Flexibility isn’t just for yoga enthusiasts—landlords can benefit too! Offering flexible lease terms might be the secret sauce your rental property needs to attract great tenants and keep that income flowing like your morning coffee. At Nesbitt Realty, we like to call this landlord gymnastics.
1. More Tenants, Less Stress
Imagine this: Alex the freelancer needs a six-month lease. Mary the consultant? She’s here for nine months tops. Now, what if you had a lease that fits their Goldilocks needs?
What is the point? Not everyone needs or wants a standard 12-month lease. Some tenants are in transition, relocating for work, or only need short-term housing. Offering options like month-to-month, six-month leases, or extended leases can attract a broader range of tenants who might otherwise look elsewhere. With flexible terms, your property becomes the answer to their rental prayers.
2. Goodbye, Awkward Gaps
You know those weird three-month periods where your property sits empty, just staring at you accusingly? Short-term leases can fill those gaps like a good landlord Band-Aid. Why let your rental collect cobwebs when it can collect rent instead?
3. Happy Tenants Stick Around
Life happens: new jobs, new babies, and maybe even new hobbies that require a big basement. When tenants know you’re adaptable, they’re more likely to stay—and when they do leave, they’re more likely to say nice things about you. (Hint: That’s Yelp review gold!)
4. Potential for Higher Rent
We all love a little extra cash. Flexible leases, like month-to-month arrangements, often come with a higher price tag. Why? Because flexibility is a luxury. And let’s face it, luxury should always come with a price.
5. Control the Calendar, Control the Market
Want leases to end in the sunny, competitive days of summer? Flexible terms give you the power to align expirations with peak rental seasons. No more trying to rent your place during the post-holiday slump.
Pro Tip from Nesbitt Realty
Always spell everything out in your lease agreements. We’re talking the who, what, when, where, and why of flexible terms. Ambiguity is the enemy of a happy landlord-tenant relationship (and your legal fees).
So, whether you’re an experienced landlord or just dipping your toes in the rental pool, consider flexing your lease terms. Who knows—you might just win the Rental Olympics. Gold medal optional, but highly encouraged!
Let’s face it: the days of pinning a “For Rent” sign on the front lawn and waiting for calls are long gone. In 2024, you’ve got to be a landlord-slash-social-media-maven to get your properties noticed. But don’t worry—Nesbitt Realty has your back. Let’s break down the steps to become the social media superstar your rentals deserve.
1. Pick Your Platforms Wisely
Think of social media as a buffet. You don’t have to pile everything on your plate, just the good stuff.
- Instagram: The land of filters and “WOW, is that even real?” pictures. Perfect for showing off that freshly renovated kitchen.
- Facebook: Great for those neighborhood groups where everyone’s looking for a rental... or a lost cat.
- TikTok: Yes, it’s more than dance videos. Show off your properties with quirky, fun tours—bonus points if you add some humor.
2. Become a Photographer Extraordinaire
No blurry phone pics here, please. Invest in some good lighting and maybe a camera with more megapixels than your first smartphone. Tenants love bright, airy photos—extra credit if you throw in a staged home that screams “Pinterest-worthy.”
3. Brand It Like a Pro
Your properties should look as coordinated as a wedding party in matching suits. Use the same fonts, colors, and logos across posts. Trust us, it’ll make your properties look snazzy and professional.
4. Post More Than Listings
Nobody wants to follow a page that’s just endless “3-bedroom, 2-bath available now!” Spice it up! Share tenant tips, local restaurant highlights, or even a meme or two. Keep them laughing, and they’ll stick around.
5. Respond Like a Champ
Social media is like hosting a party—you wouldn’t ignore your guests, right? Reply to messages and comments promptly. (Even if the comment is, “Does this come with free parking?”)
6. Pay to Play
Sometimes you’ve got to throw a few dollars into the ring. Use targeted ads to make sure your listings are seen by people who are actually looking for a rental—and not your aunt’s knitting group.
7. Keep an Eye on the Stats
Social media isn’t just post-and-forget. Use analytics to figure out what’s working. Are videos of your properties crushing it? Double down on those!
By mastering social media, you’ll not only fill your properties faster but also have a blast along the way. Just remember: Nesbitt Realty is always here to cheer you on (and help if you need us).
Opening your rental property to pets can feel like inviting a zoo into your living room—or it could be the best decision you’ve ever made. At Nesbitt Realty, we’ve seen it all, from cuddly kittens to a tenant’s turtle that mysteriously escaped (spoiler: it was under the fridge). Here’s the lowdown on the pros, cons, and how to keep your sanity when renting to pet owners.
