Realty Information Systems

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

Despite what your tenants may think, being a landlord is not all about sitting back and collecting rent checks every month. Managing properties is a particularly difficult endeavor with thin profit margins and a lot of moving pieces. These difficulties are multiplied when a landlord owns and manages several properties. Below are challenges that come with owning and managing several rental properties. Limited Time: With each additional rental property you own, the more you ha

One of the most important parts of being a successful landlord is the ability to price a rental unit correctly. Pricing a rental too high can lead it to sit vacant costing a landlord thousands of dollars in lost rent. Renting the property at too low of a price can lead a landlord to lose out on important profits that they need to maintain the rental and potentially upgrade it to collect even more rent. Many factors must be considered when trying to price a rental correctly.

On December 22 the final version of the Republican Tax bill was signed into law, and many believe it will benefit landlords. As part of the tax plan, two major aspects could impact home ownership and consequently rental demand, the reduction in the mortgage interest rate and the drop-in deductions for state and local property taxes. According to one estimate, homeownership could drop by 10% in counties that have high property and income tax. In addition, renters may be less l

Landlords and property managers collect security deposits so that they may have a safety net if a tenant damages property or does not pay rent. However, as a landlord even if you follow your state and local laws related to security deposits perfectly and only keep security deposit money that you are legally entitled to, your tenant may sue you in small claims court to get the money back. If you have already taken all or a portion of the security deposit it is likely this ten

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

A widespread practice among landlords is to administer late fees when rent is not paid on time by tenants. A late fee generally motivates tenants to pay rent on time and saves landlords from having to hear multiple excuses about why rent may be late. However, some tenants may refuse to pay late fees by simply paying the late rent and not including the late fee. The frustration that landlords feel when tenants do not pay rent on time is increased dramatically when the tenant w

There are several reasons why a landlord may decide to hire a property manager. These reasons can include limits on time available to manage the property, and the landlord does not live near the property. After hiring a property manager, the property manager becomes responsible for taking care of the rental property. Property managers are therefore the most important piece of a landlord’s rental business as well as the biggest potential liability. As a landlord, you want to

For new landlords purchasing a property as a rental can be exciting and terrifying at the same time. If done correctly becoming a rental property owner offers a significant potential revenue stream. However, common mistakes made by new landlords could cost them thousands of dollars which could lead to financial failure. Having Extended Vacancies: When your property is empty you are not making money and if you are a new landlord with only one rental property that means you are

Landlords around the country rely on property managers to efficiently run their rental business so that landlords can focus on increasing their revenue without having to deal with everyday hassles. However, hiring a property manager can be a stressful and risky endeavor for any landlord as making sure to hire the right type of property manager could be the difference between making a profit or taking a loss. When looking to hire a property manager, you should be looking for