Identifying Apartment Rental Scams

Technology has pushed apartment rental a notch higher. The online process of apartment rental exposes landlords and tenants to higher risks. Many of them fall victims to rental scams since they do not know which red flags to watch out for or which tricks scammers have up their sleeves. Due diligence is the solution to steer away from apartment rental scammers or fraudsters. Let’s delve into the most common apartment rental scams and how to avoid and deal with them when one is a victim.

Apartment rental scams targeting renters and how they can protect themselves

Since apartment rental scams can happen at any time, renters need to be keen on the warning signs. Most of these rental scams involve false representations of oneself or property. The following are the most common warning signs and how renters can protect themselves:

Absentee landlord

It is not a must for a landlord to live within or near his property. Individuals have properties in different areas and still ensure their tenants get the best services. When scouting for an apartment, it is critical to meet in person with the landlord or the legitimate representatives. They should have access to the property and be able to show it around when the landlord is absent.

Too good to be true

It is usually advisable to think twice whenever the deal is too good to be true. Many people love to bargain and settle for the best price. When a luxury apartment is going for low rent, it should be a warning sign. Certain scenarios may call for low rent, such as when landlords flash low rates to attract potential renters. When listings are too good to be true, it is vital to research deeply.

Apartment rental scams targeting landlords and how they can protect themselves

Just as renters face apartment rental scams, so do landlords. They also fall victim to certain fraudulent situations. The following are the most common apartment rental scams that landlords face and how they can tackle them:

False information during the application

Landlords need to screen their potential renters properly to make a solid decision. During the vetting process, they must ensure they scrutinize the information provided to ensure they select correctly. As a result, it is essential to use things like utility bills when verifying information about the tenant.

Using the unit for a business

Tenants should understand that residential properties have zoning restrictions. As a result, they should not use their residential premises as a registered business location. It is a legal issue, and it also raises concerns about security and noise.

This article was originally published on PeterBubelPropertyManagement.com

Home Improvement Loans for Rentals

Those who need to do home improvements at their rentals will likely need loans to get them done. When they take out the right loan and make good choices about the renovations, everything will go well. They need to be careful about what they do and take the advice below.

They Need To Work On The Right Projects

If they are going to borrow money to get the rental property in better shape, then they need to work on the right projects. They can invest in better floors if the old ones are worn out. They could put in new windows and doors and maybe even better plumbing or wiring if that is outdated. It is good to do a thorough check of the place before they decide which project gets top priority.

They Need The Best Type Of Loan

After they figure out what projects they all need to have done at the rental property, they can decide which loan is best. They can try to get a hard money home improvement loan so that they will have the money fast. They might need to prove their income and that they can get the loan paid off to get the money they need from any loan, and they need to be patient with the process.

The Remodeling Needs To Add Value

Everything they do to the rental needs to give it value. They can look at other rentals before choosing features for theirs. When they make smart decisions, they will make the money back.

They Need To Know They Will Get The Loans Paid Off

When they take out the loans, they need to know they will get them paid off. If they use them to add value to the rental and make it the best it can be, then they can feel good about that. But they also need to know that they can make all their payments and that each type of loan is a good choice so that they will not lose their investment.

Every investor needs to be smart about loans. They should only take out what they need. They can use loans for improvements that add value to rentals and are well worth it.

This article was originally published on PeterBubelPropertyMangement.com

Autumn Landscaping Tips to Protect from Winter Weather

As the leaves start to turn during the Fall period, some people won’t see the need to start landscaping. You should know that Fall is the best period to carry out landscaping.

Some of the landscaping tips that you need to consider include:

Remove Debris and Leaves

The leaf matter usually builds up, and it will hinder proper grass growth. Thus, you should rake the leaves and any other debris in your yard. By doing so, you’ll ensure your yard is looking healthier and great all through to the following Spring season.

Pull Weeds

Pulling weeds is among the basic landscaping processes. If you fail to remove the weeds before Winter, they’ll become prevalent during Spring. The weeds will also take away some of the nutrients in the lawn, which means you need to get rid of them on time. As you carry out landscaping, you should be on the lookout for any weeds. Make sure you’re dug down and gotten rid of all the weed roots.

Protecting Sensitive Plants

Some plants can’t survive through winter, and they may need a cold barrier. For such plants, you should add leaves or mulch to build up around the base of the plant close to the root system. By doing so, the plants can survive through Winter.

Outdoor Fixtures Should Be Winterized

If you’re a homeowner, you wouldn’t want to find frozen pipes in your backyard. Before winter kicks in, you should start by turning off the water and ensuring all pipes are drained to the last drop.