The Paws-itive Side
- More Tenants, More Options: Pet-friendly properties attract a bigger crowd. Whether it’s dog lovers or cat enthusiasts, you’re looking at a tenant pool ready to commit.
- Loyalty for Life (or at Least the Lease): Tenants with pets are less likely to move, mostly because finding another pet-friendly place is like finding a needle in a haystack.
- Extra Income? Yes, Please! Pet rent or deposits can help offset potential damages. Think of it as a little thank-you from Fluffy for sharing your property.
The Ruff Risks
- Damage Galore: Scratched hardwood floors, fur-covered carpets, and that mysterious smell in the corner? Pets can leave their mark—literally.
- Noise Complaints: A barking dog or a squawking parrot can ruffle feathers (yours and the neighbors’).
- Legal Wrinkles: If a pet misbehaves or bites someone, you could be roped into legal drama faster than you can say “bad dog.”
Crafting the Purr-fect Pet Policy
- Pet Interviews? Why Not! Meet the pet or ask for references (yes, pet references exist). It’s not as weird as it sounds.
- Size and Breed Limits: Want to avoid having a Great Dane in your studio apartment? Set clear restrictions.
- Deposit That Tail-Wagging Damage: A refundable deposit or monthly pet fee can help cover surprises (like that chewed door frame).
- Clear Rules: Put everything in writing—from poop-scooping expectations to keeping the pet under control.
Legal Leash Laws to Note
- Service Animals Are Non-Negotiable: By law, you can’t refuse a service animal or emotional support animal—even if you’re not a pet person.
- Local Laws: Check your jurisdiction’s rules on pet fees and breed restrictions.
Inspections: A Little Sniff Test Goes a Long Way
Regular property checks can ensure pets aren’t wreaking havoc. Plus, it’s a good chance to say hi to Fido or Whiskers (and remind them who’s boss).
At Nesbitt Realty, we know pets can bring joy—and the occasional headache—to your rental experience. With the right policies and a sprinkle of patience, renting to pet owners can be a tail-wagging success!
When it’s time for property renovations, a property manager’s role goes beyond selecting paint colors and flooring options. From navigating schedules to managing contractors, property managers make sure renovations get done without a hitch—or at least without too many hitches. Here’s the Nesbitt Realty way of juggling renovations with a smile (and maybe a hard hat).
1. Scoping Out the Game Plan and Budget
Before swinging a hammer or picking tile, a property manager huddles with the owner to scope out the renovations. Are we aiming for a full kitchen overhaul or just refreshing the bathroom tile? Once the big goals are clear, it’s all about setting a budget and figuring out what we can actually pull off. No frills here—just practical planning for smart upgrades.
2. Finding Contractors Who Show Up on Time
Let’s be honest—finding reliable contractors is half the battle! A good property manager has a list of pros who know their stuff and stick to timelines. They handle the vetting, making sure to pick contractors who not only do great work but also won’t skip out mid-renovation.
3. Scheduling Without Sending Tenants Running
Timing is everything! A well-coordinated renovation plan keeps tenants informed (and happy) every step of the way. Property managers schedule work to minimize disruption, which might mean working around tenant schedules or even setting up temporary spaces. Keeping the tenant’s day-to-day life in mind helps avoid surprises and—bonus—keeps those tenant reviews glowing.
4. Making Sure We Stay on the Right Side of the Law
Ever tried renovating without a permit? Don’t! Property managers know the ropes on permits and local codes, so they’ll handle getting all the necessary paperwork. This keeps renovations above board, with no last-minute inspections throwing a wrench in the plan.
5. Final Touches and Quality Checks
Before we officially say, “done and dusted,” property managers do one last sweep, checking every detail. They catch any minor issues (like a loose cabinet handle or unfinished trim) to ensure that the final product meets standards. And if a contractor missed something? We’re on it!
6. Smoothing the Return to Daily Life
Once renovations are complete, tenants and owners get a fully refreshed space. A property manager makes sure everything’s clean, functional, and ready to enjoy, handing over a “new and improved” property that everyone’s proud of.
Managing renovations isn’t all bricks and paint—it's about creating value, comfort, and a hassle-free process for everyone involved.
When tenants ask for a rent reduction, it can be a tricky situation for any property manager or landlord. Rent adjustments impact your income, but you also want to keep reliable tenants who may be facing financial challenges. Here’s a step-by-step guide on how to navigate these requests fairly and professionally.
