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Best Tips For Newbie Landlords

Best Tips For Newbie Landlords

Just getting started with owning your first rental properties? If so, you’ve come to the right place. In this article we will share with you or best tips for newbie landlords who have just purchased their first rental properties and are now faced with the task of dealing with tenants.

1. Screen Tenants

Don’t rent to anyone before checking credit history, references, and background. Haphazard screening and tenant selection too often results in problems — a tenant who pays the rent late or not at all, trashes your place, or lets undesirable friends move in. Use a written rental application to properly screen your tenants. For more information, see How to Screen and Select Tenants FAQ.

2. Get it in writing.

Be sure to use a written lease or month-to-month rental agreement to document the important facts of your relationship with your tenants — including when and how you handle tenant complaints and repair problems, notice you must give to enter a tenant’s apartment, and the like. For what to include in a lease or rental agreement, see Ten Terms You Must Include in Your Lease or Rental Agreement. Not sure which to use? See Whether to Use a Lease or Rental Agreement.

3. Handle security deposits properly.

Establish a fair system of setting, collecting, holding, and returning security deposits. Inspect and document the condition of the rental unit before the tenant moves in, to avoid disputes over security deposits when the tenant moves out. For more information, see Leases and Rental Agreements FAQ.

4. Make repairs.

Stay on top of maintenance and repair needs and make repairs when requested. If the property is not kept in good repair, you’ll alienate good tenants, and tenants may gain the right to withhold rent, repair the problem and deduct the cost from the rent, sue for injuries caused by defective conditions, and/or move out without needing to give notice. For more information, see Repairs, Maintenance, and Entry to Rented Premises.

5. Provide secure premises.

Don’t let your tenants and property be easy marks for a criminal. Assess your property’s security and take reasonable steps to protect it. Often the best measures, such as proper lights and trimmed landscaping, are not that expensive. For more information, see Criminal Acts and Activities: Landlord Liability FAQ.

6. Provide notice before entering.

Learn about your tenants’ rights to privacy; see Repairs, Maintenance, and Entry to Rented Premises. Notify your tenants whenever you plan to enter their rental unit, and provide as much notice as possible, at least 24 hours or the minimum amount required by state law. For state-by-state information, see Chart: Notice Requirements to Enter Rental Property, State by State.

7. Disclose environmental hazards.

If there’s a hazard such as lead or mold on the property, tell your tenants. Landlords are increasingly being held liable for tenant health problems resulting from exposure to environmental toxins in the rental premises. For more information on lead, see Lead Disclosures for Rental Property FAQ. Check your state law for other landlord disclosures. – Learn more here!

Save Time And Money Here!

No time to manage your rental properties yourself? No problem! Get professional property management by calling Vestpro Residential Services by calling us at (832) 498-0016 or click here to connect with us online.

 

 

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Planning for retirement? Why not buy an investment property?

Planning for retirement? Why not buy an investment property?

Is your retirement around the corner and you’re searching for income producing investments to add to your portfolio? If so, why not add rental properties to your portfolio?

There’s never been a better time than right now to invest in Real Estate especially since more people continue to move to Texas every day and as an investor you will be able to capitalize on the demand for rental properties by investing in Real Estate.

Tips For Investing In Rental Properties

Gather as much information as you can. Talk to other investors, mortgage brokers andreal estate agents who have worked with income property about what owning a rental property is really like, in addition to reading books and articles on the topic. “It’s all about obtaining knowledge,” Rodriguez says.

Decide if you’re ready to be a landlord. Buying and managing property yourself provides the greatest return but also the greatest headaches. “Do you have the stomach for being a landlord?” Fleming says. “Stuff’s going to happen that just really ticks you off.” Other, less active options include becoming a partner in a limited liability company that owns properties or buying into a real estate investment trust.

