The Rental Standard | Apartment Marketing

How to Become a Section 8 Housing Landlord

By Sarah Gabot on May 17, 2012 in Agent Tips with 0 Comments

Photo credit: KLMircea (Flickr)

Why would someone become a Section 8 landlord? Sometimes it helps with keeping your rental units filled, because the properties could rent out faster.

In order to become a Section 8 housing landlord, both you and your property need the stamp of approval:

Step #1: Fill out an application. The information you share will be reviewed with the housing authority and will be analyzed in contrast to the other properties in the vicinity. They’re going to make sure that your property’s rental rates are comparable or lower than the neighboring properties. If your property is considered overpriced, you may be asked to lower your asking rent.

Step #2: Prepare your property for an inspection. Make sure that your property doesn’t have any safety hazards and is in a good, habitable condition. Additionally, make sure there are working locks on all the windows and doors, the plumbing works, and there’s a sufficient heating and cooling system.

Step #3: Advertise your property. Publish your property on online listing sites like you would with any other rental. Don’t forget to include “renter’s assistance” or “RA” in the ad. This will help you be found when renters search for Section 8 housing. Once you receive inquiries, use an effective lead qualification system to find the best tenants.

Step #4: Determine how much your tenant will pay. Your tenant is expected to pay for a certain percentage of your asking rent, and the government will pay the rest. Check with your local and state laws for any additional information. Visit the HUD website for information on federal laws.

Top Dealbreakers for Apartment Hunters

By Jennifer Chan on May 17, 2012 in Renters with 0 Comments

Image by epSos.de via Flickr

When it comes to finding a new place to living, staying within a budget is extremely important for renters. While there could be a large number of vacancies within any price category, not every unit will fit a renter’s tastes. What are the most common dealbreakers for renters, and what features make them say ‘no’ to an otherwise great apartment? Read and find out.

Lack of parking. Renters with cars need a safe place to park. While this issue is hard to fix, especially in cities, the best way to market your unit and get qualified leads is to be clear about the parking situation in your listing.

Location. When renters move, they want their new home to be in a convenient location. In your listing, emphasize your listing’s vicinity to shopping, schools, and public transportation. If your unit’s in a desirable spot, that factor alone can do the marketing for you.

Broken or nonexistent amenities. The absence of on-site laundry, air conditioning, and elevators may be a turnoff to some renters. Renters look for convenience and comfort on top of price, so if your unit isn’t fitting the bill it will probably be rejected. Offset the lack of amenities by offering renters a deal such as free utilities or internet.

Weird smells. Is it obvious that your previous tenant had a pet, smoked, or loved fried food? Strange odors will have renters running in the opposite direction. Clean up the smell by airing out the place, hiring carpet cleaners, removing the source of the odor, and using air fresheners.

A dirty unit. If you haven’t bothered to clean before a showing, the grime will outshine your unit’s great features. A filthy apartment shows renters that you haven’t been taking care of the place, so use the day before the showing to really scrub the place down.

5 Website Improvements to Increase Conversion Rates

By Jennifer Chan on May 17, 2012 in Agent Tips with 0 Comments

Image by karindalziel via Flickr

InmanNext published a great article featuring President Obama’s website and how real estate professionals can apply the same concept to their own sites. While we’re not all so famous as to succeed in featuring only a giant photo with links to a main site and landing pages, there’s definitely a lot we can take from his website design. Here are some additional tips to keep in mind when you’re improving your website.

Readability. Forget about fancy fonts and bright (or dark) background colors. A dark, clear font on a white or light-color background is the easiest on a reader’s eyes, as is sans-serif style font for text. Don’t send a visitor away just because they couldn’t stand your red font on a green background combo.

Use images to brand your business. Unloading a ton of information on a webpage does not equal a great website – especially if you’re marketing real estate. Photographs are the fastest way to get a message across to your renters, so put extra emphasis on your text by accompanying them with images.

Remove excess links from landing pages. Do you have a form that allows renters to contact you or request more information? Make sure there aren’t too many links on the landing page that will distract them from converting. Your goal is to capture their information, so don’t tempt them to change their mind.

Put the important stuff above the fold. When visitors land on your page, what’s the first thing they see? On top of looking pleasing to the eye, the area above the ‘fold’ (think the top half of a newspaper) should clearly communicate exactly what your business does, your ‘offer’ to renters, and an image enticing enough to make renters keep browsing.

Use standard layouts. At first, it might be tempting to use a creative layout to help your rental website stand out. Unfortunately, these layouts also confuse visitors and drive them away. Most news websites and blogs use 2 and 3-column layouts because these work. Stick with what renters know, and you’ll make your site much more intuitive and “sticky.”

Check Your Property for Maintenance Before Tenants Move In

By Sarah Gabot on May 16, 2012 in Agent Tips with 0 Comments

Photo credit: HVargas (Flickr)

Your property should be clean and safe before the next tenant moves in. It’s your responsibility to stick to all of the local, state, and federal safety codes. No tenant wants to move into a property that wasn’t properly checked over for regular maintenance issues.

