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.
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 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.
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.
Your home isn’t just a place where you sleep—it should be a visual reflection of who you are and what you care about. It can be difficult, however, to decide how to translate your personal sense of style into a beautiful yet comfortable personal space. In this video, Toronto designer Jennifer Ferreira explains how she used a wide array of modern décor to turn her rental apartment into a space that was truly her own. Combining minimalism with timeless style choices, Jennifer created a unique home design that may help inspire you as you look to turn your own rental home properties in Mesa, AZ, into spaces that will attract tenants.
When you’re in need of new tenants for your rental property in Mesa, AZ, you may be wondering how you go about finding responsible people that you can depend on. Knowing how to pick the right renters is essential, as making hasty decisions can mean lost money and damaged property. Fortunately, it’s not hard to narrow down your list of applicants to find the best ones—as long as you know what qualities you should look for.
Look for a history of paying the rent on time. The most important quality of any tenant is simple: He or she needs to be able to pay you the rent on schedule. Along with getting testimony from a prospective tenant’s current and former landlords, you need to verify your tenant’s income to ensure that he or she will be more than capable of paying the rent along with any other monthly fees.
Do a background check. Most property owners would hesitate to rent to a tenant with a history of violent or criminal behavior. To ensure that you are not inadvertently renting to an individual who may damage your property or become involved in illegal activity while there, it’s essential to do a complete background check.
Check their credit history. The surest way to tell whether a prospective tenant is a responsible person is to look at his or her credit history. If an individual has a record of paying bills on time and has no outstanding debts, it’s a likely sign that he or she will be a safe person to rent to.
Use your personal judgment. If a person’s history as a tenant, background check, and credit history are all spotless, it doesn’t mean that the elimination process is over. Before making a final decision, interview the tenant yourself and ask if he or she seems like a trustworthy person that you would like to do business with. When in doubt, trust your instincts.
If you are thinking of buying a rental property and renting to tenants, it’s important that you take the time to understand what being a landlord really means. Renting any property is a major undertaking, which is why it can be so beneficial to hire a property management company to handle the day-to-day details on your behalf. Here is what you should know before you begin renting a single family home in Mesa, AZ.
Finding the right tenants can be challenging. The biggest challenge any property owner faces is finding the best possible tenants. This means interviewing each applicant, showing them the rental property, doing a background check and credit check, contacting their past landlords and current employer, and weighing the positive points of one prospective tenant against all the others. This can be extremely time-consuming, which is one of the reasons it’s smart to find a property manager to take care of the task of finding and interviewing tenants.
Landlords have to do maintenance. If your tenants experience any problems with your rental property—whether it’s a plumbing emergency, a blown fuse, or a broken window—they are going to call you for help. If you don’t have a property manager working with your tenants, you’re likely to find yourself spending a lot of your spare time finding contractors to do repair work on your properties—or even doing the work yourself.
It pays to learn the laws. Before you become a landlord, it’s essential that you familiarize yourself with all of the relevant zoning laws, fire codes, insurance requirements, and regulations of landlord-tenant issues. Remember that the rules may differ depending on the state, city, and even neighborhood your property is in. Keeping track of all of these rules can be overwhelming, and it can be helpful to have a property management company handling these issues for you.