For a lot of families, Thanksgiving is time for togetherness mixed with large amounts of stress. Whether you’re in charge of cooking the turkey or are simply circumnavigating family drama, the added responsibility of managing a rental property during the holiday makes for a unique situation. Take a look at some Thanksgiving-themed rental property horror stories and breathe a sigh of relief that your rental nightmares aren’t quite this bad.
If you weren’t aware of rent control legislation, now is the time to be active. Bills proposing rent control (as well as restrictions on eviction and criminal records) have become an alarming trend within the rental housing industry. Just last week, I went with other CIC™ tenant screening experts to Washington, D.C. to lobby on behalf of the National Consumer Reporting Association. Our big concern is that without access to eviction or criminal records, property owners and managers like you will not have the information to determine if a rental applicant is a risk or not. While plenty of owners combat potential risk by raising the rent or fees, if rent control measures pass, that option will no longer be accessible.
Unfortunately, states like California, Oregon, Illinois, and Maine have already been targeted by rent control activists – and it seems like this is only the beginning. Take a look to see what rental housing legislation has passed and failed this November, and what bills will likely be reviewed in the Spring of 2018.
Got your eye on any Christmas presents this Black Friday? So do data criminals… but it’s not that flat-screen TV that they’re eying. Since Target’s huge data breach in 2013 (coincidentally during Black Friday and Cyber Monday) where credit card information for up to 110 million was compromised, participating in the shop-happy holiday has become a little risky. As you navigate the millions of Black Friday deals, follow these tips to keep your identity safe.
With the end of Daylight savings time on Sunday, November 5th, you’ll finally be able to get some much needed rest! Aside from Arizona and Hawaii, rental properties across the nation will have to set their clocks back by an hour this weekend. Make sure you take advantage of our handy (printable) checklist to help remind you what needs to be changed, whether you have a vacancy or not.
When it comes to rental property maintenance, the sooner the better – and with winter well on its way, now is a perfect time to look into winterizing your rental properties. While most landlords have a fall maintenance to-do list that includes winterizing, some lists are longer than others. Depending on where your property resides, winter might not be too bad. Average winter temperatures range from a high of 67.4 degrees (F) in Hawaii to a low of 2.6 degrees (F) in Alaska. As you compile your winterizing to-do list, keep in mind your state’s average winter temperatures and focus your efforts towards keeping your property safe from upcoming rain or snow.
All properties aim to find quality residents, but few take the time create detailed property guidance and invest in screening. By fleshing out your rental policies and training your staff on proper pre-screening and tenant screening, your commitment can help you increase your net operating income (NOI), decrease future resident problems, and maximize a property’s potential.
When a tenant dies, knowing how to proceed with the duration of the lease agreement or rental payments, returning or withholding a security deposit, and relocating your tenant’s personal property is crucial to avoiding stress and legal liabilities. Death isn’t a fun topic to talk about – but knowing your rights to regain the rental property is a big part of being a landlord. Plus, it doesn’t hurt to be prepared just in case.
Tenant screening is a vital part of the leasing process as it protects the property, property owner, and the local community, all while ensuring that Fair Housing Guidelines are being met. With legislation in the past year attacking the use of criminal and eviction records in tenant screening, it’s more important now than ever that landlords and real estate agents band together to voice the value screening has. If you are uncertain whether or not you want to utilize tenant screening on your rental property, take a look at the benefits background screening has to offer.
Everyone wants to see growth, but as a landlord, you want to financially grow your rental property as much as you can. Whether you struggle with increasing your gross revenue each month or not, understanding how you can improve your property’s net operating income (or NOI) is vital to seeing your investment blossom.