Just when you think you have faced every possible scenario as a landlord, a new challenge inevitably pops up. While it’s impossible to conceive of every situation that may occur, it is advantageous to have a few guiding principles that guide your decisions when negotiating with your tenant. We have Read more…
When managing a lease agreement, with one tenant moving out and another moving in, it is a challenge to stay efficient. During this busy time of the tenant cycle, there are lots of details to keep in place. Most tenants will be looking forward to getting their security deposits returned Read more…
First impressions are always important in any new situation. This is certainly the case between landlords and their tenants. You want to project characteristics such as competence, professionalism, and confidence. The rental lease agreement that you and your tenant will sign is your introduction of your expectations in your relationship. Read more…
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…