Late Payments – How to Avoid Them and Get Your Tenants to Pay on Time

Ask any owner and they will tell you that late payments are literally killing their cash flow because, when the mortgage payment on their rental property is due, they will have to cover that cost themselves until their tenant pays their rent.

Thankfully, avoid late payments is possible if you use the following strategy that will help you to get your tenants to pay their rents on time so you can start avoiding late payments all together.

Enable Electronic Payments

We’re a big fan of software that allows residents to make payments online, such as many property management software solutions. In this day and age, we’re all busy. Having to physically write a check, track down a stamp, and trek to the post office to mail a payment is a hassle. Some will certainly prefer to make payments that way; but if you want to collect payments on time, leveraging electronic payments will make it easier for you to do so.

Improve Your Resident Screening Process

There will always be one-off cases of residents paying late. However, if you find that multiple residents are making late payments more often than not, it could mean that your tenant screening process is in need of a few tweaks. Be sure that you’re calling landlord references, confirming proof of employment, setting guidelines for minimum income required to lease, etc. This should help to ensure that you’re choosing high-quality residents who can afford to make their payments each month.

Hire a Property Manager

If you’re struggling to collect rent payments and dues, or you simply don’t have the time or energy to track down late payments, consider hiring a property manager. Hiring an experienced property manager can help you to implement a stronger payment system to ensure consistent cash flow moving forward, and can provide valuable expertise on these kinds of situations in the future.

Get Property Management in The Houston TX Area

For property management in the Houston Texas area contact VetPro Residential Services by calling us at (832) 971-1841 or click here to connect with us online.

Should You Change the Locks After Your Tenant Moves Out?

One of the biggest questions that landlords have had over the years is if they should change the locks after their tenant moves out of their rental property.

The answer to this question is yes, you should always change the locks to your rental property after your tenant moves out especially since they could have made a key while they lived there and that key could gain them entry back into the property after they’ve moved out.

Other Times You Should Change the Locks to Your Rental Property

Besides changing the locks after your tenant moves out of your rental property, you should also change the locks for the following reasons:

When a Key Is Lost

It might seem overkill to change the locks after a renter loses just one key, but it′s a small price to pay to guarantee peace of mind for the manager, the owner, and the tenant. While it′s unlikely the lost key will end up in the wrong hands, in the off chance that it does, it could spell disaster for all. When you′re dealing with prospective renters, letting them know that you take this extra security measure seriously can be a differentiator that demonstrates your commitment to safety.

When a Vendor Is Finished Working on the Property

Especially if you′ve just started using a new vendor or if you′ve had disagreements with one in the past, it′s important to recognize that vendors could have copies of your keys that you′re unaware of. When work is completed, hiring an independent locksmith to change your locks helps maintain a high degree of security. It′s also a good idea to be on-site to let vendors in and out of a building while you build a relationship with them instead of leaving a key in a lockbox and allowing all contractors to access it.

According to statistics from the FBI, 73.2 percent of all burglaries are committed on residential properties. When a tenant moves into a property, unless the locks are brand-new, it′s impossible for them to know who has made copies over the years and can access the unit at any time. Just one safety mistake has the potential to result in break-ins, theft, and, in the worst-case scenario, the irreparable loss of human life.

A great way for property managers to stay on top of security measures is by using smart home technologies, including smart locks and exterior cameras. Smart locks with access codes can log who enters a property and the time of entry, preventing landlords from having to have locks rekeyed for new tenants or vendors. Exterior cameras can record clips at unoccupied properties (as well as be an asset to tenants for self-monitored security when they move in).

Get Property Management Here

Need property management for Houston Texas or the surrounding area? Contact VestPro Residential Services by calling us at (832) 971-1841 or click here to connect with us online.

Single Family Tenant Retention Tips

By VestPro Residential Services

Do you have one or more families living in your single family rental properties? If so, you’ve come to the right place!

