Follow these tips and tricks for winning a rental application, and soon you will be able to move into the property of your dreams.
Having the perfect rental application may seem like something easy to achieve. However, winning a rental application is tougher than it may seem. You must think about paperwork, references, good first impressions, etc. With the following tips, this process will be easier. You will find a good way to stand out to your future landlord and have your rental application easily accepted.
Get your paperwork in order
One of the most crucial tips for winning a rental application is to provide all the documentation you need. Make sure you have the paperwork in order; otherwise, all your efforts will go to waste. Most importantly, you will need to provide proof of identification, such as a passport or a driver's license. If you are unsure, talk to a professional who will guide you through the process of applying for a rental.
Provide your rental history and references
One of the most important pieces of information you'll need to provide is your rental history. Every homeowner is cautious when choosing a new tenant. They want someone who is reliable and who will pay the rent on time as well as keep the space in order. The best way to let a homeowner put their trust in you is to provide your rental history and references from previous homeowners. Use your rental application to show that you took good care of each property you lived in and that you paid rent on time.
Reach out to the owners of your previous rentals and ask them for references. These will help you immensely with your rental application. Even if the landlord of the rental you are applying for doesn't require you to add a reference, providing one will make you stand out. If many people are applying to rent the same property as you are, this will set you apart from the rest. The landlord will be more inclined to choose you as the new tenant as they'll be able to trust you.
Apply for the right rental property
You may already have an idea of what kind of property you would like to rent and live in. So, make sure you always apply for the rentals you can envision yourself living in. Don't apply for every property on the market. It may seem like a good strategy to reach out to as many landlords as possible, but it is not. Only spend time researching and applying for rental properties you know you can afford and live in. You will save yourself a lot of time and have enough energy to look for that perfect rental property. Before you start sending out your rental application to landlords, be sure about what kind of property you are looking for.
For starters, location is one of the most important factors to consider. This is because the location is one of the rare things you can't change about your new home. Make sure it doesn't make your daily commute much longer. And see whether it has all the amenities you need close to it. Check out each neighborhood and whether it has everything needed for your lifestyle. For example, if you are moving with kids, you can base your decision on the nearby school districts. After you are all set on the location, narrow down your options by square footage and the number of rooms. Of course, factor in the condition of each rental as well. Newly upgraded and renovated rentals will cost more.
Prove you can afford it
Every landlord wants to rent their property to someone they can count on for years to come. That's why having a good grasp of your finances is crucial. When a landlord knows you will pay your rent on time, they will give you a chance. Show proof that you can pay rent each month by showing proof of employment. Some landlords even contact your employers to make sure whether it is true. You can give proof of income by submitting your tax records. Whichever way you choose, you must provide proof that you can afford the rental property you decided to apply for.
Write a cover letter
Besides the references from previous landlords, you can stand out to your landlord by writing a cover letter. The cover letter to the landlord doesn't have to be long. Rather, write down some key points about why you are interested in the property and why you think you'd make a great tenant. A good cover letter can help you during this process immensely. The landlord will appreciate that you took the time to write a cover letter. So, it will give you a bigger chance of being accepted as a new tenant.
Be ready to move
Another thing that will make the process of applying for a new rental stress-free is to prepare ahead for the move and the relocation. Once you know you are prepared, you will have no problem relocating once your rental application is accepted. Moving can be stressful if you don't do it on time, especially when making an interstate move, such as from Florida to Nevada. Ensure to hire movers and rely on professionals who can handle your move from one state to another. Purchase the right packing supplies and pack as efficiently as you can. Save space and money by decluttering and packing strategically. With the stress of applying for rentals and dealing with the paperwork, you don't want any additional problems. And hiring the right people for the job is one of the easiest ways to make a move to your rental easy and stress-free.
Tips for winning a rental application: summary
Winning a rental application can be easy when you plan accordingly. By providing all the necessary information, you will appear more reliable and trustworthy. And with a good cover letter and a couple of references from your previous landlords, you will surely be accepted as a new tenant. Before you get accepted, take some time to plan the moving process. This way, you'll move in more quickly once your application gets accepted.
There are several important things to inspect before signing a rental agreement. Read about the most important things to look out for.
Moving into a new home can be a fascinating event. But moving away requires a lot of planning and preparation beforehand. One of the things everyone should do before they move into their new home is to inspect it. Knowing the things to inspect before signing a rental agreement can help you decide whether to rent that home. When you check the house thoroughly, you’ll know its actual state before packing your things. You’ll know whether the home's safe and secure and whether it is worth considering moving into.
