Categories
Landlords

Real Estate Magic: 4 Secrets of Successful Landlords

A landlord handing over house keys to their new tenant
Photo by Alena Darmel

Being a landlord isn’t all sunshine and rainbows. If you try to go in blind, inexperienced, and without proper knowledge—you’ll likely make dire mistakes that will ruin your bottom line.

Plus, doing some research online can only get you so far. You’ll get some bits of good information, but none will necessarily guarantee your success. No, you need to know how the pros do it so you can put yourself in the right direction towards becoming a successful landlord.

Not to worry, we’ve already compiled their “secrets” for you. No need to look elsewhere, here are the 5 things you should perfect to be as successful as the giants out there.

1. Successful Landlords Conduct Thorough Tenant Screening

Screening is an important process for every landlord, so it’s of utmost importance that you have a firm grasp of how to properly screen potential tenants. Add to that, you need to abide by tenant screening laws to avoid potential lawsuits.

Generally, you need to keep these factors in mind when screening applicants: 

  • Abide by the Fair Credit Reporting Act (FCRA), which limits your access to applicant information without their consent. 
  • Follow the Fair Housing Act, where it’s illegal for you to reject applicants due to race, sex, disabilities, and other discriminatory factors.
  • Perform rigorous background checks on their credit history and criminal records.

Once you make sure to abide by these laws, you should make a checklist for your ideal tenants. If your screening process is rigorous, you’ll end up with much better tenants. They’ll pay rent on time, take care of your property, and abide by everything in the lease agreement.  

2. Successful Landlords Have a Well-Written Lease Agreement

You need to be specific when writing the lease agreement, otherwise, you might run into confusion later on. List down all the things the tenant can do, all the things they can’t, from having pets to subletting. That way, there aren’t any misunderstandings down the road.

A good contract will make sure to include terms like:

  • Names of all the tenants
  • The maximum occupancy
  • The terms of the lease
  • The monthly rent
  • Deposits and fees

Other terms you might include in a lease agreement are: 

  • Pet policies
  • Parking arrangements
  • Allowed renovations
  • Subletting conditions
  • Property maintenance
  • Pest control schedule

With a thorough lease agreement, you can protect yourself, maintain your assets well, and be confident that your tenants will support you in your rental business.

3. Successful Landlords Manage Their Property Professionally

How else do you keep good tenants? Well, you do so by being professional at all times. Trust us, this goes a long way in keeping your tenants happy and satisfied enough to stay longer.

Here are a few pointers to keep in mind when managing your tenants:

  • Make it easy for your tenants to reach you. Ensure that they have your contact details and are fully aware of what situations call for immediate action.
  • Keep on top of tenant emergencies like repair requests, so the property remains habitable and you solve issues before it turns into an expensive repair.
  • Don’t be afraid to evict those who defy the lease agreement, such as:
    • Not paying rent on time or in full
    • Does major property renovations without your permission
    • Conducts an illegal business in your rental property
    • Causes excessive property damage (e.g., broken structures, flooded bathrooms, pest infestations due to hoarding or garbage)

Instead, your goal is to establish and nurture a healthy landlord-tenant relationship where both parties are respectful. That way, tenants will stay longer and effectively stabilize your monthly cash flow and overall investment.

4. Successful Landlords Prioritize Keeping Good Tenants

Landlords don’t just find good tenants—they keep them. In fact, successful landlords are experts at keeping quality tenants around for a long time. For example, they’ll offer to upgrade selected amenities in exchange for renewing the lease. 

Those incentives can include things like:

  • An internet connection upgrade
  • New flooring or furnishings
  • Improved HVAC system
  • New kitchen appliances
  • New in-suite laundry

While these do cost a pretty penny, doing so will reduce vacancies, turnovers, and maintenance. In other words, they look at the big picture and treat their tenants as they would want to be treated. By doing that, they’re less likely to look elsewhere leaving your rental vacant and not profitable. 

Learn How to be a Successful Landlord from the Start

Successful landlords don’t waste their time and money on situations that they can avoid. Instead, they are proactive in figuring out ways to find quality tenants, keep them around for a long time, and list all obligations and expectations down from the get-go.

To give you a running start to becoming a great landlord, follow our tips! By running your rental property like a pro, you won’t have to spend unnecessary time, money, and effort to earn back your investment returns—and more.

