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5 Tips for Reducing Landlord Challenges and Landlord Stress

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Stress is the number one factor in health problems and lowered quality of life in every vocation. While landlords face some challenges in renting apartments that can be somewhat invigorating, if landlord stress is excessive, it takes the enjoyment out of renting.

Reduce Landlord Stress

The following are five tips apartment owners can use to lower landlord stress levels and be more successful:

1. Hire a Property Manager

Having someone else rent, oversee and manage rental properties is one of the best ways to lower the landlord stress levels of owning and renting property. Whether a company or an individual is hired, care should be taken to select someone with experience and a proven track record. This person may also be selected from among existing tenants in exchange for free rent. With the right property manager, landlords can rest easier, avoid the hassles of renting out properties and just collect profits.

2. Outsource Maintenance

Some landlords are fairly handy and choose to maintain their properties themselves. While the DIY tenant screening and property management route can save money, it can also amplify the landlord’s stress levels and workload. Hiring professionals to take care of maintenance is always the less stressful route. Hiring a property manager who will take care of basic maintenance duties can reduce costs as well as landlord stress.

3. Collect Rent Digitally

The Internet makes money and fee collection easier than ever. Consider offering incentives to tenants who will allow their rent to be deducted from their bank account each month. PayPal is another option for collecting digital rent payments, and fees are minimal. A digital record of all payments and fees makes bookkeeping easier and more organized as well.

4. Create an Emergency Fund

When accidents happen, landlords require access to cash quickly. While emergency plumbing or electrical jobs can be put on a credit card, eventually these bills will have to be paid. Having at least a few thousand dollars set aside as a buffer can soften the blow of tenant emergencies and keep properties in top shape all through the year. Knowing this money is there in the case of emergencies will lower landlord stress and result in added peace of mind.

5. Use Professional Tenant Screening

One of the most stressful elements of being a landlord is getting stuck with poor quality tenants. A problem tenant is often late with the rent, misses payments or in some cases creates a bad debt of thousands of dollars that is never repaid. By contrast, quality tenants are responsible, financially viable, respectful and stick around for a while.

One of the best ways to ensure high quality tenants is by using tenant screening. A professional tenant screening service can check criminal history, credit report, eviction history and much more. This can help to ensure landlords make the best choice when selecting the tenants who will rent their properties. This step can also be outsourced to the property manager to reduce landlord stress even more. However, make sure to choose a high-quality service that’s experienced in all the types of screening you will require.

Being a landlord can be financially rewarding, but it is not without its hassles, stresses and challenges. For a less stressful experience as a landlord, implementing these five tips to reduce landlord stress can make a big difference.

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.

The Top 5 Tenant Disasters And How Landlords Can Avoid Them

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Landlords take a risk every time they rent to a new tenant. While the payoff in terms of income can be very rewarding if all goes well, there is always the possibility of having tenant disasters where things go very wrong. How can landlords avoid tenant disasters?

Tenant Disasters

The following is an overview of five of the top tenant disasters that a resident can bring – along with tips on how to avoid these scenarios.

1. The Tenant Gets Behind On Rent Payments

This is a major worry for all landlords. The main reason for renting out property is to make income from it. When a tenant doesn’t pay, the landlord loses money each month. Whether the tenant is chronically late with the rent or goes into default, the net effect is a nightmare tenant. The best way to avoid renting to a tenant who is a financial disaster is to use professional background screening for credit checks and get a sense of their history. Current income should be verified and a late fee enforced on all late rent payments.

2. The Property is Extensively Damaged

This is perhaps the biggest fear of landlords regarding entrusting their properties to strangers. There is no guarantee that a tenant will be respectful of the property. However, landlords can look into the history and track record of potential renters. Calling previous landlords and checking eviction records can yield valuable insights about their potential future behavior.

3. The Property is Left Filthy

Tenants who do not keep the unit clean during their stay and do not clean it after they empty it of their belongings create another nightmare scenario for landlords. It is disappointing to see a property in total disarray. However, these tenant disasters can be remedied with a professional cleaning service. Collecting an adequate security deposit will help to cover any necessary cleaning costs.

