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Top Rental Property Marketing Mistakes

Fri, 30 Sep 2022 14:51:24 GMT

The Importance of Rental Property Marketing

If you want your rental property to be successful and generate consistent income, you need to keep it occupied with tenants. And to attract those tenants, you need to market your rental property. That means putting your property in front of more people looking for a rental and making it seem as attractive as possible.

Unfortunately, most property owners make significant mistakes when marketing a rental property, ultimately compromising their ability to find tenants quickly (and in some cases, find tenants at all).

The good news is most of these mistakes are easily fixable once you acknowledge them.

5 Signs of a Bad Property Manager

Fri, 23 Sep 2022 18:05:23 GMT

It's a universally acknowledged truth that you can't have successful property investment without tenants paying you rent regularly.

But too many investors don't put enough thought into who is the best person to professionally manage their properties – and many even try to do it themselves.

Successful property investors, however, understand that they need to treat their portfolios as a business so they employ professionals to manage their properties on their behalf.

Like any industry, however, not all property managers are created equally so how can you recognize a bad one?

The following five “signs” or behaviors are clear indicators of a potential problem on the horizon.

The time to deal with these issues is when you notice them because the longer they continue unabated, the worse the outcome for your portfolio.

1. Compliance issues

Part of your property manager’s job entails inspecting your property(ies) for compliance issues to ensure that your property, and you as a landlord, are adhering to the relevant legislation.

The property management sector is bound by a variety of rules and regulations and your property manager must be across all of these on your behalf – all of the time.

If they're not, then it's time to find a professional who is.

2. Lack of communication

While investors like varying levels of communication, no one likes a property manager who is completely incommunicado.

If you consistently can't reach your property manager when you need to, this is usually a red flag that they may not be the right fit for you.

3. Consistently late reports

Professional property management is all about strict notice periods, so if your property manager can't even send your monthly report on time, what other things are they doing late or even not at all?

4. No follow through

This is a major sign of unprofessionalism – and in some cases, sheer laziness.

Some examples of no follow through from your property manager include repairs not being done on time and/or in an orderly fashion, tenant complaints not being addressed, and a serious lack of regular property inspections.

If your property manager doesn't follow through regularly, then you should consider finding someone who does.

5. Poor (or no) maintenance

Part of a professional property manager's role is to look after your investment property, including organizing any required maintenance or repairs in a timely fashion.

Take some time to drive by your investment property unannounced.

Aside from possible tenant clutter, if your property is not looking its best – such as it has broken shutters, missing tiles, or an overgrown yard, etc. – then you need to immediately take action to resolve the issue.

The bottom line

If your property manager is regularly displaying any of these traits, then it's probably time to consider finding a new one.

Also, don’t assume your old property manager did their job, so conduct a thorough review of all your tenant records, checking for collected rents, inspections, repairs, etc.

Make sure your new property manager does a prompt onsite inspection – giving your tenants a face with the new name, as well as the expectation that your new property manager will be more accessible.

Implement any necessary action to collect past due rents including, if necessary, initiation of eviction proceedings.

If your old property manager was a poor performer, it's highly likely that your tenants will have a number of frustrations that they're keen to vent.

Take the time to listen to their concerns via your new property manager but remember that unless any concerns were in writing, it legally never happened.

All property investors need to remember that the bottom line should always be to improve their cash flow.

This is why it’s vital to address any poor property management issues as soon as you become aware of them.

The longer you wait, the more damage can be done, and the longer it will take to bring your portfolio back up to par.

Know When to Fire your Property Manager

chrisy.ipr@gmail.com (Chrisy Wickes) — Wed, 31 Aug 2022 15:40:36 GMT

Top Reasons to Fire Your Property Manager

A great property management company is worth its weight in gold – but a bad one is an absolute nightmare. In the competitive rental industry, some fledgling companies put the majority of their efforts toward building a client base. However, they may forget the importance of great service to keep the clients they already have. This is just one of the many ways a property management firm can lose clients. As an owner dissatisfied with your manager’s performance, getting out of your contract may seem daunting. So, how do you know when to keep hoping it will get better or when to part ways? Continue reading below as we discuss some of the top reasons to fire your property manager and how to cut ties successfully.