The period between tenants can be the perfect time to do your routine maintenance checks. That way, you don’t have to bother your current tenants and cause them any inconvenience.

Diligently check for the following items between every tenant. Otherwise, get into a good habit of performing these maintenance checks every year.

Smoke /carbon monoxide detectors—Make sure that there are working batteries inside these devices.

Furnace filters—These should be changed every three months. The tenants who moved out should have been responsible for up keeping the furnace filter. Older devices may need to be replaced as soon as every month.

Water leaks—Find the water meter box and turn off the water. If the meter continues to move, then there is a fast leak. If the meter starts moving after a few minutes, there’s a slow leak. Leave the water off to the property if you have a leak, and call a water repair company to fix the damages.

Hinges—It’s common for the hinges to be worn down after being used frequently by tenants. Your incoming tenants won’t appreciate their door hanging off old hinges, so it’s best to fix or replace them.

How to Add Luxury To Your Ordinary Property

By Jennifer Chan on May 16, 2012 in Property Management with 0 Comments

Image by PrimeImageMedia.com via Flickr

When you prepare your property to rent, it’s important to make the space appealing for all the renters who will go through it in showings. Having a property that looks clean and cared for will help you fill your vacancy faster – but adding a touch of luxury might speed it up, too. Here are some simple and inexpensive ways you can dress up your unit to give your otherwise ordinary property a more personalized, luxurious feel.

Mirrors. Strategically placed mirrors make a space seem more spacious and well lit. Be honest to renters about the square footage of your property, but mirrors will help you add ambience.

Built-ins. Customized features will take your property up a notch because who doesn’t want a space that makes life clean, organized, and easy? Stay away from top-notch customized features like a home theater or office that might turn away renters. Instead, add useful everyday features that will help you take advantage of a small space, such as built-in storage systems and closet shelving, bookshelves, and desks.

A nice paint job. Don’t just slap on another coat when it’s time to repaint. Pay extra attention to the trimmings and details, and paint moldings white to brighten up a room. Experiment with colors other than renter’s beige, such as soft neutrals or comforting blues. Painting is a cheap and easy way to add a personalized look and feel to your property.

Upgrade hardware. If tearing out a bathroom or kitchen isn’t in your budget, add a new showerhead, towel rods, drawer handles, and faucet. Adding automatic lighting or mood lighting to rooms can also give a touch of luxury to your property.

For more help on how to prepare your property to rent, see our post on how to make your small property look larger.

How Real Estate Agents Can Avoid Getting Sued

By Jennifer Chan on May 16, 2012 in Agent Tips with 0 Comments

Image by steakpinball via Flickr

It’s important to be up-to-date on your state’s disclosure laws so you don’t get into legal trouble. This is why we emphasize posting honest, accurate listings and avoiding any types of discrimination. The last thing you want is an unsatisfied renter filing a claim against your business for misrepresenting the rental property. Here are some practices you should avoid so you don’t get involved in a legal claim.

Acting unethically. Going around the rules to get your client accepted or declined in a transaction could get you in serious trouble. This includes posting discriminatory ads or being picky about who you allow to apply for a unit – everyone who passes a credit and background check should have a fair chance.

Cheating your client. Don’t be accused of fraud after a renter moves in and discovers mold, leaks, or lead paint. It’s important to be transparent with your clients so they trust you. Be clear about disclosing the risks, such as lead, or any damages in a property. Being clear about what your client is getting with the unit and outlining your fee structure will prevent misunderstandings.

Not leaving a paper trail. If you’re being honest in your transactions, you need to have the paperwork to prove it. There are risks in any profession, and you can protect yourself in the case of a lawsuit if you have the documents to back up your case.

Misrepresenting a property. It’s important to be accurate when you write listings. You can be accused of misrepresentation if a client is unaware of mold or lead presence, water leakage, foundation defects, or lying about the property’s age or square footage. Be updated on your state’s laws so you know what you legally need to disclose to clients before closing the lease.

The Double Take Listing; Treehouse for Rent, 420-Friendly

By Sarah Gabot on May 15, 2012 in Agent Tips with 0 Comments

Screenshot taken from Craigslist.org.

This listing caught our eye because, well, it’s a treehouse. It’s not everyday you come across a house that’s fixed upon trees in the wilderness. Anyone looking to live out their childhood fantasies should look here.

While this ad is likely to get a lot of clicks based on the uniqueness of the property, there are a few aspects of the listing that should be modified to avoid getting into legal troubles.

Don’t specify who you accommodate.

Screenshot taken from Craigslist.org.

The listing states that the landlord is “gay friendly” and “music friendly.” The person writing this ad clearly wanted to communicate that he or she doesn’t discriminate over lifestyle choices or sexual orientation. While this is great, it’s not necessary and can actually do more harm than good.