In this article we will share with you single family tenant retention tips.

Single Family Tenant Retention Tips

Offer Your Tenants More Incentives To Renew Their Leases:

Everyone loves perks, ѕо оffеr tеnаntѕ something ѕресіаl to сеlеbrаtе rеnеwаlѕ. Suсh incentives dоn’t hаvе tо соmе аt the еxреnѕе оf уоur company. Cоnѕіdеr gifting uрgrаdеѕ thаt аlѕо bеnеfіt a hоmе’ѕ value. Flооrіng improvements, a оnе-tіmе cleaning service, lawn services, frеѕh wall paint аnd new аррlіаnсеѕ аrе all іnсеntіvеѕ that can еxсіtе tenants аnd еnhаnсе a rеntаl.

Fоr a more реrѕоnаl touch, аlіgn іnсеntіvеѕ wіth tenant іntеrеѕtѕ. Dо уоur rеntеrѕ hаvе сhіldrеn? Amuѕеmеnt раrk ѕеаѕоn раѕѕеѕ оr mоvіе theater gіft саrdѕ can bе wеlсоmеd gіftѕ thаt hеlр tenants feel appreciated. Dо уоur renters work аrоund the clock? Coffee ѕhор vоuсhеrѕ or a nеw tablet соmрutеr саn rеѕоnаtе with thе nееdѕ of оn-thе-gо tеnаntѕ.

Ongоіng incentives саn bе a рrоасtіvе аnd еԛuаllу іnfluеntіаl tool. Partner wіth a variety оf nearby buѕіnеѕѕеѕ to оffеr rеgulаr аnd ѕіgnіfісаnt discounts.

Create A Sense Of Community For Your Tenants:

Even single fаmіlу rentals саn foster a sense of соmmunіtу. A strong rеlаtіоnѕhір bеtwееn a rеntеr аnd their рrореrtу management соmраnу hаѕ thе роwеr tо make thе renewal process quick аnd seamless.

Hеlріng your tenant feel аt hоmе bеgіnѕ аnd еndѕ wіth engagement. Communicate іnfоrmаtіоn еffісіеntlу and thrоugh a tеnаnt’ѕ рrеfеrrеd сhаnnеlѕ. Whеn a tеnаnt initiates a dіаlоguе, rеѕроnd іn a timely mаnnеr tо hеlр thеm fееl hеаrd. Quісk аnd mеаnіngful responses are аn еаѕу way tо buіld trust.

An established mаіntеnаnсе сrеw саn аlѕо соntrіbutе tо building rереrtоіrе wіth tеnаntѕ. Consider fеаturіng уоur mаіntеnаnсе team оn the property wеbѕіtе, or having a mаіntеnаnсе еmрlоуее оnѕіtе during mоvе-іnѕ.

Get Property Management Here

For professional property management in Humble, Kingwood, Dayton or the surrounding area contact Vestpro Residential Services at (832) 971-1841 or click here to connect with us online.

How are renters finding your rental property?

How are prospective tenants or renters finding your rental property? Are they searching offline, online or a combination of both?

If prospective tenants and renters are finding your property online that’s awesome but are you getting the most ROI from your online advertising results? Before moving forward with advertising another property online take the time to review your online marketing plan and make sure you’re using the following websites and resources. 

Har.com

Over the last 5 years www.har.com has quickly developed into the best resource for renters to find great homes and properties for rent across the Houston area and it’s also a great website for property owners to get the most qualified rental leads as well.

Zillow

Although it’s a great resource for finding homes for sale in Houston, and across the United States, Zillow is also an excellent tool for searching for rental property as well since Zillow will save your search and email you new listings on a regular basis which will match your search criteria.

Local Connections

When people are not searching for homes, condos or townhomes online, they are searching for rental properties by asking their own personal connections if they know anyone who may know of rental properties available in their target areas.

