Property Management Insights

SELF-SHOWING LOCK BOXES. Should you use them?Nothing is more aggravating then traveling to your rental for a showing only to have the potential tenant NOT show up or even call you.New technology has brought SELF-SHOWING LOCK BOXES to the market where tenants can make their own ar...

Tip #20: It is really risky managing a property without knowing what the laws are that govern tenancy. Every state is different - some are move tenant friendly and structure laws accordingly. When managing your rental, don't assume anything. Make sure you consult the laws and...

Tip #19: It is critical that your rental home is in compliance with state and local building codes. You are responsible for ensuring your investment property meets health and safety regulations or your tenant may have grounds to break their lease or even worse, sue you. A judge i...

Fences are a plus! If you are debating whether or not to install a backyard fence, do it. You probably won't get more rent, but a fenced backyard attracts so many more tenants, even if you don’t permit pets. Fences give parents a sense of security and privacy for their ...

Train your tenants to be great tenants. Great tenants are hard to find so it’s up to you to make sure tenants know the rules and consequences. No matter how small a rule is, include it somewhere in the lease. When your tenant breaks a rule, enact punishment, which should al...

Toilet clogs are one of the most common repair calls made by tenants. Be sure that your lease clearly outlines what IS/NOT permitted to be flushed, ie no diapers, paper towels, or baby wipes. Clearly spell out that if the Tenant causes the clog, they are responsible for the costs...

Treat your rental like a business - because it is. Even if you only have one property, act like you are managing many. Use purchased leases so you are appropriately protected, act professional in front of your tenants and prospective tenants, maintain accurate books, put processe...

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...