Top 7 Reasons to Fire Your Property Manager

A hard lesson for some owners is that not all property management companies are created equal. Whether it is inexperience, not enough staff, or poor oversight, some companies cannot fulfill their obligations in the owner’s best interest. So, when things go south, owners need a legal and amicable way to part ways and find a better alternative. Let’s review a few of the most common reasons to fire your property manager below.

Breach of Contract
Not Getting What You Paid For
Poor Response Time
Ineffective Property Maintenance
Lack of Knowledge and Resources
Poor Cost to Value Ratio
Extended or Unexplained Vacancies

Breach of Contract

One of the most common reasons to fire your property manager is over breach of contract. In other words, they do not hold up their end of the bargain. Entering into a property management agreement means the company is now the owner’s representative, and they become a fiduciary for you. Moreover, the property manager is now legally responsible for managing the property and must uphold certain ethical and financial standards. Typically, at minimum, owners expect their managers to –

Provide all necessary information so the owner can make fully informed decisions
Act ethically and in good faith while in control of an owner’s property
Always act in the best interest of the property owner
Adhere to all Fair Housing Laws which protect the owner from costly liability

If the property manager does not act with your best interest in mind, withholds vital information, or opens your business up to potential lawsuits by failing to adhere to all relevant laws, owners have grounds to terminate.

Not Getting What You Paid For

Depending on how the property management company is set up, it may include all services within the monthly management fee, or some services may be “a la carte.” Whatever the case may be, landlords are required to provide the services that an owner pays for.

Some of these services may include but are not limited to collecting rent, routine filings, tenant screening, and maintenance tasks. Therefore, if the company does not fulfill its obligations by providing agreed-upon services, it is time to find a better alternative.

Poor Response Time

Whether you are an owner living down the street from your property or across the globe, knowing your investment status in real-time is vital. Otherwise, owners may not have the time to make proper decisions, or worse, miss opportunities altogether.

This really comes down to great customer service and professional communication. So, if your property manager leaves you out of the loop or you cannot easily access records such as rent roll of vacancy reports – steer clear! Also, communication is important to your tenants and the overall well-being of the property. Consider this, if you cannot get ahold of the landlord as the owner, imagine what your tenants must deal with. Poor communication or responsiveness could delay repairs, causing more aggravation, damage, and costs.

Ineffective Property Maintenance

Efficient property maintenance can make or break a rental business. Inevitably, a property will need repair at one point or another. Property managers should be able to coordinate preventative maintenance and quickly address any tenant repair requests.

That said, if your representative fails to complete these tasks promptly, does not have a system to handle maintenance requests, or is just incompetent – owners are the ones left footing the bill. While ineffective repairs end up costing more, they also can cause additional damage to the property and cause a great tenant to get frustrated and leave. Therefore, lack of proper maintenance is one of the best reasons to fire a property manager.

Lack of Knowledge and Resources

Ideally, before entering into a property management agreement, owners should thoroughly vet the company they are considering. The best companies have roots firmly planted in the local community, meaning they not only know the market but also local laws and requirements for owners.

Some firms lack the proper staffing to effectively manage their portfolio and provide owners with the services they need. As property management continues to be a growing industry, many mom-and-pop shops have been on the rise. While they may have great customer service or admirable qualities, their limited size could signal a lack of resources to provide quality financial reporting, aggressive marketing, and thorough tenant screening.

If you did not examine all aspects of the company before signing on and now find yourself with ineffective representation, it is time to move on to a different company.

Poor Cost to Value Ratio

Profits are everything to a rental property owner. After all, a steady source of passive income is why most investors jump into this sector. Typically, property management companies charge around 8% to 12% as a monthly fee. However, this can be worth it if the services provided and effort put in match the overall cost.

That said, if you are not receiving the attention your property was promised, and fees are exorbitantly high, this may serve as one of the best reasons to fire a property manager. Ultimately, management fees cut into your profits, so you want to get the most for your money.

Extended or Unexplained Vacancies

A rental property is only making money when it is occupied. Therefore, owners want a company that can complete turnover quickly and aggressively markets the unit to find the most qualified tenant. That said, owners should pay close attention to the leasing fees in their contracts. Unfortunately, some companies try to milk owners of added fees by not placing the best tenants and encouraging a higher turnover rate. Thus, generating more fees for them and more costs for the owner.

