The human race has long had an affinity with animals, and many pet owners regard their dogs, cats and other animals as members of the family. This fact can create a dilemma for landlords, who might also have heard horror stories about the damage that some pets can do to properties. However, there are some compelling reasons to be a pet-friendly landlord and allow renters to have pets – albeit with conditions.

Here are six reasons to consider becoming a Pet-Friendly Landlord.

1. You Can Charge More

Pet owners know that having a pet in a rental unit is a privilege. It can be difficult to find a pet-friendly landlord. Pet owners are aware of the damage risks of having a pet. They fully expect to have to pay a premium in both the security deposit amount as well as the monthly rent. Most will gladly pay it.

2. Pet Owners Tend to Stay Longer

Because of the issues described above, once a pet owner finds a pet-friendly landlord and apartment that’s a good fit, they tend to stay longer. They may be more likely to agree to a longer lease at the outset as well, although landlords might consider enacting a six-month trial period for pet owners to assess the behavior and impact of their pets.

3. Pet Owners Tend to Be More Financially Secure

A Practical Apartment Management study authored by Edward N. Kelly found that 65 percent of pet owners earn an above average income — $50,000 per year or more. While tenant screening should still be used to verify income, employment and credit history, the odds of having a more financially viable tenant are increased by renting to pet owners. Therefore, it makes financial sense to consider becoming a pet-friendly landlord.

4. Easier to Keep Units Occupied

Being a pet-friendly landlord also increases the tenant pool substantially. This means that even when units are vacated, they won’t stay vacant for very long. Applicants who are pet owners also tend to be more serious about their inquiries, further expediting the process.

5. Healthier, Happier Tenants

Countless studies have been conducted showing the benefits of pet ownership on the health and well being of everyone in the household. Having a pet has been scientifically proven to help lower blood pressure, boost mood and reduce stress levels. Happier tenants tend to be better stewards of the property and generally easier to get along with as well.

6. Tenant Screening Can Inform Your Decision

While most pet owners and animal lovers tend to be pretty responsible, this is not always the case across the board. Tenant screening can assist with determining if the applicant has ever had an eviction, financial problems, large bills due to pet damage, a criminal past, and many other tenant screening red flags. Professional tenant screening is one of the best tools for finding the top rental candidates in terms of both pet owners and non-pet owners. It can help to bring peace of mind in knowing the best decisions have been made.

Many landlords are averse to allowing pets in their rental units. However, there are a number of potential benefits they might not have thought of. Landlords should strongly consider these six compelling reasons for having pet-friendly apartments.

Source: http://www.webmd.com/hypertension-high-blood-pressure/features/health-benefits-of-pets#1

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

Many property owners see the lure of what they think will be “easy money” if they become a new landlord. However, successful new landlords stay focused on being the best business owners possible.

The following are seven essential tips for being a landlord and they are especially useful for brand new landlords:

1. Do Your Homework

Rental markets can vary widely from state to state and even from neighborhood to neighborhood. New landlords should learn as much as they can about their chosen rental market to find out average rents as well as laws and common policies for the area.

2. Use a State-Specific Standardized Lease

Every state is different in terms of what rules and policies landlords are allowed to enforce. A state-specific lease template can provide a framework for a boilerplate lease used with all tenants. It can be customized to reflect specific policies, but should be well-researched and standardized for all tenants.

3. Be Savvy in Your Marketing

There are a range of free ways to advertise properties for rent and for new landlords to connect with new tenants online. Craigslist.com, Postlets.com and social media are just a few. Once tenants give notice, start advertising and showing the property right away to help ensure units never sit vacant for very long.

4. Be Friendly but Professional

Treat all applicants and tenants with respect and kindness, but be sure to always maintain a spirit of professionalism. New landlords should understand that getting too personal with tenants could open the door to sliding standards and lost income, so be sure to set appropriate professional boundaries with all renters.

5. Set Rules and Enforce Them

Once policies have been established, they should be maintained and enforced. For example, if a fee is charged for late rent, this policy should be enforced consistently. If it isn’t, the rental due date may not be taken seriously by all tenants.

6. Keep Organized Records

A file should be kept on each tenant containing their signed lease and all pertinent information. If any incidents occur related to damaged property or missed rental payments, all aspects of the issue should be well documented for a possible court case down the road.

7. Screen and Verify

Just because an applicant puts it on an application, that doesn’t mean it’s true. All information provided should be double-checked and verified. Professional tenant screening should be used to check for credit problems, eviction history and a criminal record.

Being a landlord can be rewarding, but novice landlords often face a big learning curve. New landlords can use these seven tips to help increase their odds of success.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

The most successful landlords stay tuned in to the current generation and their wants, needs, preferences and quirks. Millennial renters will be a large rental demographic going forward, so it’s wise to know a bit about them. Each new generation gets a nickname, and the current one that’s hitting their stride is the Millennials. Millennials were born between 1982 and 2004, and many of them are reaching adulthood at this time.

The following are five landlord tips for making rental opportunities appealing to millennial renters and playing up the features they’re looking for:

1. A Focus on the Kitchen

Millennials are into cooking for themselves and having communal meals with friends, so the kitchen tends to be a focal point. Ensuring that rental kitchens for millennial renters are updated, set up ergonomically and have plenty of storage are a few things landlords can do to make them more appealing. Eco-friendly features in the kitchen and throughout the home are also a plus.

2. Embracing the Minimalist Lifestyle

Millennials were hit hard by the recession of 2008, and many are reluctant to make big purchases or take on debt. In truth, Millennials prefer renting to owning a property, so landlords have that going for them. Many prefer to take public transportation rather than own a car, so landlords should emphasize these options around their millennial renters. Bus routes, light rail stations and bicycle-friendly trails are just a few examples.

