Filling out rental applications

Published by Matthew Talamini in on Tuesday, February 13th, 2018

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Filling out rental applications

There are a lot of misunderstandings out there regarding rentals and in general about real estate. These need to be cleared out to make sure that the everyday people who are living or looking for rentals can fulfill required documents without any hassle. The question we’ll answer today is that who exactly needs to fill out the rentals application.

General Rule

The common misconception is that the person who pays the rent of the real estate property is the one who should fill out the rental application. However, that is not the case. Anyone who lives at the property needs to fill out the form as well. All above 18 people living at the property as well as someone who co-signs the lease of the real estate property but doesn’t live there needs to fill out the form. Similarly, anyone who moves in the property at a later point must also fill out this document. Minors are out of the scenario. This is because you cannot hold minors responsible for any sort of agreement in any case.

Other scenarios

This ideal situation may lead to questions for different circumstances. Let’s tackle them one by one.

Firstly, there is the scenario of multiple people living in the real estate property but they share the same income. Here, both the adults must fill the rental application but the background details, like the credit history, need only be given of the person who earns and pays the rent. This applies to couples, parents with an adult child, and all other situations involving one person who earns and another adult.

In another scenario, you might be giving out your property to a family where the parents permanently live in the property, but the kids are mostly away at college. Although the children aren’t permanently residing here, they still need to fill out the application if they are above 18 and come to stay for two weeks or more. In another case, the parents could be co-signing a property for their college kids to stay in. If this is your situation, you will get the rental application for your real estate property filled out by the parents who are co-signing the lease, by the student, and any other adult who would be living in the same property. This way if the parents don’t pay you your rent in time, you can demand the children who live there for the payment.

The most confusing situation is when there are room-mates involved. The same rules apply here; you get the rental application filled out by every adult room-mate. The issue arises when either one room-mate changes place before the end of the agreement, or one of the room-mates is replaced with a new person without informing the landlord. To eradicate this issue, you should get the application signed by all current room-mates and inform the tenants that in case a new person comes in, they must also fill the form.

Keep all these scenarios in mind to make sure you never get in real estate trouble regarding rentals again!

Managing Your Rental Properties – Marketing Your Rental Homes

Published by Matthew Talamini in on Wednesday, January 17th, 2018

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    > Managing Your Rental Properties – Marketing Your Rental Homes

Managing Your Rental Properties – Marketing Your Rental Homes

When it comes to rental real estate, marketing a rental home, screening and selecting tenants and managing rental properties should usually be left up to professional property manager or property Management Company. However, there are those of you real estate investors out there who, like me, enjoy being intimately involved in every aspect of your rental properties. Like many of you, I have personally managed my portfolio of rental properties for several years now. The three most significant challenges people come across have appropriately been marketing their rental homes, selecting the right tenants and managing the landlord-tenant relationships. So, let’s get started.

Research Current Rental Rates In Your Area

First things first. You have to get to know the rental rates in your area. One of the biggest mistakes landlords make is not thoroughly researching what the market rental rates are in their area. Many landlords just ask for the same or a slightly higher rent than what their last tenant was paying. This approach, especially in the current real estate market, does not always reflect the direction that the local market has gone in. So, you have to do your research. Start online and see what others are asking for properties similar to yours. Most rental properties are not advertised online so you will want to get to know your neighborhood. Starting in the subdivision your rental property is located in, you should become fully informed of each and every home for rent and what the asking rent is.

Call Each And Every Home For Rent Sign You See And Speak With The Owner Or Property Manager

Ask them what they are asking for rent and ask them why. Asking why many times will give you free information as to the local market. If you have no comparable houses for rent in your subdivision expand your search slightly. Take a 5-mile radius and drive around and see what other homes are for rent in the area. The more research you do, the more calls you make, the more accurate your understanding of the going market rate in your area will be.