Do you have any landlord tips for those starting out? Feel free to share them in the comments below!

Categories
Shortterm Rentals

How to Find The Best Neighborhoods for Airbnb

 To earn the biggest profits from your STR, you need to find the right neighborhood to invest in. Here, we look at some of the things to consider.
An STR in the woods
Photo by Karsten Winegeart

Investing in a short-term rental (STR) is a great way to make some additional income. In fact, according to 2021 figures, the average Airbnb host in North America can make $41,026 annually from a single rental.

But you need to be smart and focus on a lot of factors to earn that impressive amount. 

For example, just picking a neighborhood can make or break your investment. While the right neighborhood with all the right conditions will give you high occupancy and rental rates, the wrong neighborhood will only give you high turnover rates—or worse, complete vacancy.

So, what are the right conditions that make a neighborhood perfect for STR investments? 

Let’s discuss the conditions you need to consider when picking a neighborhood for your Airbnb.

What Makes a Good Neighborhood?

No one factor makes a good neighborhood. You have to consider several characteristics when choosing the area for your Airbnb. When you choose a neighborhood to invest in, look for: 

  • Airbnb occupancy rate
  • Airbnb rental income 
  • Airbnb rent averages
  • Cash-on-cash return

Each factor is as important as the next and they all have to come together seamlessly. For example, if you only take into account the Airbnb occupancy, you could see an 80% rate. But each tenant might be paying you a low amount—and that might not be worth the effort.

So, let’s define each factor and go through their details:

Airbnb Occupancy Rate

The occupancy rate measures the dates a property was booked versus the total number of days it is listed for rent. Factors like location, market saturation, and seasonality can affect a neighborhood’s occupancy rate. 

Now, the average occupancy rate in North America is about 44%, but you’ll want to find areas that give an even higher number. Instead, focus on locations that have the highest occupancy rates such as:

  • Seaside, CA: 71.3% 
  • Little Rock, AR: 75.0%
  • Phoenix, AZ: 64.1%
  • Los Angeles, CA: 55.6% 
  • Columbus, OH: 60.6%

A quick search on Google will give you these numbers. If you find another neighborhood with a good Airbnb occupancy rate, you can consider investing in property there. 

Airbnb Rental Income

The Airbnb rental income will determine how much income your property will generate over time. For you to determine the potential rental income you can earn in a neighborhood, you need to conduct a market analysis. Using market analysis, you can learn: 

  • The real estate appreciation rates of the neighborhood
  • The current and upcoming trends of the real estate market in an area
  • If the neighborhood you’re scouting is suitable for an STR
  • If long-term rentals are more popular in a particular area instead of an STR
  • The overall demand for rentals in the area

Take, for example, Mashvisor’s heatmap. With this tool, you can see the average occupancy rate in Detroit. You can also get a glimpse into the estimated rental income of an Airbnb.  After you perform a market analysis, you should have a good idea of what your Airbnb rental income should look like in that particular neighborhood. 

Airbnb Rent Averages

This is the simplest metric you need to find out. You basically need to look at the average rent STRs are going for in a neighborhood. If you skip this, you might invest in an expensive property that’ll take too long to generate a good return on investment.

You can use Mashvisor to get a good idea of how much people are charging for rent on their Airbnbs. In general, you want to look-out for properties with similar specifications to the property you’re looking to invest in. Watch for things like: 

  • The number of rooms
  • The number of beds and baths 
  • The kinds of amenities available
  • The location (e.g., if it’s near tourist attractions)

Once you have a general picture of how much people are charging for stays in their Airbnbs, you get an idea of how much you can charge. 

This will also help you estimate the maximum amount you should spend acquiring the property, as you’ll want to charge at least 1% of your total property price to recoup costs fast enough. For example, if a property costs $212,000, you’ll want to charge at least $2,120 for the monthly rent.

Cash-on-Cash Return 

Finding out the cash-on-cash returns for similar Airbnbs in a particular neighborhood will give you an idea of whether investing in a neighborhood is worth it. Again, Mashvisor gives you the cash-on-cash returns of Airbnbs in a neighborhood.

