Posts Tagged ‘rental property owners’

How To Deal With Bad Tenants

Monday, July 6th, 2015

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Real estate investors who own rental property will often come across bad tenants.  Those who understand how to deal with bad tenants and handle any situation as it arises will likely be able to cut their problems to a minimum and continue to earn a positive cash flow.  While there are many problems that tenants can initiate, generally, investors will find a few common themes among them.  The two main problems that investors are likely to encounter at some point in their rental property history are tenants who can’t pay the rent and tenants who damage a property.  Those investors who have a plan for both issues and handle the problems accordingly will likely be able to get back on track in order to capitalize on their investment.

The first issue that rental property investors are bound to come across when they have to deal with bad tenants involves not being able to pay the rent on time.  The first line of defense to such issues involves implementing a comprehensive tenant screening process.  Those investors who only allow high quality tenants into a rental property will likely be able to bypass this issue the greater majority of the time.  However, almost all rental property owners come across a tenant who can’t pay the rent at some point in time.

In order to deal with bad tenants who are unable to pay the rent, communication is the key.  Investors should find a way to talk with these individuals and discuss the problem.  If this issue appears to be short term and can be resolved quickly, investors should hold out before taking any other action.  If the rental payment doesn’t come in by the agreed-upon date, investors should again communicate with tenants and find out what is going on.  If communication is unable to resolve the problem, real estate investors should be familiar with the rules regarding the tenant evection process and take action as needed.

The other main problem for investors who have to deal with bad tenants involves an unruly individual who damages the residence.  Generally, investors find out about these problems when it is way too late.  After a tenant has vacated the property, real estate investors should always be prepared for the worst.  An investor who walks into a rental unit and finds that it is totaled should be ready to remodel quickly and search for a new tenant.

While this type of issue can be disheartening, real estate investors have to think of the big picture and do what they can to attract a new tenant who pays the rent on time in order to fill the space.  Investors who wish to capitalize on the greatest positive cash flow should do what they can to make sure high-quality tenants are living at their rental property.  Those who are prepared for mishaps should move forward with diligence and be able to capitalize on the positive aspects of this investment.

Investors who have a plan to deal with bad tenants should be able to take care of these issues without a great deal of grief.

Asking questions with these tips in mind will help save real estate investors thousands.  For more ideas related to real estate investing, call or visit us a Homevestorsfranchise.com.  We are the nation’s number one home buying franchise with over 15 years of experience.  Our company has a vast assortment of real estate investment and real estate franchise opportunities available to help you grow your real estate business.  Come see us for more information.

High Quality Rental Property Owners Are Committed To Their Property

Friday, March 27th, 2015

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Real estate investors who are involved in the rental property industry understand how important it is to put an all out effort into the property.  High quality rental property owners all have one thing in common; they are committed to their property and their tenants.  Those who are getting started in the rental property field need to understand what they should do in order to be successful.

Quality rental property owners are a delight to rent from and are able to keep their properties occupied.  These owners understand the importance of their tenants, as it is their biggest stream of income.  In order to keep tenants happy with a property, it is important to fix issues that need to be fixed promptly.  Rental property owners should also let a tenant know if they are going to enter a rental and give them at least a 24 hour notice.

Quality rental property owners also keep up to date on the maintenance, as they take pride in their property.  Those who are able to keep their property clean and orderly are the ones who keep tenants happy with where they are located.  Rental property owners who add amenities to their property are able to keep tenants happy and encourage others to submit a rental application.  Consider sending out a monthly newsletter to keep tenants aware of what is happening at the rental and encourage them to initiate contact if they need anything.

In order to find new tenants, quality rental property owners advertise thoroughly and put each potential tenant through a rigorous background check.  When deciding on the best tenant for the property, check their criminal record, their employment record and check with the references that they have placed on their application.

After deciding on the best tenant through this background check, show them to the rental and encourage them to initiate contact if they need anything.  Consider stocking the rental with cleaning supplies and other essentials in order to make them feel at home immediately.  Discuss the policies with them and give them a book where they can consult any of these policies if they have questions.  Quality rental property owners keep the lines of communication open and handle any problems that arise immediately.

High quality rental property owners take care of their property and their tenants alike.  Those who understand the importance of good tenants take the time to make sure that their rental is full of them.

