be due to people leaving states with large metro cities with a high cost of living. These demographic changes could put downward pressure on housing and rental prices in high cost of living states while increasing the rental and housing pricing in smaller cities and suburbs
Competitive Rental Market Amenities Race
As rental supply grows, landlords and builders looking to fill their more expensive properties are searching for the most attractive amenities. New multifamily developments are being built to include movie theaters, dogs runs and even co-working space. As these amenities become more commonplace, it will put more pressure on landlords to add more amenities or risk losing out on highly sought after tenants.
Transforming Retail
With the rise of e-commerce and the fall of major retail chains like Sears and Toys R Us, companies will look to make retail spaces more efficient. Also, service industries like urgent care medical facilities, entertainment venues and fitness providers are becoming a new kind of retail tenant. The most noticeable impact so far on the rental market is shorter retail leases are becoming more common place.
Changes in demographics, business, and the real estate market will likely have a major impact on landlords and property managers in both the commercial and residential rental market. Staying ahead of the trends will be essential to survive in the changing rental market space.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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Knowledge is a very powerful tool in any business, however when managing property staying up to date in rental trends is essential is staying competitive and profitable. Therefore, below is the summary and key points of Octobers rental data from Rentonomics.
National rent index rose by .01 percent over the previous month despite that peak summer rental season is over.Since July the rent index has remained flat and will likely drop over the coming months.Rent growth is currently at 1.1% this year compared to 2.8% last year. Growth is currently lagging behind inflation.Rents are up in 61 of the 100 largest cities (however, 59 of these cities saw rent decrease last month)17 of the 100 largest cities have seen rent decline over the past year.Orlando continues to be the city with the largest rental growth and Baltimore has experienced the largest decrease.
This rental report continues to support the trend that rental growth across the country continues to slow down. However, there are cities in the United States that will likely continue to see rental growth such as Orlando Florida. With rents slowing in many cities it is now more important than ever to work to cut costs and overhead by improving your property management system.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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While rental demand is still high, as reported in previous blogs, rental demand and consequently, rental price has begun to stabilize and even drop in several major cities. Furthermore, as property development increases in major cities offering a larger supply of rentals, in the future tenants will have more choice in what features they want in their rental including, price, amenities, and location. More than ever it will be important for landlords and property managers to be able to attract new tenants and keep current ones. The amenities and services that landlords and property managers provide will be the key to attracting and keeping tenants as rental supply increases and renters have more of a choice of what rentals to live in.
Amenities: Most landlords and property managers understand the draw that having laundry machines, gyms, and parking as amenities within their property has. However, as more millennials join the rental market the type of amenities that landlords and property managers offer will have to change. The type of amenities millennials are attracted to include nicely kept common areas, easy food delivery and the ability to pay rent online. As E-commerce continues to grow more tenants will expect rental properties to have doormen that will let deliveries into the rental building and that will deliver packages to the tenant’s door.Communication: Millennials are the first generation that grew up on texting and emailing rather than using a phone. They may be apprehensive to communicate with landlords or supers over the phone and instead my prefer to communicate by text, email or even online chat. Having a website or at least an email address where tenants can communicate issues to landlords is a valuable amenity.Services: While many younger renters may prefer to communicate electronically, it is still important to have real people who can form relationships with tenants servicing them. These real relationships will let tenants form a relationship with the building and lead them to want to stay.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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As a business owner there is always some level of Risk. Property managers and property owners have specific areas of increased risk that they must manage and protect against to protect themselves and their business. Below are different areas of increased Risk for rental property owners as reported by Forbes and different ways to mitigate these rental property specific risks.
Rent Collection: Collecting payment is the key piece in managing a rental business. Any delay or issue in collecting rent can drastically impact cash flow required to run a rental property business. Forgetful tenants can be problematic but a landlord’s nightmare is a tenant that refuses to pay rent and must be evicted. Not only is the landlord losing out on rent from the tenant, but they will also have to go through a timely and costly eviction process. One of the best ways to mitigate this risk is with tenant screening. Based on what is legal in your state or county, only accepting tenants with average or above average credit scores (around 704) can help mitigate the risk of non-payment. Also, if a tenant has a lower credit score requiring a cosigner on the lease can help landlords and property managers mitigate the risk of non-payment while not restricting rentals to a large customer segment that may have low credit.
Ambiguous? Always Follow the Lease: As a landlord or property manager, there may be some situations that seem ambiguous in what is the best course of action especially if these situations are not spelled out in the lease. For example, any basic lease should include when rent can be increased, which is almost always at the end of the lease term. Therefore, even if a landlord decides to upgrade the rental they cannot increase rent until the end of the lease period. Other issues that can crop of may be related to the sale of the property while the lease period is still in effect. Therefore, make sure the lease is as encompassing as possible, and if it is not clear in the lease, you may have little recourse until the lease period ends.
Lease Application Process: During the leasing process there are federal, state and county laws and regulation that a landlord must follow or face legal consequences. For instance, landlords or property managers cannot ask an applicant about race, religion or ethnicity during the screening process. To avoid potential claims of discrimination, one recommendation is to automate the screening process. Automating part of the screening process can reduce the risk related to violating tenant screening laws by reducing the questions that a landlord or property manager would ask or even be perceived as asking about race, religion or any other prohibited topics.
One of the most effective ways for property managers to reduce risk besides for those mentioned above is to make sure they are organized and using an efficient property management system. Property Managers that are not organized can lose important documents, miss important deadlines and end up with a mountain of legal and financial issues
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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According to TheInternational OCD Foundation, as many as 1 in 20 individuals may have hoarding symptoms, and 1 in 50 individuals may have very serious hoarding issues. With potentially millions of individuals with serious hoarding issues around the country, landlords and property managers may find themselves dealing with tenants that are hoarding and may be asking what can they do.
Compulsive hoarding is when a person collects many items that appear useless or have no value to most people. These items clutter the living spaces consequently keeping the resident from using the space. Also the hoarding behaviors also can cause distress in day to day activities. Landlords face specific issues if tenants are hoarding as extreme hoarding can lead to property damage and fire and health hazards.
Compulsive hoarding is a mental disorder and therefore hoarders that are renters are protected by the fair housing act. However, depending on the severity of the hoarding and the tenant's behavior a landlord may have grounds to evict a tenant that is hoarding. For instance, if the tenant is breaching the lease by damaging the property, blocking emergency exits, or keeping items that attract rodents, there may be grounds to evict the tenant despite their diagnosis.
If a landlord is faced with a hoarding tenant that will not voluntarily clean their unit and the landlord is forced to evict them they should consult a lawyer and discuss following what steps they need to take to evict them. Some steps to evicting hoarding tenants may include documenting the property with pictures, videos, and notes within your property management system, offering information on local counseling and or offering to help clean the unit. Also, contacting family members or other inhabitants within the unit of your concern and then giving notice that the tenant is violating the lease and needs to fix the situation may bolster your eviction case.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.

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