Electricity is one of the things to inspect before signing a rental agreement
Faulty electricity in a home can lead to severe problems. A house that doesn’t have good electricity isn’t just annoying. It can also be dangerous. That’s why you should always inspect a home's electricity before signing a rental agreement. Check every light switch and lighting fixture when you examine the house. That will help you see whether there are any problems with the electricity. Afterward, try out the appliances. That will help you see whether there are any problems with the electricity and whether the appliances work. You can ask a professional to inspect the electricity before you sign a rental agreement to ensure there aren’t any problems.
Inspect the plumbing as well
Another essential thing to inspect before you sign a lease agreement is the plumbing. Not only can plumbing problems be challenging to deal with, but they can cause damage to the property and your things. Mold in the bathroom clearly indicates something is wrong with the plumbing. In addition, mold is one of the most dangerous things for your health that you can find in your rental property. Water damage on the walls or the floor is another way of knowing whether everything is in order with the plumbing. If there are any issues with the plumbing, take care of them before you move to protect your things from water damage. To protect your items during the moving process, experts from Rockstar Pro Movers advise you to use high-quality packing materials to protect them. That will ensure their safety during transport even further.
Heating, AC, and ventilation
No matter how great the property is, it can be challenging to live in it if the heating and AC aren’t working correctly. Inspect these things to find a home you’ll feel comfortable in at any time of the year. You won’t have to worry when the seasons and temperatures change. Besides this, make sure to check whether they are clean. A dirty AC and ventilation system can be dangerous for your health. If you notice they are dust-filled, ask the owner to take care of them before you move in.
Inspect the paint
Before you start planning your move, check out the home's interior. Take a look at whether there are any stains or scratches on the walls. Even if this is something you can live with, knowing that the damage existed before you moved in is essential. You won’t risk losing the deposit after you move out due to the paint damage. Of course, if you notice any water damage to the walls, notify the owner right away. Once the damage is taken care of, you can move in. If you don’t like the color of the walls, ask beforehand whether you can change it. Asking important questions like these will help prevent problems later on.
Safety and security
One of the most important things about the home you choose is related to its safety. Before you decide whether to rent it, check to see whether it is a safe and secure place to live in. Security cameras and security codes are some of the things to look for. Inside the home, look for a fire extinguisher and fire alarms. If there are fire alarms, inspect whether they are functioning. A carbon monoxide detector is another plus to look for in a home. You can also check out the crime rates for the neighborhood to know how safe the area is. That will help you decide whether to move here or not.
Take a look at the furniture
Don't overlook the furniture if you want to rent a furnished home. That is one of the most important things to inspect before signing a rental agreement. Inspect whether it is damaged or whether it needs cleaning. That is especially important to do with wooden furniture that may have termites. Bedbugs are another severe problem you need to be on the lookout for. In addition, see whether you have all the furniture you need. The amount of available furniture and storage space will help you determine which property to rent.
Moving in after signing a rental agreement
Now that you’re done with the inspection planning, it's time to move. Moving can be a little more complicated if you are moving from one state to another. To save money on your interstate move, downsize the number of things you own by decluttering. After you finish decluttering, it’s time to find the right movers and calculate your relocation costs. You can find expert help in the state to help you relocate safely, even from CA to Nevada. To save even more money on your move, pack efficiently. Put similar items together and use every box to its fullest potential. In addition, make sure to secure the boxes and label them. Not only does this make moving more manageable, but it will also make unpacking a breeze.
These things to inspect before signing a rental agreement are crucial. If you don’t inspect the home beforehand, you risk several things. First and foremost, you risk moving into an unfinished home or needing repairs. Things such as plumbing and electricity can cause several different problems if they aren’t in order. And if you are looking to move into a furnished apartment, the state and quality of the furniture will affect how you feel in the space. An inspection is one of the best things you can do to ensure your safety and comfort. It may take a little organization and time, but it will pay off as you can completely relax in your new home.
Learn what questions to ask your prospective tenant’s references in order to find the best tenant for your rental that won't cause trouble down the line!
Choosing to let someone live in your rental is always a risk. If they cause considerable property damage, then you’ll definitely fail to turn a profit. In order to avoid this, it’s important to know what questions to ask your prospective tenant’s references.
Do they have any pets or bad habits?
The very first of the questions to ask your prospective tenant’s references is whether they have any pets or bad habits. This is a question you can very easily slot into the conversation, whether you got a personal reference, a work reference, or a reference to one of their previous landlords. The latter, of course, will provide the most reliable information. This is especially important if you are renting to tenants with kids since they can be tempted to try to work around your ban on pets by hiding them from you.
Are they violent or cause problems?
