In 2009 the Tenant Protection at Foreclosure Act was passed and it ended in 2014, it was reenacted again recently in May. Here are some of the effects of that act.
Successful real estate agents need an experienced property manager with proven history of integrity and accomplishment. We can help a successful real estate agent build their business serving their investor clients. Many seasoned Realtors and agents create a power partnership with a good property management company. It can provide big returns from repeat sales and happy investors. Your investor clients will work with us while rented and then when they are ready to sell you will be their agent. A good property manager will keep your clients happy owning their investment properties. Here is why.
Tenant screening is like a security gate around a palace. While most rentals aren’t a palace, a bad tenant can be a threat to the cash flow and condition of the property. Once they are in their removal is a real hassle. Our procedures are designed to not accept them in the first place. A thorough screening process results in tenants that pay on time, stay longer and generally cause less problems.
An experienced property manager and management company has seen thousands of applications. We know how to quickly find the real facts about candidates and analyze the information looking for the red flags. By allowing a management company to handle the screening, you will also be shielding yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. This kind of experience takes time, and insomuch as it means avoiding bad tenants, scams and lawsuits it is arguably one of the most significant benefits a property management company will provide.
Fewer legal problems handled Quickly and for Less Cost
Veteran landlords know it only takes one troublesome tenant to cause significant legal and financial headaches. A good property manager is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential law suit. Each state and municipality have their own laws, these plus federal law cover a number of areas including but not limited to:
- Tenant screening
- Safety and property conditions of the property
- Lease addendums
- Terminating leases
- Handling security deposits
- Rent collection
Avoiding a single law suit can more than pay for the property management fees, and spare you time and anguish.
Shorter Vacancy Between Tenants
We will help you perform three important tasks that affect how long it takes to fill your vacancies:
- Recommend improvements and prepare the property for rent – We will recommend those details and oversee cosmetic improvements that maximize revenue.
- Evaluate the market to find the best rent rate – Too high and you are stuck waiting, to low and you’re losing money every month the tenant is in the unit. Determining the optimal price requires knowledge of the local market, data on recently sold comparables, and access to rental rate tools.
- Market your property effectively to a broad audience-Our property management software syndicates with a large network of advertising websites. We have written 1000’s of ads and understand what to say in order to get a larger pool of prospects quickly. We use an automated showing system that tracks every viewing and seeks feedback from every prospect.
Tenant retention is Higher
Lost Rent is an investors greatest expense and there are other serious problems with a high tenant turnover rates. The process usually requires a thorough cleaning, changing the locks, painting walls and possibly new carpet or small repairs. There are leasing costs also associated with marketing, showing , screening and settling in a new tenant. By keeping tenants happy and well cared for they will want to stay.
A good property management company will implement a program following a consistent, systematic approach.
Rent collections and late payments can mean the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow. Tenants must understand this is not negotiable and the management company policy must reflect this. By working with a property manager your clients will have buffer between them and the tenant. We may listen to excuses but not let them sway us and when necessary, evict the a tenant that does not deliver on their promises.
A good property manager has an advantage because tenants realize that they, unlike the owner, are only doing their job and are obligated to enforce the lease terms.
There are strict laws governing the eviction process. We know how to do it right. A good property management firm knows the law and will work to obtain the best possible outcome.
Accurate Accounting Records
A property management company have the necessary forms and documentation to make those legitimate expense claims. Property management fees are tax deductible.
Maintenance and Repair Costs
Good maintenance and repairs keep tenants happy and preserve the value of your investment. We have qualified repair experts that guarantee their work. Our network of licensed, bonded and insured contractors have already been vetted for good pricing and quality work. This can mean significant savings compared to trying to hire an unknown handyman.
When you invest in a rental property , you may be surprised to find out how much of your job of running that property is marketing it. Vacancies are lost income, and the longer your rentals stay empty, the less viable it becomes to make money as a landlord. In a competitive rental market, your properties have to stand out in the crowd and attract qualified renters who are ready to move in. Working with a property manager in Mesa, AZ can help in your marketing process. This advice will also help you draw renters into your property.