Avoid Infestation of Pests

During Winter, pests will seek shelter in your home since they’re in search of a warmer place. Some of these pests include rodents, and they can get into your house through tiny openings. Such pests can wreak havoc, and the damage will cost you a significant sum to repair. Thus, you should be on the lookout for different vulnerabilities, including holes or cracks. If you find any openings, ensure they’re well sealed to ensure that they won’t act as an entry point for pests.

Final Thoughts

By adhering to the landscaping tips listed above, you’ll be ready for winter, and you’ll experience minimal issues during the entire season. Your yard will also maintain its appeal even after Winter.

This article was originally published on PeterBubelPropertyManagment.com

The Importance of Empathy as a Property Manager Today

Empathy is the ability to recognize and understand another person’s experience and is considered a key leadership competency.

It helps someone to develop a deep understanding of what other people are going through in their day-to-day lives and how they experience life events. It also helps property managers to build strong relationships with their tenants, which in turn leads to better customer service.

Empathy makes a real difference in property management because it allows someone who is struggling with rent issues during the pandemic to stop feeling afraid of eviction because they were downsized by their company due to the change in the economy.

A Guide for Real Estate During a Pandemic

Barry Blanton, Secretary and Treasurer of IREM’s Board of Directors played an instrumental role in developing IREM’s Pandemic Guide for Real Estate Managers.

He made his statements about the importance of empathy prior to the release of the $2.2 trillion stimulus bill that expanded unemployment benefits and placed a moratorium on tenant eviction from residential properties.

Here is an overview of the Institute of Real Estates guidelines for property management during a pandemic.

Rent Abatement

Rent abatement requests are one of the most complicated and challenging aspects of managing a property.

Property managers should have a framework in place for abatement requests during a pandemic that can be tailored to the specific situation of a tenant since every request is different.

Retenanting

The idea of re-tenanting is a recent trend within the real estate industry. It is when property managers focus on “re-tenanting” their rentals, which means they are renting them out to new people.

Blanton challenged the idea that this was a practical way for property managers to handle rental issues during a pandemic. Property managers were more likely to end up with plenty of vacancies rather than resolving financial issues arising from unpaid rent.

Blanton recommended exploring the importance of empathy in property management. This is especially true in pandemic scenarios where a property manager must consider tenants who may not be able to immediately solve their loss of income and inability to pay rent. Empathy is a key factor for building trust and reducing anxiety levels in all industries, especially in the property management industry, during an economic crisis.

This article was originally published on PeterBubelPropertyManagement.com

Fall Maintenance for Single-Family Properties

Single-family homes like any other home require periodic maintenance. Generally, it’s best to have regular maintenance, but especially between the seasons like in the fall before the cold winter strikes. Nobody enjoys having to deal with emergencies on the home property. Many of these emergencies are avoidable with proper advance maintenance. Here are some of the main internal and external elements of the single-family home that require fall maintenance!

External Fall Maintenance

Yard Clean-Up

The passing of fall means more branches and leaves on the grounds. A buildup like this can create rotting on the grounds that can hurt the grass. It can also cause external drains to clog, leading to flooding. Ensure the grounds are cleared. Also, when it comes to the garden, do not forget to drain out hoses because they can freeze and burst or cause damage to pipes.

Gutter Clean-Up

The roof of a home also needs to be cleared of leaves and branches. If not, the debris may wind up caught in gutters. Removal of foliage and cleaning out the gutters are important to prevent ponding from occurring and avoid potential freezing and ice dams on the rooftop.

Roof Inspection & Repair

The roof protects the home from outside weather. Homeowners should not neglect inspecting the roof during the fall for shingles that need to be replaced or that are decaying. If ignored, it can lead to much larger problems like leaks.

Internal Fall Maintenance

Insulation Check

A home with improper insulation means more heat loss and energy use. Check for proper sealing at windows and doors to prevent drafts. The caulk or rubber seal may need to be replaced. Proper weatherstripping is an effective way to keep heat in the home and drafts out. Accessible pipes should also be insulated to prevent freezing and cracking as temperatures get lower.

Replace Filter for Furnace and HVAC System

For more efficiency and a clean system, the filter for the furnace or HVAC system in the home needs to be replaced regularly. A clean filter helps reduce energy use and makes it easier to keep the home at the temperature desired.

Check Carbon Monoxide and Smoke Detectors

The carbon monoxide and smoke detectors in a home can make a difference between life and death. Check these devices for their expiration date and ensure they are operating properly. All batteries in the devices should be replaced to ensure proper function.