This is another one of the questions to ask your prospective tenant’s references, irrespective of who they are. Friends and family will hesitate to say anything negative about them, but even their hesitation reveals a lot. Naturally, if their boss or previous landlord does reveal a tendency for problematic behavior, you should immediately give up on leasing out your rental to them! Even if they claim the person has changed since then, there’s a chance that they’ll revert to their previous behavior. And you do not want to risk your rental in this manner.
What’s their social life like?
While it may seem like an odd or innocuous question, this is very important. You need to know whether your tenant will feel compelled to organize parties or large social gatherings. While they are not an issue per se, frequent parties or too much alcohol can still lead to serious damage being inflicted on your property. And, if you are renting to roommates, it is doubly sure to check both of their references for this potential pitfall. When people room together, the scale of the social gatherings can grow and increase the potential for your rental to get damaged.
Do they make their payments on time?
This is a question you need to ask the landlords listed on your potential tenant’s references. Their rent payment history immediately reveals whether you will have problems with getting your payments regularly. Of course, some allowances should be made. Running late once or twice over a period of five or six years is more than okay. But, if they have a tendency to run late often, or ask for frequent extensions, then your own budgeting suffers. You won’t be able to rely on their payments, and that might not be something you want to deal with.
What can you tell me about their personality?
This is a question you want to ask the employer or landlord of your potential tenant more so than their friends or family. Family or friends tend to view problematic personality traits far more leniently than they should. A former landlord, however, can attest to the quality of their character more reliably. You do not want to rent out your property to someone confrontational. Or someone who makes an issue out of everything. Once a lease has been signed, you are more or less stuck with them, so make sure they have a personality you can stand for the duration of the lease.
Did they take care of the rental properly?
This is perhaps one of the most important questions to ask your prospective tenant’s references. Of course, the only ones who can attest to this are their past landlords. If they haven’t had a previous landlord, and you have their parents as one of the references, you should ask them about the condition of their room at home. The question may seem humorous, but if answered honestly, it can give you a lot of information. Failing that, you can always ask about their tidiness and cleanliness at work. This, too, can provide you with some insight into how they’ll treat your rental.
Were there any unexpected issues?
We have here another question aimed at former landlords. If they ask for clarification, you can ask if any repairs were suddenly needed due to damage inflicted by the tenant. Some damage can be accidental, such as stains or scratches. However, if they’ve broken an appliance or a piece of furniture, it can hint at something worse, even if it was carefully disguised as an accident. If they have a history of breaking things, you probably want to remove your better furniture and decorative pieces. As the experts from hansenbros.com love to point out, they can stay safe in storage for as long as needed.
Did your other tenants have any complaints about them?
One of the best ways to gauge whether a tenant will be problematic is to ask about the complaints of their neighbors. If their former landlord or neighbor can attest that there were no problems, you can rest assured. If there were a qualified property manager looking after the rentals, they’d also be able to provide a lot of pertinent information on this subject. However, you probably don’t want a combative tenant who might disrupt the lives of your other tenants on your property.
Would you let them lease your rental again?
The final of the questions to ask your prospective tenant’s references, if they’re a landlord, of course, is whether they would let them live in their rental again. There is no better way to check whether you want to let them lease out your property. If the answer is no, then even if they’d offered nothing but praise for the tenant previously, you can be assured there was something they’d held back.
Carefully selecting the right tenant for you
By using the questions to ask your prospective tenant’s references well, you’ll be able to find the perfect tenant for your rental! What ‘perfect’ means is different from landlord to landlord, of course. So, make sure to throw in any additional questions you believe are important to you!
If you're thinking about renovating your home, there are a few things you should know before you get started. From understanding the different types of renovations to budgeting for your project, this guide from Clark Real Estate will give you an overview of what to expect when it comes to renovating your home.
Different Types of Home Renovations
There are many different types of home renovations, from small cosmetic updates to major structural overhauls. Some common home renovation projects include:
Establishing a Timeline and Schedule
Once you've decided on the scope of your project, it's time to establish a timeline and schedule. This will help you stay on track and ensure that your project is completed on time and within budget.Some factors to consider when creating your timeline and schedule include:
Budgeting for Your Renovation
Next, you'll need to create a budget for your renovation. This will help you keep track of all the costs associated with your project and ensure that you don't go over budget. When budgeting for your renovation, be sure to factor in the cost of the following:
Software Used by Contractors These Days
Contractors today use a variety of software applications to manage their projects, including project management software, accounting software, and CAD (computer-aided design) software. Certain specializations also have their own specialized software. All in all, by understanding which software applications your contractor is using, you can better communicate with them and stay up-to-date on the progress of your renovation.
