Realty Information Systems

Residential and Commercial Property Management Software

Different Types of Residential Rental Units

Different Types of Residential Rental Units

There are several distinct types of properties that a landlord can invest in as a rental property. Some of these properties may offer better rental potential while others may offer higher returns upon sale. As a landlord, it is important to think about the different pros and cons of each potential rental property and how you can work it into your rental property portfolio. Single-family home- single-family homes can work as a great investment for landlords because they are th

How Rising Interest Rates Can Impact Rental Market

How Rising Interest Rates Can Impact Rental Market

On June 13th the Federal Reserve raised the interest rate to between 1.75 and 2 percent. This rate, which is the rate banks charge one another to borrow money from each other overnight, was lowered to almost zero after the financial crisis began in 2008. The rate was lowered to encourage lending and stimulate the economy, and seven years later the Fed began to increase the rate as the economy improved. The current Fed chairman believes the economy is near normal levels are th

Rental Demand for Americans 55 older May Explode by 2020

Rental Demand for Americans 55 older May Explode by 2020

According to Freddie Mac’s recent consumer research report, rental demand from Baby Boomers may put a lot of pressure on the rental market by 2020. According to the Freddie Mac survey the report is based on, a large number of Baby Boomers and others aged 55 and older are planning to move to rental units in the future. The report estimates that those over 55 planning to move to a new rental in the next few years includes several million individuals that currently own their ho

Rental market Update Singe Family

Rental market Update Singe Family

It may be surprising for many but rentals, are the fastest developing portion of the housing market. According to the Urban Institute, rental units have filled almost all of the housing demand in recent years. Furthermore, single-family rentals, which are either detached homes or townhouses, have increased by 30% in the last three years. Millennials are one of the main factors in the rise in house rentals. Student loans and a reluctance to get a 30-year mortgage are all facto

Checking Perspective Tenant’s Credit

Checking Perspective Tenant’s Credit

Conducting proper background checks on prospective tenants is an important part of most landlords’ and property managers’ job. Conducting a proper background check can prevent a problematic or difficult tenant from ever leasing one of your rental units which will save you time and money in the long run. One important aspect of a proper prospective tenant background check is a credit check. Conducting credit checks on prospective tenants helps landlords determine if tenants a

Protecting Yourself Against a Security Deposit Lawsuit

Protecting Yourself Against a Security Deposit Lawsuit

Whenever a landlord does not give back all or some of a security deposit they put themselves at risk for a lawsuit over the funds. Even if the landlord or property manager is 100% justified in keeping part or all of the security deposit, it may not stop a tenant from filing a small claims court lawsuit. Therefore, it is essential that landlords and property managers take the proper steps to protect themselves against a security deposit lawsuit. Since each state has different

Dealing with Angry Tenants

Dealing with Angry Tenants

Landlords are business owners, and as business owners, they will have to deal with many issues that arise including dealing with angry customers/tenants. In the business sense, tenants are landlords’ customers, and it is even more important that landlords deal with angry tenants in the same professional manner that other business owners would interact with their customers. When dealing with tenants, landlords and property managers must remember that tenants also can cause add

What Can You Deduct from a Security Deposit

What Can You Deduct from a Security Deposit

A security deposit is an amount of money paid to the landlord to guarantee that there is money to fix any damages caused by a tenant to a rental unit and that at least some rent will be paid in case a tenant is evicted. Generally, a landlord must return the security deposit within 30 days after the end of the lease. However, in some cases, a landlord may be able to deduct money from the security deposit (findlaw). A landlord cannot deduct normal wear and tear from the securit

Is Texting with Tenant a Good Idea?

Is Texting with Tenant a Good Idea?

Texting has become so common among Americans that it is the dominant way of communicating for Americans under 50. Furthermore, most American only use cell phones and no longer use landlines (Gallup). Since communication is an essential aspect of being a landlord or property manager, landlords and property managers may consider using texting for communication purposes. Furthermore, even if a landlord or property manager would rather not text, tenants may text them anyway once

Topics in Property Management Systems: Tenant Associations

Topics in Property Management Systems: Tenant Associations

A tenant association is made up of tenants who live in a building or development, or it can be larger and include tenants in a city or country. Landlords or property managers do not need to fear if they hear that their tenants have created a tenant association (also known as a tenant union). The goal of tenant associations is generally to inform tenants of their rights, organize on behalf of tenant rights, improve the relationship between tenants and landlord, improve the ren

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