It's natural for a property manager or landlord to want to get the most out of their investment. But even landlords with a lot of experience can make mistakes. Some of these mistakes include not doing enough to find good tenants and not taking care of maintenance and repairs. In this article, we'll talk about the top 5 things landlords regret and why they should know about them. You can avoid these common mistakes and make sure your property does well if you learn from the mistakes of others. In this article, we'll talk about things like not properly screening tenants, not making sure they know what to expect, not keeping up with repairs and maintenance, and not keeping good records. By the end of this article, you'll know what to avoid as a landlord to make sure things go smoothly and you make money.
Whether you marketed your property for sale or for rent during 2020, the pandemic, shelter in place rules, and quarantines sure proved to be a challenge. As we enter 2021, some of the challenges we faced might actually serve as lessons and help us bring creativity into our real estate marketing efforts.
Take video for example. Video has long been an effective marketing tool, with real estate listings utilizing video receiving 403% more inquiries than those that don’t, however, up until now, video had not been used widely, but rather for luxury or top tier properties, and rarely used as a substitute for in-person showings. 2020 and people’s inability to see properties in person, made buyers and renters more willing to buy and rent sight unseen, relying on video alone. This was a huge step in embracing technology in an industry as traditional as real estate, however, we have a long way to go from landlords and sellers walking around a home with their video conferencing apps on.
To provide your property with a strong and attractive presence in the market, you need good quality video that affords your prospective tenants or buyers with an experience as similar to an in-person visit as possible.
We understand video can be quite intimidating, but we are here to help. Whether you decide to give your audience a live tour or pre-record a video, video can be a fun way to make your property the talk of the town.
Here are some tips for making your videos pop:
Tip #1: Strategize Video should be part of your marketing strategy, and as such, should be properly planned and implemented. Some of the things you should keep in mind in the planning phase are:
The real estate industry is all about aesthetics. If a home is not visually pleasing, it will be difficult to get off the market. Whether you are pre-recording a video as part of your marketing campaign, or giving a live tour to a potential tenant or buyer, make sure the property is ready to be shown. If the property is empty, make sure it is clean and well lit. If it is occupied or furnished, make sure all areas are decluttered, particularly the kitchen (kitchen counters should have as little as possible on them), beds are made, shower doors and toilet lids closed, curtains drawn/open, etc.
Tip #3: Make your videos human
Buying and renting a home is a personal experience. While it is true that this may be one of the most significant financial decisions an individual makes, it is also an emotional one. Your videos, whether pre-recorded or live, should tell a story that touches people’s emotions, so get in the habit of storytelling.
Tip #4: Use 360 views
Showing a tangible, three dimensional space in a two-dimensional surface is not easy, especially a property in which you need to showcase several large, multi-functional spaces. Combining standard video with 360 views can immerse buyers and renters into the space so they can truly experience it.
Tip #5: Sell the lifestyle
When you sell a home, you sell its location and amenities as much as you sell the features of the property, so make sure you include the building’s common areas and the neighborhood’s city life (closeby gym, restaurants, etc) in your story.
So, what are you waiting for? Go ahead and film!
As a landlord, part of the job description involves clearing out the property after your tenants move out. If you’re lucky, you should just be handling trash such as old newspapers, takeout boxes, and other items that belong nowhere but the trash bin.
Some tenants, however, may leave things of value such as appliances, furniture, and even clothes. While the temptation to throw this out might be hard to ignore, there are certain steps that you need to undergo first to avoid facing serious liability.
Landlords are growing more and more cautious these days, especially with the growing trend of verdicts on premise liability cases leaning against them and the increasing amounts in payoffs. Courts that once were just, keeping balance between landlords and tenants are now favoring tenants in an obvious way, so much so that it is no longer uncommon to see juries award cash amounting to $1,000,000 and in some cases, even more, for damages that happen on a property that is being rented.
More and more people all over the world are becoming conscious of the environment and their considerable impact on it. Not only would being environmentally-conscious help in preserving Mother Earth, but it also affords you a number of benefits like saving money. Here are several ways to help make your home a more environment-friendly place.
How to Avoid Today’s Top Tenant Scams
There are a lot of crooked people in this world and the rental world is definitely not immune to these. As a matter of fact, you might have heard of horror stories from friends or family members regarding tenant scams or have experienced this kind of racket firsthand.
You might believe that you are well equipped to deal with such tomfoolery but the fact remains that you can never be too prepared when it comes to protecting yourself from these scam artists. Fortunately, there are different ways and means that you can secure yourself from shams — whether it is the simple ones or the more complicated rip-offs.
Read on below to learn what the most common tenant scams are today and how to best avoid these:
The two faces of credit
We often have applicants come to us arguing that the credit score that appears in the Verify Tenant report is lower than the one they pulled online just a week before. “There must be an error with your system,” they say.
If you own a property and you are renting it out, it’s important to make the most out of your property. You wouldn’t want your property to be vacant as much as possible. The competition is tough with a lot of landlords out there and a lot of other properties that probably have a better location, are much bigger, or are cheaper compared to your own property. Don’t fret. Here are ways to ensure that your property is rented out most of the time:
Should you hire a property manager?
3 Benefits Of Hiring A Property Manager
Are you looking to rent out one of your properties? Whether you are new to this whole ‘being a landlord’ thing or you’ve done it for years, hiring a professional property manager may save you big in time, energy, and money.
If you are like most landlords, you probably have a job aside from being a landlord. Do you really want another one? Property managers dedicate their days to taking care of all the little details that go into managing a property and dealing with tenants, and they do it professionally. Why not take advantage of their expertise?
There are many benefits to hiring a property manager. Here we are rounding up our top 3 reasons why you should hire a property manager.
You asked, we listened
Beginning May 29th, Verify Tenant’s ordering platform will feature a bunch of system performance enhancements. Among the enhancements we are most excited about are:
Applicant Phone Number: On the Applicant Pending records, when you hover over the Detail icon, the Applicant’s phone number is now included in the display
Federal Criminal Update: Federal Criminal and Civil searches can now be conducted State-wide for all Federal Districts within a selected State.
New Look & Feel: Our development team has been updating the Order Entry Wizard
System Performance: We have added server capacity, server memory, installed new servers and added a system monitoring tool that helps us identify and target slow processes. With this tool, we are making a number of software optimizations and database service enhancements.