1. Listen and Assess the Request
First and foremost, hear your tenant out. Understanding their reasons for the request can help you assess if it’s a temporary challenge, like a job loss or medical expenses, or if they’re struggling with affordability long-term. By showing empathy and engaging in a productive conversation, you can better decide how to approach their situation.
2. Review the Market and Property Value
Before making any decisions, check the local rental market. Have rents in your area gone down, or are they holding steady? If surrounding properties are offering similar units at lower rates, it might be wise to consider a slight reduction to stay competitive. Alternatively, if your property offers premium amenities, consider if it justifies the current rate, as these features may add value beyond monthly rent.
3. Consider the Tenant’s Rental History
A reliable tenant is valuable. If the tenant has always paid rent on time, communicates well, and takes good care of the property, their request may warrant consideration. Long-term, reliable tenants save you the hassle and cost of turnover, making a small rent adjustment worthwhile to retain them.
4. Offer a Temporary Solution
If a permanent reduction isn’t feasible, consider a temporary solution. Options like a short-term reduction, a payment plan, or deferred rent can be win-win solutions. This way, the tenant can meet their obligations without affecting your income over the long term.
5. Document Any Changes Carefully
Should you decide to offer a rent reduction or a temporary adjustment, make sure all details are documented in writing. An addendum to the lease should clarify the new rent amount, the period of the reduction, and when the original rent will resume. This protects both parties and ensures clarity.
6. Explore Government or Community Resources
Sometimes, tenants may not be aware of financial resources or programs that could assist them. If your tenant is experiencing hardship, you could suggest they explore options like rental assistance programs, especially if the pandemic or other economic factors have impacted their income.
Handling rent reduction requests fairly can foster good tenant relations while helping maintain a stable income. With empathy, careful assessment, and clear communication, you can find a balance that keeps both you and your tenant satisfied.
Windows and doors might not get their moment in the spotlight, but they’re a huge part of what makes a home… well, a home! They keep the warmth in, the rain out, and the neighbors’ barking dog a little quieter. But regular inspections for these trusty household features aren’t just about “looks.” Let’s dive into why giving windows and doors a little TLC can make a world of difference for your rental property, tenants, and maybe even your wallet.
1. Energy Efficiency: The Battle Against the Draft
Ever felt an unexpected breeze while standing indoors? That’s a not-so-friendly draft telling you it’s time to check the windows and doors. Those little gaps and cracks can seem innocent enough until you see the energy bill! Drafts sneakily let warm air out in winter and cool air out in summer, and the result? Tenants paying more on heating and AC and, eventually, calling you to ask, “Why’s it so chilly in here?” When we conduct regular checks, we keep the place sealed up tight and our tenants toasty (or cool, depending on the season) without busting the budget. Little things like re-caulking or adding a seal strip can make a big difference!
2. Keeping Things Secure: Lock It Down
Let’s face it—windows and doors are like the “bouncers” of the property. They’re there to keep the right people in and the wrong ones out! Security is huge for tenants, and a good, sturdy door or secure window is often all that stands between your tenants and the outside world. Routine checks help spot wobbly locks, loose hinges, and any other sneaky weaknesses that could spell trouble. It’s peace of mind for tenants and peace of mind for you. After all, nothing says “We care about your safety” quite like a door that clicks securely shut!
3. Water Damage Prevention: No One Wants a Free Indoor Pool
Leaky windows and doors can turn a cozy rental into a swamp faster than you’d think. Water has this funny way of finding even the tiniest cracks, and before you know it, there’s a puddle or a patch of mold where there shouldn’t be. Inspections are like our superhero cape here; they let us catch these leaks before they can wreak havoc. If we spot any potential water entry points, a little caulking or a quick repair will do the trick. Not only does it prevent damage, but it also stops that unpleasant “damp” smell that’s a big turn-off for renters.
4. Tenant Satisfaction: Because Comfort is Key
Ever notice how a happy tenant sticks around? It’s true! Windows that don’t rattle and doors that don’t let in mystery drafts make tenants comfortable, happy, and more likely to renew their leases. Regular inspections show tenants that we’re proactive, attentive, and looking out for their comfort. Plus, a well-maintained property just feels better—it’s the kind of touch that makes people want to call it “home.” And when tenants feel like they’re at home, they tend to stick around longer, saving everyone the hassle of turnover.
5. Increasing Your Property’s Value: Because Every Little Bit Counts
Well-maintained windows and doors don’t just make the place look better; they make it worth more! Prospective buyers and tenants notice when a property has been well cared for, and those little maintenance touches can add up in a big way. They say “I’ve been well-loved” and help bump up that resale value. Even if you’re not selling anytime soon, regular upkeep means you’re preventing major repairs down the line. The property stays in top-notch shape, and you’re able to enjoy the benefits of a well-maintained asset.
