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Property Management Tips and News

How to Avoid Property Management Problems

For RentAs a landlord, you have to think carefully about your property. Not only do you have to consider monthly costs and budget for maintenance issues. You also have to figure out how you’ll deal with things like rent collection and relationships with neighbors.

Sometimes, it pays off to step back from your responsibilities and put yourself in the shoes of the people you’re trying to serve: your tenants. When you do that, you actually help foster the success that attention to operational details alone won’t do.

Example #1: Raising rent

Let’s say that you need to raise the rent. If you do this with only short warning, you could be setting yourself up for trouble, even if you are well justified to ask for the increase. Your tenants won’t see that you’ve not raised rent in two years or that you’re faced with increases in taxes and other operational costs. What they will think is that you are only out for your interests and don’t care about renters.

A good way to handle this kind of situation is to give your tenants plenty of notice that increases may be coming. The farther in advance you can do so, the better off you’ll be. By doing this, you’re showing tenants that you understand they’ll need to do some re-budgeting. And if it turns out you can actually hold costs down, then you can pass along the good news to your tenants…who will in turn feel reassured they’re renting from someone who’s fair and honest.

Example #2: Making improvements

Renovations and other improvements help increase property value. But if you do these kinds of projects without keeping renters in the loop, you could also cause problems for yourself. Depending on what needs to be done, you could end up inconveniencing your renters…and harming your relationship with them.

The best strategy is to tell tenants directly that you have a project in mind. That way, you can open a dialogue that allows you to coordinate with them so as to minimize the impact that the changes will have on their lives. Your renters will appreciate your openness and the benefits of a new roof, driveway or fence.

Herman Boswell understands the challenges of landlording. It takes organizational skills, people-savvy and most importantly of all, time to make it all work. Our real estate professionals can help you manage your investments and give you the peace of mind you deserve.

Let us put our expertise to work for you.  Contact us today!

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Landlording and Background Check Laws

Legally, you can use the information you receive through a background check in your rental decisions.  But beware: you must follow state and federal laws very carefully when you (1) obtain a background check and (2) notify a tenant of a housing request denial. Get … Read More...

For Rent

What To Do When Tenants Get Behind on Rent

Collecting rent is a significant part of your job as a landlord. But  it can also be one of the toughest. What, for example, do you do when a tenant gets behind on rent?  This can be an especially sticky situation if the tenant in question has gotten laid off or is … Read More...

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Pricing Your Rental for Maximum Profit

Getting the best price for a rental property may seem easy to do.  But the minute you begin looking more closely, it becomes clear that there’s more to rental pricing than meets the eye. First impressions matter When renters evaluate a rental property, they are not … Read More...

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Raising Rent

If you haven’t raised your rent in the last few years, consider this: according to the Bureau of Labor and Statistics, the rent index is currently rising at an annualized rate of 3.6%.  So you’re probably overdue for an increase. At the same time, you may worry that by … Read More...

Happy Tenants mean Happy Landlord

3 Keys to Keeping Tenants Happy

As a landlord, you know how hard it is take care of your properties andkeep up with the other parts of your life.  Some days you may feel so overwhelmed that you find yourself thinking that all the maintenance you do on your real estate investments is an endless drain of … Read More...

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The ABCs of Lease Termination

Once someone signs your lease, you as landlord are legally bound to follow the rules and regulations as much as your new tenant.  You should also know that state and federal laws further govern how and under what circumstances you may terminate that lease. Generally … Read More...

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