10 Things All Landlords Should Remember To Ensure Good Tenant Relations

1Investing in rental property can be highly rewarding if successful, as it can help build your net worth and make a profit by generating a steady monthly income. This type of investment takes work, however, with landlords having to worry not only about finding the right property but also about maintaining it, making it attractive for potential tenants and finding suitable and trustworthy renters.

All experienced landlords have their share of tenant horror stories, ranging from dealing with unruly renters to facing significant property damage, but with a proper screening process in place, most problems can be avoided. Establishing a professional, positive relationship between landlord and tenant can help the former obtain a solid return on investment and the latter achieve a higher quality of life. Below, 10 real estate experts with Forbes Real Estate Council share some of the most important things any landlord should remember to improve their tenant relations.

1. Over-Communication

Keeping good lines of communication open can solve many landlord/tenant problems. Make sure tenants understand why things are happening, and give good advance notice for anything disruptive. – Jeremy Brandt, WeBuyHouses.com

2. Tenants Are People, Too

The opportunity to serve others comes with a variety of faces. As a landlord, the ability to engage with tenants as stakeholders brings conscious leadership to our everyday interactions. Home is where the heart is, and supporting people as they create a home is a gift. Realizing you are part of impacting the social/emotional environment for others, brings a humanitarian vibe to a traditional role. – Susan Leger Ferraro, Peace, Love, Happiness Real Estate

3. Boundaries And Limitations

As our investment platform scaled nationally, we noted the variation of landlord-tenant laws as some geographic regions favored landlords disproportionately. We found it essential to understand the legislative dynamics of the community by partnering with local experts to mitigate our liability and legal exposure. – André Bueno, The BM Group

4. Being Approachable

Many tenants are afraid to contact their landlord about issues. From landlords, I hear that tenants don’t tell them about repairs until they are really bad. From tenants, I hear they don’t want to call because they don’t want to bother the landlord or are afraid. Be approachable. Be supportive of you tenants. One way we can help landlords have better tenants is teach tenants about maintenance. – Michelle Ames, HorsePower Realty/Realty Executives Metroplex

5. Trust Is The Key To A Better Relationship

My company was born from my own awful renting experience when I was pitted against other potential tenants in a bidding war. Even worse than the high monthly rent, I ended up with was the poor relationship with the landlord that ensued. Renters who have a poor experience leasing their home are more likely to churn from their lease. Landlords should make sure they build trust in the leasing phase. – Anthemos Georgiades, Zumper

6. Better Protocol

The majority of horror stories typically boil down to one thing: horrible tenants, right? However, it is incumbent upon the landlord or property manager to have a proper, thorough and strictly held vetting process for which to qualify the people who will be occupying your investment. If you’re allowing just anyone, the nightmare began before the lease even started; you just didn’t realize it yet. – Tracy Royce, Royce of Real Estate

7. The Little Things

I’ve come to the conclusion that succeeding in real estate comes down to doing the little things on a consistent basis. The same thing goes for being a landlord. Little things such as a move-in package and holiday gift cards for tenants, responding quickly to maintenance requests and being pleasant can be the difference between a tenant that will want to stay and pay and one that won’t. – Engelo Rumora, List’n Sell Realty

8. Careful Lease Review Before Signing

Many people sign documents without thoroughly reading them. Although it is not your job to hold your tenant’s hand through committing to the terms you have laid out, if you take the time, in the beginning, to make sure they understand and are willing to comply with all the terms, there will be fewer surprises later on and less chance of conflict. – Hillary Hobson, Highest Cash Offer

9. Tenants Are Clients

Every landlord should remind themselves that tenants are their clients. They’re also trusting those clients with a very valuable asset. It’s best to be respectful, communicate openly and professionally and take care of tenants so they take care of the rental property. A landlord’s behavior influences the tenants’ behavior. – Dave Zirnhelt, Snap Up Real Estate

10. Having A Property Manager

I own a property management company that collects rent, handles tenant requests/repairs, takes care of everything from A-Z. Take the stress off your shoulders as the landlord and let a professional handle the “dirty” work for you. Let us be the “bad” guy, while you vacation in the Bahamas with friends. The less you interact with your tenant, the better your relationship will be with them. – Angela Yaun, Day Realty Group

Source: forbes.com

Is now a good time to be a landlord?

1

Is now a good time to be a landlord? We get this question a lot.

Recent articles have reported compelling data regarding the rental market: 

The Wall Street Journal reported “the homeownership rate is hovering around a five-decade low”, because people “no longer see owning a home as an essential part of the American dream.” People also realize “houses are not necessarily the best places to store wealth.”  As a result, there is high rental demand.

According to CNBC, “more people are renting than at any other point in the past 50 years.” As more and more renters enter the market, rent prices will continue to rise.

So what does this all mean?