Asking questions with these tips in mind will help save real estate investors thousands.  For more ideas related to real estate investing, call or visit us a Homevestorsfranchise.com.  We are the nation’s number one home buying franchise with over 15 years of experience.  Our company has a vast assortment of real estate investment and real estate franchise opportunities available to help you grow your real estate business.  Come see us for more information.

HomeVestors Knows That Rental Property Owners Need To Attract Good Tenants

Friday, August 8th, 2014

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Rental property owners who focus on attracting good tenants and winning them over during a showing should end up with a property that is operating at maximum capacity. 

Dallas, Texas HomeVestors is the nation’s number one home buying franchise and has helped real estate investors purchase 50,000 properties over the years.  The company knows that rental property owners need to understand the proper way advertise and show a rental in order to obtain the highest quality tenants.  Since an investor benefits to the greatest degree when they are able to convince good tenants to join them it is crucial to impress them during a showing.

The only way rental property owners profit is through their tenants and those who put effort into securing good tenants are able to capitalize.  In order to initially attract potential tenants, investors need to have property that is ideally located.  Investors who have still not secured their investment should take their time in this regard and find the best potential property.

The rental property owners who are able to find good tenants will put effort into their advertising program.  Consider advertising in the newspaper and online in order to make potential tenants aware of a rental.  Investors who have the capital to set up a solid advertising program should place their rental in apartment directories, as the majority of tenants search through these before selecting their next domain.

The more potential tenants that rental property owners can expose their property to, the higher chance that good tenants will be found.  When tenants show up to check out a property or initiate contact online, encourage them to fill out a tenant application.  In order to cover the cost of background checks and keep out bad apples, inform them that there is an application fee.  Those who realize that they have little chance of being selected will likely not fill out an application.

When rental property owners are in a position to show their property to perspective tenants, they should make sure that a property is in excellent condition.  A property should be appealing to all five senses and win potential tenants over the moment they see it.  The good tenants are going to do what they can to ensure that they become the next tenants of this property.  The investors who go through all of these processes should find that they are able to capitalize to the fullest, as they have tenants who are paying their rent on a monthly basis.

Rental property owners who follow these steps should be able to attract good tenants and earn the most from their investment.

Rental Property Owners Need To Focus On Tenants Before Anything Else

Tuesday, March 11th, 2014

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The biggest factor that rental property owners have to focus on is their tenants.  Investors who take their tenants seriously have the potential to profit the most.  Investors who screen tenants with care and then do everything they can to make them happy at the residence are likely to find that they have more long-term tenants who continue to pay the rent.

Rental property owners who are just getting started in the field need to understand the importance of tenant relations.  Since most investors purchase a rental that already has tenants living on site, they will have to win these tenants over from the beginning.  Rental property owners will also have to deal with problem tenants from the beginning.  Handling these tenants properly will require patience and a good understanding of tenant laws in the area.

Rental property owners should start a program to reel in quality tenants from around the region.  Consider advertising rental property around the area and do what is necessary to reach out to high quality tenants.  Rental property owners who can reach more potential tenants will have more choices when it comes to picking the best tenants on the market.

As soon as potential tenants have demonstrated that they are interested in obtaining residency at a property, rental property owners must put them through a rigorous screening process.  Talk with these potential tenants, while asking them specific questions that would immediately bar them from renting here.  This can save time in the long run and can allow both parties to go on their way without delay.

Those potential tenants who meet these basic requirements should be given an application and informed regarding the cost of the fee.  Those who are serious about renting a property here should have no problem paying a $35 fee that covers background checks.  This fee will keep away most tenants who don’t have a good record and make it easy for rental property owners to find quality tenants.

As potential tenants bring a rental application back to rental property owners, it is time to check over the information provided.  Contact previous rental property owners and confirm that this tenant was a worthy investment.  Then, check with a potential tenant’s current employer and verify the information provided.  After this, check a tenant’s credit rating and their criminal history.  Those tenants who check out properly should be given residency at a rental.

Rental property owners who take their tenants seriously should end up with a profitable property on their hands.

Asking questions with these tips in mind will help save real estate investors thousands.  For more ideas related to real estate investing, call or visit us a Homevestorsfranchise.com.  We are the nation’s number one home buying franchise with over 15 years of experience.  Our company has a vast assortment of real estate investment and real estate franchise opportunities available to help you grow your real estate business.  Come see us for more information.