If you’re like many business people, you think and act globally. When it comes to landlording though, having investment property that’s not in the same city, or even the same state where you live, can be a challenge. But with a little strategic planning, it’s still possible to see a positive return on investment (ROI) on your rental property.

1. Have local connections

If you don’t have friends or family who live near your rental property, then you need to begin networking. Attend real estate events to meet local real estate agents or other rental professionals in the area. Such individuals can check up on a unit or help tenants who have locked themselves out when you can’t.

2. Stay in touch with your tenants

You want your tenants to feel comfortable talking with you and the only way you can do this is through ongoing communication. Give your tenants a call every few months or send an email. Since some renters won’t say anything unless asked, you’ll need to do check-ins to see how things are going to make sure they’re happy and that everything is working properly in the unit.

3. Visit your rental property regularly

You’ll need to visit your property at least two times a year to know for yourself what’s going on. Any inconvenience this may cause will be balanced by the fact that since your travel expenses are business-related, they are also tax deductible.

4. Hire a good property manager

If you know you won’t be around your property, hire a reputable property manager. The best individual for the job will have communication, sales and administrative expertise as well as solid technological skills.

You may think that such a hire may cut too deeply into your profits. But a good property manager may actually save you money. That’s because they may help you avoid damages, bad tenants and other expensive problems.

The real estate experts at Herman Boswell can provide long distance landlords like you with property managers with the expertise and reliability you need. Contact us today and let us show you a better way to manage your investment properties no matter where you are!

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It happens. Despite all your marketing and advertising efforts, you just can’t seem to find good tenants – or any tenants at all – for your rental home, apartment or condominium. And you have no idea how to fix the situation.

However desperate you may feel, don’t succumb to the temptation of loosening your screening requirements for new tenants. A bad renter – someone who pays rent late, damages the rental unit or disturbs other neighbors – is not worth the price of getting the unit occupied.

Instead of taking a chance on a risky tenant, ask yourself the following questions:

(1) Is the rental price I’m asking too high compared to similar properties?

If so, consider lowering the rent. Check rents of comparable rentals in your community on websites like Craigslist and visit a few properties that are similar to yours. You may discover that charging slightly less than what seems to be the going rate is a good way to find and keep great tenants.

(2) Does my rental house, apartment or condominium need repair work?

The condition of a rental unit may be affecting tenant interest. Simple things – like a paint job, new carpeting or window coverings – could make the difference between whether your unit gets rented or continues to remain untenanted.

(3) Is my print and/or online rental ad failing to draw in prospective clients?

Compare your ads to those you might find in similar venues. You may find that you’ll need to rewrite and/or repackage the contents of the ad to make it more appealing.

(4) Would I attract more prospective tenants if I allowed pets?

If you don’t allow pets, consider changing your policy. You may have more paperwork to deal with, but many landlords find that tenants who own pets are more responsible, appreciative and stable than those who don’t.

(5) Would tenant incentives – like a resident referral program – help me get new renters?

Some landlords have great success with programs in which they pay a premium to pre-existing tenants who refer other lease-signing renters to them. If you don’t have a lot of other tenants, consider offering new tenants things like:

• free rent for one month
• free parking
• free satellite service

If you do provide incentives, be sure to offer them in a way that is both fair and consistent to avoid charges of housing discrimination.

The experts at Herman Boswell can help you get your units rented without compromising your bottom line. That’s because we know the real estate market in North Texas like no one else. When you need help from experts who treat your real estate investments like their own, contact us!

The post WHEN YOU CAN’T RENT YOUR UNITS appeared first on Herman Boswell Property Management.

Commercial rental properties are often a lot of work. When you first start out in the rental business, you might not realize just what you are getting into because it all seems so simple. However, as time goes on, you will quickly realize that dealing with issues like renting units, screening applicants, collecting payments, and handling the upkeep of your property can become very time-consuming. Add that to the paperwork and accounting that needs to be kept up on and you could probably use a little help in your endeavors. Fortunately, Arlington property management services are here to help.

In Arlington, Texas, there are a large number of rental properties and landlords. Hiring Arlington property management services can easily give you a leg up on the competition while also giving you a little time and space to kick back and enjoy being a property owner while someone else handles all of the details. Property managers can take care of things like:

• Marketing and renting out units
• Collecting rent
• Interacting with tenants, giving eviction notices and other unpleasant activities
• Handling the books and accounting
• Managing other employees

Having professionals on hand to take care of the business of your commercial rental property can make your life a lot easier. You need to make sure that you choose Arlington property management services that can provide you with the resources and tools that you need to become successful in property ownership, of course. Not all services are created equally, and there are plenty of fly-by-night companies out there trying to grab your attention and get the job simply to get the money that comes with it. Always make sure that you hire professional, experienced property managers for your commercial rental properties so that you can get the best results from your investment.

Arlington property management solutions are available to everyone. When you have a larger or more complicated rental unit like a complex or commercial building, having the right people to help you along the way can make a big difference. With so many different rental properties in the Arlington area, you are going to have to fight to become successful and prove to people that you are the landlord to rent from. With a professional property management team on your side, this will be easier than you might realize because they will take care of the details and use their professional experience to give you an edge on the competition.

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As landlord, you know that bad tenants are bad for business. That’s why it’s so important to research rental candidates before turning over the keys. But doing thorough background checks on individuals can also present its own set of headaches.

First, you need to make potential applicants to fill out an application with their name, social security number, driver’s license number, current address and get their permission to run a credit check. You also have to ask for personal, work and rental references, which will require you to make numerous calls and inquiries.

An interview, whether formal or informal, is also an important part of the process, as it gives you an idea of the kind of person you might be dealing with. A credit check is also crucial because it can give you much-needed insight into that individual’s rental history. Unfortunately, both take time.

When running a credit check, you may only get an incomplete view of an applicant because credit bureaus don’t always record rent payments. This will mean using the services of a company that specializes in researching potential clients to get a more accurate financial picture of the person who wants to rent from you.

You also need to check public, eviction and criminal records. Doing so will make certain that a potential tenant isn’t in bankruptcy, hasn’t ever been evicted or been the subject of court proceedings. Any of these factors could make for a scenario straight from your worst nightmare.

The experts at Herman Boswell Property Management understand how time-consuming checking out potential tenants can be. At the same time, we also know that careful screening is key to avoid doing business with deadbeats. That’s why we go the extra mile for you and treat your properties like the the important investments they are.

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