  • It’s a great time to be a landlord
  • Rent prices will increase
  • More interested tenants
  • Lower chance of a vacancy

We’re excited to share this news with you. If you have any questions, please contact us at (919) 306-5665 or visit our website at: http://www.RobertsRentals.net.

9 Sneaky Fees to Watch for When Hiring a Property Manager

security-deposit-piggy-bank-moneyTo many landlords, property management services are superfluous, cutting their profit margins to a minimum in exchange for basic services. But the reality is that property managers can make your life extraordinarily easier—and most charge a reasonable enough rate that you can draw a monthly profit from your properties (headache-free).

However, when you’re searching for a property manager to handle your landlord responsibilities, it’s important to note that not all fee structures are the same. If you don’t understand how a manager’s fees work, you won’t be able to compare apples to apples, and you might end up shaving your profit more than necessary if you aren’t prepared for those fees when they come up.

9 Fees to Watch For

These are some of the most common “hidden” fees, extra fees, and differences in fee structure to watch for when comparing providers or finalizing a contract:

1. Rent Due and Rent Collected

Many property managers will charge fees as a percentage of rent, but watch how this is worded—there’s a difference between charging as a percentage of rent due and a percentage of rent collected. A percentage of rent due means your company will charge you based on how much money a tenant owes you; a percentage of rent collected means your company will charge you based on how much money a tenant actually pays you—and is generally more favorable. If you’re charged based on rent due, you’ll end up paying for property management even when your property is vacant and you have no money coming in.

2. Early Cancellation

You may also be charged an early cancellation fee should you break the contract with your property manager before the end of its outlined term. For example, if you agree to work with them for a year and you want out after eight months, you might pay an additional few hundred dollars. Be especially wary of this fee with untested property managers.

3. A La Carte Management Fees

“A la carte” management fees refer to a suite of extra fees a property manager may charge you in addition to basic services. Usually, a property manager will either charge a higher price (and no additional fees) or a lower price, with multiple additional fees, somewhat evening out. Accordingly, it pays to know what fees are applicable and what they might run you. The remaining items in this list could all be classified as a la carte management fees.

4. Vacancy

If a company isn’t charging you the full cost of management while your property is vacant, there may still be an additional vacancy fee. Rather than collecting a percentage of rent due, they may collect a smaller amount from you as a kind of retainer.

5. Advertising

When it comes time to seek a new tenant, some property managers may charge you an additional advertising fee. This would cover the cost of creating media (such as taking photos) and placing it on sources like online listings or paper publications.

6. Leasing

A leasing fee may apply when you find a new tenant for your property. This covers the cost of drafting and securing a new lease agreement and is generally low in cost. If the cost here is high, it should raise a red flag, especially if your resulting tenant turnover seems to increase.

7. Lease Renewal

Lease renewal is even simpler than initial leasing, but it may still require a fee. You may need to draw up new paperwork or renegotiate terms with a tenant, and that means your property managers will be doing a bit of extra work. Expect minimal fees here as well.

8. Maintenance

Property management fees should cover basic instances of maintenance and repair, but some companies may charge extra for big jobs, or for an inspection between tenants.

9. Eviction

Eviction can be a messy process, and if you ever need to evict, you’ll be grateful you have a property management service in your corner. Most property managers will handle the eviction completely on your behalf, but some will charge you an extra fee for the extra work involved. Expect to pay at least a few hundred dollars for this process.

Apples to Apples

Different companies might charge money in different ways, but if they’re offering similar services, you’ll likely find the bottom-line price of each to be competitive with one another. The big difference here is how you plan on using your property management company; for example, if you’re looking for long-term arrangements, an early cancellation fee shouldn’t factor much into your decision. Try to consider all these factors and all price points when comparing providers and making your decision.

Source: biggerpockets.com

When to Start Eviction.

ask-the-attorney

The Landlord Protection Agency®presents John Reno, Esq.,a highly experienced Landlord – Tenant attorney based on Long Island, NY.

Q:  Dear Mr. Reno: 

If the tenant has not paid any rent for any given month, At what point do you start the eviction notice. 1 month late or longer? Julian Ornelas, Texas

A: You could have started on July 2nd. There’s no requirement that you wait unless your lease has a grace period. Then you should wait until the grace period is up.

Legal Disclaimer
The Landlord Protection Agency’s “Ask the Attorney” column is for informational purposes only. The questions answered by Mr. Reno on this site do not constitute an attorney – client relationship and are not to be considered legal advice. Not all questions will be answered and some may appear in the LPA Q&A Forum.
The Landlord Protection Agency recommends that you seek legal advice before using any of the material offered on this web site, and makes no guarantee on the effectiveness, compliance with local laws or success of any of the material offered on this web site. The Landlord Protection Agency is not engaged in rendering legal advice.

Is Evicted Tenant Responsible for Remaining Months on Lease?

ask-the-attorney

The Landlord Protection Agency®presents John Reno, Esq.,a highly experienced Landlord – Tenant attorney based on Long Island, NY.

