Both first-time and experienced landlords face the dilemma of establishing rental prices for their property. Set the rent too high, and units will sit empty, earning nothing while still accumulating expenses via utilities, taxes, insurance, etc. Charge too little in rent, and red ink will dominate your profit and loss statement again. The prospect of …
Continue reading “Tips for Determining How Much Rent to Charge”
Yes . . . What does happen? Some landlords have never considered facing that situation, while other property owners consciously choose not to think about that scenario. Still, all would have to admit that it’s better to be prepared than to be caught off guard. So, how about we dive into answering that very question. …
If you are a real estate investor, this is the book! As one reader says, “It’s a must-have reference for anyone from new to seasoned investors.” Gallinelli divides his book into two parts. In part one – Chapters 1-6, Gallinelli discusses the various topics investors need to understand. In chapters one and two, we discover how …
FACT: Empty rental units do not make money -they cost money in lost revenue and new-tenant renovation/improvement costs. In addition, they can eat up big chunks of a landlord’s time. Long-term tenants are the key to increasing revenue and profitability. Period. But how to achieve tenant longevity is the question. Some of the reasons tenants …
Vacant rental properties are the bane of every landlord’s existence. Of course, vacancies will happen as that’s the nature of the rental property business. But to maintain adequate cash flow and make a profit, those vacancies must be short-term. New tenants must first be attracted to your property before they can be screened, approved, and …
As supply chain shortages ricochet across the country, property owners face appliance shortages and price increases on parts and repairs for the essential systems in their rental units. Demands surged for all types of appliances in the early days of the pandemic as folks hunkered down at home and tackled home improvement projects. Unfortunately, this …
Continue reading “3 Strategies for Managing the Appliance Shortage”
Collectively battling the COVID-19 virus these past two years has impacted the landlord/tenant relationship in multiple ways, one central area being communication dynamics. As is true for many of our relationships, maintaining a healthy connection has required continual shifting of strategies to accommodate an ever-changing environment. If that sounds like a lot of work, that’s …
The convenience and possibilities offered by smart technology appeal to tenants and landlords alike. When used for tracking maintenance issues, providing ease of access, and the many security applications, landlords love the possibilities of smart technology. In addition, tenants in the Millennial and Gen Z categories can’t get enough of the newest, techiest gadgets, and …
Continue reading “Smart Technology for Landlords and Tenants”
Online rent payments save time and money. For landlords, online money transfers provide a faster, streamlined, and more secure process for receiving rent payments. Many renters love online options for paying their rent. They view it as hassle-free—no checks, stamps, envelopes, or getting it to the post office. But not all renters have bought into …
Continue reading “Common Objections to Paying Rent Online and How to Manage Them”
We check out the amenities even when seeking a hotel room for a one-night stay. Perusing for those must-haves that will assure us of a great stay. Free full breakfast. Pool. Free Parking. Onsite restaurant. Free wifi. If amenities are that important for a brief stay, imagine their impact in a residential setting? While we …
