7 Guidelines for Becoming a Great Landlord in 2020

Landlord Tips

Have you thought about becoming a landlord? You can join over 650,000 people who own and rent units out to tenants.

Renting properties can create a passive stream of income while you work or play.

Make sure to cultivate positive relationships with your tenants to prevent high turnover and keep the cash flowing. These landlord tips can help you become a popular business person, you’ll never have a unit sit open for long.

1. Repairs

One of the biggest complaints about landlords is that they don’t fix or repair anything. The difference between a good landlord and a slumlord is the condition of the rental units.

You can also save yourself some hassle by having a great realtor find you an excellent property.

If it’s not an emergency, schedule a convenient time for the tenant to inspect any damage or problems. Your tenants will appreciate this thoughtful courtesy.

2. Give Space

While it’s a good idea to develop friendly relationships with your residents, remember to give them space and privacy. Don’t show up at random hours to have conversations.

It’s great to have friendly conversations in passing and during rent payment. 

You can leave notes and gifts to long-time tenants, but don’t overdo it. Tenants will stay longer if they feel like they aren’t being watched.

3. Creative Lease

After a lawyer checks your standard lease to ensure legality, give it a look to see if there are opportunities to be creative.

If you don’t mind small pets, add an addendum and small fee for little dogs or cats. You can give exceptions to people if they are willing to pay a higher price. You’ll make extra money and make happy tenants.

4. Comment Cards

Invite suggestions and comments from your tenants to figure out what’s working or not. Try to perform exit interviews with residents who are leaving. They won’t hold back any reservations about your rentals.

Be a responsive landlord, and entertain all respectful criticism.

5. Laws and Regulations

As a landlord, you have the obligation and privilege to provide adequate services that meet state laws and regulations. Failure to follow all building and tenant codes can result in expensive fines.

Avoid getting a bad reputation by ensuring you’re in compliance with all local and state laws.

6. Screening

Your quality of life will only be as good as the tenants you allow to rent. Use a fair and tough process to screen your tenants.

Perform extensive background checks, credit checks, and research their references. The process might take longer, but you’ll get better tenants.

7. Show Grace

You can be a tough landlord with good business sense, but it also pays to show grace and compassion. 

If you know a tenant has fallen on hard times, then give a few extra days for the rent to be due. Your kindness won’t be forgotten, and your reputation will get positive reactions.

Landlord Tips to Build a Business

You can generate a steady stream of income and build a viable business with these landlord tips. Become the landlord you always wanted. 

If you are looking for properties to start renting out, then contact us today.

Do I Need To Hire A Charlotte Property Management Company?

Charlotte property management

There are many reasons that property owners chose the services of a Charlotte property management service. If you’re still interviewing tenants, collecting rent, and answering those 2 am emergency repair calls yourself, it’s time to discover who landlords just like you trust a Charlotte NC property management company.

What Is a Property Manager?

A property manager does just that, manages your income property so you don’t have to. A good property management company can help you keep your residential or commercial spaces full and help you maximize profit from your income properties.

Think of a property manager as a leasing agent, repairman, financial planner and legal expert on landlord-tenant relations, all rolled into one. You can find comprehensive services at https://rentbottomline.com/property-management/ .

What Do Property Managers Do?

A good property management Charlotte company helps find good tenants to rent space in your commercial building, lease an apartment, or sign up to rent a single-family home. The property manager will run background checks an credit report on tenants to ensure that you’ll have lessees that pay on time and respect your property. They’ll also conduct open houses and arrange for prospective tenants to view the property. A property manager can even handle advertising vacant space for you!

Once the Charlotte property management company has secured tenants for your rental property, they’ll also make sure that the lease is legal and covers every aspect of landlord-tenant relations. The property manager will collect rents and ensure that they’re paid on time and can even assess fines for delinquent payments. Should a tenant be consistently behind on paying rent, or if they’re otherwise in violation of the lease, the property manager can even work with local law enforcement to handle evictions.

