Landlords, WHY, oh WHY, are you trying to do it your selves?

I just need to wonder why a Landlord decides to manage his/her own rental property themselves.  Having your investment under professional property management is a sure-fire way to ensure that every property is being managed the same in reference to tenant screening, rent collection/processing, evictions, and much more.

The Wilson Group Property Management offers a customized plan to each of our Landlord clients as we don’t believe in one size fits all when it comes to your investment.  Our services include everything from advertising and marketing the property, monthly rent collection and direct deposit right into our owner’s account, all the way to court proceedings if need be.

When it comes to a rental property, and handling tenants, time is of the essence.  Now days, Landlords are not necessarily full-time landlords but have jobs, family, time restraints, and may not be able to handle them in a timely fashion.  With a full service property management team in place, most owners truly feel that any management fee is worth the time they pay.

Before any Landlord decides to take this on, contact a property manager to consider all of your options.

Reed Wilson-Principal Broker/Owner, The Wilson Group

Get Your Ducks In A Row

Get Your Ducks In A Row
Since my last post was about rentals, and property leasing, I thought I would share some great pointers for people looking to rent a home.

CHECK THE FACTS
Knowing the facts of your current lease is a great place to start when you are considering a move and looking for a new rental home.  Some important things to know is
*when is the exact end date of your current lease?
*what is the required notice that needs to be given? A typical notice can be about 30, to 60 days, and must be in writing.
*how is your security deposit affected? To ensure proper refund of your security deposit, double check with Landlord to see what he/she is going to take into consideration when deducting from deposit. A good way to ensure proper refund of your money is deliver the home back to Landlord clean, no damage, repaired walls where pictures were, yard maintained, and painting that is/could be required, and most importantly there is not a financial balance
*When you will receive your deposit back? Most cases this will vary by state and should be in your lease. This is important to remember that you will NOT be given your money back the same day you deliver keys back to Landlord

READY FOR PAPERWORK?

Now that you have decided to move, or this is your first rental, here are some typical rules of thumb in what may or may not qualify you for a rental. It is also a good idea to keep in mind that different Landlords, Property Manager, and apartment complexes look at different things so finding out ahead  can keep you informed of their criteria, save you time, and possible money from rental application fees

As someone who frequently works with rentals, this is a set of factors that seem to be consistent,

*Household Income? Most Landlords recommend 3 times the monthly rent of household income. Example: Rent is $1000.00 per month. With this equation, there would need to be a monthly household income of $3000.00

*Length of Employment: Landlords like stability, and duration on the job.

*Current and Previous Rental References: Sometimes tenants forget that when they move, their history is going to be referenced when applying for a new property. Things that can be verified is payment history, household maintenance, was there any damage when you vacated, did you provide proper notice, and possibly more.

*Credit: An individuals credit could be reviewed for payment history with other creditors to determine an idea on how someone pays their bills and respects their due dates;

Remember, all of the above WILL VARY by Landlord, Property Manager, or Apartment Policy, so you will need to check what exactly they will be looking for, but now you have some general guidelines, you have a decent starting point.

GOTCHA!!!!

As an agent in my office who is very active with residential sales, as well as the leasing of properties, I see this same thing, so wanted to share to help keep someone from falling victim.

So, you are looking for a home to rent , right?

Where is the first place most people start looking these days for rentals? Craiglist!   GOTCHA, is exactly what these hopeful scammers are saying!

You find a place that works for you, price is “to good to be true”, and you jump on the phone or email right away. GOTCHA!

Upon gathering the information from whomever you are speaking with, you are informed that they are “out of town” or “out of the country” for work, church, or other reason, and upon received security deposit from you, they will overnight you keys. My question would be , is how would they overnight you keys from out of the country???

I have seen to many times people fall victim to this scam and wanted to share with you. As a matter of fact, just last night, I received a phone call from a mother who started the conversation, ” I know we are moving pretty fast, and you already have the paperwork, but can we see the property this weekend?” To be honest, I had no clue who I was speaking with, and upon some questions, she was calling because they had applied to rent a home in my neighborhood.  I SOLD THAT HOME 2 MONTHS AGO??????

After looking online on popular rental posting sites, there it was. My listing, my descriptions, my pictures, and even my name!!! It had a phone number that was not even local to that area, and immediately noticed that the rent was drastically lower than it should be. ( Remember, if it is to good to be true, chances are it probably is)

Renting Advice

Online is a great place to start looking for rentals, so dont be afraid to start looking online

Please, please do not sign anything, or most importantly DO  NOT SEND OR DELIVER MONEY without seeing the place.

Always visit the place in person first.

When you come across one you like, it is not a bad idea to review other rentals in that area to compare rent amounts to see if it is comparable to the area.

Most properties on Craigslist are being advertised by private Landlords who choose not to work with an Agent or Brokerage, so dont be scared of those, but do be cautious. There are ways to verify legal owners.

If you come across an ad that “appears” to be advertised by an Agent, google them. More than likely they have a personal website, are featured on their company website, or have posted properties before and contact them through that number. ( Speaking from experience, I have been contacted several times from people who simply googled me and came across my Facebook Business Page to verify me before calling a fake ad.)

Hopefully, this is a starting point on what to look for and things to do to prevent falling victim, and losing your hard earned money for a rental.