Archives for 2016

Recent studies have shown that rents are on the rise in the U.S. Harvard University found that the percentage of Americans who are renters has risen since 2004, and is now up to 43 million households. The rising rental market and trends toward renting continues, affording an excellent business opportunity. Being a landlord can be lucrative, but only when done well.

Here are four ways for landlords to take advantage of the rising rental market:

1. Be Aware of What’s Required

Being a landlord requires a certain type of individual who can blend customer service with professionalism, patience and attention to detail. Landlords must also be willing to follow state and Federal laws to ensure that they stay in compliance with current renting laws and practices; partnering with a professional tenant screener can assist in these areas.

2. Pride of Ownership

Drawing in quality tenants requires creating an appealing property that has both functionality and curb appeal. Finding the right balance between staying on budget and keeping properties attractive and appealing is another effective way landlords can draw in quality renters in this rising rental market and keep those tenants around long term.

3. Screen All Tenants

Finding good renters depends largely upon the effective screening of all applicants. Tenants should be screened in a broad range of areas, including their current income, employment status, past rental history, credit checks, eviction history and criminal history. A quality tenant screening service can assist with screening in several of these areas in a way that is compliant with current laws and assists with finding the best people to approve as tenants in this rising rental market.

4. Outsource to Professionals

While a landlord may be handy and proficient in some areas, a good one also knows when to let someone else handle more challenging tasks. Certain repair or remodeling jobs may be beyond the scope of what the landlord can handle. Tenant screening laws and considerations can be complex and difficult to navigate; outsourcing tenant screening can help to eliminate risk and ensure that it is done effectively.

More and more Americans than ever are renting instead of buying these days, and this creates an opportunity for property owners. Landlords can use these four tips to make the most of a potentially lucrative and rising rental market.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

With more people than ever looking to rent instead of buy, landlords must sort through a larger pool of potential renters than ever before to find quality tenants.

The following are some effective ways to help draw in and rent to the highest quality tenants available:

1. Offer a High Quality Product

The rental property is the landlord’s product, and it’s crucial that it be competitively priced while reflecting a high level of quality. Properties should have tremendous curb appeal as well as high quality features and accents. They should also reflect continual maintenance and upkeep. Keeping the house freshly painted and with excellent landscaping can also contribute to its appeal.

2. Use Online Media

The Internet offers a wealth of opportunities for listing vacant rentals in quality websites that are known and trusted by users. Zillow, Trulia, Rent.com and even CraigsList are all frequented by those looking for a home, apartment or condo to rent. A well-written listing, high quality photos and strict parameters about income requirements will all help to draw in high quality tenants and appealing renters.

3. Spread the Word

Asking current tenants who are of high quality for recommendations can help landlords to fill vacancies with high caliber renters. Ask your quality tenants to spread the word both the “old fashioned way” and online to their contacts. Social media sites, forums and local groups are all potential venues for connecting with new tenants.

4. Excellent Property Management

Whether the landlord outsources property management or does it themselves, a commitment to high quality is key. Responsiveness to tenant questions and needs as well as addressing problems when they arise is a hallmark of a good landlord, and they are more likely to attract high quality tenants and keep them.

5. A Professional Tenant Screening Service

Finding quality tenants requires a careful and comprehensive vetting process that allows landlords to sift through all applicants and zero in on the best candidates. A professional tenant screening service can assist with looking for past financial issues, state eviction records and criminal history records so that the best renters can be determined.

Great tenants may at times seem elusive, but they are out there. These five landlord tips can assist landlords in finding and keeping high quality tenants and running a successful business for years to come.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.