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Questions to Determine if a Landlord Should Offer a Month-to Month Lease

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Questions to Determine if a Landlord Should Offer a Month-to Month Lease

In some cases, month-to-month leases may be a more effective and efficient way to run your property rentals. Here are some questions to ask and help determine if offering a month to month lease option would be beneficial for you. 

Is Eviction Likely?  

Longer-term leases are great to keep residents in your rental for longer, but they also make the eviction process more difficult should it be needed. If there are a large number of potential residents and you are having trouble thoroughly screening them all, starting them out with a month-to-month lease could prove helpful. You can transition responsible tenants to longer-term leases as they gain a positive track record. This creates a win-win situation for the tenant and landlord.  

Do Residents Need Flexibility?  

It is always good for a landlord to know the demographic of the type of renters in their area. Maybe you have a rental in a military town, college town, or near major corporations known to relocate employees regularly. In these types of areas, month-to-month leases make more sense because the majority demographic of renters need short term options.  

When Will the Lease End?  

Will the end of a longer lease hit at a time when it could be difficult to fill an empty rental unit? For example: will the lease end during the holiday season when new rentals are typically slower? If you are renting to a college student, a shorter 9-month lease would be more beneficial than a year-long lease. It would allow the lease to end when the student is out of school for the year and eliminate the need for students to sublet the rest of their lease during the summer or walk away and default if they cannot find a person to sublet or if subletting is prohibited in the lease agreement.  

Are Market Rent Costs Constantly Fluctuating?  

Charging higher rent than other rentals all around you could cause your rental spaces to sit vacant for longer. If you adjust your rent to be more in line with fair market value it will help you to retain renters. Some markets can go through periods where that fair market rent number fluctuates often. If you are in a market where this is happening shorter lease terms may be more helpful. It can allow you to adjust rent rates as the market shifts. In general, renters expect month-to-month leases to be just a bit higher than longer-term leases and this can help a landlord to compensate for any sudden vacancies or the cost of switching tenants. 

Are You Reviewing Your Current Leases?  

Knowing what leases you have, when their term is up, and if they are bringing in good results for you and your tenants is a smart move. Periodically adjusting them to help you to alleviate even minor but consistent headaches with tenants will allow you to continue to landlord with less stress. 

For more helpful tips about being a landlord or help with managing rentals in Savannah and surrounding areas please contact me any time.  

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Should You Install a Smart Thermostat in Your Rentals?

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Should You Install a Smart Thermostat in Your Rentals?

Some landlords have begun to offer smart home technology to their tenants. One way they are doing this is by installing smart thermostats in their rental properties. How do you determine if installing a smart thermostat is a smart move for your rental properties? Should You Install a Smart Thermostat in Your Rentals?

Benefits of Installing Smart Thermostats in Rentals

Attract and Retain Renters with Higher End Amenities

Securing quality renters can be competitive, especially in a market saturated with rental options. One way to draw in renters is with amenities they want and find useful.

Recent surveys conducted found that 71% of renters in the millennial age range are more interested in rentals that offer smart technology and 55% of baby boomer age renters are interested in smart technology that is easy and intuitive. Overall on average 32% of renters said that a unit with a smart thermostat would make them more interested in one unit over another. Another survey conducted found that 12% of renters would consider staying in their current rental if smart technology were installed.

Bring in a Higher Rent Rate

About 23% of renters are willing to pay a higher rent rate to live in a place with smart technology. Compared to other more popular highly desirable attributes of a rental such as an in unit washer and dryer, central air conditioning, and private outdoor spaces, a smart thermostat is the most cost effective to install.

Before installing smart thermostats in the hopes of bringing in premium rent rates, make sure you do your homework for your area and determine just how much you will be able to raise the rent and if that number is what you were looking/hoping for.

Save Money on Landlord Paid Utilities

If you have included the cost of utilities in with the rent, this could be a very beneficial way to go. If you have a multi-family residence with no way to fairly divide up the utility costs among each tenant a smart thermostat will help to make all units in the building as energy-efficient as possible. It is not uncommon for tenants in properties where the utilities are included to pay less attention to how much heating and cooling consumption is used. This way it can be monitored and even remotely controlled if need be.