To calculate your cash-on-cash return, you just need to follow a simple formula:

Cash-on-cash return (CoCR) = (annual rental income – operating expenses)/total cash investment 

Let’s look at the potential CoCR of the listing we mentioned earlier, with an annual rental income of $25,440 ($2120 x 12) as an example. With a total cash investment of $200,000 and a safe estimate of operating expenses being 1/3rd of the annual rental income, it’ll look like this: 

CoCR = (25,440 – 8395.2)/200000 

CoCR = (17044.8)/200000

CoCR = 0.0852

For this particular example, the cash-on-cash return is 8.52% per year. This is within the benchmark for good CoCR, which is between 8-12%. If you find an area with a CoCR that measures within that range, it’s a good opportunity for your STR.

Pick the Right Neighborhood For Your Investment 

Airbnbs can be a great investment opportunity. However, much like any investment, you need to invest wisely. Choosing the wrong neighborhood will put you at too much financial risk, and you might not see numbers anywhere close to the $41,026 average.

Do your due diligence, analyze your opportunities well, and maybe even consult with experts in the industry, and you can be confident in earning that $41,026—maybe even higher.

Do you think there are other factors to consider when choosing a location for an Airbnb? Let us know your insight in the comments below!

Categories
Landlords

Tips and Tricks for Managing the Property Maintenance of Your Home

 poorly maintained rental property
Photo by Payam Moghtader

Nobody wants to live in a dilapidated home. We all want a place where we can come home to an environment of relaxation and comfortable living—certainly not a messy, broken-down house that’s far from being stress-free.

This means that, as a landlord or homeowner, you need to treat your property with care to ensure it lasts for decades to comes. Tenants won’t want to occupy your rental property if it’s falling apart and neither will you. You need to perform frequent maintenance on your rental property, and do everything you can to protect your hard-earned assets in the long term.

In this article, we will discuss some tips and tricks to keep your property in tip-top shape.

5 Tips for Maintaining Your Rental Property 

First thing’s first, maintaining your property is mandated by law. If you are located in Michigan, you are liable under the warranty of habitability law to keep your rental property liveable

The law states that a landlord must abide by 3 factors:

  1. The property and all common areas must be fit for use.
  2. The property must be kept in reasonable repair while under a lease. 
  3. The property must comply with health and safety regulations. 

If you don’t follow the warranty of habitability law, tenants can either withhold rent until you make the repairs (no income for you!) or resort to repair and deduct—where they’ll make the repairs themselves and deduct the costs from rent payments. It may deceivingly sound convenient, but experienced landlords know that leaving repairs to tenants likely means cheap fixes and short-term solutions.

By following the law, you can avoid consequences and protect your properties.

To help keep in line with the warranty of habitability law, here are best practices to maintain your rental property.

1. Establish Easy Communication with Your Tenants

The first step to keeping your rental property maintained is to communicate with your tenants if you aren’t living there. Your tenants will be the ones living in your rental, which means they are the first to find any need for repairs. Plus, you don’t want to leave a problem unattended for too long, or it becomes permanent damage.

Having regular communication with tenants is important for catching necessary repairs immediately

Always provide a way for your tenants to get in touch with you easily. Your goal should be to make it easy for you to get ahead of important repairs before they cause major damage.

2. Perform Regular On-Site Inspections

Schedule a yearly inspection with your tenants or for yourself so you can have a frequent, in-person idea of the status of your rental. Getting an expert to help is also not a bad idea. You should look out for tell-tale signs of property damage, like the following:

  • Broken windows and screens 
  • Leaky plumbing 
  • Discoloration on walls and ceiling 
  • Burn marks around sockets 
  • Malfunctioning smoke detectors and fire extinguishers

Your goal in performing regular on-site inspections is to catch any signs of water damage or gas leaks that can lead to costly repairs down the road.

3. Schedule Periodic Pest Control Visits

Pests are one of the most damaging factors to a property. For instance, do you know that the US spends over $5 billion yearly for termite repairs? That’s a lot of money spent on dealing with termites that can certainly be avoided.

So, take a preventive approach by scheduling pest control maintenance once every 3 to 6 months. Have an exterminator visit the property and extinguish any possibilities of pest infestations, so you don’t have to worry about little damaging critters occupying your rental property.

We understand that regular pest control visits can be costly to your business. But, it’s a cost worth taking, especially when you consider the more-expensive alternative of dealing with existing creatures.

