Tips on Being a Better Landlord – Get Started by Learning From Others

When I bought my first property and placed my first tenant…I was a complete disaster! No point in beating around the bush right! As a real estate investor, I learned just enough to be dangerous and I certainly was. I was dangerous to my bottom line and dangerous to my future earnings. By not being diligent with the learning process and making sure I had all the information I needed in place, I was jeopardizing my families investment in that property. Here are some tips that I learned the hard way and you can learn the easy way! Follow these steps and operating an investment property as the landlord can be made easier and less stressful.

What are the laws in your state or municipality

There are different laws around the country for both landlords and renters and you absolutely must know the laws that pertain to your area. That being said, here is the easiest way to learn those laws. First, contact local property management companies and ask for their guidance with local land lording laws. It may take more than one call, but be proactive and ask for their assistance. Most will be more than happy to answer a few of your top questions. Second, contact local landlords that advertise properties for rent in the local papers. Many times, with an offer to buy them lunch or dinner, a local landlord will spend time telling you how they operate and what they know about local laws. Finally, when you have a better idea of your market place and the local laws, you turn to a local attorney who specializes in representing landlords. They can assist you with the ins and outs of how to operate as a landlord to give yourself the best opportunity for success.

Developing a great lease

Once you have established a better understanding of your local land lording laws, you can also develop your lease. Chances are, if you will ask, other landlords will share their lease with you. Another possibility is that your attorney will already have a lease that they can give you to use. Using a proper lease is the best way to protect yourself when it comes time to collect late rents or possibly move towards dealing with a problem tenant in the legal process. Being clear and precise in your lease is the best way to protect yourself when it comes time to involve the local courts and laws as a landlord. Once you have a great lease, make sure you have a great closing process. Make sure that your tenant not only signs every page of your lease, but it is a good idea to have them sign key parts of the lease where the legal process is laid out. Cover yourself and your tenant to ensure your success.

Create your process

Problems will absolutely occur when you are a landlord. From late rents, evictions, maintenance calls and even maintenance issues that have to be charged back to the tenant. All of these situations will occur to you as a landlord and you must be prepared form the beginning on how you are going to handle each of those situations and be consistent. I suggest you put it in writing and have that process filed with your attorney. Once you have committed it to writing and filed it with your attorney, you have no choice! You must follow that policy. That policy will spell out when a tenant is late, what the repercussions are going to be, when that process moves to the stage of eviction, when the tenant will be notified and again, what the repercussions are going to be. If you will follow the process you lay out, you will be moving in the right direction and the legal process will be easy.

Dealing with evictions

Evictions are one of the few absolutes in the property investment business. If you are going to manage your own properties, then getting over the fact that you will have evictions to deal with is a must. Renters will pay late, they will push the envelope and some know every step to take to play the game of staying in a property for the maximum number of days for the minimum number of dollars. If you have created your lease based on what you learned form other landlords, management companies and your lawyer and created your process for dealing with tenants (and followed that process) then you will have a very good chance of winning the eviction as quick as possible and for the least amount of work and cost.

Moving forward as a landlord

Investing in real estate and choosing to operate as your own landlord both can be very profitable and rewarding. Simply making that decision will not be enough. You must take the time to get educated and prepared to be a good landlord and out your contracts and systems in place. These simple steps will absolutely help you to become a better investor and a better landlord.

Tips To Get The Perfect Tenant Mix for Your Retail Property

The ultimate goal for any landlord is to achieve maximum income from their retail property. However, that does not imply that they must lose focus on the bigger picture and let their space to any retailer who is interested in the property. Maintaining the perfect tenant mix in the property leads to increased foot traffic, greater spend, delighted tenants and ultimately more demand and better rates for the property.

Read on to find out the five ways to create the ultimate blend of tenants for a retail center.

Study the demographics of the environment

The demographics of the nearby locations play a vital role in determining what kind of retailers will best tick among the shoppers. Conduct surveys and collect information pertaining to what your target customers would like to see in the area around them. For instance, pharmacy stores may be a valuable addition for an aging population.

Talk to your existing tenants

Existing retail tenants may be a good source of providing insight into what brands and products can add more value to their own store and ultimately to the landlord. Analyze the performance of the stores and take a deeper look into their strengths and weakness and build ways to overcome or enhance them.

Mix brands and categories

A retail center that draws a balance between the big and the small brands and has a wider collection of product categories than simply focusing on part of the demographics enjoy better foot traffic. Choose tenants from various product categories and be sure to include local retailers who always have something new and fresh to offer. Look beyond the retail line up and set up service facilities like ATMs to optimize the time and effort spent on creating the perfect tenant mix.

Make market assessment a part of the responsibility

Tenants come and may go at the end of the lease. This may interrupt the existing interconnections within the retail space. For instance, men visiting your retail center to buy baby diapers in one outlet tend to grab a few drinks at the next one. Retail centers must continually invest time and effort to assess the market and ensure that their tenant mix is optimizing the overall performance.

Hire a good commercial real estate property company

Commercial real estate property management services have mastered the art of using several proven techniques in finding the right mix for any kind of retail property. They study the area around the property, analyze the geographical pros and cons of the place and have seasoned real estate experts to work on the tenant mix. They perform competitor analysis to check what products and services are missing in the area and also work towards acquiring high quality tenants for the property.

Landlords and real estate companies can use real estate property management services to manage tenant relationships from the start till the end while they focus on other core activities.

Tips for Finding Luxury Apartment Rentals for Your Next Vacation

Travelers all over the globe have long enjoyed the amenities and spacious rooms at resorts while on vacation. In recent years, however, more travelers have opted for luxury apartment rentals for more space, more freedom, and more access to local culture. Here are some of the ways that rentals are a better option than hotels for your next vacation.