Related: What happens if your house has code violations?

Setbacks to Installing Smart ThermostatsShould You Install a Smart Thermostat in Your Rentals?

Start-Up Cost

Smart thermostats cost much more than regular traditional thermostats. Depending upon the model and the featured functions of the thermostat it can be anywhere from $95 to $220 per thermostat. This can add up to a hefty bill if you have several units to install thermostats into. Some states offer sizeable rebates and savings to anyone who installs smart or energy-saving devices in their properties, so make sure to check out if the state you are in does this.

Renter Paid Utilities Means Renters See the Savings

If the cost of the heating and cooling bill is the responsibility of the renter, they are the ones saving the money. The upside to this though, is it is more attractive to renters and you will have an easier time retaining them with less vacant time.

Other Improvements May Make Better Sense

If you have been considering updating major appliances or doing a major facelift renovation and those things are in the budget, you may want to wait on the smart technology to better appeal to a wider range of renters.

So the answer to whether it is worth the effort and investment to install smart thermostats in your rentals comes down to a few deciding factors. If you are having trouble making this decision asking the advice of an experienced local property manager would be hugely beneficial. It is their job to know the current rental market including trends and amenities that renters really want in the area that your property is located.

For helpful rental tips and advice and the best property management services in Savannah please feel free to contact me anytime.

Tips for Cleaning Rentals Between Tenants

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Tips for Cleaning Rentals Between Tenants

Transitioning from one tenant moving out and making your rental property presentable and ready to welcome another tenant moving in, can be a large and stressful ordeal for any landlord. Whether you had an amazing previous tenant that leaves the property in great condition or a less than responsible and thoughtful one that leaves the place a mess, there will be some work to do to prepare the property for a new renter.  

It may seem a time-consuming pain, but cleaning and making a property seem brand new again will prove highly beneficial. Pristine rentals bring in higher rent prices and it keeps the property in better shape over the long run. Follow these cleaning tips to help you have a more successful rental.  

 

  • Include Tenant Cleaning Requirements in the Rental Agreement 

Before another tenant moves in, when the property is in pristine condition, have them sign and agree to take care of the property and know what condition the property will be expected to be left in upon move out. Give them a checklist of move-out cleaning tasks with the rental agreement and give them the same checklist again when they give notice that they will be moving out. Make sure to state that this checklist will hang heavily on their deposit being returned. This should make the final walkthrough a much easier process.  

More: How to Stage and List a House Fast

  • Take Excellent Care of Appliances and Change them out when Necessary 

If the appliances look like they are in good shape and the former tenant has left them clean to the eye, don’t just assume they are ready to go. Run the appliances like the dishwasher and the washing machine and dryer to make sure they are still in great working condition. After they have been tested give them a thorough deep clean.  If they are getting old and dingy it is time to upgrade to new ones. This will also help to justify charging a prime rent.  

 

  • Do a White Glove Inspection of Hidden Areas 

Even with the best of cleaning efforts by your previous tenant, there could be areas that were forgotten that grime has built up in/on overtime. Check places like the corners of the closet, under the lip of the kitchen and bathroom countertops, and the outlet and light covers.  

 

  • Invest in Commercial Cleaning Products 

Stock up on commercial strength cleaning products to cut through the grime that cleaners not available to the public can. Use these cleaners to get the stuff the tenant’s lesser strength everyday cleaners left behind.  

 

  • Don’t Forget Outside and Maintenance Issues 

The exterior of a rental is just as important as the inside. Sometimes the outside is more important as tenants won’t even consider a property that looks tired on the outside. Also make sure to check on general maintenance needs like changing out air filters, gutter cleaning, and the overall condition of the home.  

More: Helpful Move-in and Move-out cleaning checklist 

  • Bring in the Pros 

If you can afford the extra cost, it is highly worth your time to hire a few professionals to come in and clean the carpets, scrub the tiles and the bath/shower, and slap up a fresh coat of paint.  

 

  • Hire a Property Manager 

A property manager can take care of all of these things for you, from the rental cleaning agreements to the hiring of all the cleaning help to the finding of a new tenant. You can be completely hands-off and stress-free with a trustworthy property manager. The cost is well worth the amount of time and stress you will save.   