How to Find Capable, Trustworthy Contractors
Once you've established a budget and timeline for your project, it's time to find capable, trustworthy contractors who can get the job done right. Here are some tips for finding reputable contractors:
Clearly Communicating Your Ideas
One of the most important aspects of any home renovation is clear communication between you and your contractor. After all, they're the ones who will be responsible for bringing your vision to life! Make sure you take the time to sit down with them and clearly explain what it is you're looking for before work gets underway.
Putting your ideas in writing is advisable, as well. If you like, you can start in Word, then save the files as PDFs so that they can be easily accessed on different devices. If you want to join various PDFs together, you can do so in seconds by selecting a PDF merger tool that you can use for free.
Depending on the type and scope of your renovation, you may need to obtain certain building permits before work can begin. Your contractor should be able to advise you on which permits are required for your project.
Adding a Home Office
With more and more people working from home these days, it's no surprise that many homeowners are looking to add a dedicated home office space as part of their renovation plans. If this is something you're considering for your own home, be sure to factor in the cost of additional electrical outlets, internet hookups, and any other special features that may be required.
The Benefits of a Home Warranty
Finally, one last thing to consider when renovating your home is whether or not to purchase a home warranty. This type of insurance protects against unexpected repairs or replacements that may be needed after the completion of your renovation project. While not required, a home warranty can give you peace of mind knowing that your investment is protected.
Now that you know more about what to expect when renovating your home, it's time to start planning YOUR dream renovation! Just remember: careful planning, clear communication, and staying within budget are key to ensuring that your project goes off without a hitch!
Clark Real Estate offers a variety of property management services for landlords and tenants alike. If you have any questions, please let us know.
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If you are a new landlord and don’t know much about renting to tenants with kids, you should check out our article and learn valuable tips.
Renting is one of the most sought-after businesses today. And it makes complete sense—people like not having to work 9 to 5 and being their own boss. Renting gives you the freedom you don’t have with a regular office job. Not to mention that it can be a really lucrative endeavor. So, it’s no wonder people rent their guest rooms or convert their garages into small apartments. While all this sounds great, it doesn’t mean there are no bumps in the road when it comes to renting business, especially when it comes to renting to tenants with kids. This subject has been debated a lot, simply because some landlords often need help when renting to families with kids, especially really young ones. So, if you are a new landlord and are stressing about renting to tenants with kids, you should check out this article and learn a little more about that topic.
First and foremost, you cannot discriminate against families with kids. Not only is it morally wrong, but it is also forbidden by law. While it’s natural to have concerns about kids being noisy and messy, the solution is not to ban them from renting. Chances are the parents will be responsible and make sure their kids don’t break anything or cause problems. If you are still on the fence about renting to tenants with kids, try to look at it from an economic point of view. Not renting to families with kids significantly lowers your income. Millions of people with families today are renters; there are single mothers and fathers with kids. Completely cutting off this type of renter can be a financially terrible decision for you.
Do work on a relationship with your tenants
One simple way to calm your nerves about tenants with kids is to simply talk to them. Try and start a healthy, friendly relationship with them. Share some of your fears with them and explain why you were hesitant to rent your property to them. Most tenants will be understanding. Especially those with kids. It works in their favor to have a good relationship with you. People who have kids don’t want to risk being kicked out of a property due to their kids misbehaving. They prefer being able to stay in one place for a long time because they want to give their kids stability. If you want to get off on the right foot with your new tenants, you can help them settle in. For example, if they are moving to Nevada and hiring movers, you can offer some advice. Tell them to let experts jump in and deal with a moving process and offer to connect with a trusty Nevada moving company you have hired before.
Don’t be unpleasant to them
Sometimes you might not really want to rent to tenants with kids even if it could be financially great for you, but due to anti-discrimination renting laws, you will have to. This can naturally be really frustrating and make you feel angry. However, taking this out on your tenants would be a horrible mistake. Your frustration is no excuse for being rude and unpleasant to them. It is not only wrong, but it can also be really bad for your business. One of the keys to success in the renting business is leaving a good impression and getting good reviews and feedback from past tenants. When a landlord behaves badly towards his tenants, it reflects poorly on his business. Bad reviews from tenants are really damaging and can turn people away from renting your property.
Do make your property child friendly
You can make your property child-friendly in a few simple and affordable ways. This is a nice way to make your tenants feel welcomed and to make sure your rental is safe. The first thing you can do is get cabinet locks. They will make sure little kids can’t reach any potentially dangerous items or liquids in kitchen and bathroom cabinets. These locks are affordable and easy to find in stores. The next thing you can do is get covers for electrical outlets. Electrical outlets can be really dangerous for little kids, so it’s better not to risk it. These covers are also affordable and easy to find in stores. And, finally, don’t forget safety nettings for windows. Kids always run around, and these settings make sure they don’t fall out of a window. This will leave a good first impression on your tenants and attract others to rent from you as well.