The company you choose must have a time-tested and proven marketing strategy with a low eviction rate. This helps owners feel confident that their property will not remain vacant longer than necessary. So, if you have doubts, believe someone else could do better, or are dealing with an extended vacancy for no apparent reason, consider switching companies.

How to End a Property Management Agreement

Sometimes ending a property management contract is the best decision, but that does not mean it is an easy undertaking. After all, this is a legal contract and may involve penalties. The best way to handle parting ways is to keep things centered around facts and results, not personal attacks. This is important because the last thing an exacerbated owner needs is to find themselves accused of breach of contract. So, let’s review a few considerations when looking for reasons to fire a property manager and cancel your contract below.

What is Just Cause?

Just cause refers to the company not fulfilling its responsibilities outlined in the agreement. Essentially, it is a breach of trust by mismanaging the asset or putting the tenants or property at risk. Some examples of causes include not addressing critical maintenance concerns, not properly handling funds, or violating housing laws. Whatever the reason may be, owners need to read and understand their termination rights under the agreement.

On the flip side, “just cause” also protects the property management company from owners simply changing their minds. For instance, attempting to cancel the contract without proper cause could lead to the property manager suing owners for breach of contract.

Following the Required Notice Rules

In every contract with an early termination clause, both parties must adhere to certain notice requirements. Typically, this involves providing written notice between 30 to 90 days before the effective cancellation date. Failing to abide by the early termination terms could landowners in court battling a breach of contract claim. So, take care to follow directions and be sure to send the notice via certified mail with a return receipt. This is not the time for a simple email.

Once the termination notice is delivered, work with the property manager to collect all necessary records and transfer documents and funds to your newly selected company.

Penalties and Early Termination Clauses

An early termination clause requires just cause and a specific amount of notice. That said, property owners may still not be off the hook. A property management firm will often build an early termination fee into the contract to dissuade owners from jumping ship.

Depending on the terms, an early termination fee could be equal to a few hundred dollars or as much as the full contract’s worth of management fees. Therefore, take this into careful consideration when debating reasons to fire a property manager and whether it is really worth it.

Why Innovative Property Resources is the Best Choice

Finding the best property management company to look after your valuable investment is a considerable task. Managing rental units involves constant communication, maintenance, accounting functions, marketing, and legal compliance. Thus, having a trusted and experienced team on your side as an owner is the best decision you can make. So, what traits does a great property manager have? Follow along with us below as we reveal why Innovative Property Resources is the local expert you can feel confident in.

Unmatched Customer Service and Communication
Relevant Law and Compliance Knowledge
Extensive Industry Expertise
Efficient Maintenance Coordination
Transparent and Detailed Real-time Financials
Targeted Marketing Strategies
Thorough Screening and Quality Tenant Placement
Convenient Rent Collection
Assistance with Legal Matters
Streamlined Evictions

Choose the Best Manager for Your Rental Business

With so many property management companies for owners to choose from, narrowing it down is not easy. But for owners in Central Indiana trust the local real estate experts at Innovative Property Resources. Our team focuses on property management and property management alone to provide the best possible experience for owners and tenants. If you would like a free, no-obligation rental home analysis to see what full-service property management can do for you, give us a call today .

Why Innovative Property Resources is the Best Choice

Wed, 31 Aug 2022 15:35:00 GMT

Innovative Property Resources is the best choice in Property Management in Muncie, Anderson and Central Indiana

Why Innovative Property Resources is the Best Choice

Unmatched Customer Service and Communication
Relevant Law and Compliance Knowledge
Extensive Industry Expertise
Efficient Maintenance Coordination
Transparent and Detailed Real-time Financials
Targeted Marketing Strategies
Thorough Screening and Quality Tenant Placement
Convenient Rent Collection
Assistance with Legal Matters
Streamlined Evictions

Unmatched Customer Service and Communication

Communication is crucial to any professional or personal relationship. Thus, an essential function of a property manager is to respond to both owners and tenants promptly. Innovative Property Resources focuses solely on property management and maintains a commitment to delivering unparalleled customer service. Whether during regular business hours or through our after-hours emergency line, someone is available 24/7 to look after your property’s needs.

Relevant Law and Compliance Knowledge

Part of being a successful and legal landlord is complying with various federal, state, and local housing laws. That said, it is a daunting task to keep everything running smoothly and ensure proper compliance to avoid fines. So, leaving this responsibility to a trusted property management firm gives owners the peace of mind they deserve. Our team at Innovative Property Resources stays up to date on all relevant requirements and helps owners understand what is needed to rent their property legally.

