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Read The Latest Newsletter from Renters Warehouse
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Cut Corners, Cut Rental Income
Whether you landlord yourself, hire a professional property manager, or are the largest rental company on the planet, there are ways to reduce the impact of problem tenants on income. The answer… simply know your customer. When you invest in rental properties, the plan is to ensure that the actual income is as close as possible to projected income. It sounds obvious, but there are steps required in renting to make it happen. Below are the 4 parts to rental success and obtaining as much rental income as possible. 12 months of possible rental occupancy (times monthly rent) Any vacancy allowance (vacancy days calculated as a percentage of total rental days/income) The schedule rent that is collectable from the actual renter The actual rent collected Let’s break it down into an equation: 12 months rent, ($1,000/month or $12,000/year) (Subtract) Vacancy (one month vacancy or 8 percent a year) (Subtract) Any collection issues (unpaid rent, evictions, etc.) = TOTAL RENT COLLECTED The longer a rental property sits vacant the more it cuts into income collected. There are ways to help fill properties faster and with more qualified tenants. The National Tenant Network calculates that $12 billion a year is lost in rental income due to poor tenant screening. This number comes from the costs of evictions, tenants show skip out on a least, and damages beyond wear and tear. In compliance with the fair housing rules, every applicant must be treated exactly the same way , every time, for a property. If you are new to renting, or are looking into purchasing a rental property, hiring a property management company with ensure that you are staying compliant with regulations. Hiring a property management company will also ensure you receive the highest amount of total collected rent, and they employ people to perform background checks, fill the properties, and collect the rent for you. These steps can be very time consuming for an individual, but for a property management company that has processes in place for each step rest assure that you have a well screened tenant which will provide you the most rental income you can receive and less problems in the future. To learn more about property management, renting out your property, and Renters Warehouse visit their website at http://www.renterswarehouse.com Tune in every Sunday from 8am to 9am as I’ll be your host on AM 1130 Fox News Talk. “All Things Real Estate Radio” is a call in show with a panel of residential and commercial real estate experts discussing the latest news, trends that affect you and the real estate market today. www.KTLKRealEstate.com. Renters Warehouse is proudly endorsed by Glenn Beck, the 2nd most watched show on television and the 3rd most listened to radio personality in America, as well as Josh Altman, Star of Bravo TV’s Million Dollar Listing.
Is Your Property “Rent Ready”?
Are you a property owner that is looking to rent out your property or currently rent out your property? There are many things you will want to do to make sure your home is “rent ready”. The better maintained and looking that your property is, the more tenants it will attract. This in turn will ensure that your property will rent out faster than others available. We have provided a list of 11 steps you will want to take in order to make sure your property is “rent ready”. Have you taken care of these prior to renting out your property? 1. Re-key the locks. You never know who may have a set of old keys to your property. Another good idea is to reset the alarm for your house. Re-keying and recoding locks makes old keys unusable. If you live in a condo or townhome make sure you have all HOA-issued gate remotes and codes, plus keys to any community pools and fitness centers. 2. Professionally clean the carpets. Un-cleaned carpets are a common mistake we see with property owners. Not having the carpets cleaned prior to a tenant moving in will turn off many tenants. Professional “full-steam and shampoo” carpet cleaning works best – you don’t want any residue left because it can attract dirt. 3. Improve the yard. A well taken care lawn will appeal to more people. The yard is one of the first things a tenant will see, and the better looking it is, the more inclined they will be to like the property. Some examples to improve your yard include: cutting the grass, trim the bushes, prune the trees, pull the weeds, fix broken sprinkler heads, replace dead or dying shrubbery, and add some new flowering plants. 4. Change the air filters. Changing the air filters is a great way to maintain your system. Cleaning the vents is also a good idea. Disposable air filters don’t require monthly cleaning (like reusable ones) and make for one less maintenance item your tenant needs to remember. 5. Get your property professionally cleaned. Renters expect their rental property to be clean for move-in, so have the property professionally cleaned. Investing some money into a cleaning service and having a clean property will not only attract more renters, but is a great way to maintain the look your home. 6. Let in the light. Replace any broken light bulbs; consider putting in energy-efficient bulbs, which reduce energy costs and don’t need to be replaced as often. Replacing light bulbs with energy efficient ones will be something tenants will appreciate as it will lower their monthly costs. 7. Inspect ceiling fans. If you property has ceiling fans, make sure they have been cleaned and work properly. 8. Inspect and clean windows and sliding glass doors. Windows and (especially) sliding glass doors can easily build up dirt. A good cleaning will not only let in more light, but may help them work better. 9. Clean, repair or replace screens. Torn screens can allow pests into your rental property (besides being a security and visual problem). So repairing or replacing screens may save you money (less visits from your pest-control company) and give you peace of mind. 10. Spray for pests. It’s better to have the property sprayed on a regular schedule than to wait until there’s a pest problem. You’ll definitely want to hire a professional pest control company to give your property a full treatment for all of the common bugs in your area. 11. Paint, repair and fix. Fix any holes in the walls before applying a fresh new coat of paint. Repair or replace any carpet that shows signs of damage (or doesn’t come clean after a professional carpet cleaning). Fix or replace any damaged tiles. By taking care of the above items it will not only provide a great maintenance plan for your property for years of renting, but it will allow you to attract more renters to your property. These items are not high costs items, but will provide your property the basic needs to make sure your property is “rent ready” for the next tenant. To learn more about Renters Warehouse and property management, visit http://www.renterswareouse.com