Do be understanding when renting to tenants with kids
No matter how responsible the parents that are renting your property with their kids usually are, they might struggle a little during the first few weeks in a new home. This is a big change for kids, and they might be a little noisier or messier due to stress. According to experts at Best Long Distance Movers, moving, especially long distance, is really stressful for kids, and they should be given time to settle in. Try and remember this during those first few weeks. Chances are that once kids settle in, there will be no problems. However, if the bad behavior continues after that, you have every right to raise your concerns and, in the worst-case scenario, evict the tenants. Be patient and understanding but still set boundaries and house rules.
These are some basic dos and don’ts of renting to tenants with kids. As you can see, it can be challenging at some points, but it’s not unsolvable. The key is to be welcoming and understanding but up to a point. There should be mutual respect between you and the tenants. It’s best to talk everything through right at the beginning. Be honest and upfront and expect the same from them. Also, don’t forget the financial element and the importance of getting good reviews from your tenants.
From signing a rental agreement to choosing roommates, here are the things you need to know about renting to roommates as a landlord.
Living with roommates can be challenging. However, as a landlord renting to roommates, things become a little more complicated. You will have to carefully write a lease or a rental agreement. As a landlord living with a roommate, you still have the same rights as if you were renting out the entire unit to them. But there are more things you will need to keep in mind so you and your tenant can be happy. Things such as house rules are essential in situations like these. Let’s see what the most important things to know are.
Renting to roommates: a lease vs. a rental agreement
A lease versus a rental agreement – which is the right choice for you? Although many people think they are the same, they have one key difference. What makes one different from the other is the time for which you will be renting it out to them. A lease is signed for a more extended period than a rental agreement. A rental agreement lasts much shorter than a lease. It is usually signed from one month to the next. With the rental agreement, you can change the terms before you renew it. And, with a lease, you can’t change the rent price until it is over.
A lease can give you security for a more extended time. You don’t have to look for a new tenant and have secured income for a while. But, as a landlord renting to roommates, a better choice may be signing a rental agreement. In case you don’t like living with your roommate, it makes it easier to part ways. The fact that you rent to your roommate does not give you the right to evict them if you do not like living with them. That’s why a short-term contract is the better option for you. You can change the contract terms for the upcoming month if there is anything you wish to change.
What you need to have in your rental agreement or lease
In your rental agreement or lease, you can add helpful information for you and your roommates. Most importantly, it should contain the cost of the rent. Aside from that, you can have it written down when you want the rent to be due. If you want your roommate to leave a security deposit, write this down. You must, of course, include some basic information about yourself and your roommates. You can use this opportunity to write down some basic ground rules. Write down on what date your new roommate can move in. As experts from statetostatemove.com advise, staying organized during the moving process is crucial. Your new roommate will move in stress-free and can start unpacking on schedule.
For example, you can write down whether pets are allowed and under what terms. Another essential thing to include is maintenance. Even though you are living together, you still have to give them notice. You will have to tell them whenever you want to do repairs, upgrades, and other maintenance. Write down the number of days you will let them know beforehand. In the agreement, you can talk about basic house rules. You can write down things such as whether smoking is allowed or not. When you clearly define these things beforehand, you ensure you don’t encounter any problems later.
Choosing a roommate as a landlord
Finding the perfect roommate may seem impossible at times. When renting to roommates, you want to live with someone you can trust. Plus, you want to live with someone who keeps their home as tidy as you do. All of this may seem challenging to find in one person. However, with careful selection, you can find the ideal roommate to rent to. Before you make a final decision, contact them a couple of times. You want to see what kind of person they are and whether you have a similar lifestyle. Ask questions to see how reliable and trustworthy they are. You don’t have to be friends and like the same things. However, having the same viewpoint on parties and house guests is essential.
Even if someone seems like the perfect roommate, talk with multiple people. In case your first choice of roommate backs out, you will have someone else to call. You might be pleasantly surprised and find someone better than your first choice. Either way, you will be more comfortable with your roommate choice when you know you took the time to meet multiple people. One of the things that can help is to ask them for references. You can ask their friends or former roommates for their input. You will feel good about your choice when you know some people can say positive things about your new roommate.
Be prepared for emergencies
Sometimes, things don’t go as planned. There’s always a chance of your roommate suddenly leaving. They may accidentally cause damage to your property. That’s why being prepared for emergencies is very important. A security deposit is a valuable tool for securing the safety of your property. If your roommate moves out and doesn’t fix any damage they may have caused, you will be prepared. You won’t have to break the bank to get your property in good shape for your next roommate.