By stating what type of people you can accommodate, your ad could be misinterpreted as discriminatory. It could actually show that you’re in favor of certain lifestyles or orientation, which is the exact opposite of what this advertiser is trying to communicate.

The simple solution is to exclude that information entirely. You’re not supposed to discriminate, anyway. If you follow proper tenant screening protocol, all applicants will have a fair chance to apply for your unit. It shouldn’t matter what sexual orientation, gender, age, etc… a person is, so you don’t need to mention what type of people are welcome in your property in your ad at all.

No illegal drugs.

This apartment is also “420 Friendly.” Ok, this one shouldn’t be thrown into the ad at all, either. For those who are unaware, “420” is a term that’s used to describe the consumption of marijuana.

Don’t encourage your tenants to do drugs in your property, especially illegal ones. Allowing and encouraging your tenants to participate in illegal drug usage can open many dangerous doors that can cause you to get in trouble with the law.

Take Your Client Out for Coffee – On Us.

By Jennifer Chan on May 15, 2012 in RentJuice Company with 0 Comments

Do you know how networking delivers value to your rental business? Networking takes time – building relationships with your clients isn’t instant, but taking 15 minutes out of your day to talk with them could mean the difference between a customer and a random lead in your inbox.

Make friends. Building relationships with your clients will open doors to more opportunities for your business. It all comes down to working with an agent renters know, like and trust. By sitting down with a client and helping them out with their rental search, you’ll get a chance to understand what they’re looking for how you can help them. Your renter will notice and appreciate it – and your business will benefit from the returns.

We’d like to help you build networks in the rental industry. Each Friday at 11 AM Pacific time from now until June 8, we’ll be drawing a winner for a $25 Restaurant.com gift card. All you have to do is:

1. Like our Facebook page

2. Once you’ve Liked our page, you’ll be taken to a form. Fill it out with your name and email.

Go ahead and sign up. You could be taking your client out for coffee this Friday – on us.

The Apartment Rental News – May 14, 2012

By Jennifer Chan on May 15, 2012 in RentNews with 0 Comments

Image by mightyohm via Flickr

In this week’s apartment rental news, it’s important to know how and where to invest in a rental property. Many parents are buying condos for their college-age kids, while others are building a real estate portfolio. Find out how you can be smart with your investment and get the most out of real estate for your money.

Housing Discrimination Rampant Against Immigrants and Others – Survey results were released showing that immigrants, families with children, and renters with disabilities aren’t always welcome in rental housing but have the hardest time seeking legal action.

Skip The Dorm, Buy a Condo – Lots of parents have made good money by buying a home for their kids to live in during college and renting it out to their friends.

Beware of Bogus Property Rentals and Tenants with Too-Good-To-Be-True Offers – Protect yourself from being scammed by knowing the red flag signs of a scam.

How To Buy… Investment Real Estate – For investors willing to do some homework and manage a property, purchasing real estate can be extremely profitable.

How To Build a Real Estate Portfolio – A down market is the time to invest, and Fox Business takes you through the steps of how to grow your real estate portfolio.

Are You Overpricing Your Rental Property?

By Jennifer Chan on May 14, 2012 in Agent Tips with 0 Comments

Image by Philip Taylor PT via Flickr

These days, it’s a landlord’s market. Property owners who previously let their older properties sit are now looking forward to vacancies so they can give their units a full face-lift – and then charge higher rent. This is a great opportunity for you to make some improvements to your property and get a good return on it, but are you charging your renters too much for what they’re getting? Believe it or not, there are consequences to overpricing your unit.

Don’t put up a barrier for yourself in filling vacancies. Know how charging too much rent will impact your bottom line.

It stays on the market for a long time. Overpricing your unit means renters will take a pass on your listing because they can find something similar for less. Sure, your property offers new appliances and top-of-the line amenities, but how is it priced compared to similarly featured units in your area? Do your research and price your unit competitively.

You lose potentially interested renters. Don’t have your listing end up in the bottom of the barrel. Even if your property offers an in-unit laundry with parking, charging $500 more just because you feel like it means renters will try bargaining with you or ignore your listing. Renters do their research, too – they’ve been looking at hundreds of listings and know what they can get for their budget.

You lose money on vacancies. Having your property sit empty for a few months can mean thousands in lost revenue. Is a few hundred dollars in increased rent worth your losses? Meanwhile, you need to keep spending money on your unit for upkeep, HOA fees, taxes, and maintenance. The costs of a vacancy can add up fast.

You might have to lower the price. Desperate to get a unit off your hands? Charging too much might have renters low-balling you or asking for concessions. This is normal, but resorting to settling for less isn’t a good business practice. Know how much your unit is worth to renters and price it reasonably so you won’t end up accepting even less. Having to lower the price of your unit may also make renters think something’s wrong with your property.

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