Tag Archive - Landlords

Find the Perfect Tenant: An All-in-One Lead Qualification Kit

Filling vacancies can feel like a rat race. Speediness is key to filling apartment rentals, but when it’s not done carefully, it can damage your business. Poor tenants are more costly and aren’t worth your time and effort. The “perfect” renter is a secure investment, because the rent will always be paid and your property will be maintained.

Choosing a tenant to fill your vacant property shouldn’t be a rushed process. Qualification needs to be meticulously and systematically performed on every prospective tenant to ensure you’ll have the most reliable tenant possible. Lead qualification will help you weed out poor tenants, leaving you with responsible, long-term renters filling your units.

In this guide, you’ll learn how to qualify every prospective renter you run into by eliminating unqualified and problem tenants early in the application process. We’ve included sample scripts and checklists to help you in every step. Everything you’ll need to qualify renters is here in this kit.

What To Do When You Can’t Fill Your Vacancies

Provide renters with incentives if you can't fill your vacancies

If you’re having trouble filling some of your availabilities, don’t worry, it’s not always that easy. Sometimes, you need to be a little creative to provide incentives for renters to attract them. Use the following apartment marketing techniques to help gain more attention to your listings, attracting more prospective renters:

Tip #1: Use a Finder’s Fee.

If you can’t find a new tenant yourself, give incentive to your current tenants to find the next renter for you. Ask your current tenants if they know anyone who would be interested in renting a unit from you. Offer them a discount on their last month’s rent or another form of compensation as their Finder’s Fee for helping you out. If you have a positive relationship with them, they’ll likely to give you a good referral if they know someone looking to move.

Tip #2: Lower your rent.

While you’re probably avoiding lowering the rent, this could be the reason why your unit isn’t being leased out. Compare the cost of your rent to similar properties in the neighborhood. If your unit is consistently priced higher than the comparable units, you may want to consider bringing your rent down. To help set the price of rent for your properties, use reports like a Rent Index to compare the average asking rent per neighborhood.

Tip #3: Pay for utilities.

Tenants enjoy not worrying about paying for utilities – it’s one less bill to pay for. Include one or more utilities in the cost of the asking rent. If paying for utilities is unreasonable for an extended period of time is too much of a commitment, offer to pay for prescribed period of time like six months or for the first year. That way, if your renter becomes a long term tenant, you don’t have to worry about the utilities eating away at your expenses.

 

Tenant Alterations: 3 Factors to Consider

Tenant altering apartment property

A happy tenant is a happy customer. Sometimes, renters have plans of their own when considering decorating or enhancing your property. If you allow renters to make these changes, you can encourage a positive relationship and show you trust them. If you don’t, your tenant may not always be understanding. Unhappy customers have a lot of power because they can write bad reviews, affect your reputation or choose to leave your property.

There are three factors you need to consider when your renter requests to alter your property: 

#1: How permanent is the change? 

There’s a huge difference between asking to knock down a wall and making a hole in a wall to hang a mirror. For alterations that are not permanent, consider the time it takes to reverse the alteration. For example, having to spackle a wall after a tenant may be worth it if the tenant is happy and chooses to renew the lease. Also, you can request that the tenant restores the change back to its original condition, meaning they have to fix it after they move out. 

#2: Is it “damage”? 

If your apartment needs a paint touch up, and your tenant wants to repaint, there isn’t much harm in the alteration. If you allow your tenant to improve or alter your apartment, just make sure you get it all down in writing. Create a document stating the exact changes that will be made and whether you’ll be reimbursing them for the labor and materials.

#3: Is the alteration protected by law? 

The federal Fair Housing Act protects alterations for a disabled person, with your prior approval. Your property needs to be comfortable and safe for your tenants, like lowering cabinets.

Federal law also allows tenants to install wireless antennas and small satellite dishes, so that they can send and receive wireless signals. Also, know your state laws, so that you’re familiar with what types of alterations are protected. 