Repairs and maintenance are typically the responsibility of the landlord, and if you’re not especially handy, these can be frustrating, take up your entire weekend, and can even cause you to miss sleep – if a pipe bursts at 2 am, you’re the one who will get the phone call. With a property management company, tenants can request maintenance or call an after-hours emergency line.

Finally, a property manager will conduct inspections of your commercial or residential space on a regular basis, ensuring that the tenants are keeping it in good repair and protecting your investment.

Will I Still Make Money With a Property Manager?

Most landlords agree that hiring a professional property manager has saved them money – even though a property manager charges a small fee, having a professional keep your rental space full, instead of you taking months to fill it with a well-paying tenants, maximizes your profit. After all, you don’t make money on an empty space.

Furthermore, local property managers are experts in the Charlotte real estate market. They can find other good investments for you, helping you develop a full portfolio of investment properties for passive income.

Ready To Get Started?

Are you ready to get started with a professional property management service in Charlotte? We’re the best in town – and we’re ready to help you keep your rental units as full as your bank account. Give Bottom Line Property Management a call today or visit us online today!

5 Important Facts to Know Before Becoming a Rental Property Manager

rental property manager

You may be wondering if a career as a rental property manager is the one for you.

It has a lot of ups and downs, but it can be an extremely lucrative venture for many people.

Before deciding on whether or not it is the right path for you, there are things that you need to know. Having as much knowledge as possible about the actual job will help you make the right decision.

Read on to discover five important facts everyone should be aware of before deciding to become a rental property manager.

1. You Need to Know the Laws

Each state has its own set of laws and requirements for property managers and it’s imperative that you’re familiar with all of them before you start.

You may also need to get a real estate license to proceed, so check with a local attorney who can give you advice on ensuring you’re within the law at all times.

2. A Rental Property Manager Should Get Certification

Becoming licensed isn’t required in all states, but you should still take some certification classes. Once you’re certified in rental property management, you can promote yourself effectively.

These certifications will also help you understand the market and how to handle a variety of situations. It also should allow you more opportunities to find jobs in your area.

3. Word of Mouth Can Help You Get a Job

This type of career isn’t always listed on the Internet or in job wanted postings.

Instead, you may need to start networking with people you know and start connecting with local real estate agents in order to get hired. Advertise yourself and start looking for property owners who need a manager so you can start getting paid for your expertise.

4. You’ll Need to Stay on Top of Your Game

The rental laws are constantly changing and a good rental property manager knows how to stay in the loop. Connect with others in your same career field so you can support each other and keep each other abreast of any changes.

It’s the best way to stay on top of things and keep your career in line with industry trends.

5. Customer Service is Key

Just knowing the law isn’t enough to be a good rental property manager.

You’ll also need to know how to deal with people and how to work with others to come to a happy medium when you need to. The job can be difficult at times, so you should be level-headed and responsive to your tenants, your owners, and others involved in the rental market.

Start Your Career Today

Being a rental property manager can have its challenges, but it’s also a very rewarding career if you know where to look. With the right training and a good understanding of the law, you can manage property no matter where you live.

Stay in touch with local real estate agents and other property managers to create a good network in your area.

For more information on property management and much more, be sure to visit our website and contact us today for more information. 

4 Ways to Lower Your Property Management Cost

property management cost

Property management does have its perks. One of those perks is not the cost. There are a ton of mistakes that many people make when they are first starting out that can drive the cost way up.

Sure, you can try to make a budget but that doesn’t always go as planned if you don’t take care of your maintenance as you should. If you crack down and do your homework though, you can avoid spending a ton of extra money.

We’ve done a little bit of that homework for you. Here are four tips for cutting your property management costs.

1. Always be Aware Of What You’re Buying 

A property may be in a popular location but that doesn’t mean that it’s a good investment to make. If you buy it for this reason alone, you may be left with a building that needs more maintenance than you can afford.

Always look at how much money you’ll have to sink into fixing a place up. This will save you a ton of headaches later on down the line. 

