June 2012

The Services of a Property Management Company Explained

The primary functions of a property management company are twofold: a) to handle all aspects of the leasing, managing, marketing and maintenance of a real estate property; and b) to take over the responsibilities of the property owner with the tenant. In exchange for these services, which directly benefit the property owner, the property management company charges a fee that is deducted from the rent.

Benefits for the Property Owner

In hiring a property management company, the property owner benefits by not having to worry about the myriad of problems that go hand in hand with being a full-time landlord. Property management is time-consuming and often involves a lot more than insuring, listing and periodically maintaining a rental property. Such tasks include: knowing the legalities tied to renting and leasing a property; listing, screening and approving tenant rental applications; and being available round-the-clock for any tenant demands or issues related to the property. When the property owner neither has the time or the inclination to perform all these duties, s/he hires a property management firm to take over his or her responsibilities as a landlord and to make sure that the tenants and the property are properly taken care of.

The Services of a Property Management Firm in Detail

The property management company’s fee collected from the overall rent goes to covering the services the company provides to the property owner. Because of this, the interest of the property management company in securing reliable tenants and keeping them happy is aligned with that of the property owner. As a result, property management firms rigorously screen all tenant candidates with – at the very least – a background check, a credit check and an evaluation of the candidate tenant’s rental history. This is one of the primary obligations of a property management firm.

A second obligation includes handling all the legal documentation tied to renting the property, which must also be in compliance with government regulations and the Fair Housing Act. A third obligation of the company is to handle the nitty gritty details of the rental, that is, assessing the rental marketplace to determine a fair rent value, maintenance and repair, handling on-site inspections, enforcing rent collection from the tenants, and managing all aspects of the advertising and marketing of the property to secure tenants.

September 2012

3 Tips to Getting the Application Right for a Quick Rental Process

Drafting the right application form is key if you want to land more tenants, screen them in an instant and make the whole process super easy for both you and the tenant. Here are 3 tips and pointers for getting it right:

1. Simplify, simplify, simplify

Get the application down to its barest bones. There is nothing that turns off tenants more than filling in lengthy application forms with, what to you and them, may amount to pointless information. Think to always streamline and convey what you request in an easy format. The simpler the rental form, the more likely people will apply for the rental and that is always good for business. The application form should always include the potential tenant’s full name, contact information, place of employment and references from previous landlords.

2. Help is there if you need it

The process of drawing up an application form might be intimidating when you’re a new landlord, which is why it’s important to have someone with more experience give it an once-over before you start using it. Get a local landlord or business-savvy friend to review it and advise you on how you can make it better. But if you don’t have such contacts and you’re looking for a quick review, feel free to ask for help from the people over at Reddit. This website has a helpful section for newbie landlords and the folks you’ll find there are always keen to help you out with any questions about how you should draft your first rental application. Landlord forums are another option when Reddit doesn’t seem to quite cut it and you need in-depth answers to your rental application questions.

3. Online rental applications make it quick & easy

You can always dump the traditional printed rental application route and opt to have your applicants fill out their forms online for an efficient rental process. There are quite a few quality sites out there that offer online rental application services, with some even providing quick online credit checks for landlords. At most of these sites, you can design your own rental applications (though templates are generally available) with some sites having the credit check service take up only a day to send you the report. Hands down, online applications are the easiest, most convenient way to speed up the rental process. We recommend you check out RocketLease, RentApp, Leasely, AppFolio and RentersFriend as online rental application providers.

August, 2012

Becoming a landlord doesn’t have to be difficult or stressful. With a few tips and tricks from the experts, it can be much easier than you thought. First, here are a few topics to think about:
1. What´s the right market value of your property,
2. What are the best ways to screen potential tenants,
3. Where and how do I advertise my property, and
4. How do I maintain a good relationship with my tenants.
These are just a few details to consider when becoming a landlord. Now, whether you decide to do it all on your own or with the help of experts, it is crucial to remember that the goal is to get your property rented as quickly and as efficiently as possible!
Listed below are some basic guidelines and tricks for attracting suitable tenants.

Start with the right application. Whether you are using a template or creating your own application, KEEP IT SIMPLE! Adhering to relevant and important questions such as full name, contact information, place of employment and references from previous landlords will help you select the right tenants without creating additional work for you or your potential tenant. For help developing your lease agreement and/or other important documents you may visit websites such as: www.rocketlawyer.com; //www.ezlandlordforms.com; //www.legalcontracts.com.

Make it accessible! Consider using online resources to speed the process and add convenience to potential renters. Online applications allow sophisticated and busy prospects to browse through necessary information from their home and/or office and quickly and conveniently returned it to you. There are also online background check companies that expedite the process. Here are a few examples of available websites and online companies that specialize in quick and easy online credit checks for landlords (www.experian.com; www.creditscore.com; www.backgroundcheck.peoplesmart.com).
Whether you are a new landlord or a more experienced one, you may consider soliciting the advice and experience of a good property management company. They can provide you with general assistance or specific advice at any step of the process. Also they will assist you with all necessary documentation required to ensure a fast and easy process for you as a Landlord.