Set Your Rent At A Competitive Level

Once you know that the asking rent in your rental property’s particular area is said $1100 to $1300, you need to figure out what your asking rent is going to be. Obviously, you want to get as much for your property as possible. However, you do not want to extend your vacancy more than necessary. You should also be able to explain to a prospective renter why you are asking what you are asking. If you have done your research ahead of time, you should have no problem answering those questions. Resist the temptation to set the rent based on what your mortgage payment is. Your mortgage payment has absolutely no bearing on the rental market in your area. A better way to set the rent is by taking an average of what the comparable rental properties asking rent is.

So, if there are 4 properties in your subdivision that are exactly or almost exactly like your rental, equally distributed between $1,100 and $1,300, an excellent asking rent would probably be around $1,200. I say “around” because everyone likes to feel like they have gotten a deal. So, you probably want to ask slightly above what you are really looking to get. In our hypothetical scenario, that might be $1,225 or $1,250. Your goal here is not to be automatically excluded from consideration by your rental prospects because yours is the most expensive rental in the neighborhood. You also do not want to give the property away. This average rental rate approach continues to work very well for me.

Begin Advertising Your Rental At Least 30 Days Out

Once you know what the going rental rates are in your rental’s subdivision or area, it’s time to begin advertising. Ideally, you will want to research your local market rents and start promoting your home rental at least 30 days, but preferably 60, before your anticipated vacancy. The best place to begin advertising is by advertising on home rentals ad websites. In most cases, rental prospects searching online are usually conducting their searches 30 to 60 days out from their anticipated move date. Getting a head start by advertising online is essential. As prospective tenants are turning to the web more and more to begin their search for a rental house and the exposure the web offers is precisely what you need to get started. Your advertising plan cannot stop there though.

Anyone driving in your property’s neighborhood should know that your property is for rent and they should know how to immediately get in touch with you. Your property’s signage should be legible and placed in highly visible areas of your property. The inquiries and leads generated by signs on your rental property are as good as the ones generated by online ads. That is why your plan should include both.

Hold Open House On Weekends

Let’s face it. No one wants to spend their weekends waiting for prospective tenants to knock on the door. However, holding an open house is an extremely useful way to show your property to everyone that is interested in a convenient window of time. You can advertise your open house online and eliminate the need to make special trips out to your property to show it to one individual who may not show up. Open houses also let you speak with prospective tenants in person and “sell” your rental home’s features more effectively. Seeing your home rentals in person is so much more effective than viewing pictures online. Another thing about open houses is that they “tweak” people’s understanding of the local rental market by allowing them to talk to many prospective renters in a short period of time.

That helps people understand firsthand what the market range of the people coming through really is.

When you combine thorough research and preparation with a smart marketing plan, you can dramatically decrease the length of your home rental vacancies. The advice is simple. Create your marketing plan with the four objectives discussed and follow it. You will be very happy with the results.

New Year, New Rental Tools

Published by Matthew Talamini in on Wednesday, January 3rd, 2018

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    > New Year, New Rental Tools

New Year, New Rental Tools

The new year means new real estate market trends and opportunities! In honor of the new year, we’ve researched some of the most significant projected real estate rental market trends for 2018.

According to Forbes, the renter demographic is changing. In previous years, the renter market comprised of young people with lower incomes. Considering that last year, 3.3 million renters had over $100,000 in income. Forbes predicts this trend will only skyrocket in 2018. predicts that the demand for lower rents and more units finally be met. After years of fighting for more affordable rents and more housing options, it looks like things are looking up. This trend means more business for realtors, especially in overpopulated areas.

Speaking of more housing options, national Real Estate Investor states that developers project to finish 100,000 rental units per quarter. This growth is a 33% increase in the national average of rental units developed per year!

Forbes projects that landlords will be expanding their rental property portfolios throughout 2018 and new landlords will be entering the market due to new tax reform that favors real estate investors.

Zillow predicts a sharp decrease in home sales due to new tax reform as it will lower the amount of interest one can deduct from their mortgage. This change will increase the number of people opting to rent which means rental real estate will be a hot market in 2018!
It’s safe to say that 2018 will be a big year for tenants and landlords! Manage your business and rental needs with NowRenting! Spend less time dealing with landlords, listings, and leads, and spend more time growing your business!