This tip is also a good reminder of the reason why you should consider asking your current tenants if they know of anyone who may be searching for a rental property since you stand a good chance of renting to someone like your current tenants especially if they have a similar character and attitude.

Get Professional Property Management Here

For professional property management contact RPM Central Valley today by calling us at (832) 498-0016 or click here to contact us through our website.

 

5 Tips for Filling Vacancies at Your Houston Texas Rental Property

By VestPro Residential Services

HOUSTON, TX. – Do you own a Houston Texas Rental Property that’s not attracting the attention of renters and you can’t figure out why? Although this is frustrating when it happens the reality is that there could be one or more reasons why renters are showing a lack of interest in your rental property and the following steps will help you to get to the bottom of the problem and fix it.

Step #1 – Check Your Rent

Although every landlord wants to rent their Houston Texas Rental Property for the most money possible the reality is that some people may be listing their rentals for more than they should.

To figure out what you should be renting your property for you should do a comparable analysis of similar rentals in your area to determine if you should consider lowering your rent a little in order to attract more tenants.

Step #2 – Improve Your Rental Ads

Let’s face it, advertising is the lifeblood of our business because it’s what helps renters find our Houston Texas Rental Properties.

Sadly, many landlords are running poor advertisements that are turning away potential renters rather than attracting them.

Before running another rental ad you should first take better pictures and video of your rental property then take a look at your ad copy, rewrite the headline, and revise the body copy so that your advertisement talks about all of the benefits, features, and amenities that your rental offers prospective tenants.

Houston Texas Rental Property

Step #3 – Bring Your Houston Texas Rental Property Up To Date

If the last time you updated your Houston Texas Rental Property was before the start of the millennium, you should start making some updates now because new flooring, window coverings, appliances and fixtures in a rental property can go the extra mile with making a rental feel fresh, new, and updated.

Step #4 – Think About Allowing Pets

In 2017 there are more renters out there than ever before who are searching for rental properties that will allow pets. If you don’t allow pets at your Houston Texas Rental Property you should consider changing your pet policy because you will open up your rental to a larger pool of prospective tenants, just make sure to update your lease agreement before renting to someone with a pet.

Step #5 – Ask Your Current Tenants for Referrals

Last of all, but most important, if you have tenants living in your other rental properties you should consider asking them for referrals because the chances are that they might know someone who is looking for a rental and this will save you the time/money and hassle of having to advertise your Houston Rental Property.

Get Houston Texas Property Management

For affordable and reliable property management for your Houston Texas Rental Property contact VestPro Residential Services by calling us at (832) 971-1841 or click here to connect with us online.

Houston Texas Rental Property – Make Sure Your Stay On Top Of These Trends

HOUSTON, TX – Are you staying on top of the latest property management trends at your Houston Texas Rental Property? In this article, we will break down some of the latest trends that you should be on the lookout for the next time one of your properties comes up for rent.

Seniors Are Renting In Retirement

Did you know that more seniors are renting than ever before? That’s right, in 2016-2017 it’s not uncommon to find individuals over the age of 65 who are renting compared to 10 years ago when these same people were homeowners.

What’s also different about today’s senior citizens is that most seniors today want to stay active and prefer to live in areas where they can have easy access to transportation, cultural events, volunteer opportunities, community classes and trails for them to walk, hike or ride their bikes.

Multiple Generations in the Same Home

Another BIG change with today’s renters is that multiple generations are now living in the same home, and this includes seniors living with their adult children and grandchildren, so if you own a Houston Texas Rental Property that has dual living areas, this will be a major advantage since it will offer multiple generations living together the space they desire.

Houston Texas Rental Property
Houston Texas Rental Property

More Renters Work from Home

10 years ago the work from home trend was only just beginning and it wasn’t uncommon then to know someone who chose to work out of their home. In 2016-2017 times have changed and thanks to a recent study by Global Workplace Analytics we know that at least 25% of the U.S. population works from home.