Crunch the numbers carefully. A rental property is only a worthwhile investment if it makes money. Yes, the property may rise in value and yield a profit when you sell, but it also may lose value depending on which way the market goes. “If you’re banking on just appreciation, it’s really hit or miss,” Alexy says.

Make sure you have enough cash. Getting rich on real estate with no money down is a great dream, but it’s almost impossible to accomplish. Expect to need a sizeable down payment, reserves to pay for repairs and maintenance and a good income before you start investing.

Property Management Makes Owning Rental Properties SIMPLE

Before managing your rental properties yourself, learn more about how affordable property management is by calling Vestpro Residential Services at (832) 498-0016 or click here to connect with us online.

 

DIY Property Management Is HARD! Make it easy by calling Vestpro at (832) 498-0016 or click here to connect with us online.

 

Posted by on May 3, 2017 in Property Management Tips

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Reasons to Hire a Kingwood Texas Property Management Company

Reasons to Hire a Kingwood Texas Property Management Company

By Vestpro Residential Services

Have you been thinking about hiring a Kingwood Texas Property Management Company to manage your portfolio of rental properties? If so, you’ve come to the right place! In this article, we will share with you reasons to hire a property management company to professionally manage your portfolio of rental properties.

We Specialize in Tenant Screening, Placement, and Retention

From screening the right tenants to live in your Kingwood Texas rental properties, to tenant placement, and tenant retention, you can count on us to find the most qualified tenants to live in your rental properties who will care for your rental property as their own and enjoy living there.

You can also count on us to offer the best customer service and support possible to your tenants so that when it comes time for them to renew their leases they will be motivated to renew for another year rather than look elsewhere for a Kingwood Texas Rental.

Our Property Managers Will Save You Time and Money

As your portfolio of rental properties grows you can count on us to save you time each month because you won’t have to travel out to your rentals for things like maintenance, you can count on us to professionally manage all aspects of your rental properties so you can focus on continuing to grow your portfolio of rental properties.

Besides saving you time and money, another reason to choose Kingwood Texas Property Management is you can also count on us to make all aspects of your rental property function better, maintaining the value of your investment, and ensuring that it will continue to produce revenue for you for years to come.

Get Kingwood Texas Property Management

For professional Kingwood, Texas Property Management contact Vestpro Residential Services today by calling us at (832) 498-0026 or click here to connect with us online.

 

 

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How often should your Houston TX rental property be inspected?

How often should your Houston TX rental property be inspected?

If you’re like most owners you’ve probably wondered how often should you have your Houston TX rental property inspected.

Should you have it inspected every three months, six months or one year? In this blog post we will answer this question and provide you with more property management tips.

How Often Do I Need a Rental Home Inspection?

So how often should you schedule a rental home inspection? It depends upon several factors:

If you have crawlspaces or a basement, you might want to invest in a rental home inspection every 2-3 years, or each time your property comes up for re-rental. You may also want to inspect this more frequently if you have older plumbing or wiring, or if your home is in an area with a lot of moisture, an extreme climate, or both.

If your home is newer and was professionally inspected when you bought it, and you don’t have major weather extremes, you can probably get away with a longer inspection cycle.

If your home has never been professionally inspected since you’ve owned it, do it now.

Another reason to have a rental home inspection is if you are planning a major renovation project anyway. Why? You don’t want to have already committed thousands of dollars to a bathroom remodel only to discover that you need to replace your furnace. Conduct a reconnaissance before you march.

Get Houston Texas Property Management Here

For affordable and professional Houston Texas property management contact Vestpro Residential Services by calling us at (832) 498-0016 or click here to connect with us online.

 

 

 

 

 

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Are you showing your appreciation to your loyal tenants?

Are you showing your appreciation to your loyal tenants?

During the process of owning rental properties in the Houston Texas area, or elsewhere in the United States, one of the very best things you can do is show your appreciation to your loyal tenants because, it’s easier to keep a long term tenant than it is to put your rental property back on the market and search for new renters that’s why in this article we will share with you our tips for showing your appreciation to your loyal tenants.