As a landlord, it’s best to leave some money aside if you can. Finding a new roommate can take a long time. And, during this time, you want to be secured. That’s why creating an emergency budget for this problem is crucial. Even if you find the perfect roommate, it’s still a good idea to have a lease or rental agreement. This will give you safety as a landlord.
To sum up
Being a landlord and renting to a roommate has its challenges. It is much different from a couple of roommates living together and paying rent to their landlord. You will have to be more careful with your choice of tenants. And you will have to find the fine line between being a landlord and being a roommate. But this doesn’t mean that being a landlord and a roommate simultaneously is impossible. It can be great. When renting to roommates, all you have to do is carefully select them and sign a contract. Now, you know you are secure and have found the perfect person to live with.
Besides shelter, your rental property should keep your tenants secure. Read on to learn how to improve the safety of your rental.
We all want to live in a safe place, but as a landlord, you are also responsible for maintaining the safety of someone else's home. You also have an obligation to protect your business's valuable assets. You have a legal responsibility to take reasonable precautions to keep your tenants' homes secure because a break-in is upsetting for everyone involved, especially in the case of furnished dwellings. Although it's unsettling to think about, burglaries do happen to people, and ignoring security concerns won't make things better. In order to improve the safety of your rental, you don't have to break the bank, and there are many options available.
Secure the door
What is the most important thing you provide to ensure the security of your tenants? If the exterior doors of your building are not secured, burglars and other unwanted guests will have easy access to your tenants and their belongings. Make sure the door locks are working, and the doors are closing properly.
Deadbolts are a more robust security measure than a doorknob lock alone. It could be a good idea to place a peephole in the door, so your tenants can see who is knocking.
Keep the windows secure
Rental homes may have multiple entry points, including windows. If the windows aren't locked, burglars might easily break into the apartment, especially if it's on the ground floor or second floor.
Make sure that all of the locks on your windows are fully operational and in good condition. Add window bars for your tenants' peace of mind. It's possible that some people will turn down your offer just because of how they look.
Set up smart locks
Smart locks require tenants to enter a PIN to enter their homes. Some people want a key fob in addition to the code for further security. These smart door locks are useful for evicting tenants when their lease is up. To prevent the previous tenants from entering, update the code.
If you frequently lose your keys as a renter, this is a great solution. They need only learn the code once to never be shut out again. You'll also benefit from this excellent news because you won't need to employ a locksmith or grant them entry to your property.
Add to or improve the lighting
Having adequate lighting is a simple way to improve the safety of your rental. Safer pathways and more aesthetic outdoor areas are two benefits you can reap from installing automatic lighting. Having a safe rental will usually retain your tenants longer. Look around the rental property after dark to see if there are any areas that could benefit from extra light. Make sure there is sufficient lighting around your home to see everything on the property, even if your tenants don't turn on their outdoor lights. Pathway lighting will ensure the safety of residents walking to and from their homes after dark, and floodlights are an excellent option for lighting the sides of a structure. Think about installing solar panels to cut down on your monthly energy bills.
Set up surveillance cameras
Formerly prohibitively expensive security camera installations are now more affordable for homeowners, giving you and your tenants more peace of mind. Tenants are prohibited from installing security cameras inside their unit, although they can be used to monitor the front door, stairwells, and back of the building. Because of this, cameras are effective even when they are not actively recording.
Establish a safety system
A security system is an expensive investment, but it will help you feel protected in your own home. You can find a security system that fits your needs and budget since there are several options to choose from. You also have the option of choosing a home security company. As there are many of them to choose from, you should find an adequate solution to your problems and needs. Door and window sensors, smoke detectors, and motion-detecting lights are all essential components of a comprehensive security system, so keep those in mind while you shop.
DIY security devices are convenient since you can easily set them up and access them from afar. As long as you're connected to the device, probably through an app on your smartphone, you'll be able to use it. Monitoring costs are usually not too high on a monthly basis, although some tenants may be willing to pay more for peace of mind.
Make exit points accessible
One easy way to deter unwanted visitors is to maintain a spotless entrance and exit to your rental home. Trim massive bushes, so they don't block the view of your house from the street. If you're worried about potential criminal activity, you might want to install surveillance cameras at the entrances and exits of your property. By keeping all exits and entryways unobstructed, we ensured that first responders could get to the scene quickly and residents could get out safely.
Employ the services of a property manager
Hiring a property manager can give you peace of mind whether your building is empty or occupied because they will be responsible for the building's upkeep and security while you are away. Experts at consumeroponion.org suggest that you look for different providers and services online. A property manager can help with issues like maintenance, problem-solving, and security if you are unable to be physically present at the rental property.
