Consider the Neighborhood

The fact that you are renting does not mean you should ignore the neighborhood in which you will be living. Don’t be afraid to call the local police department to ask about crime rates in the area you are considering. Take a tour of the neighborhood during both the daytime and evening hours. You’ll want to visit more than once and pay close attention to whether or not you see incidents of vandalism, if you see strange groups gathering in public areas, and to the general upkeep of the area.

Consider the School Systems

Do you have children? If so, you’ll want to research the quality of the school system in the area you are considering for your rental. Look up the school districts statistics online, talk to other parents, and ask for a tour of the schools. You may want to consider both public and private schools – make sure you look at them both.

Tour the Home

Make sure you make some time to tour the home or apartment you want to rent. Ask the landlord to take you there during the day, but make sure you go back in the evening hours once as well. Look not only at the condition of the home itself but at the activity in the area as well. Is the home located on a major road or near a set of train tracks, causing a ton of extra noise? These are things you might not notice in one visit.

Consider Your Pets

Do you have beloved family pets? If so, you’ll want to pay special attention to the lease you are thinking about signing. Talk to the landlord about whether or not he allows pets in the home. Do not lie and sneak your pet into the house – especially if you have a landlord who is dead set against having animals on the property. Talking to your landlord or rental property manager is the best course of action. They may allow pets and, if not, they may consider making an exception based on the size or breed of your pet. You may have to pay more, but you won’t have to abandon your beloved family member, either.

There are plenty of things to consider when choosing a home or apartment to rent. Make sure you take the time to evaluate not only the home itself, but the way your move will impact your entire lifestyle. You’ll be glad you took the time to make a careful choice!

Building a portfolio of rental properties can be a great way to diversify your investments and make some extra money, but being a landlord certainly has its share of headaches. When you own rental property, you are responsible for all the things that can go wrong, from a leaky toilet in the middle of the night to a broken window. That means you could end up spending a lot of your precious time making repairs and dealing with those common problems.

If you want the benefits of owning rental property without the hassles, you may want to consider using a property manager to take care of your property and collect the rent. These professionals help to reduce the hassles of being a landlord, by taking on the burden of day to day management of the property. That can be a big help, especially if you plan to build a large portfolio of rental properties.

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Of course, not all property management companies are the same, and you want to explore your options carefully before signing a contract with any of them. Before you sign up with any property management company, you want to check its reputation among renters and neighborhood residents. Some property management companies are not as responsive to tenant problems as they should be, and that could get you in hot water with your renters, and even with the local and state authorities. It is important to choose a property management company that can respond as quickly to tenant complaints as you would.

It is also important to compare the costs associated with various property management companies. A property management firm typically takes a percentage of the rent roll as their payment, but not all companies charge the same percentage. It is important for you to understand exactly how much you will be spending before you sign up for the services of any property management company.

Once you have selected a property management company, it is important to check up on them and make sure they are holding up their end of the bargain. Talk to your tenants and ask them if there are any issues. If you find a rash of complaints about problems the property management company should have taken care of, that should be a big red flag that something is amiss, and that it might be time to seek out a more responsible company to take care of your property, your tenants and your real estate investment.

As a renter, spent hours searching for the perfect rental home or apartment. You’ve spoken with every rental property manager in your area and you’ve finally settled on what you hope will be your new home. Unfortunately, many people get caught up in the moving process and make some detrimental, yet avoidable mistakes. Here are some things you’ll want to avoid as you prepare to move into your new rental.

Forgetting to Buy Insurance

The landlord you are renting from will be responsible for placing insurance on the dwelling – the house or apartment building in which you’ll live. That insurance coverage will not, however, cover you for damages to your clothing and other personal belongings if there is an incident such as a robbery or a fire. You’ll need to purchase renters insurance to protect yourself against damage to your property.

Clarifying Property Management Responsibilities

Let’s say you’re preparing to rent a house. Are the terms for maintenance and upkeep clearly stated in your lease? If not, have the lease amended. It’s one thing to be responsible for mowing the lawn but it is unreasonable for you to be expected to make major home repairs on a rental – especially if they’re due to wear and tear and not your negligence.

Ditching the Lease

We have no idea why it happens, but some people prefer to rent their properties without a properly signed lease. Talk to your landlord or rental property manager about the lease and make sure it is signed before you move in. The lease isn’t designed to protect the landlord alone. It protects the tenant as well – from illegal eviction, unfair charges, and more.

Ignoring the Move-In Report

When you move into a property, you will likely be asked to fill in a report outlining any problems you encountered. Don’t ignore this process. Take the time to walk-through the property and make notes of any damages you find. Take pictures, if you can. Documenting existing problems will keep you from being held responsible for them later on.

Asking about the Security Deposit

Some fly by night property owners will take your security deposit and spend it. Legally, it needs to be deposited into an escrow account and the interest belongs to you. Ask your landlord for the information about the bank in which he’ll be depositing your security deposit and make a record of the account number. The escrow account should hold your money alone.