4. Opt for a Professional Landscaper 

Not only does great landscaping help entice new tenants if you’re renting it out, but it also keeps your existing renters happy and helps you avoid many problems down the line. You can always maintain the lawn yourself, but hiring professional landscapers will give you benefits such as:

  1. Preventing pests from making a home in the lawn and trees
  2. Avoiding debris accumulation that can harm your plumbing system
  3. Protecting the structure of the home from nature-related issues (e.g., falling trees or overhanging branches that pose harm)

Plus, professionals will have the skill, experience, and equipment to keep all lawns, gardens, and other green areas of the rental property beautiful and functional. Many other benefits come with maintaining the landscape, but the biggest benefit is that you’ll beautify your home.

5. Hire Heating, Air-conditioning, and Ventilation (HVAC) Specialists

One of the main systems that keep a property habitable is the HVAC system. If the system fails, it becomes very difficult to live on the property. Just imagine going through winter without any heating or sweating in the summer with air-conditioning, and you’ll know what we mean!

Moreover, if an HVAC system fails, the entire cost of replacing everything can range from $5,000 to $10,000. In other words, shouldering the costs of regular maintenance is definitely better than having to replace an HVAC system eventually.

Consider hiring professionals to perform annual maintenance and constantly remind your tenants to clean and replace AC filters whenever necessary. Your goal is to avoid having an HVAC system breakage while keeping your tenants living comfortably.

Take Preventative Care of Your Property 

Living in a rundown home is one of the worst things to experience. A home with no heating, full of pests, and faulty toilets is a nightmare no one wants to experience. Not only will your tenants leave right after the lease if you’re a landlord, but failing to maintain your property also means violating Michigan laws that will cause to recipe some financial penalties.

Instead, be more proactive. Keep your rental property well-maintained, stay on top of arising problems, and do everything you can to ensure that your property lasts a long time. The more you maintain your assets, the farther they’ll take you in terms of investment.

Do you have any other property maintenance tips that you’ve found useful? We’ll love to hear about it in the comments section below!

Categories
Shortterm Rentals

How to Choose the Right Market for Short-Term Rentals

Short-term rentals (STRs) are currently one of the most thriving sub-industries in real estate. In fact, a 2019 survey found that 60% of American tourists prefer staying in an Airbnb over a hotel.

However, if you plan on investing in an STR, you need to do your due diligence to find the best market for your property. Diving straight into it without doing any research will likely your Airbnb is empty more often—resulting in less cash in your pocket if it’s just sitting there. Plus, you might end up in an area that’s either saturated with too many excellent STRs already, or an area with barely any guests to attract.

For instance, a property in Palm Springs, Florida, could potentially earn you upwards of $125,000 a year. This figure might sound like an enticing gain for a potential STR investor, but you have to account for all the costs and potential pitfalls that you’d have to expertly navigate in the particular market.

You have to ask yourself questions like: 

  • How popular is the area?
  • How many STRs are already in the area?
  • How easy will it be to fill with guests?
  • What kind of guests are staying there?
  • How much are the utilities and general maintenance?
  • Can you make enough in busy seasons to cover slow seasons?

Let’s take a look at how you can choose the right market for your STR investment venture.

The Four Markets of STRs

There are 4 main types of STR markets: 

  1. Traditional vacation markets
  2. Unique locations & experiences
  3. Business markets
  4. General convenience

Each of these markets comes with its share of risks and advantages that you need to navigate. For example, an STR located downtown might have stricter laws in place when compared to a traditional vacation rental. 

Let’s compare them all to help you decide what’s best for you.

1. Traditional Vacation Markets: 

The traditional vacation market exists both regionally and nationally, relying heavily on tourism. The main difference between the two is accessibility and affordability:

  • Accessibility: The regional vacation market is usually within close proximity to cities. Visitors can reach these destinations with a short drive out of town. An example of this type of market is Panama City Beach, Florida. This beach is within driving distance of major cities in both Alabama and Florida, where Montgomery and Birmingham are three hours away and Jacksonville is a four-hour drive from the coast. 
  • Affordability: Real estate prices will usually be more affordable than the national vacation market. Additionally, the regional vacation market will have the most accommodating regulations out of the three, as these are hotspots for vacations.

Panama City Beach, for example, allows for STRs in all areas designated as commercial zones, limited multi-family zones, unlimited multi-family zones, and townhouse zones.

Another benefit of the vacation market is its resistance to the effects of a recession. Unlike its national cousin, the regional vacation market is more accessible and affordable to visitors making it more resilient against the effects of an economic recession. 