Consider Who’s Traveling with You

Although hotel rooms have become more spacious over the years, travelers pay the price for larger rooms. By comparison, apartments or villas are more spacious and economical. For example, when your travel party includes the whole family, or several couples, splitting the cost for a spacious abode is quite economical. On average, luxury apartment rentals have around 1500 square feet, while the average hotel room only has 500 square feet. Even suites in hotels can’t offer the space or privacy of a multi-bedroom unit. Even when well-acquainted families travel together, a private bathroom is always welcome in their home away from home.

Savings on Food and Beverage Costs

Not only is added space something to consider when renting on vacation, but mealtime can also be more affordable when you rent an apartment or house. Smaller apartments and condos will at the very least contain small, galley-style kitchens where meals can be prepared just like at home. A full-sized refrigerator, stove, oven, and microwave are usually available, and all the necessary cooking utensils and cookware are provided to renters. When you stay in a hotel, onsite restaurants can be quite expensive and limited in the types of cuisine on offer. The greater flexibility offered by a stocked kitchen allows families to prepare small meals, like a quick breakfast or lunch before an outing, in the comfort of their apartment. Large families may be surprised to find that the expenses they save on food make their luxurious surroundings a better choice than more economical choices.

New to the Neighborhood

Another aspect some travelers never consider when renting vacation apartments or houses is that these properties are frequently located in the same neighborhoods in which locals actually live and work. Unlike at hotels or resorts, visitors don’t need to feel separated from the local culture, because they’ll be staying in close proximity to people who know the area well and can suggest places that are off the beaten path. Visitors can learn more about the culture in the area, as well as seeing sights that may not be on the popular tour routes. This connection to the local community is also great for parents traveling with children, because it presents opportunities to learn about something other than theme parks and run-of-the-mill tourist attractions.

For your next vacation, consider luxury apartment rentals for your home away from home. You’ll discover more privacy, better and less expensive meal options, and a taste of local flavor that isn’t available in a traditional hotel or resort.

Few Tips To Consider Before Freezing On Your Preferred Rented Apartment

Are you in search of an apartment that you need to rent while you don’t have enough finances to buy your own space? Various families tend to rent apartments in the meantime prior to that and can save enough money to purchase a dwell and seek the help of a credit or loan. Finding rented apartments according to your preference is really not that tough these days, but you will have to be patient enough while looking for the right one for you and your family.

Therefore, here are a few ways that could help you in properly searching a place for rented apartments and renting one for the time-being:

  • The first thing you will need to prepare is a renter’s prospective, where you can put all your previous addresses and landlord’s contact details in it. You can also put your employer details and how many years have you been working with that organization. You could even include your salary details, preferences and various other concerns that you need to include. A credit or financial report can also be attached to the resume if you really want to smack it off well with the prospective of the landlord. Therefore, preparing your renter’s perspective will provide you with a frame among other renter’s out there where you will be having a higher chance of having the apartment.
  • The next step is to decide the budget that you are interested to spend on the rent. You cannot press on through your search if you don’t have any idea about how much you can pay for it. First of all, in a rented apartment, you need not pay more than 30% of your monthly income otherwise you’ll eventually start losing money for your other payments. After that, if you already have decided on your budget, then it is the perfect time to initiate your search for rented apartments with the help of local newspapers, classifieds, or even internet.
  • Finally, you need to find an apt option to hire a rental agent who could help you to find out an apartment, but evidently, you need to pay him for the services they are offering to you, which could just add on cost to you. It would be better to take an apartment on sharing basis with any other person, who might also be willing to move out of their current home and live independently.

After finding your prospective rented apartments, the best thing would be to visit them personally and look over all the penny details of the place if there are any damages and how much will it cost you to repair them.

Make the Most of Rental Property Listings With These Tips

Anyone who hunts for rental homes know the hard work that goes in finding the apt property. Apart from looking for properties, one has to find the right choices depending on needs. This can be time consuming process, and you may have a lot of hassles to deal with. Thankfully, with the internet, things are now simpler. A number of websites are now offering free rental property listing, coupled with a number of benefits. In this post, we will talk of a few aspects that matter the most along with a few tips on how you can choose the right portal.

Knowing an online property search

Real estate portals have found immense success in recent times, and there are quite a few choices. Apart from buying and selling, a number of sites also focus on the rental properties. You can check for homes and apartments, within your requirement range and budget, and all of these things can checked and sorted in a few clicks. Typically, most of the websites will have their filters for cities, area, type of property and pricing, and you can check other aspects, as well. Make sure that you look for more than a few options and sort them based on the pros and cons.

How to choose a website?

As mentioned, there are a number of sites that offer rental property listings, but you need to be extra careful while choosing one. Make sure that the website is easy to use and there are some good choices for every city or area. You don’t want to use a website that’s complicated and doesn’t offer the right features. Also, you should check if the website connects you to the landlord or property owner directly, which can help in getting rid of the agents and ensures transparency in the deal. You can also find reviews and feedback about a portal from other users and tenants, which can come quite handy.

Things to check

First things first, you have to list down the pros and cons of a property before making the choice. Short listing a few options is pretty easy, and once you are done with that, you can spend the weekend finding the right one. While talking to the landlord, you should ask him for the final rent for the month, and if there are any additional or monthly expenses and recurring maintenance fees, it should be mentioned in detail. You might also want to see the terms and conditions as mentioned by the landlord, including issues related to repairs and further upkeep. Not all landlords are the same, and therefore, it is always a good idea to have a concrete rental contract with all aspects in writing.

If you can check these aspects, finding the right home shouldn’t be a matter of days. More often than not, people find the right properties within a few clicks. These services are also helpful for landlords, who can expect genuine results and options, especially when they are looking for specific tenants.