For property management services in Savannah, Georgia contact me anytime.  

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What Can You Do With Abandoned Tenant Property

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It is not uncommon for a tenant to move out and leave behind a considerable amount of their belongings. There are many horror stories about irresponsible tenants leaving a property in less than ideal condition. While some tenants just leave large amounts of garbage others have left behind things like clothing, furniture, unforwarded mail, and more. Sometimes it’s hard to tell that they even actually moved out.  What Can You Do With Abandoned Tenant Property

The natural response of a landlord faced with left behind tenant property is frustration and a desire to fill up a truck and haul it all off to the dump. Unfortunately, this could lead to legal problems should the tenant return and wonder where their belongings are. The best way to deal with left behind tenant property is to know the state laws. Most state laws require a landlord or property manager to follow a series of required steps to document and control access to anything left behind.  When the proper legal steps and precautions are taken a landlord can safely and confidently dispose of left behind items on their property.  

Related: What to do with property after a divorce?

Laws about how to properly handle left behind tenant property differ from state to state, and can even differ from county to county; so it is hugely important to know the exact laws for the location of each property you own. Here are the general steps to take when dealing with left behind property. 

  1. Ensure that you have control over access to the left behind items. Recover all keys, garage door openers, or change the locks to the rental. Some areas allow personal belongings to be stored in a secure storage unit while others require them to be left as they were on the property. The one thing you do not want to happen is allow the possibility for someone to steal the left behind items as you can face civil and criminal charges.  
  2. When the belongings are secure, you now want to document every item left behind. The best way to do this is to make a detailed video or take photos of every space and make a detailed written list of every item left behind.  
  3. Once you know it is ok to legally move anything left behind it is a smart idea to call in a neutral person to act as a witness to prove that everything was handled properly and without ill intent or theft.  
  4. Another great step to take is to notify the tenant that property was left behind if you have contact information. The best way to inform them is in writing so you can retain a copy and have the most solid proof that you did inform the tenant that they left something behind and how they can go about retrieving it.  
  5. In many areas if you have gone through all of the former steps and the tenant has not attempted to retrieve their belongings it is ok to sell or dispose of the property. Again make sure you know the laws of the land.  

Dealing with left behind property can be very time consuming and even expensive. A great way to deal with left behind property is to hire a property manager, they will have in-depth knowledge of local laws and know what steps to take to properly take care of left behind tenant property. This will save you stress and time and help avoid costly legal battles.  

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Using a Property Manager Tenants Actually Want to Work With

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A quality property manager can help make being a landlord much less stressful. There are a number of benefits and reasons for hiring a top-notch property manager to oversee your rental.

Using a Property Manager Tenants Actually Want to Work With

One aspect of property management is finding and retaining quality renters. To do this a great property manager will build rapport with current tenants. Building strong relationships with tenants helps to create a positive culture and results in benefitting all parties of the contract.

If you have a rental property and just don’t have much time for more than collecting rent and making mandatory repairs it could be increasingly beneficial to hire a property manager. The property manager will be able to care for your renters and help them feel more comfortable in your home fostering an even more welcoming situation that may keep renters in your property longer.

The key to building a relationship between the property manager and tenants is availability. A property manager that is available to answer questions and help remedy any problems if needed is one a renter will want to work with.

The easiest way for a property manager to make themselves available to tenants is with communication that they are available to answer any questions they may have and providing the tenant with ample contact information.

Property managers that are available through more than one means of contact help to ensure renters they will not be hard to get a hold of. For this reason, many of the top property management companies will provide a phone number as well as an email and sometimes even a website they can leave a message or comment on.

When renters have an easy way to pay rent and access to an easy way to make maintenance requests they also feel valued and may even live there for a longer period of time.

Some tenants may be a little harder to keep communication lines open with and an experienced property manager knows this and is proactive to keep communication flowing starting with the time of move in. By checking in with the renter to see of they got settled in ok and periodically emailing or messaging a tenant just to check in and encouraging the tenant that it is okay to contact property management anytime with a need,  you can gain great trust.

When your tenets have a good relationship with your property manager, they will be more satisfied with living in your property which translates to better tenants. For a property manager you can trust contact Helen Miltiades Realty today.

 

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