Tourists wouldn’t need to make big vacation plans to visit a regional vacation rental, such as booking a plane ticket. These locations can be reached by car ride. Additionally, the more affordable lodgings will allow tourists to visit despite an economic recession.

While regional vacation markets rely on tourism, a major hit to the industry isn’t nearly as devastating to these markets. In fact, during the COVID pandemic, many city-slickers fled cities during the pandemic. Regional vacation markets can tap into these potential customers during occasions like the COVID outbreak.  

2. Unique Locations & Experiences 

Next up are STRs located in unique areas for experiences that you can’t find anywhere else. These might be activities out in nature or just places nearby popular attractions. Some different types of STRs that fall in this category are:

  • Properties near ski resorts
  • Properties beside amusements parks
  • Vacation homes on a lake
  • Beachside villas in tropical countries

These all offer a unique experience that you can get anywhere else. Typically, this kind of rental will have an off-season because tourists aren’t usually booking all year round. However, if you can make a ton of profits in the peak seasons, this could be worth it even if it’s unbooked during the slow times.

3. Business Markets

STRs in an urban location doesn’t rely solely on tourism to generate revenue. Of course, tourists will also visit your property, but the main source of income will be from business people. These are often professionals traveling due to a variety of reasons, such as a convention or business deal. 

The metro market is potentially the most lucrative market for an STR due to the frequent turnover of tenants. A busy city will have many occasions that will see an influx of visitors, such as during sporting events, conventions, concerts, etc. 

Despite being potentially the most profitable market, an urban rental also comes with the most risks:

  • Rules and Regulations: Different cities will have different regulations when dealing with STRs. In the case of Oakland, Michigan, the city prohibits STRs except in a few select locations, such as near the airport, along the freeway, or the waterfront. 
  • Market Saturation: Another risk is market saturation. Because an urban rental is one of the most profitable markets, it is a hotbed for STRs. A lot of competition could potentially limit your revenue, especially if you can’t compete with the existing rentals in the market.

Overall, the metro market is a great avenue to establish an STR. But you should educate yourself on the risks involved with entering the urban rental market—especially in your specific city. 

4. General Convenience

The traditional leisure vacation rental is the conventional STR we all think of when we hear the words “short-term rental.” But a lot of people use Airbnbs for general purposes where a hotel simply won’t satisfy all of their needs. 

Here are some of the most common reasons people use Airbnbs that aren’t for vacation or business purposes:

  • Hospital Visits: Individuals staying in a city for hospital visits. Major cities will have the best medical facilities, which means that a patient’s family could need a place to stay while their relative is receiving treatment
  • Weddings: Hotels are expensive, so for a wedding, a lot of guests will choose to go with Airbnb to cuts costs. It also gives them a space that they can make feel like home if they’re coming from far away and turning the wedding into a vacation afterward.
  • Reunions & Graduations: Another common reason to use Airbnb is family or school reunions where, again, your guests are likely saving on costs associated with a hotel and they want a palace where they feel like they’re at home. 

If your STR is located near a hospital, a popular wedding venue, or a large university you might see more guests staying for these purposes. And if you don’t know, try asking your guest why they are staying! That will give you a lot more insight and allow you to optimize your listing in the future. 

Set Your Goals and Expectations When Deciding a Market

To decide which market is the best for you, you have to be clear with your goals. Each market comes with its share of benefits and negatives, so you need to align your expectations while keeping these in mind. 

Here’s our list of recommendations: 

  • Business Market: These are good for a steady stream of income year-round if you’re located near conference centers and in a downtown area that professionals are staying in.
  • Unique Experiences: These kinds of rentals may have more downtime, but you can often charge higher rates as they are quite specific in what they offer guests.
  • Vacation Market: These can be resilient if you’re attracting people interested in regional vacations However, for areas that have on seasons and off seasons, you need to be careful. Make sure you can stay profitable on the season alone. 
  • General Purposes: These can be quite resilient depending on where you are and if you optimize your STR listing well. Make sure you ask your guests to understand why they’re booking your rental property. 

Pick the Right Market to Reach Your Investment Goals

Deciding on where to put up your STR is one of the biggest challenges facing real estate investors. With how competitive and unpredictable the STR industry is, identifying the right market and location for your rental could make or break your investment.

