Real Estate Consult

Property management can be extremely challenging, as it involves heated emotional and financial disputes. When it comes to collecting back rent, you need all the help and legal forms you can get, so here are some tips, tricks, and ideas, and best of luck collecting rent!

The housing market isn't in a good place. A great number of realtors and mortgage lenders would probably tell you that it's actually in shambles given the current economy.

You don't have to rent to the prospective tenants if there is real trouble with the lease signing. If someone is arguing over every single lease item, it could be a sign of future difficulties with that person. It is perfectly okay to refuse to rent to someone who you feel isn't going to uphold the lease agreement.

Any company that is in the apartment management business should assess their business periodically. After several years of apartment management, more of the apartment complexes may now be in more select areas than when the business started. That means that the clientele being served is at a different level.

Every investor wants to maximize cash flow. However, achieving this goal can sometimes be counterintuitive. For instance, you may think that because you have tenants paying below current market rent that you should automatically raise their rent to full market value when it comes time to renew their lease.

It is estimated that from one to two hours a day is lost looking for misplaced information or papers. Getting yourself organized is like getting a free hour every day!

Tenants who fail to report leaking or running toilets to Landlords or property managers cause water billing nightmares. Usually, the best a Landlord can do is figure out in which unit the leaking toilet condition occurred, schedule a plumber to fix the problem, foot the exorbitant water bill, then if he's lucky have one of his minions file the paperwork (bill showing increase in usage, receipt for plumbing work, goods, etc.) for a possible 50% refund in two or three months from his local water utility, as is the case in San Francisco.

Are you having massive headaches with nightmare tenants? Then find out how to evict a tenant effectively with this step by step guide for landlords and property managers.

If you are in the rental business, sooner or later, you are going to have a tenant who inexplicably stops paying rent. They may give you the run around with stories about why they can't pay and promises of a full payment plus late fees just around the corner. Or, they may simply ignore your phone calls and refuse to answer the door if you show up in person to try to collect rent. Bottom line is, when it comes to this point, these tenants will need to be served with a three day notice to vacate to initiate the eviction process.

When employing a property management company, it's important to remember that they are to work for you and not the tenants. For a property owner becoming a landlord, there are many things to consider. Whether the property is commercial or residential, the same questions and concerns apply. Obviously, the selection process should not be taken lightly or randomly.