Fall maintenance for a single-family home may seem like a lot of work, but it is a critical process to ensuring the home operates safely and at its best. These fall maintenance tips can help avoid emergency incidences that can be even more costly and time-consuming for homeowners.

This article was originally published on PeterBubelPropertyManagement.com

How to Increase Renewal Rates as a Property Manager

The simplest way for property managers to minimize vacancies is to increase renewal rates. If keeping good tenants is important, now is the time to focus on retention plans. Consider these easy tips to keep tenants coming back year after year.

Foster Good Relationships

Creating a good working relationship and building a community takes dedication and time, but it helps tenants feel as if they’re at home. When a tenant has a good relationship with their property manager and other renters, they won’t be as tempted to accept a good entry deal somewhere else. In many cases, good customer service is all that’s needed to encourage a tenant to renew their lease.

Focus on Follow-Ups

A good retention plan begins when a tenant first signs a lease. Raise engagement levels by asking team members to dedicate their time to lease renewals and have them check in with tenants periodically to ensure there are no issues. Finally, get more renewals by approaching tenants before the end of their lease. Asking for an early renewal allows tenants to accept an offer before they find a new place, and it lets landlords present incentives later.

Offer Add-Ons

Incentives don’t have to come in the form of discounts or cash offers. Amenities often entice undecided tenants to renew their leases. Making a rental more valuable by updating appliances, flooring, and other features will make tenants happy and increase the property’s value the next time it is vacant.

Listen to Tenants

Some tenants are hard to work with, but lease renewal time makes it clear just how important customer satisfaction is. Listen to tenants’ most common complaints and find ways to mitigate them. When tenants initially decline to renew their leases, convincing them to stay can be as simple as resolving minor issues.

Don’t Kill the Deal

While many property managers increase their rates to keep pace with inflation, it’s important to avoid shocking jumps. To balance profits and expenses, consider increasing the rent slightly with every lease renewal.

In Closing

Preventing turnover and increasing lease renewal rates is a goal that requires attention throughout the term. Allowing tenant retention plans to evolve is essential. If a concept has no effect, try a new idea, and see where it leads.

This article was originally published on PeterBubelPropertyManagement.com

Improving the Move-In Process for Tenants

When it comes to property management companies and owners keeping properties responsibly occupied, taking good-faith measures for move-in improvements is a desirable goal. Each tenant and owner naturally have expectations at move-in time and attending to move-in improvements offers greater chances to attract tenants and increase revenue.

Property Management Eases Property Ownership

Move-in improvements can be challenging if owners aren’t up-to-date with the latest strategies of simplifying the ownership position. This is where property management companies, owners, and tenants can come together.

A reputable property management company’s new management blueprint contribution can save time, money, and frustration from tenant move-in going forward. In many cases, a property management company can also reduce employee overhead while increasing the thoroughness of property and tenant services.

Tenant/Owner Relationship

Connecting the dots to the tenant/owner alliance means providing more than what is expected. Creating a positive move-in impression as a reliable interpretation of the move-in process encourages mutual trust and strengthens the likelihood of future occupancy.

Families are looking for a smooth move-in and need to know proximities to local schools, shopping, and transportation systems. Nearby veterinarians, medical facilities, and postal stores should also be offered. On-site amenities should also be endorsed.

Using modern technology can quickly and conveniently expedite news-worthy information to tenants via weekly emails, texts, and property management tenant portals. Each tenant’s moving transition should be made to feel as effortless as possible.

A Handy Payment Advantage

Thoughtfully communicate the importance of answering tenant questions about payment concerns. Exhibiting a clear understanding and explanation of convenient payment arrangements reassures tenants of property ownership integrity and move-in peace of mind.

For example, tenants can easily gain access to a property management’s centralized automated software portal that allows the tenant to manage payments more efficiently. This one-stop-shop supports private, organized, and detailed payment transaction records that keep accountability at the forefront.

Creative Revenue

Inviting new tenants to move into an improved environment with move-in discounts or added perks is a great way to increase revenue. Tenants appreciate being appreciated. Whether it’s updating appliances, promoting pet allowances, assuring emergency protocols, or adding an enclosed playground for families, driving revenue upward doesn’t have to be hard.

This article was originally published on PeterBubelPropertyManagement.com

Tips For First Time Property Managers

So you’ve bought your first piece of property, and now you’re looking to use it and make some extra money. Property management can be a great way to make passive income if you do it properly, but even modes of passive income can be difficult to maintain. There’s a lot to prepare and understand when it comes to renting out a piece of property, so don’t expect it to be a walk in the park. If this is your first time as a property manager, you might want to do some research. Luckily, you can read on for a few great tips for first-time property managers.