But the solution is always to return to your investment goals. As long as you align your objectives to what type of income a market provides, you’ll be well on your way to gaining the highest and most consistent cash flow from your STR investment.

What STR market are you targeting? Feel free to leave us a comment below!

Categories
Shortterm Rentals

Why Security Deposits Are Necessary and How to Enforce Them in Short Term Rentals

A person counting hundreds of dollars
Image from: Alexander Mils

So, how do guests and tenants really feel about security deposits? 

A computer software company that deals with security deposits, called Obligo, ran a survey on this issue, and found that over 70% of people prefer rentals without security deposits

This could be because guests don’t want to shell out extra money or find the whole process of a security deposit to be an inconvenience. But, even though guests dislike having to pay a security deposit, it’s necessary to protect your property from damages, and more importantly, undesired expenses.

So, what can you do as a short-term rental (STR) owner that benefits both you and your guests? Keep on reading to find out how to find the right balance.

Why are Security Deposits Necessary?

Security deposits are necessary in the event that guests damage the property or steal things during their stay. The deposit serves as a backup fund in case there are necessary expenses after the guest leaves. In addition to having a financial safety net, enforcing a security deposit is a way to filter your guests so that you only attract respectful and high-quality applicants.

can also prevent guests from damaging the property in the first place, since they want to get their deposit back!

What can I charge for Security Deposits?

There are two things to consider when it comes to determining the costs of your secret deposits: your local laws and the rules on that platform. 

When it comes to the laws and regulations for STRs, most states don’t yet differentiate between long-term and short-term rentals. So, for example, in Michigan, you need to abide by the standard laws surrounding security deposits. 

As for platform rules, you need to read the fine print before to make sure you are allowed to collect a security deposit. In the case of Airbnb, the platform does allow owners to add a security deposit to their listings. However, they are optional and not always expected by the guests.

How Do I Justify Security Deposits?

As important as it is to look out for your finances and property, it’s important to look out for your guests, too. Since a lot of them would rather not pay a security deposit, you have to find a way to get them comfortable with it. 

Losing a good potential guest just because of a security deposit is the last thing you want to do—especially in a competitive market like STRs! So, how can you justify security deposits in a way that shows your guests that they can trust you? 

Here are some tips that can help do the trick.

1. Assure your guests that they will get it back.

It’s possible that some tenants and guests had bad experiences with security deposits in the past, so you’ll want to do everything you can to change their perspective. The most important thing you need to address is how to convince them that they’ll actually get it back. And the best way to do this? 

Tell them WHY you have a deposit. Because at the end of the day, the deposit isn’t just to get more money from them, it’s there to protect your property from damage. Another way to improve that trust is to share your own tenant horror story, so they understand why you’re not willing to accept someone who refused a deposit. 

To combat the negative association they have towards deposits, you should also always be prompt in returning security deposits. Short-term rental platforms, such as Vrbo, require that you return security deposits within 2 weeks maximum. If you’re prompt with returning security deposits, it also shows you care about your guest and are a trustworthy host. Then, they’ll leave glowing reviews that future guests can read so they know what to expect from you.

All of this will help your guests see why it’s necessary. And if they still can’t understand your perspective, you probably dodged a bullet anyway.

2. Show guests how you’ll keep a detailed record for fair deductions.

Before you let guests stay in your rental, take note of the property’s state and its items. Keeping detailed records and photos along with a check-in date can help you keep track of everything. 

In the event that you need to use the security deposit, you can accurately pinpoint the reasons that led to the deduction. This way, you conduct yourself professionally and show the guests that using their deposit is warranted and completely fair.

Explain your process to prospective guests so they feel comfortable in putting down a security deposit.

3. Lay down house rules and damage policies. 

Communicating these things beforehand can save you and your guests from an argument in case the full security deposit won’t be returned. By letting them know ahead of time what the house rules and damage policies are, your guests will know how to treat the property.

More so, in case they do break rules and damage things, you can say that you made things clear from the start. Similar to keeping a detailed record, in the event that you have to use the deposit, the guests will know that it’s being deducted in an honest and transparent way.

Get the Best Guests From the Start

Security deposits not only take care of possible damages committed by guests but also act as a filter to ensure you’re only attracting quality guests to your rental property. Because at the end of the day–you don’t want to rent to anyone you don’t trust. 