 

Keep Good Tenants: Establish a Positive Tenant-Landlord Relationship

Send your tenants greeting cards for special occasions.

Send your tenants greeting cards on special occasions. 

Every so often, you find the “ideal” tenant that does everything perfectly: pays the rent on time, maintains the property, and causes no problems. You definitely want to keep these renters for as long as possible. How do you entice them to stay? You need to have a positive relationship with your tenants so they don’t want to leave.

You need to be the best landlord they’ve ever had, because renters are also judging you, too.

Use these 3 tips to keep your property filled with good renters:

Tip #1: Get to know your renter.

Nothing is more dehumanizing than being referred to as a nameless “client,”  “renter,” or “tenant.” If you don’t know what your renter’s name is, it can make him or her feel insignificant or like just another number. Learn the names of all of people in the family (kids and all), and try to learn at least one fact about them. For example, if you know one of the kids plays soccer, ask how the season is going.

Knowing small facts about your tenants will make you seem personable and likeable. At the very least, know the first name of your tenants and address them by it.

Tip #2: Address renter needs and requests promptly.

A landlord that is unresponsive to concerns and requests comes off as uncaring and unprofessional. When a tenant approaches you with a need, give him or her your full attention and take care of what needs to be addressed. If requests can’t be done immediately, stay professional and calmly explain the situation.

Tenants don’t want to feel unimportant to their landlords. Whether you have one tenant or a hundred, your renters want to be heard.

Tip #3: Be the “nice” landlord.

You want your renters to say, “Oh, that was nice of my landlord.” You can accomplish this by making nice gestures to your tenants every so often. Send greeting cards to your tenants on special occasions like birthdays. Not only is this good public relations, but you’ll learn that your tenants like to be remembered by their landlord. 

 

Taking Professional-Quality Pictures: Rental Photography for Online Listings

Take professional-quality photos of your property, without the professional.

To attract prospective renters to apply for your property, you need to have good pictures of it. If a renter is on the fence about applying, your rental pictures could be a final deciding factor.

As stated in our Better Rental Websites Guide, 66 percent of renters said that listing pictures were “extremely” important and 24 percent said they were “very” important. This means, if you fail to post pictures, your listing has a higher chance of being disregarded.

We’ve talked about posting better rental property pictures before, but this one is a little different. This time, we’re going to teach you how to get professional-quality photos, without the professional.

Tip #1: Buy a quality camera.

It’s hard to take a high quality photograph using your camera phone. Computers are able to display high resolution photographs that show the finest details in a picture. Poor quality pictures of properties can appear pixelated or blurry.

Professionals use high-quality cameras. Therefore, invest in a quality camera, such as a DSLr. If those are out of your price range, there are plenty of good point-and-shoot cameras available that take great pictures. Using a high-quality camera makes sure you produce high resolution, sharp pictures of your property. Renters want clear pictures so they know exactly how the unit looks.

Tip #2: Keep the space from looking dark.

Whenever possible, use natural lighting, so open up those blinds or curtains. If you’re using flash, don’t catch the reflection of the flash in the window. The brightness from your camera flash is visually distracting, and will make the rest of your room look dark.

Pictures of dark rooms make them look cave-like, not to mention unattractive and gloomy. Although it’s a very small detail, you’ll want to avoid this practice if you want your pictures to look professional to renters.

Tip #3: Stage your home.

Before preparing for a photo shoot, people polish up their image to look good on camera. So does your rental unit. You don’t have to break the bank to stage your apartment; there are plenty of cheap tips to staging your rental property.

Remove distracting items like magnets on a refrigerator and clear the counters. Look at how properties are professionally photographed in magazines, they look homey and tidy at the same time. You need to achieve this balance if you want your rental pictures looking professional.

Finding “The One”: A Checklist to Finding the Best Tenant

Use this checklist when finding your ideal tenant.

Unless you have applicants for your property endlessly flowing in, it’s not an easy job finding the “perfect” tenant for your property. Choosing the best renter possible is critical, because a bad pick can cause you problems, stress and extra work.