Extensive Industry Expertise

It is not always easy to hand overall operations of your rental business to a third party. However, there is a big difference between handing it over and handing it over to someone with established expertise. That means thoroughly researching potential management companies is critical to your success. Led by a licensed real estate broker, IPR offers owners a wealth of experience throughout every department, from management to leasing, support staff, and accounting.

Efficient Maintenance Coordination

Maintenance requests will happen, and handling them is one of the main responsibilities of a property manager. Tenants expect to have concerns addressed promptly, and this is essential to a good landlord-tenant relationship. Innovative Property Resources utilizes experienced in-house maintenance technicians and an extensive third-party network of vendors. Thanks to our established vendor relationships, IPR helps to ensure quality work, efficient turnaround, and competitive pricing.

Transparent and Detailed Real-time Financials

A successful investment comes down to the numbers, and detailed financial reports help owners make informed decisions. Therefore, financial transparency is critical. Bay Property Management Group offers monthly and annual statements that include vital information on –

Cash Flow
Maintenance Invoices
Rent Roll
Delinquency

Using the latest technology, Innovative Property Resources provides owners a convenient Owner Portal. Thus, allowing them to check in on their property’s financials from anywhere at any time. Plus, our in-house accounting team prepares annual statements along with a 1099 to make tax time a breeze.

Targeted Marketing Strategies

A vacant property costs an owner money in the form of lost income potential. Understanding the local competition and demographics in your neighborhood is the key to renting efficiently. Our team at IPR knows the local market and can aggressively and strategically advertise to limit vacancy time. Our listings reach a large tenant pool using all major search engines to fill vacancies in an average of fewer than 30 days.

Thorough Screening and Quality Tenant Placement

Thorough tenant screening is the first and best defense against problem tenants. However, screening tenants and communicating with applicants requires landlords and owners to follow all Fair Housing Laws. Therefore, using the experience of a property manager can help owners avoid discrimination claims and potential problems down the line. Innovative Property Resources uses a standard set of qualifications that include income verification, criminal background check, creditworthiness, rental history, and previous landlord references. Completing these safeguards to choose the best applicant has allowed IPR to boast a less than 1% eviction rate.

Convenient Rent Collection

Today’s renter expects to be able to pay rent conveniently online. Technology has made the rent collection process simple and easy for all parties involved. Tenants can set up automatic payments to never miss a month, while landlords can send rent reminders and quickly assess late fees. Through a streamlined Tenant Portal, Innovative Property Resources helps make rent collection a straightforward process. In addition, modern technology helps IPR efficiently disburse funds to owners through direct deposit or a standard check.

Assistance with Legal Matters

On occasion, and even with the best precautions in place, property owners may face legal matters. Whether it is a tenant dispute, eviction, or paperwork issue, Innovative Property Resources is here to help. With a strong familiarity of both local and state laws, our team drafts a legally sound lease to help protect owners and tenants. In addition, we ensure the completion of compliance items and make sure the property is properly licensed and registered. When it comes to inspections, safety, leasing documents, and mitigating liability, hiring an experienced property manager is your best bet.

Streamlined Evictions

Although no one likes to think about it, sometimes tenants fall behind, or other circumstances leave no choice but to turn to eviction. When that occurs, owners face a long and expensive battle to regain control of their property. Legal eviction proceedings require specific notices to be issued and a set timeline of events to adhere to. For owners unfamiliar with the law or process, their efforts may actually hinder proceedings. That is where Bay Property Management comes in! Our team has an established standard practice to handle late rent and work with tenants whenever possible. If eviction is the only answer, we can guide owners through every step of the process.

Choose the Best Manager for Your Rental Business

Units Sitting Vacant Too Long?

chrisy.ipr@gmail.com (Chrisy Wickes) — Wed, 31 Aug 2022 12:35:07 GMT

This is a subtitle for your new post

No one invests in rental properties only for them to sit vacant. If your units have been stuck with the lights off for too long, don’t just sit there, do something! Here’s where to start.