2. A Little Maintenence Goes a Long Way 

You can save money if you do a little maintenance on a property before things get too bad. Trust us, a little sprucing and small repairs are a lot cheaper than having to do full repairs on down the line.

To make sure you never have to make huge, expensive repairs be sure to perform this property maintenance around two times a year. 

3. Get Quality Tenants 

You need to be sure to do heavy background checks on every tenant that is interested in renting out your space. If you don’t then they may leave you with a ton of repairs that you now have to do.

You need quality tenants who aren’t going to cause any horrible damages. If the longest they’ve ever lived somewhere is a few months then chances are you don’t want them.  

4. Have a Good Relationship with Your Vendors 

Your vendors are going to be the people that come in and make repairs to your property. You don’t want to have to change vendors every time something needs to get done. It’s best to pick one that you like and create a good relationship with them. 

If you do then repairs will get done on time and who knows, you may even get a nice discount. 

How to Lower your Property Management Cost if You’re Paying Too Much 

There are a lot of benefits when it comes to property management. One of these isn’t the cost. When you first start out you could be making a ton of mistakes that is driving things up. 

If you pay attention to the property you’re getting and keep up with regular maintenance though, that should put you on the path to lower property management cost. 

Are you ready to find out how you can become a better property manager? Contact us with all your queries. 

The Dos and Don’ts of Evicting a Tenant Every Property Manager Needs to Know

evicting a tenant

Property owners nationwide filed four eviction notices every minute throughout 2016. In all, 2.3 million Americans got evicted.

Unfortunately, evicting a tenant is sometimes necessary. Are you prepared to handle an eviction if a tenant refuses to pay rent?

Keep reading to learn what every property manager needs to know about evictions.

Evicting a Tenant 101

Choosing the perfect tenant through screening measures will prevent many evictions. Even so, you’re likely to have to evict someone at some point as a property manager.

You should start taking the first steps to eviction under the following circumstances:

  • The tenant has violated the lease
  • The tenant refuses to pay rent
  • The tenant is posing safety or health hazards
  • The tenant is breaking health, noise, or occupancy ordinances
  • The tenant has broken the lease in other ways

Once you have a valid reason to begin the process, you’ll need to learn how to evict the tenant.

The first step is to provide the tenant with a notice of eviction. The document should include a deadline to either pay or move out.

You’ll need to serve the notice by both mail and on the property’s front door.

If the deadline passes, then you’ll need to file the eviction notice with the courts.

Mistakes to Avoid When Evicting a Tenant

Evicting tenants can be emotional. Don’t let the stressful situation make you stumble into one of these common mistakes:

  • Taking the tenant’s property from the rental home
  • Changing the locks
  • Physically removing the tenant from the property
  • Shutting off essential utilities
  • Failing to perform requested maintenance tasks
  • Making threats to withhold the security deposit

Under the law, these actions are not acceptable regardless of how the tenant is behaving. It leaves you vulnerable to a potential lawsuit.

After getting an eviction notice, tenants may try to give you partial payments. Never accept money after the eviction process has started unless it is the full amount owed.

If you do, then you may be forfeiting some of your rights if you have to go to court later.

Tips to Remember During an Eviction

The eviction process is costly and tedious. It’s a lose-lose situation for all parties involved, and it’s usually used as a last resort.

Keep these tips in mind when going through the motions:

  • Always document everything
  • Consider alternative resolutions
  • Don’t underestimate the importance of following the law
  • Consider consulting with an attorney or expert

A property owner can hire an agent or management company to assist with evictions. Such an action can help ensure you are following the laws every step of the way.

The Eviction Process Dos and Don’ts

A tenant’s failure to pay rent is the number one cause for eviction.

This high-stakes process of evicting a tenant is often stressful and emotional. Despite this, it’s necessary to keep your composure throughout the process.

Keep these tips and pitfalls in mind next time you need to evict a tenant.

If you have questions about how an agent can help you, then reach out to us on our online contact form.