Property Management Insights

Early termination. No one likes a surprise termination by their tenant so to help ease the pain, make sure your lease has an early termination clause that outlines fines the tenant will incur. You can use these fines as a negotiating tool to ensure your property is readied withou...

Rental property = tax advantages. Keep track of everything you spend using a separate bank account and credit card. Keep all receipts. At the end of the year, you'll be able to write off interest, depreciation, materials, supplies, travel, insurance, legal and professional se...

It is not good business practice to allow a tenant to make a needed repair and deduct it from the rent. When asked, thank the tenant but let him know that you want to stay in compliance with the lease and will send a professional. Don't get into the habit of letting your tena...

If this pandemic taught us anything, it demonstrates the need to ensure your rental is cleaned periodically while on the market. Not only should you wipe down door handles and banisters with Lysol or bleach, but you should also give it a light vacuuming and dusting. In the yard, ...

Give yourself time to think. Whenever your tenant calls you to ask for a "special favor", such as paying rent late or wanting you to replace the carpet, tell your tenant that you will get back to him within the next day or so. This gives you a chance to think without be...

Record all tenant repair requests. Make your number 1 policy (and follow through!) with tenants that all repair requests should be in writing. Have them send you an email with as much details and photos as possible. Your response should always be to reply as to when the repairman...

Collecting past due rent from your tenants is a job many owners find distasteful. Make sure your lease clearly spells out the consequences for late rent, send your demand notice, and file eviction if you don't get paid. Do not accept partial payments as this starts you down t...

Curb appeal is one of the most important attractors to rental property. Everyone loves looking at a home with a nicely manicured lawn. You don't have to spend a fortune fixing up the yard but while your home is on the market, it is important to keep the lawn mowed (don't ...

Screen tenants - If you are planning to manage your own property, always screen your tenants. There are tenant screening services, such as TransUnion's SmartMove that allow you to perform limited tenant screening on your own. Owners get into trouble when they allow a prospect...

As an Owner, you need to put yourself in a tenants shoes when it comes to renting your property. Make sure your home is rent ready and has been repaired. So often our new owners think they can touch up a wall and it will look fine. It doesn't. This is the biggest complaint we...