We can help select qualified tenants
Tenant Credit and Background check
All prospective tenants fill out our online credit, background and eviction report. We provide property owner with the background information and our recomendation so our landlords can make an educated decision.
We confirm that prospective tenants earn enough income to pay the rent each month utilizing current debt to income ratio's.
Prior rental history
Contacting prior landlords can help determine if a prospective tenant will pay rent on time and keep up a property to high standards.
what we do as your sarasota property manager
10 Mistakes Most Landlords Make
Most property owners don't have the time or experience to properly manage their own rental properties. They are almost always guilty of trying to tackle every proect themselves.
Many time landlords are anxious to get a new tenant right away so they often rush without thoroughly screening the tenant first. Either they don't have access to the background and credit history services or they don't want to pay for them because they are costly. However, improperly screening tenants can costs thousands of dollars and months of downtime.
That leaky toilet that turned into a costly flood could have been prevented. We often think we can do everything thanks to YouTube how-to videos, but it's just not the case. When it comes to home maintenance, not everyone can do it all. You need to know what your limitations are and what you can do. You may think you’ll save some money by doing some of the maintenance yourself, but you could end up hurting the property more than helping it due to improper maintenance. Renters also want to know they can trust the landlord to handle property issues promptly and correctly. If you have to fix something multiple times, it won’t be long before tenants start looking for a new place to rent.
Letting your tenants repeatedly pay late can lead to them becoming too far behind. Unfortunately, most landlords are unfamiliar with the eviction process and end up being taken advantage of for months.
Another case of being too lenient is allowing Security Deposit to be paid in installments. This is a really bad idea! Once a lease has been signed and the resident has moved in the only recourse for unpaid security deposit balance is to file a complaint for monies owed or possession (eviction) in the local court. It is always best to require a full security deposit payment at the time the lease is signed and prior to move-in.
There are well established local, state and federal laws governing residential rental housing. Not knowing these laws can be expensive and have a devastating effect on your rental investment. Local governments often adopt a housing standard and, in some cases, require a business license, property inspection and certificate of occupancy for a rental home.
There are also many landlords guilty of asking illegal questions! You don't want to run the risk of giving a potential tenant sufficient grounds to sue you for discrimination just by asking the wrong questions while you are doing the screening interview. The Fair Housing Act of the Civil Rights Act of 1968 requires that you cannot deny a tenant's application based on race, color, religion, national origin, sex, marital status, handicap or family status (i.e. if they plan on having children).
A poorly written lease can leave the property owner exposed to unnecessary risks. As mentioned above, documentation is critical to a successful outcome when challenges arise. Documentation starts with a quality lease agreement that incorporates applicable (and enforceable) landlord/tenant laws, rights and responsibilities. Rental owners often use a template lease form which should be thoroughly reviewed by both the property owner and a qualified attorney to ensure that the lease is compliant with local, state and federal laws. If things go well, then a poorly written lease may never be noticed but if things don’t go well a well written lease will help protect the owner of investment property from unnecessary risk exposure.
For most landlords, this is a side gig so they tend to take on everything themselves. This includes everything from maintenance to driving over to collect the rent. There are many components to efficiently managing your property investment and unfortunately when you are already spread too thin.
Managing a property is not cheap. DIY landlords often think they will save money by doing it all instead of hiring a property management company to handle everything. Unfortunately, we often see these property owners struggle financially as they fail to estimate expenses correctly. If you are dealing with some of the common problems, contact Keyrenter Chicago North today for more information on how to avoid these issues.
Over-estimating rent rates can be a complete disaster. Most landlords will buy rental properties hoping it will allow them to have income for life or a second income. However, after investing money into renovating a property and trying to find tenants, and failing, some landlords end up with massive amounts of debt and no prospects to help them out of it. Renovations do help to make a property look great, but it isn’t going to be enough to help you bring in the right tenants. You need to know what to charge based on the economy and the area you are trying to rent to people. One way to find out what to charge is to take a look at Craigslist and see what other people are charging for similar properties. Gaining this insight will help you see if you are in-line with other properties on the market.
Let’s face it, we all want the resident to move-in, pay their rent on time, report legitimate maintenance needs, clean and care for the property and move out in accordance with their lease with the property looking better than when they moved in. However, we need to document not only property condition but virtually all transactions and communications in case there is any variation from the perfect scenario. Periodic property condition reports (including move-in and move-out) that include photographs or video and notes will not only document the condition of the property at that time but can also help identify unreported maintenance needs. Resident rent payments should be documented on a resident ledger showing when rents are paid each month along with corresponding charges such as late fees, NSF charges or other lease related payments. All correspondence with the resident should be documented including application screening and decision criteria, phone calls, email and snail mail communications. Maintenance records showing when work was requested, what work was done and when work was completed. Maintaining good records and documentation will enable the rental investor to navigate through challenges that may occur.
When should you evict someone? This is a hard thing for new DIY landlords as they often try to be friends with the tenants initially instead of acting like a business transaction. While you do want to be friendly, you need to have boundaries. If you have someone in clear violation of the contract, you need to start the eviction process immediately. Failure to start the process early can leave you vulnerable to people that will not pay late fees and will continue to pay late month after month. Avoid getting into the habit of accepting partial payments, this only sets you up for failure and shows weakness to a renter that doesn’t have proper money management skills.