Make a Plan with Your Property Manager
Involving your property manager in your marketing plan is essential. He or she can provide valuable information about what renters are looking for in your area and how much rent you should charge based on the neighborhood and your property features. Your property manager can also help you navigate the complexities of landlord-tenant laws to ensure that you don’t violate any legal requirements in the way you market your rentals. Often, your property manager can do a large amount of the marketing for you, so it’s helpful to know what they will do to promote your home, so you can focus on other avenues.
Any time you upgrade something in your rental properties, you are taking a step towards standing out from the competition. Consider investing in new appliances, or paint the walls and change the carpets. Making your properties feel as fresh, modern, and new as possible will drive up the interest among prospective renters. These upgrades will also make it possible for you to be as selective as possible when considering tenants instead of taking a chance on renters simply because you need to fill a vacancy as fast as possible.
Today’s renters don’t want to just read about your property features. They want to see everything your home has to offer. Take high-quality photos and videos and use them everywhere you are marketing your homes. Letting potential renters see exactly what your properties are like will also reduce time lost to unproductive viewings.
As a landlord, one of the biggest advantages of working with a residential property management company is that they can assist you in marketing your property. Because every day your rental property in Mesa, AZ is empty costs you money, a strong marketing strategy should always be part of your business plan.
When you market rental properties, highlight the features your property has that may not be offered by other rentals in the area. For instance, if you install new carpet, update the appliances, or have an outdoor storage area, spotlight these features. Ask your property management company to help you set the right rent for the community to attract as many potential renters as possible and to ensure that your marketing efforts don’t inadvertently violate Fair Housing Act guidelines. Having professional property management can also be a marketing advantage, since renters like to know that there will always be someone available for property maintenance and repairs.
If you have significant drain issues in your rental home, your property manager will arrange for repairs. However, you can avoid many drain issues with a few simple preventative measures. Be sure to call your property manager in Mesa, AZ if you notice signs of a leak or a drain that won’t clear, and watch this video for advice on reducing the risk of drain issues.
Keeping hair and other debris out of your drain is essential to keep them running clearly. A Zip It tool can help you remove hair, especially in bathroom sink and tub drains, where it is likely to accumulate. Be diligent about cleaning your drain when you see that it is beginning to slow down, and you can avoid larger clogs that need the attention of your property manager.
When you’re renting a home, having a roommate is a great way to upgrade the properties you can consider, since you can split your living expenses. However, choosing the wrong roommate can turn your dream home into a nightmare. Before you start your roommate search, check with the property management company in Mesa, AZ who is in charge of the properties you’re considering to find out their rules for roommates and how they handle roommate applications. Here are some tips for navigating the process of renting a home with a roommate.
The biggest mistake most people make when they move in with roommates is that they don’t discuss their expectations in advance. Don’t simply assume that you can be happy sharing a home with someone just because you are friends. Talk about everything you expect from your new home, from how clean and organized you like things to be to whether overnight guests are allowed, well before you sign the lease. Having these discussions in advance makes it possible to avoid conflict after you actually move in together.
Find Out How Roommates Are Qualified
Different property management companies handle roommate applications in different ways. In some cases, roommates are required to each qualify for the rental on their own, without considering the reduced rent they will be paying. In other cases, property managers have lower income requirements for individuals who apply to be on the same lease for an apartment. Understanding these rules in advance is an important part of finding the right home.
If you are looking for homes together, decide what compromises you are willing to make so you can find a rental you both like. For instance, if a home has a great master bedroom but the second bedroom is tiny, decide if you would be willing to pay more to have the master bedroom or if having two comparably-sized bedrooms is more important. Knowing where you’re willing to compromise and where you aren’t will make it easy to narrow down your property choices.
When you move out of a rental property, your landlord and the property management company will expect you to clean it thoroughly. If you aren’t sure what kind of cleaning needs to be done, contact the property manager of your Mesa, AZ home , who can explain the expectations.