If you want to make sure your rental property is in good shape and improve the safety of your rental, you can ask the property manager to do random inspections on the tenants. They might even show up when the place is deserted to send a message to would-be burglars that someone is keeping an eye on things and using the space.
At the end of a lease, collect all keys
Never allow your renters to leave with the keys to your rental property after they have moved out. While your renters may have been reliable and pleasant, you never want extra keys lying around.
You never know where the keys will wind up. When your renters leave, meet with them to inspect the unit and hand over the keys. It may take a few hours out of your day, but it will significantly improve the safety of your rental.
Buying an investment property in Nevada is a financially wise decision. And not only because it's a valuable asset that can provide you with a significant passive income. On top of that, it can be a stress-free occupation. You can run a rental business any way that suits you. However, to ensure everything goes smoothly, it's better to choose the location carefully. Both local and long-distance landlords face different challenges and enjoy different benefits. Before you decide, it's best to consider both options. With that in mind, we've decided to examine both possibilities and help you make the right choice. So, local vs. long-distance investing: which is better for Nevada landlords?
How to make the right decision?
Firstly, before you start searching for the right property, you need to ask yourself a few questions. Knowing the answers will help you make up your mind and make a sound decision. So, ask yourself the following questions:
So, what are your financial goals? Do you want to get out of debt, gain independence, or accumulate wealth? To answer this question, you need to first assess your current finances. Then visualize where you want to be in the next five, ten, or twenty years. Knowing this will help you focus your investing in the right direction.
Choose the right market
Next, you need to decide on the right market. For example, you might want to have a high rent-to-value ratio. In that case, you should choose a cash-flow market that will provide you with valuable income. Or, if generating the cash flow isn't your priority, you might want to choose a market with a potential for long-term appreciation. Lastly, hybrid markets offer a mix of both options. Of course, what you decide on depends on your long-term goals.
Self-management or using property management?
To determine your real estate strategy, you need to answer this question. Maintaining the property and dealing with tenants can be pretty overwhelming at times. From the potential renovation of the property to tenants losing their keys for the n-th time, self-managing demands a lot of effort and work.
However, some landowners prefer to be in charge and gladly take on these responsibilities. If that is the case with you, there is no dilemma. In local vs. long-distance, local investment property is a clear winner.
On the other hand, if you'd rather hire a third party to manage your property, both options may work for you. In that case, the key is to find an experienced property management company you can rely on. Whether you choose a local or long-distance property, you'll be able to save both time and effort while they manage your rental business for you.
Local investment property
Now, let's have a closer look at what you can expect from buying a local investment property.
Familiarity with the market
The first and most obvious advantage is that you're more likely to be familiar with the market when you're investing locally. Every local market is unique, and knowing little flows and trends can help you invest in the right property. You'll know all the local attractions and amenities that are likely to attract tenants. However, doing proper research is still a must.
You'll have more control
This is crucial for many landlords in the local vs. long-distance dilemma. While it's not impossible to manage your property long-distance by yourself, it's certainly more demanding. On the other hand, you can choose a more hands-on approach as a local landlord. For example, you can meet with your tenants when necessary, show your property in person, and perform an inspection of the property.
You can hire local contractors when necessary
When you delve into investing in real estate, you're bound to need contractors at some point. Whether you want to remodel that fixer-upper or need some repairs, finding the right contractors locally is much more manageable. Firstly, you can choose them yourself and ensure they're suitable for the task. Secondly, they're less likely to try and take advantage of your absence.
Long-distance investment property
However, long-distance investments also come with their own set of advantages and drawbacks. Let's have a proper look.
A wider range of investment opportunities
Depending on where you live, your local market might not be able to offer you what you want. What if you need cash flow but live in an appreciation market? On the other hand, if you don't limit yourself, you can opt for a more profitable market with a higher return on investment.
If you find the right property in other parts of Nevada, you might even want to relocate there! If the business proves very lucrative, this might be an excellent idea. However, if you want to live nearby, ensure you plan your long-distance relocation with care. From packing your belongings to hiring trustworthy movers - many tasks will require your attention!
Use a property management company
Of course, you can do this on a local level, too. However, limiting yourself may lead to losing some excellent opportunities. And if you plan to hire property managers in either case, a long-distance investment can be a better choice. There are many reasons to hire property managers! Although it may seem a more expensive option at first, it can save you money in the long run. Especially if you don't have a lot of experience - they'll ensure your tenants are satisfied and your property in good condition.