Take an objective look at your property’s condition – Maybe prospective tenants are seeing something you’d been hoping they overlook, like old carpet or dated appliances. Renters are discerning, and if your place isn’t cutting the mustard because the condition is not keeping pace with the market, they are going to lease elsewhere. Take a hard look at your property through the eyes of a renter and invest in important upgrades that will attract quality tenants, even if it costs you money in the short term.
Evaluate your pricing – Remember that the market determines rental rates. Just because you think your property is worth “x,” doesn’t mean tenants will agree. Conduct a market analysis to understand how your pricing structure compares to other similar properties and make adjustments as needed.
Enforce strict rental screening criteria – While it sounds counter-intuitive, one of the best ways to reduce vacancy is to not rush the leasing process. By enforcing strict rental screening criteria, you’re more likely to end up placing a good tenant who will stay a long time and keep your property in good condition.
Evaluate your current property management company - Not all property management companies are the same, sometimes a new company can offer better success with a new perspective and priority for your property.

Lastly, if you need help increasing occupancy in your rental property, ask for it! Property management companies like us at Innovative Property Resources do this day-in and day-out. We know effective strategies to boost your property’s market value and performance and can help make your overall investment perform at its best.

If you need help addressing performance issues with your rental properties, please don’t hesitate to get in touch with us at Innovative Property Resources. We take great pride in being able to help our clients improve their returns and look forward to helping you too. With us it's a partnership and a relationship, we only do well when our owners do well.

Here are tips to maximize your security deposit refund

chrisy.ipr@gmail.com (Chrisy Wickes) — Fri, 26 Aug 2022 19:37:24 GMT

Here are tips to maximize your security deposit refund:

Stains, damage caused by pets, holes in the walls, and anything that became broken after the tenant moved into the apartment will not count as normal wear and tear. To maximize getting the most of your security deposit back do the following:

REPLACE DAMAGED/LOOSE HINGES

Check all hinges on the property, including door and cabinet hinges. If any of them have broken or come loose, purchase replacements and have them installed.

PATCH UP THE WALLS

Locate all holes that have been left in the walls, either from accidental damage or from hanging up photographs, shelves, or decorations. For small holes caused by nails, use a wall joint compound along with a putty knife. For large holes, you will need to use a bridging material covered by a patching compound.

APPLIANCES

All appliances that were inside the apartment when you moved in must be returned as close to their original condition as possible. Empty the refrigerator and thoroughly clean it, both on the inside and on the outside. De-grease the stove and oven and then scrub them clean. If the property came with a dishwasher, give it a good deep cleaning before you move out. A magic eraser can make the entire process a lot easier.

CABINETS AND COUNTERS

Empty the cabinets and clean them out with soap and water. Check the quality of any liners inside the cabinets. If they are damaged, replace them with identical or similar liners. Clean both the interior and the exterior of the cabinet doors and then scrub all counters and surfaces clean. These thorough cleanings do more than just make everything as presentable as possible.

PAINT

Repaint any walls that have stains or ones which you changed from their original color without the approval of the landlord. Also, you may need to repaint any areas where holes were repaired if the final color does not match the rest of the wall. When repainting, try to match the original color as close as possible.

CLEAN THE BATHROOM

Your landlord will likely notice and appreciate if you have scrubbed down the bathroom and left it spotless. Use bleach to leave the bathtub and sink sparkling white. You may also use bleach on the toilet but remember to never use the toilet without making sure that no bleach remains in the bowl. Ammonia mixed with bleach can create toxic vapors. Ideally, toilet cleaners should be used for the interior of the toilet.

FLOORS

Sweep or vacuum all floors and stairs, including the porch or patio if your apartment has one. Follow this by thoroughly mopping every room. If there is grime or buildup, a mop may not be enough to scrub it away. A rough sponge, S.O.S. pad, or magic eraser may be needed to do the trick.

Importance of Good Property Management

chrisy.ipr@gmail.com (Chrisy Wickes) — Fri, 26 Aug 2022 19:04:53 GMT

The Importance of Good Property Management

Property managers play a major role in managing your real estate property. As with all types of investment, putting your hard-earned money into real estate can bring with it some major risks. Whether it’s an unexpected slump in the market or a rising strained rental affordability, there’s always a chance you might lose when you play the property game.

Effective property management can be one of the best ways to lower the risk and get ahead. So, what does that look exactly like? Individuals interested in pursuing a property management career may also read this article to understand the importance of good property management and consider the following points in their careers.

