best practice for tenant screening

Best Practices for Tenant Screening: Ensuring Reliable and Responsible Tenants

June 28, 2023Posted inInvestors, Landlords
Tenant screening is a critical process for landlords and property managers that allows them to select tenants who are reliable, responsible, and financially stable. By implementing best practices for tenant screening during a turnover, property owners can minimize risks, maintain a harmonious rental community, and protect their investment. This article provides an in-depth exploration of the key best practices for tenant screening, including the application process, background and credit checks, employment and income verification, rental history verification, reference checks, interviews, consistent screening criteria, documentation, legal compliance, and the importance of trusting one's instincts.
best rental unit update

10 Rental Unit Updates with the Highest Return on Investment

June 17, 2023Posted inInvestors, Landlords, Tenants
When it comes to maximizing the return on investment for rental properties, strategic updates and renovations play a crucial role. By making targeted improvements, landlords can attract quality tenants, increase rental rates, and enhance the overall value of their rental units. In this article, we will explore the top 10 rental unit updates that have consistently shown the highest return on investment, along with some tips for making those updates effectively.
lease agreement mistake

Common Mistakes Landlords Make When Drafting a Lease Agreement: How to Avoid Them

June 11, 2023Posted inInvestors, Landlords
Drafting a comprehensive lease agreement is crucial for landlords to establish clear expectations and protect their interests. However, many landlords make common mistakes during this process, which can lead to legal issues, disputes, and financial repercussions. In this article, we will explore the most common mistakes landlords make when drafting a lease agreement and provide practical ways to avoid these pitfalls. By understanding and implementing these strategies, landlords can create well-crafted lease agreements that foster positive landlord-tenant relationships and minimize potential risks.
self-showing rental property

Self-Showings for Landlords: Pros, Cons, and Tips for Success

June 5, 2023Posted inLandlords
In the realm of rental properties, the traditional process of viewing a property often involves coordinating schedules with landlords or property managers. However, the rise of self-showings has revolutionized this approach, allowing prospective tenants to view properties at their convenience without the need for a representative present. In this article, we will delve into the pros and cons of self-showings for landlords, discussing the benefits and potential drawbacks of this approach. Furthermore, we will provide valuable tips to help landlords navigate the self-showing process effectively, ensuring a positive experience for both parties involved.
cosigner-guarantor-signature

Requiring a Guarantor or Cosigner for a Rental Agreement: A Guide to Ensuring Financial Security

June 2, 2023Posted inTenants
When entering into a rental agreement, landlords often face the challenge of assessing the financial stability and reliability of prospective tenants. To mitigate risks associated with potential defaults on rent payments or other lease obligations, landlords commonly require a guarantor or cosigner. These individuals provide an added layer of financial security, ensuring that the landlord's interests are protected. In this article, we will explore the significance of requiring a guarantor or cosigner, their roles and responsibilities, the benefits and drawbacks for all parties involved, and important considerations when implementing such agreements.
rental turnover

How to handle rental turnover effectively

February 9, 2023Posted inInvestors, Landlords
Rental property turnover is an essential aspect of the real estate industry and one that landlords must pay close attention to. It refers to the process of a tenant vacating a property and a new tenant moving in. The rate of rental property turnover is a significant determinant of the success of a rental business, as it affects the financial performance and stability of the properties. A high turnover rate can lead to a steady flow of income, but it can also come with some challenges. This article will delve into the various aspects of rental property turnover, its impact on landlords, and tips for managing it effectively.
a couple looking at the document

How to prescreen prospective tenants?

January 17, 2023Posted inLandlords
Prescreening prospective tenants is essential to reduce your overall turnover time commitment while still getting the best tenant possible. A quick phone call or a short survey can quickly filter out prospects that are either not eligible or aren't a good fit (typically due to timing). So, in this article, we'll discuss the benefits of prescreening, how to do it properly, and certain things to watch out for.
concentrated woman carrying stack of cardboard boxes for relocation

How to Verify Renter’s Income

August 18, 2022Posted inLandlords, Tenants
The prospective tenant's ability to pay is one of the most important screening criteria for landlords in any turnover. Failure to make payment is the most common reason leading up to premature termination of the lease, and sometimes, eviction.