In the end, taking care of windows and doors isn’t just about cleaning the glass or oiling the hinges. It’s about creating a welcoming, secure, and efficient environment for tenants and keeping your property’s value intact. A little preventive maintenance can make everyone feel at home and save everyone a bundle down the line. So, let’s give those windows and doors the attention they deserve—they’re holding it all together, after all!
The economy’s thrown us a curveball, and it’s time to buckle up, property managers! Managing rentals during an economic downturn is no walk in the park, but with a few strategic moves, you can get through it in one piece—and maybe even come out on top. Here’s how to keep those tenants and that rental income steady without breaking a sweat.
1. Flexible Rents: Keep Tenants, Keep Calm
Look, raising rents in tough times is like trying to sell umbrellas in a desert—it’s just not happening. Instead, consider rent flexibility. Payment plans, temporary reductions, and a sprinkle of compassion can keep those rent payments rolling in without tenants doing a vanishing act.
2. Turn Your Tenants into Lifers
We all know tenant turnover is pricey, especially now. So, roll out the VIP treatment for your tenants: a little paint here, a quick fix there, and maybe even a rent freeze to sweeten the deal. After all, who’d want to move out when they’re getting such star treatment?
3. Repair Smart, Not Hard
Economic downturns call for triage mode on repairs. Focus on what must be done (looking at you, HVAC and plumbing) and save the granite countertops for another day. That way, you’re still maintaining property value without splurging on upgrades.
4. Find a Financial Cushion
Newsflash: there are tax breaks and relief options out there for property owners. Look into local resources for economic relief that can help you cover some costs. A little extra financial help never hurt anyone, especially during a rainy day (or year).
5. Stay on Top of the Market
Keep one eye on the local rental market. If rental demand dips, be ready to adjust your pricing and avoid vacancies. Downturns may mean tighter budgets, but a well-priced property stands a much better chance of staying full.
6. Be a Marketing Maverick
Got a vacancy? Time to go full marketing mode. Great photos, tempting incentives, and listing every amenity under the sun can make your rental stand out. Even in slow times, good marketing can be the ticket to keeping that “For Rent” sign off the lawn.
Keep Calm and Landlord On!
Managing rentals during an economic slump isn’t easy, but a bit of creativity and a lot of tenant love can keep your properties—and your peace of mind—intact. With patience and a few tweaks, you’ll come out of this economic rollercoaster ready for whatever comes next!
Rent-to-own agreements offer an alternative route for potential homebuyers, combining aspects of renting with the option to purchase the property at a future date. But before diving in, it's essential to understand the pros and cons of this setup to determine if it’s the right path for you.
The Perks of Rent-to-Own
- Built-In Savings Account (Or, “Honey, Look! We’re Finally Building Equity!”) With rent-to-own, a portion of your rent might go toward your future down payment. It’s like a piggy bank that lives in your lease, helping you save up bit by bit without any extra piggy-backing. Just remember to read the fine print and see what portion goes to that savings!
- The Price is Right (Or at Least Agreed Upon) Locked-in purchase prices can be great if home prices soar during your rental period. If the market’s hot, you’re set to buy at a previously agreed-upon price, which could be a steal by the time you close!
- Try Before You Buy Not quite sure about the neighborhood or the house itself? Renting to own lets you live there first—like a long-term test drive. And if it turns out your neighbor’s rooster crows at dawn every day, at least you have the choice to move on!
- Credit Repair Time Rent-to-own lets you work on creditworthiness while already occupying the home. It’s like having your foot in the door and finally building that credit score for the big step into homeownership.
The Drawbacks of Rent-to-Own
- Above-Average Rent Costs Monthly payments are typically higher in rent-to-own deals. Why? That extra amount goes toward the purchase—unless you change your mind. Then, consider those dollars a contribution to the homeowner’s new vacation fund.
- Risk of “Bye-Bye Investment” Plans change—life happens. But in rent-to-own, if you back out or don’t qualify for financing later, any extra funds you’ve paid can be a kiss goodbye. Read carefully and plan for the future before diving in.
- Market Prices Can be a Gamble Locked-in prices are a mixed bag. If the property value drops, you’re left paying the higher price from the original contract. So if the market takes a dip, you might end up paying a bit extra for that “home sweet home” feeling.
- Maintenance Surprise Package Rent-to-own can often mean you’re responsible for some or all maintenance, so keep an eye out for language about who handles repairs. While it’s great for practicing your DIY skills, you might be covering costs sooner than you’d like!