The Importance of Good Property Management

A good property manager knows how to maximize the rental returns for your investment property. If you have the right rental income, your property will work towards a better ROI. Your property portfolio will work like a well-oiled machine when the property manager you are using is performing for you. Efficient property management and an investment return, therefore, go hand in hand.

Often, the investment goals you have as an investor should be factoring in the approach taken. Experienced property managers would therefore also appreciate the tax benefits of owning an investment property. If done correctly, this may lead to expenditure reduction such that there is minimum outlay and the full benefits come in tax time.

Improving The Quality of Life of Others

To buy, to rent, and to move. All three can be hard on people. Providing tenants with good property management greatly increases their quality of life. A tenant who knows that you are available and can meet their needs will focus on certain areas of their life, such as family growth or personal career, and be happy to give you a good price.

Safety For All

Good management of properties ensures the safety of other tenants. You are responsible for screening applications and preventing the securing of a lease by any suspicious tenants. You do have the duty to protect your tenants from crime and other possible hazards. A good property manager should do proper screening of tenants.

Proper Planning

Good management of properties not only looks great in the present but also in the future. A property manager should take a sensible approach when handling a client’s portfolio to ensure the financial performance continues to be excellent. A great move is to advise an investor to keep their asset on top of its maintenance.

A property manager can be familiar with the best and most cost-efficient suppliers in the local area to reduce maintenance costs. This is your money, so it needs to be handled carefully.

Maintaining Healthy Relationships

The ability to establish and maintain good relationships lies at the height of significance for effective property management. It is important to be able to bond and form a good relationship not only with the property investor for which they work but also with the tenant for whom they are responsible. Good communication is key for this to occur.

When effective communication is combined with the regular contact required for a property to succeed, an investor can stay informed with their property manager and form a better level of trust. You can relax and depend on them in this environment because you know the work they do behind the scenes.

The Importance of Good Property Management

For its non-volatile nature, the property can be seen as a relatively safer investment choice. Using a property manager is a move when you purchase an investment property that will protect you against the difficulties that often come with investment in property.

The finest property managers are going to work to get you the highest possible return on investment. When dealing with your property it should be at the forefront of their mind. They will take a positive approach to help keep your investment property and focus on improving it.

#propertymanagement #Muncie #rentalproperty

How to Save Money During Tenant Turnover

chrisy.ipr@gmail.com (Chrisy Wickes) — Fri, 26 Aug 2022 18:59:23 GMT

This is a subtitle for your new post

No matter how much you screen your tenants, the truth of the matter is, landlords will probably spend some time cleaning up after tenants when they vacate a rental property. But a little elbow grease is nothing compared to the cost of repairing property damage. Whether the result of bad tenant behavior or normal wear and tear, dealing with damage costs time and money!

To help landlords save time and money between tenants, we compiled a list of easy steps you can take to protect your investment property and prevent property damage.

SAY GOODBYE TO CARPET

Carpets are easily stained or ruined by negligent tenants or pets. Even after an expensive carpet cleaning, there can be lingering smells and stains. Rather than replacing carpets every few years, try installing more durable flooring like tile, laminate or vinyl. These materials are easier to clean and can last longer in a rental property.

PAINT WITH A SATIN SHEEN

Interior paint with a satin sheen provides a slightly reflective surface but is excellent at resisting mildew, dirt, and stains, lowering the need to repaint walls in between tenants. Other great types of paint for rental properties include semi-gloss or gloss sheens, which can both tolerate getting scrubbed cleaned.

SIMPLIFY YOUR LANDSCAPE

Luscious lawns and colorful flower beds may increase your property’s curb appeal but the upkeep to maintain the beauty costs time and money. If your tenants don’t maintain the grounds, you could spend a lot of repetitive hours re-planting flowers or reseeding a lawn. Unless you plan to always rent to a master gardener, skip the high-maintenance outdoor space for simple, easy-to-manage options. Landlords can also consider including yard maintenance in the monthly rental fee.

MONITOR IMPORTANT APPLIANCES

Service large appliances regularly to prevent damage from poor operation. Trying to save money on appliances can cost you more in the long run when something eventually breaks or requires emergency maintenance.

Preventing property damage by installing low-maintenance fixtures can make turnovers between tenants easier to manage and less expensive.

BONUS: OTHER TIPS TO HELP KEEP YOUR PROPERTIES SPARKLING DURING TENANCY.