Not Taking Notes

Make sure you take notes every time you talk to your rental property manager. If there is a problem, you may need to refer back to these notes – especially if you end up in court. You may even want to go as far as sending your landlord an email to confirm the details of every conversation you have so that you are both on the same page.

Understanding Fair Housing Laws

Every state has laws governing fair housing. Make sure you read up on those laws and have a general understanding. Doing so will ensure your landlord isn’t able to discriminate against you in any way.

Brush up on each of the above points and make sure you’re prepared before you move into your new rental property. You’ll be well-prepared for a year – or more – of stress free living.

As a landlord, you don’t get to collect your rent check each month and then go on your merry way. You have responsibilities – serious responsibilities – and you’ll need to be familiar with them and the legal ramifications of not taking care of business properly. You’ll need to familiarize yourself with the landlord/tenant laws in your state, take responsibility for maintenance and repairs, and make sure your tenants aren’t destroying your property. Repairs for a rented property can’t wait until you have spare cash or until you simply can’t deal with them any longer. Your tenants will want to see things done within a reasonable amount of time and you will be obligated to do so. If you can’t handle the pressure, you may not want to rent your home.

Your House Must Be in Great Shape

That said, your house will need to be in excellent condition in order for you to find a decent renter. Slumps in the economy mean more people are renting than buying and there are plenty of places to rent. Yours will need to stand out by being in good repair and featuring quality appliances. Hire a cleaning company to make sure your property is in tip-top shape before you begin showing it to potential renters.

Find a Strong, Written Lease

All agreements you make with your tenant should be made in writing. Start with a strong lease that features the terms, security deposit, monthly rental amount, maintenance responsibilities, and more. Your best bet is to talk to a lawyer who specializes in property issues to make sure you have an iron-clad lease that will stand up in your state’s court system.

These are just a few of the things you’ll need to consider as you prepare to rent out your home. Talk to your nearest Delaware property manager for more information or to find out if hiring a professional service may be more beneficial.

Rental Laws Can Be Complex

Are you ready to spend a ton of time familiarizing yourself with your state’s property laws and housing regulations? You may be surprised to find that the rules in your area are more complex than you had imagined and they do apply not only on the state level but on federal levels as well. Property managers are familiar with all of the regulations that apply and will ensure you aren’t breaking any rules when renting out your home.

Marketing Your Home

Once you’ve agreed to work with a rental property management company, that group will take care of advertising your home and marketing the listings. The property manager will arrange for showings, run credit checks, and narrow down your list of prospective tenants. Property management groups know how to draw attention to properties and they stand a greater chance of finding you a reputable renter.

Dealing with Tenants

You may have contact with your tenants from time to time but your management group will take care of most of the work. They’ll collect rent payments, track late fees, handle disputes, arrange for emergency repairs, and more. The property manager will come to you with any questions, reducing your contact with your tenant(s).

There are dozens of reasons to work with a reputable rental property management company. You may pay a bit to have the service but having them act as the middle-man in your renter/tenant relationship will prove incredibly rewarding. Prepare yourself for a stress-free rental experience.

Work on Curb Appeal

Ever hear the saying, “don’t judge a book by it’s cover?” It’s often said but rarely adhered to. The first impression your prospective tenants will get when they pull up is the one they will make when they see your home’s exterior. Clean up the yard, mow the grass, wash your windows, and make sure the outside looks presentable.

Clean Your House

It doesn’t matter if you are still living in the home or not. It needs to be spotless in order for your visitors to envision themselves in it. Dust the nooks and crannies as often as possible. If you can’t, hire a cleaning service to help you out for a few weeks. The cleaner your home, the better your odds of finding a renter.

Place Internet Advertisements

Don’t depend on the local paper to generate leads for your rental. Place advertisements on internet sites like Craigslist, RentVine, and others. Thousands of people use the internet to search for rentals and they’re more likely to look online than they are to buy a paper.

Rent to Own is an Option

Are you unsure about whether you want to rent your home or sell it? Renting with a rent to own option is a great way to get tenants who may not be able to come up with a deposit. Part of their monthly rents will go towards a home deposit and after a certain period of time they can purchase the home. This is something you’ll need a lawyer to set up, but it is a great way to entice renters who really wish they could buy.

Answer the Phone

For goodness sake, answer the phone when it rings. People who are interested in rentals aren’t necessarily interested in playing phone-tag and they’re likely to move down the list to the next rental if you don’t answer. If you can’t answer, make sure you return the calls you receive. The more people you talk to, the more likely one will turn into a renter.

Finding a tenant is difficult work. Put some time and energy into making sure your property looks great while brushing up on your communication skills will make your life a lot easier. Not up to the task? Hire a rental property manager and let him do the work for you!

Thing About Your Needs

Are you moving locally or are you traveling to a new state or region? If the former, a local company will likely do the job with no trouble. If the latter, you’ll need a company experienced in relocating households. They’ll have more experience packing your belongings for long hauls and will be less likely to damage your valuables.

Ask for References

The best way to avoid hiring a fly-by-night company – one who will damage your goods or who may not even show up with your stuff – is by asking for references. Talk to those you know and trust and find out about their experiences with moving companies. Listen carefully to both the recommendations and negative feedback. Avoid anyone with bad reviews and make a short-list of those your family and friends enjoyed working with.