How can you capitalize on this trend? If your Houston Texas Rental Property has a private office, ample storage space, or is wired for high-speed internet, you shouldn’t hesitate to promote these benefits when marketing your home online the next time it comes up for rent.

Get Houston Texas Property Management

For affordable Houston Texas Property Management contact Vestpro Residential Services today by calling us at (832) 971-1841 or click here to connect with us online.

8 Rental Upgrades That Will Pay Off At Your Houston Texas Rental Property

Houston Texas Rental Property

By Vestpro Residential Services

HOUSTON – As a property owner one of the most important things that you should be focused on is upgrading your Houston Texas Rental Property each year because investing money into your rental property will help you establish a relationship with long term tenants while improving the value of your rental property.

In this post we will share with you 8 rental upgrades you should consider making to your Houston Texas Rental Property.

Upgrade #1 – Improve Landscaping

It doesn’t matter if you own a big or small Houston Texas Rental Property you should improve the landscaping / curb appeal of your property because this will increase the value of your property and motivate your tenants to take care of the rental better.

Upgrade #2 – Replace the Front Door

There’s no denying that adding a new front door that’s aesthetically pleasing will help your rental to stand out from other properties in the area but it will also add another element of safety to your home since newer front doors are made from steel and harder to damage or force open than older front doors.

Upgrade #3 – Repaint Your Rental Property

Adding a fresh coat of paint to the interior and exterior of your rental property in Houston Texas will also help to increase the value and attractiveness of your rental because a coat of paint helps to freshen up a rental, makes the walls appear to be brighter and removes the signs of previous tenants like holes in the walls, scuff marks and damages that the walls may have sustained over the years.

Some of the other improvements that you should consider making to your rental property include:

4. Upgrade Your Appliances

After your old tenants move out, you’ll discover the quirks of the appliances in your rental property. You may discover that a tap has a slow leak or that a dishwasher only works when it’s on a particular setting. While regular maintenance programs can catch these issues before your tenants leave, you’ll need to make an extra effort to repair them before new tenants come into the property. New appliances, repaired appliances, or quality secondhand appliances give the impression that you’re willing to make an investment in your tenants’ comfort.

5. Add New Shutters or Curtains

Many homes have shutters and curtains that go with the house, and while it’s tempting to avoid changing these to save some money, older curtains or shutters can really date a property. Clean shutters or window blinds or replace them if they are broken and twisted. While new window coverings are not expensive, replacing windows can be pricey. However, if a window is aging and drafty, adding a storm window in its place can add value to the home.

6. Shed a Little Light

A well-lit room not only says that you have good lighting, it also sheds light on the beauty of the home that you’re renting. Choose lighting that’s bright but appropriate for the room: soft lighting in the bedrooms, bright lighting in the kitchen. Clean out lighting fixtures, change bulbs, and update the fixtures if they’re broken.

7. Restore Your Floors

A new floor is a large investment, but the payback can be worthwhile. It can transform the look of a home from dingy carpet to stellar hardwood. New flooring can make a room grow up, and it makes everything look cleaner as well. If you can’t afford to install new floors, restore old ones when you can. Old wooden floors can be refinished with a new shine. If you need to focus on a single room, the kitchen or bathroom is the place to start with flooring upgrades.

8. Keep it Clean

LegalZoom says that sometimes, the cheapest and most dramatic improvement you can make on a rental property is simply cleaning it up. When your old tenants move out, make sure that you welcome prospective tenants into a home that’s been thoroughly cleaned. Hire a cleaning company to go through the home and remove spider webs, wipe down walls, and deep clean the house entirely. This makes a home much more welcoming and adds to the price that tenants are willing to pay.

Source – Propertyware.com

Rent Your Houston Texas Rental Property

To rent your Houston Texas Rental Property contact Vestpro Residential Services today by calling us at (832) 498-0016 or click here to connect with us online