The Most Efficient Way to Prep a Vacant Unit

Written by on February 19, 2012 in Landlord Tips, Management - No Comments
5 Steps to Prepare a Vacant Apartment

One of the most important tasks as a landlord is turning your apartments as quickly as possible between tenants. This is time that your rental is vacant and any day you do not have a tenant paying you rent, is money you will never be able to get back. But how do you prepare your rental for your new tenant?

Here are 5 steps to make sure your empty apartment is move-in ready as quickly and efficiently as possible.

1. General Cleaning

The general cleaning should take place right after the previous tenant moves out. This is the time for you to evaluate the amount of work needed to prep your unit. Start by taking out any items and trash left behind by your former tenant. Be sure to check any storage or garage spaces too.

2. Maintenance

Hopefully, your former tenant left your unit in good condition and most of your repairs are minor. Common repairs include replacing burned out light bulbs, tightening loose towel racks and hanging closet doors that have fallen off the track.

During the maintenance period, be sure to inspect all plumbing fixtures and electrical components of the property. Check for leaky faucets, clogged drains or running toilets. The circuit breaker should be working properly and all fuses should be in place.

Appliances should be checked to make sure they are in proper working order. This is also the time to change air filters and hire pest control for preventative maintenance. Clean out the fireplace (if your unit has one) and have the chimney and flue inspected.

3. Painting

Most of the time you will only need one coat of high-quality white paint, unless you are changing the color from something darker. Make the job easier by preparing the walls and securing the proper tools. Remove any nails, screws, picture hangers or tape. Fill all holes with putty, then sand before beginning.

4. Final Cleaning

Next comes the final cleaning. Clean up after any maintenance and painting messes left behind. Wipe down all surfaces and vacuum floors. Make sure to pay close attention to the kitchen and bathrooms. Remember, clean sells!

5. Flooring

The final step is to address the floors in your unit. If you have wood or linoleum flooring this can be combined with the final cleaning. Carpet that is still in good condition should be cleaned and handled by professionals. If the carpet is dated, worn or damaged, it should be replaced.

These are the 5 the most efficient steps to prep your vacant units as quickly as possible. Remember, professionals can be brought in at any time to help with the process, especially if you are not very handy or do not have the time to do it yourself. With just a little work, your apartment is ready for your new tenant to move in and hopefully will not need to turn this unit again for long time.

Apply Now for the Independent Rental Owner of the Year Award

Written by on February 15, 2012 in Market Outlook - No Comments

The National Apartment Association (NAA) is looking to honor the best and brightest by saluting the Independent Rental Owner of the Year and their importance to the rental housing industry.

Individuals can be nominated in one of two categories; properties owned with less than 100 units or properties owned with 101 – 500 units. If you are a direct member with the NAA then you can submit your entry straight to NAA.  If not, you must be nominated by your local apartment association.

Candidates will be judges based on several factors including the ability to develop a profitable rental property business, overall financial performance, service to residents, ongoing property maintenance, customer service, and service to local apartment association and community.

Entries must be received by Monday, March 19, 2012 and should be sent to:
NAA PARAGON Awards
4300 Wilson Blvd, Suite 400
Arlington, VA 22203
Phone: 703/518-6141
Fax: 703/248-9440

Click here for the Call for Entry.

All questions should be directed to Dave Edwards at (703)797-0689 or email href="davideatnaahqdotorg">davideatnaahqdotorg.

Landlord Tip – Photographs

Written by on February 12, 2012 in Landlord Tips - No Comments

Landlords should keep three sets of photos for each rental unit. Your best set should be used for marketing vacant rentals – remember, first impressions count! The second set is used to document move-in condition and the third set is for documenting post move-out condition

5 Biggest Reasons Landlords Should Collect Rent Online

Written by on February 7, 2012 in Landlord Tips, Management, Rent Collection - No Comments
RentChecks

We now use the Internet to help with daily business functions that were impossible in the past. And while things like word processing, book keeping, and preparing taxes have become second nature, payments for rent have lagged behind. Renters often complain that their rent check is the only check they write any more. The same thing can be said of condo owners and their association dues. Having to remember to write the check and then mail it is a hassle, as is waiting for it to arrive in the mail every month without confirmation that it was actually sent.