4. A Tenant Commits a Crime

Renting to dishonest or violent people will most likely result in tenant disasters. Whether the crime is a domestic incident, illegal activity or violence against another tenant in the building, a crime will bring unwanted energy to the rental property. It can also raise landlord risks and liabilities. Tenant screening of all potential renters can help to identify those with a criminal history so that landlords can determine if an individual is prone to undesirable behavior.

5. A Property Remains Vacant For Months

Vacancies are another way that landlords can lose a substantial amount of income. Having a tenant break a lease is one way this can occur. Including a penalty within the lease such as loss of the security deposit can discourage broken leases. On a one-year lease, landlords should require one to two months advance notice from tenants who will be moving out. This will allow time for advertising the property and screening new tenants so that the vacancy can be filled efficiently.

Having rental properties always involves a degree of risk. Landlords can never be sure how a tenant will treat their property and lease terms. However, professional tenant screening can eliminate a lot of the guesswork. Landlords should strongly consider screening each and every candidate to help them avoid these and other tenant disasters.

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.

7 Valuable Lessons And Key Tips From Former Landlords

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Not everyone is cut out to be a landlord. Those who aren’t often find this out the hard way. However, most former landlords learn valuable lessons along the way. New landlords can use insights from these experiences to become better landlords themselves.

Former Landlords

The following are seven key lessons and tips from former landlords:

1. ALWAYS Have a Lease, and Make Sure It’s Detailed and Comprehensive

It can be tempting when renting to friends or family to forego the formality of a lease. Former landlords advise strongly against this. The lease offers the opportunity to spell out important rules in writing and obtain a signature so that everyone is on the same page. Whether the tenant is a stranger or someone familiar, a detailed, comprehensive lease is a must.

2. Enact a Late Fee – And Enforce It

Former landlords also strongly advised toward having a late fee policy and always enforcing it. Not doing so sends the message that it’s OK to let rental payments slide, and some tenants abuse this and keep paying later and later. The late fee must be reasonable and in compliance with state laws.

3. Think Twice About Renting to Friends and Family

Some former landlords report that renting to people they knew was one of the worst mistakes they made. Even with a lease, these people can sometimes take advantage of the situation and push the envelope in terms of what’s allowed. From late rent to a lack of cleanliness to causing property damage, former landlords often reported bad experiences with renting to people they knew. The relationship suffered, and they were often impacted financially. Tax laws may be different and more costly in these situations as well.

4. Use Tenant Screening

While some landlords attempted DIY tenant screening, many found that the results they received were not as accurate and comprehensive as they were hoping for. A professional tenant screening service eliminates the guesswork and can ensure that all relevant areas will be thoroughly checked.

5. Double Your Estimated Cash Reserve Amount

Landlords often have a basic idea of how much cash they think they should set aside for repair and upgrade costs in rental units. However, former landlords attest that they always tended to estimate too low – to the tune of half of what’s really required. To make sure essential repairs will be covered, it’s best to double this estimated amount.

6. Create a List of Go-To Helpers

When something breaks down in a unit, it can be a real emergency for tenants. The best way to handle this is by being prepared. Former landlords recommend compiling a list of go-to electricians, plumbers, exterminators and handymen so that they can be called at a moment’s notice. Ensure that these service people are reputable and will charge fair prices even in emergency situations.

7. Prepare For Some Stress

Former landlords also reported that the ability to handle stressful situations was a must. The best landlords have patience, tolerance and a higher-than-average threshold for handling difficult situations. Occasional challenges are inevitable and part of the territory. That said, proper tenant screening can help to forego many issues and headaches so that fewer problems arise down the road.

Being a landlord isn’t for everyone, but there are steps that can be taken to increase the odds of success. Take a page from former landlords by learning from their experiences in these seven key areas.

Sources:

http://www.nolo.com/legal-encyclopedia/free-books/renters-rights-book/chapter3-6.html
http://www.cbsnews.com/news/when-renting-property-to-relatives-know-the-tax-rules/

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.

5 Ways to Screen Short-Term Renters On AirBnb and Similar Online Venues

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Renting out a property always involves risk, and perhaps even more so for renting to short-term renters. Owners of these properties are often more lax when it comes to the screening process. However, these situations can often be high-risk, especially when renting a home containing the landlord’s own furniture and personal items. Therefore, landlords should screen short-term renters.