Host events

Hosting an event redefines your presence with your tenants. Beyond the person who collects their rent checks every month, you become a friendly and generous person. Bringing tenants together is both fun and fosters a sense of community, making them feel +more comfortable and connected to their residence. When people have personal ties, it makes leaving a less casual decision.

One great option is a summer barbecue. Even if you only have a few tenants, inviting them to a local park for a day of food and fun can adds the kind of personal touch to your business that will go a long way in bridging the gap between you and your tenants, and even between the tenants themselves. However, you should express caution where food is involved. Be aware of any food allergies or special diets among your guests. Have a black bean patty ready for your vegan tenant, or a lactose free cheese for your lactose-intolerant tenant. They will remember that extra kindness.

Create a beautiful environment

If your tenant feels good about where they live, they are far more likely to stay in place. Go above and beyond your state’s mandated . A clean and well-maintained community will help guide each tenant’s decision to remain with you, and a proactive approach to maintenance and repairs matters. Pay extra attention to entryways and porch spaces; peeling paint and cobwebs can make your property feel shabby. Stay on top of cleaning and repairs and you will not regret it.

Give personal gifts

A small token of appreciation on a tenant’s anniversary with the community or on their birthday, such as a gift basket or a gift card, are always good ideas. If you are in a position to be better acquainted with your tenant, a personal gift can mean even more.

If you know that a tenant enjoys classical music, a gift of tickets to a symphony or an outdoor concert builds a deep, personal connection that could they give staying with you extra consideration when it’s time to renew their lease.

Small tokens such as non-denominational holiday cards or birthday cards are a nice touch and another way to let them know you care.

Leverage referrals

Studies show that tenants who have friends nearby tend to stay longer. If you have several properties in the area, you could benefit not only in tenant retention, but also by asking your tenant to unofficially function as a marketer for you. If your tenant loves their home, they are more likely to refer a friend to you.

Get Property Management Here

For affordable and professional property management contact Vestpro Residential Services today by calling us at (832) 971-1841, connect with us online, or find us on Facebook.

 

 

Posted by on April 14, 2017 in Property Management

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What are your rental property’s best features?

What are your rental property’s best features?

It doesn’t matter how long you’ve owned rental properties in Houston TX, or the surrounding area, you’re going to one day face the prospect of your rentals competing with other rentals in the area that may have better features and or amenities. The key to success when this happens is for you to highlight your rental properties best features by doing the following.

Photograph the right features
The first step in highlighting your property’s most sellable features is to share photos of the right features—a.k.a. the features your potential tenants will care most about. These features can be both design-focused and functional; a mix of the two may appeal to the widest audience. Focus on features like crown molding, new appliances, large outdoor or patio space, and newly renovated areas of the home.

To make sure tenants see the property from every angle, put the images into a collage: “This allows somebody glancing through listings to see interior and exterior shots all at once. Because our homes are so beautifully staged, the split photos get a lot of attention and sets it apart from every other listing,” says Paul Moore, of Smith Mountain Homes.

You can also add multiple images to Facebook Carousel ads or Instagram’s new multi-photo upload feature to create a well-rounded view of the property.

Do virtual home tours
What better way to highlight your property than with a virtual tour? You can do this by taking a phone video and uploading to YouTube, or take live video with your Facebook or Instagram business page. Either way, this is also a great opportunity to engage with potential renters, so while giving the tour, ask questions. You might say:

“We just finished this bathroom, and added the brand new clawfoot tub. Do you like that vintage style? Tell me in the comments!”

“Tenants love using the back yard for grilling and hanging out with friends—the grill over there comes with the property. How often would you use this area?”

If creating all videos on a social platform, be sure to download them and upload to your YouTube channel. You can begin creating different sections for each rental property, so anyone interested in your listings can get walking tours whenever they want.