Landlords might have wanted to collect rent online before, but unless you were paying with the big boys and had a lot of units, it was hard for you to enter the market.

Until now. RentMonitor now offers a simple, affordable way for landlords to collect payments via the web.

Here are 5 reasons every landlord should be collecting rent payments online.

  1. Fast – Collecting rent via ACH (Automated Clearing House) is fast and rent can be transferred in as little as two business days. You may not realize this, but funds via check are also subject to a waiting period while the funds are cleared from the issuing bank. So even with a paper check, that you physically deposit at the bank, the funds are not immediately available to withdraw.
  2. Safe – Paper checks contain personal information of the renter that can be used by identity thieves. Transferring money online is much safer when the correct security measures are taken because neither party can see the others bank information.
  3. Affordable – It is extremely inexpensive to collect rent online via ACH. The cost for using RentMonitor is only $2 per transaction. There are no set up costs or hidden fees. You only pay when you collect rent. Compare this with the amount of time it takes to receive the checks, open the envelopes, process the payments, and take the deposit to the bank. When you calculate your hourly rate, you might actually be saving money by using an online rent collection company, like RentMonitor.
  4. Convenient – Paying online is convenient for the tenants paying rent. They can set it up as a recurring payment so they don’t have to worry about being late ever again. And the landlord appreciates the consistency of receiving payments on time. Plus, the money is automatically deposited to the landlord’s bank account without any work on their part. Talk about convenient!
  5. Reliable – The ACH network delivers countless payments reliably every day. It’s a great way to collect rent and RentMonitor is proud to offer this service to landlords of all sizes – from just a few units to several hundred. Landlords know when they will receive their rent payments through email and text message updates, which enables them to easily track payments from where ever they are, whenever they want.

Online rent collection is the way of the future. Get ready for your tenants to start asking for it. Jump ahead of the curve and check out what RentMonitor has to offer.

Photo by: D Sharon Pruitt

Buying a Property with Tenants

Written by on January 20, 2012 in Management, Market Outlook - No Comments
Meet_Tenants

Most new landlords entering the market often buy property that is currently rented. This comes with an obvious benefit of having an income stream already in place, but can also be a bit tricky for new landlords. Here are a few things you can expect and some tips for buying a property with tenants.

Tip #1: Know that the tenants are apprehensive about the transition to new ownership. Whether the previous landlord was good or bad, they’re hoping you’ll be better, but are planning for the worst. It’s important you start your relationship with your new tenants on a positive note so they don’t abandon ship and leave you with an empty building that’s costing you money.

Tip #2: Meet with your new tenants face-to-face. This will help ease a lot of the tension and set you up as a professional person. Treat them with respect and show them you expect a cordial business like relationship to develop.

Tip #3: Address your tenant’s concerns in an honest manner. They most likely want to know:

  • If their rent is going to increase
  • What’s going to happen to their security deposit
  • Your maintenance policy
  • If you’re going to make it difficult for them to keep their pets

Tip #4: Even though you are going over your policies and expectations in person, give your tenants a written letter when you meet with them. The letter should outline the items discussed and include your contact information should they have any questions. This will make sure you have communicated the information correctly and that you are both on the same page for future discussions.

Tip #5: Use this meeting as an opportunity to walk around the apartment and address any issues your tenants have. Catching maintenance issues early can save you big money in the long run and tenants will like that you are proactive about repairs. This will also give you a good idea about what condition the property is in an what will need to be done when that tenant moves out.

Tip #6: Schedule this meeting in advance. This is common sense, but find a convenient time to meet with your tenants by calling first. It will help ease their mind if they know what to expect in advance.

Photo by: Ian Lucero

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