Start the Interview Process

Start by calling the companies on your short-list to ask for some basic information. How long has the company been in business?  How much experience do each of their drivers have? If you’re moving from state to state, find out if they are licensed for interstate work. Find out if they are insured and what their policies are if your belongings should become damaged during the move. Don’t even bother asking about price if you aren’t happy with the answers to these questions.

Call the Better Business Bureau

Unhappy customers are very likely to call the Better Business Bureau to file complaints against movers they aren’t happy with. Call your local organization, or look online, to find out if any complaints have been filed against the companies you are considering. If there were complaints, make sure you pay special attention to how they were resolved. Shy away from companies who ignore complaints and focus on those without any at all.

Ask for Quotes

No good moving company can give you a true estimate without coming out to your house to see what they’ll be moving first. This is why you want to narrow down your list of prospective moving companies before you ask for quotes. Invite the companies you are seriously considering to take a look around. Make sure the quote you receive is in writing and includes all applicable fees and taxes. Take this opportunity to ask the mover visiting your home again about his experiences. Judge whether or not you feel comfortable with the people you meet. They’ll be handling all of your personal belongings on moving day.

Take your time and choose carefully before you hire a mover. You may even want to ask your Delaware property manager if he or she can make a recommendation based on past experiences. Make the right choice and all of your personal effects will make it to your new home in once piece!

Don’t Do It Yourself

You’re a property manager, not a handy man. Don’t assume that you can make minor repairs on your own – especially if you’ve never done any type of maintenance work before in your life. At the end of the day, you are likely to end up spending more money than you save – especially if you mess up the roof or electrical system and have to pay someone else to come in and do the job a second time.

Hiring Cheap Labor

Let’s be logical and honest here. You always get what you pay for. If you don’t have the skill to get a job done, you can almost guarantee that the guy undercutting everyone else in town to get work is likely to have a few skill problems as well. Hiring the cheapest unskilled workers in your area, especially for major repairs, is almost guaranteed to backfire. You’ll also find that it takes an unskilled worker longer to get a job done than a trained professional. Therefore, even though their hourly rates are higher, you may still pay a trained professional less to get the job done in a reasonable amount of time (and his work is likely to last longer).

Settling on the First Bid

While we don’t advocate hiring the cheapest guy on the block, we do advocate getting a number of bids from a wide variety of contractors. No matter what type of work you need done, you’re going to find that labor costs vary greatly from company to company. Make sure the bids you receive include both the costs of materials and the cost of labor – broken down so you can see the differences. While you do usually get what you pay for, paying inflated labor costs is unnecessary. Use your best judgment and choose the most reasonable quote presented.

As a professional in the Delaware property management industry, you will find that building a solid relationship with the contractors you choose to work with is paramount Doing so will ensure your properly is always well maintained and will ensure your tenants are always happy as well!

Finding a Form

There are dozens of lease forms to choose from but you’ll want to make sure the form you use covers all of the legal guidelines set forth by your state of residence. While you can easily find a lease template online or in an office supply store, you are better off consulting a lawyer to have a formal lease drafted for your continuous use.

List all the Details

Make sure the lease form you use is filled in properly before it is signed. Don’t leave anything blank. Be sure to include the name of the tenant, the length of the lease (with exact start and end dates), the amount owed (in total and per month) for the year, and what penalties will be assigned for late payment. The lease should also outline the names of all adults living in the household.

Utilities and Maintenance

Some rental property owners include some utilities (like gas) while requiring their tenants to pay for others (like electric). Some include all utilities and some include none. It’s up to you to determine what you’ll include with the rent and it is your responsibility to clearly state, in the lease, which utilities your tenant is responsible for paying. Don’t forget to include things like water, sewer, and trash pick-up if those things apply in your area.

Make sure you note any additional amendments or agreements in writing at the time the lease is signed. If in doubt, consult your lawyer to make sure any amendments you make to your standard form are done legally!

The Water Bill

Make sure your lease states whether or not you will be responsible for the water and sewer utility bills. It is very common for a landlord to include water and sewer in your rent but you may find that this particular utility is not included if you are renting a single family dwelling. It may depend on whether you are leasing a private or business space, too.

Gas and Electric

Gas and electric are major utilities and your responsibilities need to be clearly stated at the time you sign your lease. It is very common to see home and apartment owners include gas in the rent but it is not always done this way. Sometimes gas is included in the rent but the renter then finds that everything in the home, including the stove, is electric. This can be misleading and discouraging – especially if you are living in an older home that requires higher electricity usage.

Telephone and Cable

Telephone and cable are almost never included in the rent for apartments or dwellings. You might find a landlord in a duplex willing to share a television cable line for a nominal fee but you might not. Some senior citizen rentals include these costs in the rent but these are few and far between as well.

Make sure you take the time to talk to your rental property manager about the utilities that are included in your lease before you sign on the dotted line. There’s nothing worse than thinking something is included only to find you don’t have enough money for it in your budget later on.