Share high-quality images

Photographing the right features is important, and the next step is taking high-quality photos. Luckily, you don’t need an expensive camera or photography experience to do that. The new iPhone 7, for example, has made it even easier for you to get expert-quality photos all on your own, thanks to its new dual lens camera, which features a wide angle and telephoto lens, according to iPhone 7 Rumors Confirmed.

Other new phones like the HTC M8 also have this feature, making it possible for you to take photos with depth of field. This is a feature traditionally found only in expensive SLR and DSLR cameras, providing you with a great opportunity for you to get high-quality photos without spending a lot.

Get Property Management Here

For affordable and professional property management contact Vestpro Residential Services today by calling us at (832) 971-1841, connect with us online, or find us on Facebook.

 

Posted by on April 7, 2017 in Property Management Tips

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Common Questions Asked By New Tenants

Common Questions Asked By New Tenants

Are you just getting started with owning rental properties? If so, you’re not alone. Many people have purchased their first investment properties in the last year only to find out that there are common questions that every tenant asks when they express an interest in renting a new property that’s why in this article we’ve compiled a list of common questions asked by new tenants.

1. How much are rent and deposits, and how do I pay rent?

Prospects occasionally see outdated listings with old price points. Make sure you know current amounts for rent and deposits when you engage with prospects. You must also keep a standardized policy for the way your property handles those who bring in expired pricing offers. For compliance purposes, stick to this policy for all prospects.

It’s also important to clarify how tenants can pay rent. An online rent payment system is of tremendous value to tenants, as it allows them to pay by credit card, electronic check, ACH and more at no cost to your company. Offering a range of payment options helps to reduce late rent payments.

If you charge a non-refundable deposit (assuming it’s legal in your state), make it clear in the lease. Though the tenant is responsible for reading the lease thoroughly, consider emphasizing this fact before they sign.

You should also anticipate encountering prospects who will try to bargain or haggle. They might hope for a slightly discounted rent – say $100 per month – after hearing the average utility costs. Rather than getting caught off guard, consider beforehand if you’re willing to drop rent on the unit. Think of other contingencies as well, such as accepting a somewhat lower rent if they’ll sign a longer lease, which leads to…

2. Will you accept a shorter lease, or can we pay less if we’ll sign a longer lease than you’re asking for?

Property managers commonly want a minimum of a one-year lease, but what happens when a four-month vacancy has a prospect inquiring about a six-month lease? Decide the terms you will accept in advance and keep them consistent. Ideally, your community should develop a specific policy and hold to it. You should also have some idea as to whether you’ll drop the rent if the prospect signs a lease longer than your minimum requirement or, alternatively, guarantee the rate will not rise.

3. Do you allow pets? How about exotic pets?

You likely have a firm policy, as well as related deposits and pet rents, concerning dogs and cats. However, people keep everything from lizards to ferrets to sugar gliders (yes that is the name of a real animal). Develop a consistent and comprehensive approach to exotic pets for prospective tenants who ask about them. Keep in mind that while some can damage properties, others are fairly innocuous and unlikely to leave any lasting record of their stay. If you do allow cats, dogs or other animals you feel might compromise the property, clearly spell out the consequences of any damage (from charges to eviction notices) in the lease.

4. What’s your tenant screening process?

Some people will seek more information regarding your screening process. If you use tenant screening, you can familiarize yourself with the criteria and databases the company uses.

People familiar with credit checks may also ask if your community performs a hard or soft inquiry given that hard inquiries have an impact on credit scores.

To avoid Fair Housing problems, always clarify that you use an objective screening system based purely on numbers. Never make decisions based on race, religion or other controversial factors. Working with a screening service that uses objective methods will also help ensure compliance.

Get Property Management Here

Save the time, money and hassle of managing rental properties yourself, contact Vestpro Residential today by calling us at (832) 971-1841, connect with us online, or find us on Facebook.

