Experience, Integrity, Results!

Owner's Guide

Rental Market Comparisons

There are many methods utilized when setting a market rate for a rental unit. Some landlord's science might boil down to licking their finger and sticking it up into the wind while others may choose a complex model with statistical analysis. Of course it doesn't really matter how you get there as long as you arrive. It's important to understand the market trends when determining your rent amount. One thing to consider is how long you can wait to find a tenant willing to pay what you're asking. In a strong market, renters line up at the doors and you have a pretty good chance of renting the unit in a short amount of time. In a soft market you can throw all the rules out the window. Market value fluctuates so often that it might be wise to set your rent aggressively. You should weigh the loss for a twelve-month period. For example, if you have been receiving $1500.00 a month in rent and the unit is vacant for 3 months because you want to rent at that amount, you are losing a total of $4500.00 in rent along with any expenses accrued through out the three month period. Over a 1-year period you stand to loose $600.00 if you reduce the rent to $1,450.00.

Tips for Cleaning Your Rental
One of the first things most prospective tenants notice is how clean the rental home is, so don’t leave that first impression to chance. A clean rental home implies good maintenance and reliability on the part of the landlord and the tenants who’ve come before, setting a precedent to respect the property. Here are some tips on how to be sure you send the right message to your perspective tenants:
Hire a professional
Using a professional cleaning service is often a necessity for landlords with more than one property, but in any case, having someone else do the work is often an invaluable time saver. Always check references and get referrals from other property owners so that you hire a reputable service. Whether your previous tenants did a super cleaning job before they left or not, make sure to ensure the following areas are clean before you show your rental home to prospective tenants;
Floors-Dirty carpet can be an immediate turn off to a tenant, so have carpets cleaned by a service or with a rentable unit from a home improvement store. If tiles in the floor are cracked or missing, replace them and repair obvious hard wood damage. All uncarpeted floors should be thoroughly cleaned and swept.
Walls and ceilings-Dingy paint is another depressing sight for potential renters, so if it’s been a while since the walls have had a fresh coat, now is the time. Also be sure to repair any nail holes or gashes left by previous tenants.
Address any water stains in the ceiling by making repairs if necessary and painting over. Also make sure all ceiling bulbs are working and that light fixtures are dusted.
Windows-Clean all windows inside and out and make sure that the locks and screens all work properly. If your property comes with window treatments, they should be clean and in good working order.
Vents-Check the vents in each room to make sure they are working properly. Also, all intake and room vents should be free of dust.
Appliances-Do a thorough scrub of all kitchen appliances, including the oven and range, refrigerator and dishwasher if there is one. Also wipe down the exteriors of the washer/dryer if they are present.
Cupboards and closets-Make sure that all storage space is free of the previous tenant’s belongings and is wiped down, swept or vacuumed.
Tub and shower-Nothing says neglect like a mildewed bathroom. Be sure that all grout is scrubbed and reapplied, if necessary. Get the bathtub and shower as clean as possible, install a new shower curtain and consider replacing or resurfacing if needed. Toilets and sinks should also be thoroughly cleaned.
Outside-Even if yard maintenance will be the responsibility of your new tenant, start them off with a mowed lawn, clean porches and a carport/garage free of any extraneous items left by you or earlier tenants.
Be sure that your prospective tenant’s first experience with your rental property is one that leads to them to say, “I’ll take it!” Having a clean rental home is a major part of curbside appeal and lets your tenants know that you care about your house and expect them to do the same.

Exterior Remodeling: Best Bang for the Buck

The smartest home improvement investments may also be
some of the least expensive. Results from the
2009 Remodeling Cost vs. Value Report show that
small-scale exterior projects are the most profitable at resale.
On a national level, 8 out of the top 10 projects in terms
of costs recouped were exterior replacement projects that
cost less than $14,000.

The annual survey is conducted through a partnership with
Remodeling Magazine and REALTOR® Magazine, and is
based on value estimates provided by REALTORS® around
the country. Read the full report.

To learn more call us today! 913-499-0345

Landlord and Tenant Laws

Owning an investment property can be exciting and frustrating. It can also leave your personal assets exposed. It is important to know your rights and the rights of your tenant when dealing with issues concerning tenancy, notices and ownership. If you'd like to be a more informed owner, feel free to click on the links below for an overview of landlord / tenant law and the HUD library.

LANDLORD/TENANT INFORMATION

CURB APPEAL and MORE

Historically, owners were able to get a substantial return on their investment with little money going into the property. Today, the way your home shows to the tenant is crucial to quickly renting the home. Updating appliances, flooring, painting, and in some cases remodeling areas of the home can improve your chances of finding a quality tenant at a reasonable rent. Call it karma if you like. It is the condition of the property that determines the type of tenant you'll find. A property kept poorly, will attract a tenant that is comfortable in that environment and don't expect them to have a sudden change of heart when they move in. Over time, letting go of your property becomes a trend for the tenants. They see how little you care about your property and so they in turn treat it with the same level of respect or lack thereof. A property in ill repair can only lead to lower rents and more problems with tenants down the road.

That is where we come in. We work with vendors who offer special pricing for remodeling and general repair items. Our contractors get special pricing for the materials we use. It can improve the curb appeal of your home and help it attract the right renters for the community and for you.

In our long history in the industry, we have come to understand that sometimes less is more. When the market is strong, many owners tend to think that it is okay to let certain things go. Because the demand is high, tenants demands are low causing fewer expenses for the home. However, when an owner is receiving a high rent on a consistent basis, it is the right time to invest some of that income back into the property. It is a good idea to replace little things here and there as they break down or as a means of maintaining the look and feel of the property. It will reassure your tenant that you take pride in the property and value them as tenants. Owners who do these things tend to hang on to their tenants longer and have fewer issues over the term of the tenancy. When the tenant does decide to leave, you have left yourself in a good position. You will have to spend less money to bring the property up to expectations and you'll re-rent the property faster and collect a higher rent in some cases.

Simple Fixes to Help You Rent Your Home
Looking for ways to make
your home more appealing to renters? There are a number of simple fixes you can do to your property that will make prospective tenants sit up and take notice.

Fresh paint
Inside and out, a fresh coat of paint can give your rental house a new lease on life. Choose neutral colors that won’t offend a prospective renter’s sense of style or make it hard to match furniture and curtains.
New fixtures
Nothing dates a house like outmoded or broken switches or lighting fixtures. For a little money, you can upgrade ceiling lights, outlet covers and switch plates — finishing touches that will make your property look well cared for and desirable.
Improve your carpeting
If you have wall-to-wall carpet that needs cleaning or replacing, now is the time to do it. Few things turn off renters as effectively as dirty or torn carpet, a sure sign of neglect by previous tenants and landlord alike.
Clean it well
The smell and overall cleanliness of your rental house is what a renter will notice first once they cross the threshold. Whether you need to hire a cleaning service or roll up your own sleeves, make sure to make right or improve upon the condition in which the last tenants left the floors, countertops and the inside of appliances.
Landscaping
Never underestimate the power of a mowed lawn and planted beds. Bright flowers and healthy greenery are the first and most striking difference you can make to your rental home’s first impression.
You don’t have to spend a fortune to improve on the overall soundness of your rental home. Cosmetic changes can make a massive difference. Use a stranger’s eye to appraise what needs to be improved and you’ll soon have more applications for your property than you can manage.