Schedule routine inspections every season. Check-in with your tenants and inspect the unit to make sure everything is in working order. Remind your tenants to keep up with seasonal maintenance.
Provide a small cleaning kit upon move-in- all-purpose cleaner, bleach, and sponges are good items to include. Giving your tenant a welcome package at the beginning of a lease is a great way to establish a good relationship with your tenant from the start and including cleaning supplies helps empower your tenant to keep the property clean. A clean house will help your tenants notice maintenance issues faster and can help prevent pest problems.
Take maintenance requests seriously and respond to them quickly to prevent costly repairs -fixing a leaky sink is much more affordable than replacing the floor due to water damage.

Importance of Detailed Property Inspection

chrisy.ipr@gmail.com (Chrisy Wickes) — Fri, 26 Aug 2022 18:54:40 GMT

Spring Cleaning: Inspect Your Rental Properties Annually

Springtime is a strategic time of year to inspect the overall health of your rental property. You should ensure you are scheduling time annually to perform property inspections checks; specifically, spring is a good time of year to inspect for any damage that may have been caused by winter weather and look for any potential problems that may need to be addressed. By inspecting your property regularly, you can help catch potential issues early and budget for larger renovations or replacements down the road. Here are some tasks that you or your property management company should be performing to make the most of your springtime property assessment and continually maximize your return on investment.

1. Schedule a Walk-Through

The first step to an efficient rental property inspection is to schedule time to walk through it with your tenant. This is a good idea for several reasons. First, in most places tenant-landlord law requires that you arrange any visits to your rental property ahead of time. Another good reason to schedule a walk-through with your tenant is that it demonstrates that you respect your tenant’s time and privacy, which can help maintain positive tenant relations. If possible, invite your tenant to come with you as you inspect and assess your rental property as they may be able to tell you about developing issues right away.

2. Check for Winter Damage

Spring is the ideal time for rental property inspections because this is the time to check for winter damage. Heavy snow, rains, wind, and even melting ice can all lead to property maintenance and repair issues. To reduce your repair costs, it’s best to catch these issues early and address them quickly. For best results, use a property maintenance checklist or hire a professional property management company, like Real Property Management, to conduct an assessment for you.

3. Check for Unreported Damages

As you assess the condition of your property, it’s also important to keep an eye out for unreported damage caused by your tenant. Some tenants may try to avoid the subject or hide the fact that they broke something. But waiting until they move out to discover repair issues is not an efficient way to manage rental property repairs. Instead, focus on communicating positively and effectively with your tenant and make it a point to check for such as walls, carpets, and window coverings.

4. Assess and Address any Landscaping Needs

No rental property assessment is complete without a thorough inspection of the landscaping, and springtime is the perfect season to address landscaping needs. Winter snows, freezing temperatures, and more can cause sprinkler lines to break, soil to erode, and other issues. But if you catch these problems early, you can get ahead of the seasonal rush and make landscape maintenance easier for the rest of the year.

5. Not Sure Where to Start?

It is important to make inspecting the health of your rental property a top priority every spring, but finding the time or knowing where to start can be a challenge. Instead, consider hiring a property management company like Innovative Property Resources to help you keep your valuable investment properties in good shape year-round. Contact your local Real Property Management office to learn more.

If you're a landlord, then you know that keeping your rental properties in good condition is important. Not only do you need to make sure the property is livable and up to code, but you also need to make sure it's as energy efficient as possible. Energy prices are constantly changing and can be quite volatile at times. Making your rental properties more energy efficient can help protect you from price fluctuations and can even be a tax write off! In this article, we will discuss some easy ways to improve the energy efficiency of your rental properties. Contact us today!!

Difficult Tenants and How to Manage Them

chrisy.ipr@gmail.com (Chrisy Wickes) — Fri, 26 Aug 2022 18:34:51 GMT

How to Deal With Bad Tenants – Problems Landlords Face

Sometimes as a landlord, you’ll get lucky. You’ll find a nearly perfect tenant with excellent credit, punctual and respectful habits, steady income, and a burning desire to make rent payments on time while keeping your property in good condition.

Sometimes, you won’t be nearly so lucky.

If your property portfolio is big enough and you rent out properties long enough, you’ll eventually encounter some difficult tenants. Difficult tenants come in many varieties, and it pays to know how to deal with them when they present themselves.