You can use your property for a variety of purposes
While your goal is mainly to rent your property to tenants, you can also use it as a vacation home in between. Or, your kids can use it when they start college - no accommodation worries! And lastly, you might choose to relocate or retire there someday.
The bottom line
As you may see, there are many things landlords should consider when it comes to local vs. long-distance investing. Both options come with their unique advantages and issues. However, once you know your long-term goals and preferences, you'll be able to make the right choice.
Meta description: Buying the right investment property is not an easy task. Find out which is better for landlords - local vs. long-distance investing!
In the world of real estate, having a rental property is an excellent investment. You will benefit not only from long-term investment returns but also from interim income. This is why many investors are looking for rental opportunities. However, being a landlord is not an easy job. It can be pretty demanding at times because it requires many skills and knowledge about real estate. So, if you're having a hard time being a landlord, you should definitely consider hiring professional help. Read this article to find out about 5 signs that show it's time to hire a property manager!
You don't have time to manage
One of the main reasons landlords choose to hire a property manager is they simply don't have enough time to manage their investment. More often than not, being a landlord is not a full-time job, but it sure is time-consuming. It comes with regular responsibilities and requires total commitment. This being said, if you have a full-time job, managing your rental property as a side job can become an issue.
Another problem can appear if you have multiple rental properties. The more properties you're leasing, the bigger management needs you'll have. It's hard to keep up with one; imagine with two or more! Therefore, it's highly beneficial to hire a professional in situations like this.
You have a problem with tenants
Being a landlord means choosing reliable and responsible tenants who will be respectful of your property. Unfortunately, this is harder than you think. As a landlord, you might face a lot of unpleasant situations. Here are the most common examples:
You don't live nearby
Not living in the area of your rental property can turn into a problem when it comes to being a landlord. The distance can intervene with your management obligations. For example, even if the property is in excellent condition, there will be times when you need to drop by and pick something up or inspect the building. You will be unable to respond to these emergencies if you don't live nearby. As a result, anyone who lives far away from their commercial property should think about contacting a professional manager to keep an eye on it. Hiring a property manager eliminates the need for you to commute back and forth every time your tenants need something. You'll be able to rely on the manager and their expertise when it comes to managing your property without your supervision.
You're struggling with leasing
As an investor, you want to make the highest possible profit from your investments. If you're renting a commercial property, this means you'll have to have tenants at all times. To make this happen, you have to meet the tenants' needs and keep up with the current real estate trends. Learn about what's hot on the market at the moment, how you can interest potential tenants for your apartment, what you can do to improve it, etc.
Every good property manager has this kind of knowledge, so it would be a good idea to hire one for some expert advice on the matter. Tenants may relocate for a variety of reasons, but the property managers can assist in lowering turnover. They know how to make tenants happy and keep them from looking for a new place to rent. Additionally, they will definitely have good marketing strategies and a network of interested tenants to occupy your property. All things considered, hiring a property manager is a win-win situation.
You don't know anything about rental laws
Every successful landlord should know the local landlord-tenant laws. Every municipality has its own regulations when it comes to the relationship between the landlord and their tenants. In a nutshell, these regulations are the guidelines on what your obligations and responsibilities are as a landlord, and they apply to tenants as well. So, before renting a property, you should get to know these regulations very well. If you don't have time for this, or you're having problems with understanding and applying all the rules, you should definitely consider hiring a professional property manager. They will know these rules by heart, and they'll take care of everything you are having trouble with.
Additionally, property managers can help you with getting all the legal documentation you need for your rental property. As a landlord, you'll have to get a few licenses and follow proper regulations when it comes to your property. All this can be a bit overwhelming, so it's a good idea to have a professional take care of it. They know every code and regulation, and they can help you obtain every license you need. It's also convenient because the property manager will make sure everything's done according to law, so you won't have problems in the future.
Are you ready to hire a property manager?
Based on the above mentioned information, we can all agree that being a landlord is a demanding and time-consuming job. It requires a diverse skill set and proper knowledge of the real estate market and its constantly changing trends. Therefore, if you're struggling with any of the things we mentioned in this article, it's time to contact a property manager to help you take the management obligations and stress off your plate. This would allow you to continue expanding your business without dealing with minor problems that can quickly escalate into major headaches. So, don't hesitate and make that call!
Clark Real Estate offers Sparks and Reno property management services for landlords and homeowners out of state and out of town. Maximize your investment dollars by investing in Reno/Sparks! Keep enjoying the Southern California lifestyle, while we take care of your money-maker in Northern Nevada!
When I bought my first home in Sparks, NV, I didn't realize I would be moving to Southern California.
Clark Real Estate
305 W. Moana Ste C
Reno, NV 89509