Total insurance premiums in 2017 reached nearly $1.2 trillion dollars. Suffice it to say, Americans like to reduce risk when it comes to their financial investments. Homes, cars, and even lives can be insured. But as a landlord, other than your lease and an effective screening policy, there isn’t much to ensure your tenant will …
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Altering a Lease Mid-Term
A lease is a contractual agreement that dictates a landlord-tenant relationship for a future period, typically twelve months. But the circumstances around that agreement are not static. It is common for both landlords and tenants to request changes to a lease agreement after it has been signed. As a landlord, it’s important that you find …
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Online Leasing: 5 Common Myths & Misconceptions
Accessing, signing and storing documents of all kinds online is commonplace in today’s increasingly digital world. Nevertheless, many landlords are reluctant to make the switch from traditional pen and paper to digital. Of course, it’s important to be cautious about making major changes to your business, particularly those that have legal implications. But, some of …
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Month-to-Month Leases: A Landlord’s Guide
(Note: The terms “fixed” and “annual” leases are used interchangeably. Both refer to traditional 12-month, fixed leases in the context of this article.) Twelve-month, fixed-term leases have long been the standard structure for residential rentals, but they aren’t the only option. Month-to-month (M2M) leases are popular with many tenants looking for flexibility and temporary rental …
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What are Individual and Joint Leases?
Primarily, two methods of structuring a lease for multiple tenants are available: you can sign each tenant individually (or “by-the-bedroom”), or you can sign the tenants jointly. Individual leases provide flexibility during the leasing process while joint leases provide flexibility during the management process. Depending on what you’re trying to accomplish, where you’re renting and …
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Online Leases: How Do They Work?
Online leases are a valuable tool for improving your property management. Among other great benefits, they can reduce your units’ turnover time while simultaneously adding convenience for your tenants. If you’re unsure about the legality or difficulty of leasing online, there’s no need to worry. We’ve addressed these common misconceptions (and others!) to assure you …
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Understanding the Importance of a Lease Addendum
Murphy’s Law has several subtle variations, but the general message is as follows: if something can go wrong, it will. Many landlords can vouch for this with their rental properties. The truth is that the longer you manage properties, the more problems you are likely to encounter. Your lease agreement is your strongest protection against …
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Tenant Screening: Everything You Need to Know
Finding the right tenants and avoiding the bad ones is critical for any landlord that wants to maintain their sanity while growing their rental business. Online tenant screening is therefore an indispensable tool. Just think about it, almost every nightmare rental scenario relates to the quality and maturity of your tenants: late payments, trashed properties, …
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Using Social Media When Screening Tenants
Can I Use Social Media to Screen my Tenants? It’s no secret people love social media. Posting, retweeting, and keeping up with friends and celebrities has become a part of the daily routine for many. In fact, 7 out of every 10 Americans use social media to connect with others, engage with news content, and …
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Passive Tenant Screening for Better Property Management
Active Screening vs. Passive Screening Odds are, you aren’t familiar with what passive tenant screening is. When you think about “tenant screening,” you’ve probably got active screening on your mind. Active screening is the process by which landlords and property managers evaluate applicants, accept those that fit their requirements, and reject those that do not. …
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