In this guide, we’ll help you figure out some of the most common types of difficult tenants and how you can manage them effectively.

Types of Difficult Tenants

These are some of the most common types of difficult tenants landlords have to deal with:

1. The chronic late payer.

In most situations, rent is due on the first of the month; by the first, your tenant is responsible for paying rent in full. This is important to maintain positive cash flow and make sure you have enough money to cover the expenses of managing the property. If your tenant is chronically late, submitting payments weeks after the first of the month, you’re going to have a significant problem on your hands. The first infraction shouldn’t be a big deal; everyone makes mistakes. But repeated and egregious infractions should come with some disciplinary or punitive action, such as an imposed late fee. If the problem persists, have a frank conversation with your tenant and reset their expectations.

2. The non-payer.

Even worse than the chronic late payer is the non-payer – the tenant who refuses to pay rent. Sometimes, tenants will withhold rent as a form of protest. If this is the case, consider making the repairs or improvements they’re requesting to resolve the issue. If not, consider working out a new financial arrangement or prepare to escalate the situation. If your tenant consistently fails to pay rent over several months, you may need to file for eviction.

3. The loud/disruptive tenant.

If you’re managing tenants within a multi-family home or apartment building, a single loud or disruptive tenant can cause problems for your entire community. This is most commonly attributable to excessive noise late into the night, which prevents people from sleeping. Have a proactive conversation and create new noise ordinance rules if necessary; if the disruption continues from there, escalate the situation by threatening eviction.

4. The habitual complainer.

This difficult tenant doesn’t present the same monetary or practical challenges as the previous tenants, but they can be very annoying. Most tenants will reach out to you if something is wrong with the unit or something needs to be repaired, but some tenants will reach out to you for every little thing that goes wrong – even if it’s not immediately fixable. If you have a tenant constantly reaching out to you with low priority items, talk to them about what constitutes an issue worthy of outreach. Make sure they understand that certain channels are for emergency communications only.

5. The neglectful tenant.

Some tenants don’t care much about your property or the rules of the city. They might let trash pile up, failing to take it out on trash day, or they might be egregiously unclean. Hopefully, you’ll have some standards outlined in your lease agreement; if this is the case, you can point out exactly what the tenant is doing wrong and guide them on how to improve it.

6. The lease violator.

Your lease agreement probably outlines many stipulations for renting your property, including how much rent is due and when. You probably also have terms for whether or not pets are allowed and whether or not other people can live in this unit with the primary tenant. If you find out that one of your tenants is consistently violating your lease, notify them immediately and explain how they can rectify the situation. If they refuse to change, gather as much evidence as you can and prepare legal action.

7. The destroyer.

Rarely, you’ll encounter a tenant who is physically destructive to your property. They might break windows, punch holes in drywall, or otherwise neglect your unit. Again, your best course of action is to gather as much evidence as possible and explain how the tenant can rectify the situation; are they responsible for making repairs? Can they pay you to fix the damage?

8. The stubborn occupant.

What happens when you evict a tenant but they refuse to leave? If you’ve filed the eviction properly, this should be a relatively simple problem to solve; contact your lawyer and, assuming your lawyer recommends this course of action, contact the police to escort the person out of your property.

The Framework for Managing Difficult Tenants

Most difficult tenants can be managed with the following framework:

Remain patient and compromising. Remain patient, open, and compromising, especially when the tenant has legitimate grievances or issues. For example, if you’ve recently raised the rent, try to remain understanding if they’re late with their payment this month. Instead of resorting to legal action immediately, try to work out a deal that both of you can live with.
Escalate when necessary. At the same time, you don’t want to be a pushover. If your tenant refuses to work with you, or if the problem remains consistent, be ready to escalate the situation. Fines, fees, and formal warnings are excellent tools to have in your arsenal.
Be ready to get help. You don’t have to manage problematic tenants entirely by yourself. Make sure you have a good lawyer on standby to help you manage some of these issues. And if you don’t want to deal with tenants at all, consider hiring a property management company to take care of everything on your behalf.

Difficult tenants come in many forms, but you don’t have to shoulder the burden by yourself. If you work with a property management company like Innovative Property Resources, you’ll get access to thorough tenant screening services (so you’re less likely to deal with problematic tenants). Better yet, the property management company will take care of most issues for you, so you can maintain your rental property as a truly passive source of income. Ready to get started? Contact us today !