Q:  Dear Mr. Reno:

Thank you Mr Reno for taking my question. Once an eviction takes place, what is the status of the Lease Agreement as it pertains to lost rent? Is the evicted tenant still liable for lost rent for the remaining months of the Lease?
Charles, California.

A: Yes, yes, yes, the tenant is liable for the remaining months- but there’s a catch: Once you re-rent, you no longer can claim damages for lost rent. So you have to wait until you re-rent so you know how much to sue for.

Legal Disclaimer
The Landlord Protection Agency’s “Ask the Attorney” column is for informational purposes only. The questions answered by Mr. Reno on this site do not constitute an attorney – client relationship and are not to be considered legal advice. Not all questions will be answered and some may appear in the LPA Q&A Forum.
The Landlord Protection Agency recommends that you seek legal advice before using any of the material offered on this web site, and makes no guarantee on the effectiveness, compliance with local laws or success of any of the material offered on this web site. The Landlord Protection Agency is not engaged in rendering legal advice.

9 Sneaky Fees to Watch for When Hiring a Property Manager

To many landlords, property management services are superfluous, cutting their profit margins to a minimum in exchange for basic services. But the reality is that property managers can make your life extraordinarily easier—and most

43086582_s-300x200

charge a reasonable enough rate that you can draw a monthly profit from your properties (headache-free).

However, when you’re searching for a property manager to handle your landlord responsibilities, it’s important to note that not all fee structures are the same. If you don’t understand how a manager’s fees work, you won’t be able to compare apples to apples, and you might end up shaving your profit more than necessary if you aren’t prepared for those fees when they come up.

9 Fees to Watch For

These are some of the most common “hidden” fees, extra fees, and differences in fee structure to watch for when comparing providers or finalizing a contract:

1. Rent Due and Rent Collected

Many property managers will charge fees as a percentage of rent, but watch how this is worded—there’s a difference between charging as a percentage of rent due and a percentage of rent collected. A percentage of

rent due means your company will charge you based on how much money a tenant owes you; a percentage of rent collected means your company will charge you based on how much money a tenant actually pays you—and is generally more favorable. If you’re charged based on rent due, you’ll end up paying for property management even when your property is vacant and you have no money coming in.

2. Early Cancellation

You may also be charged an early cancellation fee should you break the contract with your property manager before the end of its outlined term. For example, if you agree to work with them for a year and you want out after eight months, you might pay an additional few hundred dollars. Be especially wary of this fee with untested property managers.

3. A La Carte Management Fees

“A la carte” management fees refer to a suite of extra fees a property manager may charge you in addition to basic services. Usually, a property manager will either charge a higher price (and no additional fees) or a lower price, with multiple additional fees, somewhat evening out. Accordingly, it pays to know what fees are applicable and what they might run you. The remaining items in this list could all be classified as a la carte management fees.

4. Vacancy

If a company isn’t charging you the full cost of management while your property is vacant, there may still be an additional vacancy fee. Rather than collecting a percentage of rent due, they may collect a smaller amount from you as a kind of retainer.

5. Advertising

When it comes time to seek a new tenant, some property managers may charge you an additional advertising fee. This would cover the cost of creating media (such as taking photos) and placing it on sources like online listings or paper publications.

6. Leasing

A leasing fee may apply when you find a new tenant for your property. This covers the cost of drafting and securing a new lease agreement and is generally low in cost. If the cost here is high, it should raise a red flag, especially if your resulting tenant turnover seems to increase.

7. Lease Renewal

Lease renewal is even simpler than initial leasing, b

ut it may still require a fee. You may need to draw up new paperwork or renegotiate terms with a tenant, and that means your property managers will be doing a bit of extra work. Expect minimal fees here as well.

8. Maintenance

Property management fees should cover basic instances of maintenance and repair, but some companies may charge extra for big jobs, or for an inspection between tenants.

9. Eviction

Eviction can be a messy process, and if you ever need to evict, you’ll be grateful you have a property management service in your corner. Most property managers will handle the eviction completely on your behalf, but some will charge you an extra fee for the extra work involved. Expect to pay at least a few hundred dollars for this process.

Apples to Apples

Different companies might charge money in different ways, but if they’re offering similar services, you’ll likely find the bottom-line price of each to be competitive with one another. The big difference here is how you plan on using your property management company; for example, if you’re looking for long-term arrangements, an early cancellation fee shouldn’t factor much into your decision. Try to consider all these factors and all price points when comparing providers and making your decision.

Source: biggerpockets.com

Is landlording causing you to experience excessive “noise” in your mind?

1

Is #landlording causing you to experience excessive “noise” in your mind? Does it get worse when you have a #TenantProblem or #PropertyIssue?#BevRobertsRentals is crucial to maintaining sanity. Through Bev Roberts Rentals, close your mind to distracting and disturbing thoughts, and enjoy inner peace and happiness. Unravel your mind with Bev Roberts Rentals, before it unravels you.