Final Thoughts: Is Rent-to-Own Your “Home Sweet Home” Path?
Rent-to-own is ideal for renters who have homeownership dreams but need some time to get there. Just make sure you understand the agreement, weigh the potential risks, and take a peek under the hood of that “deal.” If you’re careful and committed, rent-to-own could be the ticket to your new front door!
Let’s face it—tenant screening used to be one of those dreaded processes involving endless paperwork and, occasionally, some creative storytelling from prospective tenants. But thanks to technology, screening tenants is faster, simpler, and feels less like detective work. Here’s how tech is giving tenant screening a 21st-century glow-up.
1. Online Applications: No More “Can You Read This?” Moments
Gone are the days of trying to decipher handwriting that could belong to either a doctor or a toddler. Online applications keep everything organized and legible, so you know you’re actually getting the right name, phone number, and not a mystery scribble!
2. Credit and Background Checks at Lightning Speed
You used to have to wait days for a report—now it’s all instant! Background and credit checks are as easy as ordering a coffee (but with fewer customization options). It’s never been simpler to see the financial and personal history of an applicant without awkward face-to-face questions.
3. “Are You Really Who You Say You Are?” Tech Tools
Thanks to digital ID verification, landlords can confirm applicants’ identities in real-time, avoiding any surprises down the line. No Sherlock Holmes detective work needed—just a quick check that confirms the name on the app matches the person who applied. Peace of mind? Delivered.
4. Payment History That Speaks Volumes
Wondering if an applicant is as reliable as they say? Predictive analytics can show their payment history and even estimate their likelihood of paying rent on time. It’s like having a crystal ball (minus the dramatic fortune-teller music). You’re not just guessing anymore—you’re using data to back it up.
5. Automatic Reference Checks So You Can Stop Playing Phone Tag
Automated reference systems take the hassle out of tracking down former landlords. Now you get responses in record time, and you don’t even have to play phone tag. A few clicks, and you’ve got a well-rounded picture of your potential tenant’s history, no gumshoe work required.
6. Built-In Security for Peace of Mind
All that data needs to be secure, right? With modern screening platforms, encrypted servers keep applicants' info safe and sound. It’s tech that’s as serious about privacy as it is about ease of use. You can sleep easy knowing you’re compliant with privacy laws, and your applicants will feel good about it too.
Wrapping Up: Smarter Screening, Happier Landlords
Technology has taken the tenant screening process from a marathon to a sprint. With digital tools, property managers can find the right fit for their properties faster and with more confidence. And hey, anything that means fewer phone calls and faxes? That’s a win in our book!
Ready to put together a tenant handbook that’ll save you and your tenants from countless emails and “forgotten” rules? Here’s how to make one that’s clear, comprehensive, and even fun enough to not be “lost” in a drawer somewhere!
1. Welcome to the Adventure!
Start off with a friendly welcome, making sure tenants know they’re in good hands with you. Sprinkle in a little humor—like a “house survival guide”—to let them know this isn’t your typical “rule book.” It’s a guide to happy living.
2. House Rules Without the Fine Print
Give them the lowdown on house rules, like quiet hours and guest policies, without sounding like a drill sergeant. Instead of saying “NO loud noise,” maybe try, “Feel free to belt out show tunes before 10 PM—just remember, walls have ears!”
3. The Secret to Staying in Good Graces: Maintenance Requests
Nobody loves a surprise plumbing issue, but knowing how to handle it helps. Include your process for repair requests and note any “DIY Don’ts.” Encourage tenants to reach out early (before the issue turns into a DIY disaster).
4. Rent Payment 101 (a.k.a. How to Avoid Awkward Reminders)
Outline how and when rent is due, but keep it light. We’re here to help, but a “friendly nudge” at the beginning is way more fun than a serious email about late fees.
5. Emergency “Break Glass in Case of” Protocols
Tenants might never need them (fingers crossed!), but it’s comforting to have emergency contacts and steps handy. Make it straightforward and clear where they can find these numbers quickly.
6. Shared Space Etiquette for the Socially Savvy
Got a pool? Gym? Communal laundry? A few kind reminders here on sharing is caring helps keep the peace. No one loves seeing an empty detergent bottle left behind, so a little humor goes a long way.
7. Wrap Up with a Wave and a Smile
End the handbook with a friendly reminder that you’re around if they need you. A quick “Reach out if you have questions—we’re just a message away!” is the perfect send-off.
Creating a tenant handbook doesn’t have to feel like writing a rule book. It’s your chance to make a great first impression and build a positive tenant experience from day one. Happy handbook making!