Avoid headaches and use the following criteria as a checklist to finding your perfect tenant: 

 1. Filled out the rental form accurately and fits the basic rental terms.

Accurate information demonstrates a renter’s honesty. Fitting the rental terms, such as the number of occupants, indicates that this is a tenant you may be looking for. If your applicant lied on the application or doesn’t fit your rental terms, stop. Unless you’re willing to compromise, disqualify this applicant. 

2. Has the money to pay rent, and can prove it. 

Make sure your prospective renter has the income to be able to pay for rent. The industry standard is that the monthly gross income should be triple the monthly rent. 

Also, perform a credit check to make sure that your renter has good credit history. You don’t want a tenant’s financial troubles to carry over to their ability to pay rent. 

3. Good references. 

Call your prospective renter’s previous landlord to get an idea of how responsible your applicant is. Check with the previous landlord to see how the tenant left the last property or if the rent was consistently paid on time. Did the last landlord spend the entire security deposit on repairs? These can help indicate whether this renter is responsible. 

Double check your references, also. Some landlords may lie to keep their current tenant. Call more than one landlord, just in case your reference is dishonest. 

4. Good history.

If your prospective renter was previously evicted or convicted of a crime, these are also red flags. Avoid people who have had trouble with the law in the past. Trouble with the law can also mean trouble for you.

 

3 Cheap Tips to Stage Your Rental for a Showing

Clean up when preparing your property for a rental showing.

Remove all objects off the countertops to give your property a clean, “finished” look. 

Just like a first date, your property’s first impression counts. Take the time to prepare your unit and spruce it up so that it’s ready to impress and win prospective renters. After all, these renters are looking for their next home, and want to avoid properties that look ragged or unkempt.

“Stage” your property to look its best. Don’t make this a last minute project, because depending on the property’s condition, you may have to spend a few days working on it. Staging your rental doesn’t have to break the bank, either. 

Use these 3 tips to cheaply prepare your rental property for a showing that will close deals: 

Tip #1: Repaint the rooms.

Chipping paint shows landlord neglect and makes the unit look aged. It’s a good idea to do a quick repaint all of the rooms if the last paint job was two years or more. Avoid paints that are dark, since they make rooms seem smaller. Instead, choose colors that are off-white, to make your unit seem more spacious. 

Tip #2: Clean, clean, then clean some more. 

Do-it-yourself cleaning is a very cost-efficient way of prepping your unit for a showing. While some may think cleaning a property before a showing is common sense, there are lot of small things landlords tend to miss. Make sure you get into every nook and cranny so that your property is spotless. 

Here’s a list of items to add to your cleaning “To Do” list: 

- Dust, sweep and vacuum. – If there are badly stained or torn flooring, you should replace them.
- Wipe down windows and mirrors. – Make sure there are no spots!
- Remove everything from counters. – The “lived-in” look isn’t good. Less clutter is better.
- Change the shower curtain. – Every tenant should have a brand new one.
- Make sure appliances are spotless. – Pay attention especially to kitchen and bathroom appliances. For sanitary reasons, you want to make sure that these places are especially clean.

Tip #3: Set the ambiance. 

Setting the mood in your property for prospective tenants can help close deals. Appeal to their senses by lighting some scented candles or pleasant air fresheners. Another cheap trick is to boil spiced apple cider in a pot over the stove, which leaves a pleasant scent throughout the house. Play soothing music like jazz, easy listening or classical music. Turn on all the lights, so the prospective tenant can see all the rooms. 

Bonus: Keep all of your receipts, because they may be tax deductible. Also, when you put all the work into fixing up the apartment now, you don’t have to worry about fixing it after the tenant moves in. 

 

Tools Renters Use to Avoid Bad Landlords and Brokers

Renters that find a bad landlord or broker will not work with them.

As much as you want a “perfect” tenant, renters are also searching for an ideal landlord. Renters have standards, also. After all, renters are your customers. Unhappy customers don’t come back and don’t give glowing reviews.