3. Be Pet Friendly

It has been estimated that the majority of all Millennials own some sort of pet, so allowing pets is another key to drawing millennial renters in as tenants.

4. High Tech Features and Additions

High tech upgrades of any kind will be immediately appealing to millennial renters. High speed internet service as well as cable television or satellite TV service can draw them in. Built-in docking/charging stations, electronic keys and appliances with cutting-edge “smart” features are all appealing as well.

5. Play Up Nearby Entertainment Options

Millennials are all about work-life balance, and they enjoy unwinding in coffee shops, trendy restaurants, hip bars and concert venues. Landlords should make sure to list all of the area entertainment options in their property rental ads and marketing materials.

Millennials are a unique generation who love to rent, but who are also looking for specific features. Landlords should consider these five tips to more effectively market to millennial renters. Responsible background checks and tenant screening should also be used to connect with the best candidates possible.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

For landlords, owning and renting out property is a business, with tenants functioning as customers or clients. If customers aren’t satisfied with a product or service, they tend to go elsewhere. Customer complaints are one of the biggest hazards to business success in any sector and tenant complaints are no different.

The following are five of the top tenant complaints that renters have about landlords as well as tips on how to avoid them:

1. Maintenance/Repair Issues

Aspects of a unit in need of repair is a major cause for complaint by all too many tenants. From plumbing issues to loose fixtures to outdated appliances, letting a unit fall into disarray can lead to low tenant satisfaction and high turnover. To attract high quality tenants and keep them, landlords should make sure all units are kept properly maintained.

2. Disagreeable Neighbors

Whether they play their music or television too loudly, argue amongst themselves, throw wild parties or conduct illegal activity on the premises, disagreeable fellow tenants are among the other common tenant complaints of renters. Landlords can potentially avoid this by performing proper tenant screening, state eviction records search, and other background checks to verify the character of each renter. Landlords should also be clear about prohibiting loud, disrespectful, destructive, disruptive or illicit activity on the premises. They should also address conflicts efficiently and professionally so that peace can be restored on the property.

3. Pests

Another bothersome issue – understandably – is the presence of pests such as insects or rodents. From bed bugs to roaches to vermin, this is cause for alarm for any tenant. Pests should be dealt with immediately by landlords and there should also be a preventative plan in place. There are few things more off-putting than pests where one lives, and landlords should make sure that this tenant complaint is never leveled against them.

4. Professional, Positive Communication

Other top tenant complaints about landlords is a failure to communicate clearly, positively and professionally. Good communication is key to any successful relationship, and a little kindness can go a long way in promoting positive landlord-tenant relations even when dealing with difficult situations. A clearly delineated lease mapping out what is expected of tenants from the outset is important as well.

5. Tenant Complaints about Unfair Handling of Security Deposits

Not receiving part or all of a security deposit is another major tenant complaint of renters regarding landlords. While in many cases deductions are justified, some issues can be somewhat subjective. It all goes back to communication; a clear delineation of how tenants might be penalized financially should be clearly delineated in the lease.

Tenants are the lifeblood of a landlord’s business, and satisfied tenants contribute to ongoing business success. Landlords should take steps to avoid the five tenant complaints discussed here so that their rental businesses can prosper.

Source: http://www.nolo.com/legal-encyclopedia/renters-rights-minor-repairs-30276.html

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.

Landlords sometimes feel as though they are on call 24/7, or at the very least, like they have a full time job. All landlords need to work on minimizing landlord stress and maximizing the benefits of being a rental property owner.

The following are five ways to reduce landlord stress and make being a landlord easier:

1. Screen All Tenants

A professional tenant screening service takes the guesswork out of applicant screening and allows landlords to get a clear picture of each applicant quickly and efficiently. Problem tenants are one of the most stressful aspects of being a landlord, and tenant screening can help to reduce the possibility of conflicts and landlord stress.

2. Outsource and Delegate

Even if a landlord is handy around the home, keeping up with repairs and maintenance for multiple rentals can be very time consuming. Outsourcing repair work as well as tasks like house painting, cleaning and landscaping can go a long way to reduce landlord stress and make a landlord’s job easier and more enjoyable.

3. Use Technology to Save Time and Reduce Landlord Stress

The Internet age has brought with it a whole host of time-saving technologies that can help to streamline the renting and property management process. Landlords can list open units online, utilize a digital document signing service, accept rent payments online, and hire a professional tenant screening service all via the Internet.

4. Create and Enforce a Late Rent Fee Policy

One of the top ways to ensure tenants make their rental payments on time consistently is by being clear and strict about enforcing a late rent fee. Each state has laws and limits about policies and how much can be charged, so these parameters should be consulted and adhered to. However, not enforcing the late fee (or worse yet, not having a policy) can lead to financial headaches with tenants down the road.

5. Hire a Property Manager

Hiring a property manager or management company is perhaps the ultimate in outsourcing for landlords and can dramatically reduce landlord stress. Doing so affords property owners the opportunity to pursue other business opportunities or live in a different state than their rental properties. A quality property manager can take away many of the headaches of being a landlord and should be strongly considered by those landlords who would rather be “hands-off.”

Owning and renting property can be an excellent business opportunity; however, it also has the potential to be very stressful. Following these five tips can help with minimizing landlord stress and maximizing the benefits of being a rental property owner.

Disclaimer: The information on this website does not constitute legal advice and is governed by our Terms of Use. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this website and its associated sites.