Once again, we welcome our contributor Elizabeth Colegrove from Reluctant Landlord to offer her personal experience on dealing with landlording stress. Recently I spent a couple of months with a prospective tenant. They were applying sight unseen, so I took at least two hours to answer their questions and do Read more…
eSign, also called digital signature, allows parties to review a contract, add their official signature, and then send the contract to the next party – via email – who must sign. Companies that provide this service can track signatures as they are added to a document. This report, known as an audit trail, is a chronological log of who signed and when they signed. The service provider compiles this trail using a computer-generated, “universally unique identifier” number, and the trail serves as proof of contract execution.
Using a well-written lease, and sending prompt notices, will diminish your chances of having to evict a tenant. However, evictions are an unfortunate part of the property rental business. Get to know an eviction attorney so that professional help is immediately available if you confront an eviction situation.
Schedule rental showings for the same day. This minimizes the inconvenience for current tenants, and allows the landlord to gather and process applicant information in batches rather than piecemeal. Book showings 15 to 30 minutes apart to allow each applicant time to tour and ask questions.
It's easy to lose track of rental transactions without a good record-keeping system. Use a spreadsheet program like Google Sheets or Microsoft Excel to register transactions for one or more rental property. Include the date and amount paid. You'll be glad to have these records in the event of an eviction.
Painting your rental property is a routine chore for addressing normal wear and tear. Tenants have different tastes, so choose neutral colors. Select durable primer and paint that will stand up to heavy use. Those products may cost a bit more, but will last so that you won't have to Read more…
Preliminary applicant screening works better with a phone call than by text or through email, since you'll learn more about an applicant by speaking directly to them. The phone screening ledger is a handy tool for recording the basic information that applicants supply, and for keeping track of appointments. If Read more…
Keep a photo history of your rental unit's condition to avoid disagreements over returning security deposits. Take a lot of pictures before giving the keys to a new tenant. Later, when the tenant is preparing to move out, go through your unit and compare its condition to the 'before' photos. This way, you can see whether damages occurred during your tenant's stay.
If you haven't received a rent payment, and your tenant isn't responding to your Late Rent notices, it may be a good idea to make sure they haven't moved out of the rental without telling you. Drive by the property in the evening to see if lights are on, or Read more…
Exchange cell phone numbers with all applicants who schedule appointments to see your rental. That way, they can call you if they are lost or running late. Also, tell them to call you one hour before your appointment to confirm that they will be there. You want to ensure you aren't wasting time on no-shows.