Tenants need a reputable, professional landlord because it means that they and the property will be taken care of. Uphold a good reputation and learn what tools renters use that indicate the quality of a landlord and broker.

Bad Yelp reviews.

 Yelp is a popular resource where people review other businesses and give ratings. If you’re part of a large or medium sized company or brokerage, you may find your old tenants’ reviews. Prospective renters who come across those reviews may use them to make a decision to rent from you, making it important to have outstanding positive reviews.

Yelp reviews stick around for a very long time, good ones and bad. Treat every tenant with respect and pretend like each one will be writing a review on you following the end of their lease. A few bad reviews on you can quickly take you out of the running for winning over prospective tenants.

Condition of the property. 

The condition of the rental property can be an indicator of the quality of the landlord. Renters do not want to walk onto properties that already require work. There’s only one person to blame for poor unit conditions: the landlord. Why? Because you’re job is to maintain the property. Chipping paint, mold and other negligent apartment conditions only shows laziness on your part.

Start everything off on a good foot and impress your prospective tenants as soon as they walk through the door. Make sure your rental property is in prime condition.Tenants want to know they’re in good hands and don’t want problems with their landlord in the future. That’s why a poorly maintained property is a red flag for renters.

Your social media presence.

If you searched your name on Facebook or Myspace, will your profile represent a respectable, rental professional? Even if you’ve made your entire profile private, your picture may still be visible. Less than appropriate pictures posted on social media sites are risky because they could be found.

You want to communicate through your social media profile that you’re rental professional to be taken seriously. This doesn’t mean that you need to post a professional headshot; just don’t post anything you wouldn’t want your mom to see. Think twice before posting your pictures.

 

RentJuice Raises $6.2 Million in Financing from Top Investors

RentJuice Raises Money

Photo by: Aiden Jones (Flickr)

We are excited to share with you that RentJuice has raised $6.2 million in financing from leading venture capitalists, allowing us to grow our team faster and deliver even more great real estate marketing products to you.

We’re thankful for your honest feedback, your consistent support, and the impressive rental success stories that brought us to this milestone. The funding was led by Highland Capital Partners, an investment fund that helped build pioneering companies like VistaPrint and Digg, and Tim Draper, who was the lead investor in game changers like Hotmail and Skype. Each investor chose RentJuice because they were impressed with our committed and enthusiastic customer base:

“The most remarkable thing about the Company is its passionate, loyal following,” said Peter Bell, general partner at Highland. “It really struck me to see how often and how deeply RentJuice is being used by its customers and the difference it’s making in their real estate businesses. We look forward to being instrumental in bringing RentJuice to cities nationwide.”

With support from our investors, we’ll be growing and innovating even faster to help you do more rentals in even less time! Here’s what you can begin to expect from us in the coming months:

Increased redundancy in support

We know that one of the best investments we can make is in customer support, because we know your real estate business relies on accurate data, smooth operations, and quick agent training. We are growing and training our operations team to ensure that our customers get personalized account and technical assistance. We value relationship building and are working on creating more ways to support our growing customer base.

Accelerated innovation

We are passionate about continuously updating and innovating the RentJuice platform. We are rapidly expanding our engineering and product team to ensure RentJuice remains the most advanced and easiest-to-use rental software. We’ve only just begun to make the rental process painless and we have many new features in development that will simplify the rental process even further. Now we can reach our complete vision even faster!

Thanks to our new partners, you can feel confident that our business will continue to be the strongest and more reliable source for your company’s technology in the years to come. Thank you again for allowing us to serve you

Recent press links about the funding:

TechCrunch
Boston Business Journal
San Francisco Business Times
Inman News

 

Linkfest for Real Estate Agents

In this series, which we’ve been renaming based on feedback from readers, we recap the articles and resources we’ve been posting on the RentJuice Twitter account since we’ve been tweeting a few times per day with the best tips, posts, and resources we can find on the internet. Here’s a recap of the last week: Continue Reading…

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