Don’t let leasing become an “Action Thriller”. Call Bev Roberts Rentals! Like Liam Neeson, I will look for you, and I will find you… THE PERFECT TENANT!
#WatchingTaken #BevRobertsRentals#PerfectTenant #TriangleNorthCarolina
The peak rental season is upon us and rental homes are high in demand! This happens specifically in May to August. Landlords, now is the time to take advantage of peak rental season to save time, money, and stress. Here are the reasons to list in the peak rental season:
1. Landlords can be selective with a larger number of tenant leads.
2. Landlords avoid rental vacancies when they list when demand is high.
3. Landlords can charge a higher rent price, because demand is higher.
4. Landlords increase the chances of finding quality tenants who pay rent on time and take care of the property.
#PeakRentalSeason #HighDemand #LandlordTips #BevRobertsRentals
Happy National Peanut Butter Day! 🥜
Leasing is like Peanut Butter…
it can be Smooth or Nuts.
Call Bev Roberts Rentals for assistance! (919) 306-5665
The added income from a rental property can look very appealing to a young entrepreneur or someone seeking assistance with property payments. A first-time landlord should be acutely aware of the broad spectrum of duties expected from a rental property owner.
Tenant expectations are just as important as the expectations held by local and federal law. Renting out a property is not as simple as collecting money once a month. Here are a few important things every new landlord should know before leasing their first property.
Understand tax laws for property owners
Tax law may be a bit stale, but it is crucial for property owners to understand if they are looking to make money in an entirely legal manner. Take the time to do the proper research before investing time and money into property rental.
There are several opportunities to regain investment funds as well. Tax deductions are the brighter side of the business. Interest, repairs, and regular maintenance costs are all qualified tax deductions. Interest on property loans, mortgage loans, or credit card debts pertaining to the rental property can add up to a significant sum by the year’s end.
Know landlord rights and limitations
Every set of state laws is different. It is important that every new landlord knows their rights before renting their first property. Also, a property lease is a substantial agreement, but the landlord has the legal right to augment that contract at any time with the signature of the current tenant.
Above all, a landlord has the right to get paid in a timely manner. Owners have the right to determine the length of a tenant’s stay, and to legally evict those that do not pay their rent within an agreed upon time.
Know tenant rights and limitations
Tenants are also equipped with rights to protect their best interests. Tenants have the right to a certain amount of privacy. A landlord must notify the tenant 24 hours in advance before entering the property. The tenant also has the right to a safe and proper environment.
The landlord is responsible for making sure the home complies with local and federal housing codes. Also, tenants have the right to the best interests of their security deposit. Some states require the landlord to keep the funds in an interest-bearing account for the length of the lease, so it is best to stay up to date on local laws.
Screen for reliable tenants
It is important that a new landlord has a thorough screening system for potential tenants. Background checks are the best resource available to property owners for screening interested renters. They will provide valuable information on the potential client’s rental history.
It is best to make contact with a minimum of three credible references after initially meeting the clients. If it is a long distance rental relationship, then there are other agencies that will assist landlords with the process of tenant screening, like the National Tenant Network.
Decide what type of relationship is best
Before ever renting the first piece of property, a landlord must first decide what kind of relationship will be most suitable for doing business. Some property owners do very well building a friendship or partnership with their tenants. Some property owners are better landlords when they communicate in strictly business terms.
The nature of the newly formed tenant-landlord relationship should be clearly conveyed prior to signing a lease. Painting walls and changing fixtures are not always in the best interest of the owner and should be discussed before the property is rented to the prospective tenant.
Tenants are an important part of your investment property succeeding, so how can you secure the right ones every time? In the first of this two-part series, Matt McCann, CEO of LocalAgentFinder.com.au shares his 10 tips on getting the best tenants and avoiding high turnover.
1. Find the right property manager Finding the right team to manage your property is crucial and by following these tips you can ensure you’re getting the best from your property manager:
2. Update your property By keeping your property in top condition, you’ll attract tenants who take care of their belongings and property, and it will also keep you ahead of the competition. Ensure property updates suit your target demographic; talk to your agent and find out who your potential tenants would be and how you could better present your property to them.
3. Set the right price Keep your rental price in line with similar properties in the area or other landlords will gain a competitive edge in the search for good tenants. Ask your real estate agent about the current market and how much similar properties in the area are being rented out for before deciding on a realistic price. This is also why it’s important to be aware of the market your property is in.
4. Consider a short-term lease If you’re on the fence about a candidate because they have very little established credit but do have steady employment (such as a recent graduate), you could ask your property manager about offering them a shorter lease as a trial period. The contract could then be extended or terminated according to both parties’ needs.
5. Check your agent has run a credit check It’s a good idea to include a credit check in the screening process as it is usually safer to choose a tenant who has good established credit. Your property manager should look to see if any late payments by the potential tenant on their previous rental were a one-time deal or persistent, and how recently they occurred. Your property manager should be doing all these checks anyway, but open communication with them will make sure they are doing their due diligence.