Be Dependable

One of the keys to being a good property manager is by being dependable. If you’re lucky, you won’t have to actually go to your property or properties very often. You shouldn’t get used to this though, as something could happen that will require your attention at literally any moment. It’s important you make sure you’re generally available when your tenants need you. By being dependable, you’ll be able to build healthy relationships with your tenants. Of course, it’s also important to understand when something is urgent or isn’t, as you still have a life outside of your properties.

Be Aware Of Property Inspections

As a property manager, one of your biggest responsibilities is ensuring that your property is in good shape, both for your tenants and for your own sake. It’s important you get the necessary property inspections done so you can make sure anything that requires maintenance within the property is taken care of. This can prevent you from having to get something fixed later down the line when a tenant is living there already, as well as preventing possible injuries or further property damage. If you’re on top of these things, it’ll show your tenants how serious you are about this property.

Outsource When Possible

When you’re owning your first property, you’ll likely have the time to take care of it when you need to. But as your business grows, you’ll come to realize that you can’t afford to do every little thing that comes with being a property manager. At this point, you may want to consider outsourcing certain things. Perhaps you have a team that you pay to update website listings, or you have a trusted maintenance man you pay to go and take care of certain issues when you can’t make it as quickly.

This article was originally published on PeterBubelPropertyManagement.com

The Best Property Management Apps

Being a property manager can be a difficult task, but advancements in technology have made it easier and easier with the passage of time. In 2020, it’s easier than it’s ever been to take advantage of technology in your property management. This is usually through the use of apps, of which there are dozens of great options, all doing different things that can help make the task of managing your property much easier. Here are a few of the best apps for property managers.

Buildium

If you’re looking for an all in one service that will help you keep track of all of your properties, look no further than Buildium. This app allows property managers to access and control every aspect of their business from the comfort of their phone or computer. You’ll be able to handle the maintenance cycle, rent, and any vacancies you may have from one simple screen, as well as lease tracking, late fee reminders, as well as much more. It’s easy for any and everybody to pick up and use as well as customize, but unfortunately, it does have one or two negative’s, such as not allowing users to link to their bank.

PayHOA

If you’re looking for an app to help out primarily with the financial aspect of property management, check out PayHOA. This is a cloud-based homeowner association that helps property managers handle their invoicing, rent collection, and e-filing and has features such as tenant engagement tracking, unit management online payments, to name a few. The app also lets you and your tenants track maintenance issues, giving the ability to update the status of the issue on both ends so everybody is in the know. While it may be an app primarily for paying and keeping track of rent, there is plenty of other ways it can make your job easier as well.

FRONTSTEPS

If you own a larger number of properties and have many tenants, you might want one easy way for you and your team to communicate with them. This is where FRONTSTEPS comes in. This app is all about streamlining communication that can be customized specifically for your community of tenants. It allows tenants to have an easy place to contact property management services at any time of day, as well as giving them the ability to pay their rent and put in work orders all from their phone or computer.

This article was originally published on PeterBubelPropertyManagement.com

Books To Read If You Want To Be A Better Property Manager

Being a property manager is no easy job. There are constantly developments to stay on top of as well as having a good understanding of the real estate industry. A great way to be sure you’re an expert property manager is by reading books on the subject. Many of the property management field’s smartest minds have written books in hopes of sharing their own knowledge and experience with others, so here are a few you should check out.

The Property Management Tool Kit – Mike Beirne

Mike Beirne understands how many different things a property manager needs in their back pocket and chooses to deliver it all in one wonderful book. The Property Management Tool Kit  is a comprehensive guide to being a property manager that includes tips that anyone in the industry can make use of such as going about how to increase the value of a rental property, how to resolve tenant issues, and how to handle cash flow.

Fair Housing: A Guidebook for Owners and Managers of Apartments – The Compass Group

If you’re not too sure about the legal side of being a property manager, Fair Housing is the book for you. This book dives into the concepts that revolve around fair housing and is likely the best book out there when it comes to simplifying each aspect of the topic. The book covers issues such as linguistic profiling, considerations for domestic violence victims and considerations for non citizens. Be sure to pick up the latest edition, as this book has been updated with new information over the years.

Managing Rental Properties: Beginners Guide to Maximize Profits – Cameron Malone

If you’re new to being a property manager, this is likely the best book to check out so you can grow your skill set. Managing Rental Properties is jam packed with information that will help you become a bigger and better property manager, ensuring your tenants are happy and you’re getting the most out of your investments. A few examples of what you’ll learn reading this book include the obligations that property managers must uphold, any necessary legal documents and how to go about the move-in and move-out process.

This article was originally published on PeterBubelPropertyManagement.com