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Property Management Blog

Holiday Fire Safety Tips

Margo Montgomery - Wednesday, December 02, 2015
  • Holiday Fire Safety Tips

    The holiday season is one of the most dangerous times of the year for household fires, so take note of these tips to reduce your risk. Read


Season By Season Lawn Maintenance Calendar

Margo Montgomery - Thursday, November 12, 2015

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Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®

Renting Your Home & Costs of Renting Your Home

Margo Montgomery - Monday, November 09, 2015

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Understanding Landlord Insurance

Margo Montgomery - Monday, November 09, 2015
  • Understanding Landlord Insurance

    Turning your home into a rental or buying an investment property? Expect to pay up to 20% more for the right insurance policy to protect your property. Read

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Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®

Why rents could rise by 8% in 2016

Margo Montgomery - Monday, October 19, 2015

Property managers seem committed to hiking rates.

Rental rates could rise by an average of 8% through next year, according to more than two-thirds of property managers surveyed in a report issued by Rent.com.

Out of the 500 property managers surveyed in the rental site’s Property Owner and Manager Market Report—and between them, they are said to represent hundreds of thousands of rental units—88% of them have raised their rates in the last 12 months, and they seem committed to hiking rates again next year.

The reasons are manifold, but 64% of landlords surveyed identified two main factors: the twin pressures of increased demand for units and low inventory. As noted by the U.S. Census Bureau for the second quarter of this year, national vacancy rates dropped to a 20-year low of 6.8%. With the country currently in the midst of its strongest stretch of rental growth since the late 1980s, and with homeownership rates falling at historic levels, landlords have little incentive to lower their prices.

According to additional data provided to Fortune by Rent.com, the percentage of surveyed landlords willing to give concessions, such as a reduced rental price, have dropped drastically over the years:

lanlords-lowered-rent

Other real estate sites have predicted a 4% hike for rental rates next year, which represents a more modest—but still costly—increase. All together, these forecasts mean that renters are finding it increasingly more difficult to pay their rent. A recent study showed that the number of U.S. households that fork out at least half of their income on rent is set to increase by 25% to 14.8 million over the next decade.

Source: fortune.com 

Dealing With Delinquent Tenants

Margo Montgomery - Monday, October 19, 2015


Sooner or later (hopefully later), every landlord is going to have a tenant who pays late. Or worse yet, doesn’t pay at all.

If it happens to you, time is of the essence, and its important to have a well-conceived plan already laid out.

Prevention

Adopt policies that make it easy to pay rent on time, and difficult to pay late. For example, accepting electronic payments, credit cards, or direct deposit make it easy to pay on time.

Stress the importance of on-time rent payments at leasing.

Send out an invoice with return envelope enclosed.

Make sure the rent due date is realistic (i.e. it coincides with when they receive their paychecks).

Diplomat, or Enabler?

Evictions are expensive and time-consuming. So is finding a new tenant. From this perspective, it is tempting to try to work something out with your delinquent tenant. Occasionally you’ll have a tenant who has genuinely experienced a temporary financial hardship — one that is resolvable — and it can be in your best interest to help them through their rough patch.

But heres the hard reality: The majority of late paying tenants will do it again. Not paying rent is a big deal, and its in your best interest to make the tenant understand that.

Accepting payments late with no consequences, or accepting partial payments not only encourage late payers, but it can compromise your rights to re-take the property. The longer you allow a late payer to string it out, the more you risk becoming an enabler.

Be Prepared for Battle

Even though it may be in your best interest to help ethical tenants through a rough patch, experience dictates that if your tenant launches a habit of late pays, it will get worse with time. There is always the chance that your tenant is stringing you along intentionally, trying to live rent-free while they save money or search for another place to live. You need to know what your legal options are and be ready to take action.

Collect Your Due

Once a tenant account goes seriously delinquent, your likelihood of successfully collecting the debt drops precipitously. Therefore, it is crucial to aggressively pursue the debt with all means at your disposal. This includes submitting the debt to a collection agency and employing all legal means of collection.

Home Upgrades with the lowest ROI

Margo Montgomery - Monday, August 31, 2015

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How to Clean Up your Garden for Fall & Winter

Margo Montgomery - Sunday, August 30, 2015

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Buying a House at Foreclosure Auction

Margo Montgomery - Wednesday, August 19, 2015

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Fannie Decides Mom-and-Pop Real Estate Investors Deserve More Credit

Margo Montgomery - Wednesday, August 05, 2015

If your strategy is to buy and rent property as an investment, Fannie Mae has a few thousand homes they’d like to sell you. Read

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