Watch this video for some tips on getting your rental home as clean as possible before moving, so you can avoid being charged for cleaning fees. Generally, your home should be as clean as it was when you moved into it. Be sure that all of your belongings are removed, or you could be charged a hauling fee, and repair any minor damage you see. Photograph the space when it is clean for your records, and request a walk-through with the property management company, so you aren’t surprised by damage or cleaning fees in the future.
At TransCity Property Management, Inc., we make it easy for prospective tenants to find great rental properties in Mesa, AZ, using our online rental system. Via our website , you can see our available properties and get all of the information you need to know about becoming a tenant.
Our website shows you specific information about each property we manage, including the square footage, number of bathrooms, number of bedrooms, and the current rent. You can search within specific areas of town and use our map feature to see exactly where all of our homes are located. You can also filter your search to limit it to properties that meet your specific criteria. When you find a home you love, you can apply for it online. Once you are approved, simply sign your lease and pay your deposit within 48 hours, and the home is yours to enjoy. We have new listings daily, so check back often until you find the perfect place to call home.
When you own rental properties , you can’t make money when they are sitting empty. Keeping your rentals full comes down to setting the right rent. Setting your rental rates involves several considerations that a property management company in Mesa, AZ, with experience in the local market, can help you navigate. When you’re determining how much rent you want to get for your property, these tips will help you get it right.
Avoid Standard Rental Rates
If you have multiple rental units, avoid the temptation to set a blanket price. For instance, instead of pricing all of your one-bedroom units the same, price them based on the amenities they offer. Charge more for things like views, updated appliances, open floor plans, or extra storage space. The price differences don’t have to be huge, but basing your price on the specific unit you’re offering allows you to maximize the value of each rental property.
Listen to the Feedback You’re Getting
When you advertise your rental unit, you can learn a lot about the appropriateness of your rent by the response you get. If you are inundated with an unusual number of callers who want to see your property, renters could be seeing your place as a steal. On the other hand, if no one is making an appointment to view the space, then your rent could be too high. When prospective tenants do see your rental, get their feedback. You may be surprised to learn how your property compares to others they have seen, and that feedback can help you decide if you should adjust your rent up or down.
Work with a Property Management Company
Having a property manager is one of the best ways to avoid missteps when you set your rent. Property managers know the market and how to target the right tenants for your home by setting your rent appropriately. They can provide advice on how much you can charge and when you should make adjustments, so that your properties stay occupied.
At TransCity Property Management, Inc. in Mesa, AZ, we help landlords tackle the tasks of marketing properties, vetting tenants, and performing inspections. Not only do our property management services make it easier for landlords to maximize the returns on their real estate investments, but they also ensure that landlord-tenant law is closely followed in every aspect of your transactions. Because these laws are complex and change frequently, a property management service could be the key to avoiding costly lawsuits. Tenant screenings and property inspections are two areas that are strictly governed by law, and we do a thorough job within the proper legal framework. Here is a look at our approach to both of these important tasks.
When screening tenants, there are certain factors that can be included in the screening and others that cannot be. All landlords must comply with federal Fair Housing Act regulations. Tenants cannot be screened on the basics of race, gender, religion, familial status, national origin, or handicap. Although you are allowed to exclude companion pets from your properties, federal laws prevent you from prohibiting service animals. You can screen tenants by performing a criminal background check, pulling a credit history report, and reviewing income verifications. It is also acceptable to talk to current and previous landlords. Our properties managers will perform all of the allowed screenings and help you develop a formula for using that information to rule potential tenants in or out. We will also ensure that tenants fully understand the screening process.
Property inspections are performed on move-in and move-out. Typically, because our screening process is robust, inspections during tenancy are not usually necessary. However, we drive by all of the properties we represent regularly and look for any red flags of excessive damage. All of our repair vendors are also asked to report any excessive damage they note in the property to us right away. If there are any concerns, we will contact the tenant and schedule a full inspection, in accordance with our legal requirements for notification and the terms of the lease.