The Business of Land lording

In order to minimize financial loss due to vacancies, it’s important to minimize the time that a unit stays vacant. A lot of landlords make the mistake of showing an apartment before it’s ready for occupancy. This can be a major time waster for you the landlord, the prospective tenant, the real estate agent (if there is one), and the housing inspector (if an inspection is necessary). Some people just can’t visualize what the finished product will look like, nor will they trust you to do what you say you’ll do.  Showing dirty property can also drive a good tenant away.…

I have designed a Move-in Inspection Form to help guide you through what should be the next step in the process of renting to a new tenant.  There is a link to it at the bottom of this page because I want you to read this page before you use it. A lot of landlords miss this step, which can cause you a lot of grief down the road should you end up with a tenant that causes damage to the unit. Once again, I reiterate: An ounce of prevention is worth a pound of cure! This can translate into…

When a tenant is not paying the rent, and won’t vacate the premises; when you are losing money, have lost your patience, your anxiety levels have risen, and as a last resort, you must exercise your option of eviction, there are a few legal things you should know. The eviction process is fairly straightforward but most landlords dread having to go through it, and understandably so. Maybe it’s because they don’t understand the process or what to expect, and maybe it’s because they’ve heard horror stories about the courts’ tendency to be pro-tenant. But let’s face it- a lack of…

Winter is upon us and so is the time for heat complaints and ​high energy bills.  Not exactly the Landlord’s favorite time of year. This article is to provide you with some energy saving tips that are inexpensive yet cost effective. ​One of the biggest causes of wasted energy is air leaks. According to the U.S. Department of Energy, drafts can waste 5%-30% of energy use.​If you have received complaints of being cold from your tenants, the first thing you should do is visit your property to identify if there are any air leaks that can be remedied by a trip…

Winter’s here and the dreaded heating season is upon us. It’s the time of year when the local Buildings and heating code enforcement departments get really busy with those “no heat” complaints. The majority of landlords in this area pay the cost to heat the tenant’s unit. So you should really be conscience of what simple things you can do to reduce your expenses. Air leaks are the largest source of heating and cooling loss in the home. Air leaks occur through the small cracks around doors, windows, pipes,etc. Here are a few really good tips on how to save…

  Where they come from – How they act – ​How to get rid of them          Just writing this article made me itch!! The Rising Bed Bug Epidemic Since the early 2000s there has been an increase in bed bug cases in New York City. A lot of exterminators and entomologists (people who study insects) blame it on the fact that there are so many international travelers to our city. Whatever the reason, this pesky problem causes landlords and tenants a lot of aggravation. Landlords need to know how to deal with the problem. Keep reading and you will soon understand…

Are You Losing Profits Because You’re Not Organized? ​Being a landlord can be a very difficult business. There is a lot to keep track of both in terms of paperwork, maintenance  work, and just plain people skills. The trick is to manage the property and the tenants simultaneously and effectively. That can be hard to pull off if you’re not organized. A Landlord’s problems can be very unique and can wreak havoc on your financial and personal life if your business is not handled properly. The good news is that a lot of the problems can be eliminated, or at…

Most people do not purchase a home with the intention of losing it. Most people I know worked very hard to save the down payment, and then worked even harder to pay the mortgage on time, maintain the property and pay all the bills associated with homeownership. All the while, having to sustain themselves with essential needs, like food and clothing. But life just has a way of springing the unexpected on us at the most inconvenient time. I believe we call it “Murphy’s Law”. For those of us who work hard every day just to maintain, there is never…

If you’re in need of a contractor and you’re starting “from scratch” the whole process may be a bit intimidating and overwhelming if you’re not properly prepared.  The internet and television both air a fair share of contractor horror stories.  Here’s a few  great tips and resources on how to prepare and initiate the process of choosing the right contractor for your project:​1.  Plan exactly what you want and have a good idea what you want the outcome to look like when it’s complete.   2.  Shop around.  Ask family and friends for recommendations.  If you must go through the…

 Evictions – The Last Resort When a tenant is not paying the rent, and won’t vacate the premises; when you are losing money, have lost your patience, your anxiety levels have risen, and as a last resort, you must exercise your option of eviction, there are a few legal things you should know. The eviction process is fairly straightforward but most landlords dread having to go through it, and understandably so. Maybe it’s because they don’t understand the process or what to expect, and maybe it’s because they’ve heard horror stories about the courts’ tendency to be pro-tenant. But let’s…

Lots of money and lots of valuable time can be saved on repairs through routine maintenance. Preventive maintenance can help insure that a small problem does not turn into a larger, more costly problem. Every landlord should get into the habit of minimizing financial losses through preventive and routine maintenance. Below are a few pointers that can help you reduce financial losses related to repairs and maintenance: • Let prospective tenants know-even before they move in that maintenance is a high priority item. • Use a written checklist to inspect the unit and fix any problems before a new tenant…

Rent is the lifeblood of the landlord business. Collecting it can sometimes be the issue that causes the most tension between landlords and tenants, and ultimately causes the landlord a great deal of financial losses and stress. Without rent payments, your business probably would not survive for long. So, let’s say it’s a necessity to keep you afloat, not an option. With that in mind, you may want to institute some methods that make it easier for you to collect the rent, and easier for your tenant to not only pay, but to pay on time.  Because the first of…

Are You Practicing Any of These Bad Landlording Habits ? 1. Landlords fail to adequately screen their prospective tenants. Whether you rent through a real estate agent or not, you should always require a prospective tenant to fill out a rental application. Always check with previous landlords (plural), not just the one that they are trying to leave. Inquire about conduct, payment history and tenant damage. For more guidance on how to screen a prospective tenant, click on the “screening tenants” link on the left. P.S.- If you don’t have your own rental application you can click on the link…