Short-Term Renters

Fraud, Property Damage and Identity Theft Risk During Short-Term Rentals

Even taking steps to lock away personal items isn’t a guarantee of security. Over 40 percent of short-term renters have admitted to snooping through the owner’s personal items during their stay. Property owners want to keep their living spaces in great condition, and this requires discernment regarding each renter.

Renting via sites like AirBnB, VRBO and similar outlets is not without risk, but the following tips can help to protect landlords and their properties from short-term renters:

1. Vet the Site Thoroughly

Many of the online companies serving as hubs for short-term rentals offer their clients protections against damage from negligent guests. For example, AirBnb offers a host guarantee of up to $1 million in property damage reimbursement.

2. Request a Security Deposit

Another effective way landlords can protect themselves when offering short-term rentals is by asking for a security deposit. While a few hundred dollars won’t pay for major damage, it can offer some protection if there are damages.

3. Examine Renter Reviews

Many short-term rental sites enable reviews of short-term renters as well as the hosts and their properties. Landlords should read the reviews of anyone interested in renting their property carefully to get a sense of their track record from other landlords. New applicants without a rental history should be screened carefully using other resources.

4. Telephone Screening

Talking with potential tenants via telephone allows landlords to get a more personal sense of who will be renting from them. Having a list of questions created ahead of time to screen short-term renters will ensure that all key concerns will be covered.

5. Professional Tenant Screening

The best way to verify the quality of short-term renters is by using a professional screening service. A comprehensive screening can yield insights about the applicant’s finances, rental/eviction history, national sex offender registry, and criminal background. It can also determine if information provided on the rental application is true or fraudulent.

In the current gig economy, short-term rentals have become a popular way to make extra income. However, landlords should take steps to ensure they are always connecting with high-quality renters no matter what the duration of the agreement.

Source: http://touch.latimes.com/#section/-1/article/p2p-87654638/

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.

How Background Screening Protects Your Rental Property Investment

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Landlords assume great risk every time they rent a rental property to a tenant. Whether that tenant is a corporation, an individual or a small business owner, risks include:

  • Building structure damage
  • Unpaid rent
  • Use of premises for illegal operations
  • Activities or actions that pose a danger to other tenants or neighbors

Rental Property Investment

Landlords At Risk

When tenants directly or indirectly threaten your rental property (for example, with income loss or bodily harm or injury), landlords are put in the crosshairs for public disdain, legal action or financial breakdown. The following case indicates that landlords can be held liable for tenants’ actions in their rental property.

In a case in Bakersfield, California, a landlord leased a room to a convicted felon who subsequently raped a woman and set the house on fire. The woman is suing the landlord for negligence by renting to a dangerous criminal.

Whether or not the court rules against the landlord, he will still have to potentially pay thousands of dollars in legal fees to defend himself or herself, and spend countless hours sitting in lawyer’s offices and courtrooms.

Tenant Screening Benefits Landlords Rental Property

With a background screening process in place, landlords may be able to protect themselves from harm. Tenant screening benefits landlords and a rental property in many ways and can reveal the following:

  • Tenants with criminal histories
  • Tenants with poor rent-paying histories
  • Fraudulent rental applications
  • Tenants with violent tendencies

With a tenant screening service, landlords can quickly identify tenant applicants who don’t meet the minimum qualification criteria for a particular rental property.

A History Revealed

Tenant screening and background screening may identify undesirable aspects of the history of an applicant that may disqualify him/her from being able to rent the unit from the landlord. A background check performed by EvictionRecords.com can reveal such things as prior eviction records, county and state criminal records, federal court records, identity verification and address history. With these background record searches available to landlords, it’s possible to help ensure that any applicant who is being seriously considered will be up to the landlord’s standards.

It’s inadvisable for a landlord to lease a rental property to a tenant without conducting a criminal history search at the minimum. A tenant screening related to previous rental history and credit is also advised to help protect the landlord from potential threat related to rental property damage and unpaid rent.

Contact us today to learn more about background screening for your tenant applicants.

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.

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