 

Posted by on March 29, 2017 in Property Management

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Property Management Kingwood

Property Management Kingwood

By Vestpro Residential Service

Are you searching for Property Management Kingwood? If so, contact Vestpro Residential Services today by calling us at (832) 971-1841 or click here to connect with us online

We specialize in offering professional property management to Kingwood, Humble, Atascocita and the entire Houston area.

About Property Management Kingwood

If you own one or more rental properties in Kingwood or the surrounding area you know how difficult it can be to professionally manage those rental properties as you add more rentals to your portfolio. Thankfully, this is where Vestpro Residential comes into play, our staff can offer you the following property management services:

  • Tennant Screening
  • Tenant Selection
  • Customer Service
  • Rent Collection
  • Maintenance
  • And more!

Stop Managing Your Kingwood TX Rental Properties Yourself

As you know, in any business time is money and the same is true when you own rental properties, you need more time to grow your portfolio of rental properties or time to spend with your loved ones without the hassle of dealing with tenants or the other day-to-day responsibilities that come with owning a rental property.

Learn more about the affordable and professional property management services we can offer you by calling us at (832) 971-1841, connect with us online, or find us on Facebook.

 

Posted by on March 22, 2017 in Property Management Kingwood

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How to Prepare for Tax Season

How to Prepare for Tax Season

With tax season just weeks away now it’s more important than ever before for all owners to get prepared for tax season. 

If you’ve struggled with getting ready for tax season in the past you can get prepared by following these simple tips.

How to Prepared For Tax Season

Simplify the process for paying bills
Accounts payable is so much easier when all of your notes, documents, vendor information, bills and payment info is organized and easily accessible.

Manage bank reconciliations
Picture all of your bank information, consolidated: bank account, deposits and reconciliations and much more. This organization greatly simplifies the year-end close as you get your books ready for tax time.

Enable online payments
Centralized payments made to your property owners and vendors makes a huge difference for your peace of mind.

Manage your budget
From property level to business wide, a portfolio of income and expenses can make you secure in your ability to see the big picture. – Click here to learn more!

Get Property Management Here

To learn more about the property management services that we can offer you contact us today by calling (832) 971-1841, connect with us on Facebook or click here to connect with us through our website.

 

Posted by on March 16, 2017 in Tax Season

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Harmaston Texas Property Management

Harmaston Texas Property Management

Are you searching for Harmaston Texas Property Management? If so, contact Vestpro Residential Services by calling us at (832) 971-1841 or click here to connect with us online.

About Harmaston Texas Property Management

At Vestpro Residential Services we specialize in all aspects of Harmaston Texas Property Management including the following: tenant screening, tenant placement, rent collection, customer service, maintenance and so much more!

Property Management will save you the time, money and hassle of managing your portfolio of rental properties yourself so that you can focus on the spending more time with your family and growing  your investments without having to spend the time managing your rental properties yourself.

Learn More About Harmaston Texas

Harmaston is a place in unincorporated northeast Harris County, Texas, United States that used to be a distinct community.[1]

Harmaston, located at the southwest corner of Lake Houston, was developed along the timber shipping railroad line Beaumont, Sour Lake and Western Railway. Lumbermen from several companies, such as the Texas Longleaf Company, lived in a boarding house in Harmaston. By the 1980s the remaining component of the community was an abandoned railway station.Wikipedia 

Now Is the Right Time for Harmaston Texas Property Management

If you plan on hiring a Harmaston Texas Property Management company now is the right time to make your move because, more people in 2017 are renting than buying and with the greater demand for rental properties in Harmaston and the Houston area you can confidently grow your portfolio of rental properties without becoming overburdened with the day-to-day tasks of managing your rental properties yourself.

To learn more about the services that we can offer you contact us today by calling (832) 971-1841, connect with us on Facebook or click here to connect with us through our website.

 

Harmaston Texas Property Management

Need a property management quote? Call us at (832) 971-1841

 

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