Although security deposits can put off some guests, being professional and honest about it can make security deposits easier for them. With a security deposit in place, you can worry less about your property, while your guests can enjoy your place responsibly. 

Is there anything else you want to know about security deposits for STRs? Feel free to leave a comment below!

Categories
DIY Landlords

Investing in Real Estate from a Property Manager’s Perspective

Executive Summary

Many real estate investors self-manage their properties and I did too learning from my experience as I went. However, professional property managers have a lot of experience to help both new and seasoned real estate investors make the best investment and property management decisions. I asked my property manager, Jill Powell, of 1st Choice Real Estate, PLLC to share some of her insights into what investors should be considering.

Property Management Considerations Before Purchasing

Interestingly, all of the suggestions from my property manager come before purchasing the property. Thus, education and preparation are key to success in real estate investing. However, from my own experience, there are things that you just cannot anticipate and only experience teaches you.

15 Things to Consider Before Making that Next Purchase (in no particular order)

  1. New property investors should not buy older homes that have been turned into multi-units with all utilities included. These properties are often efficiencies or one bedroom units with transient tenants. You will have sky high turnover and sky high utility bills. Plus, you can’t hold anyone responsible for leaving the junk sofa on the curb that you now have to pay to have disposed.
  1. If you buy in a college town, have the parents co-sign.
  1. Always run prospective tenants’ credit and have a good way to score the rest of the application findings. Make sure the application is complete and all steps followed—no cutting corners or exceptions.
  1. If you don’t have a lot of spare time or don’t enjoy tenant calls at 3 a.m., when their heat goes out in Michigan in the winter, think about hiring a property manager. After self managing at first, I now buy my properties with the intent of having a professional property manager help me run my rental business.
  1. Use a cashflow or deal analysis spreadsheet prior to writing your offer. My property manager has seen many out of area investors pay for inspections only to walk on the deal once they find out what the local taxes will be after buying, local cost of the rental licensing and the true cost of rehabbing the property. It pays to have a professional on your side. I always have my property manager weigh in and be involved prior to making any offers. They are a valuable part of my team.
  1. Use a local Realtor who specializes in rental properties. They can tell you not only what is happening with property values and market rents in the area but also things like is there a moratorium prohibiting rentals in that subdivision, a limit on the number of unrelated persons in a property or a limit on the number of pets a tenant/owner can have in a property in that area. 
  1. Get the details from your lender before making the offer so you have the exact downpayment number as this will affect your rate of return.
  1. Start slow and learn from each property.
  1. Investing in real estate is not a way to earn “passive income.” It is a very time consuming business unless you use a property manager.
  1. Be cautious purchasing rental properties with tenants in place. Ask for a tenant ledger. Ask for current photos or, better yet, inspect all units personally. Look up rental/tenant violations for the property historically. Drive by the property at multiple times of the day to see how the tenants maintain the property.
  1. Research rental rates for the area. Just because the listing says they can get a certain rent doesn’t mean they actually are—verify it against market rents.
  1. Know the local laws regarding “discrimination based on income source” for things like section 8 vouchers.
  1. Decide if student housing is right for you. You will have high turnover, higher costs to get the property ready to re-rent and potential issues locally if the tenants like to party.
  1. Have a good CPA. They can help save you a lot of money and understand the tax implications of the investment.
  1.  Make sure you understand the local rental laws where you purchase property.

Conclusion

A professional property manager is a valuable part of any real estate investor’s team. Even if you self-manage your properties, you can learn from their experience to make the best investment and property management decisions before you buy your next property.

About the Author

Categories
Shortterm Rentals

Post-Pandemic Challenges and Opportunities

If you have a short-term rental, COVID-19’s travel restrictions likely had a negative impact on your short-term rental investment.

The pandemic challenged everyone’s travel plans all across the globe last year. In turn, travel-related businesses, such as short-term rentals, initially took a major hit and saw business declined. Many markets rebounded relatively quickly, but COVID challenges haven’t fully disappeared yet.. 

Although we are finally regaining our freedom to travel, the World Health Organization (WHO) still advises that individuals and business owners engage in their COVID-19 safety measures. This includes avoiding crowds, spreading high traffic areas out, and cleaning surfaces which many people touch. 

With all this in mind, there are new challenges for short-term rental investments in the post-pandemic world. But, there may just be some new opportunities as well. 

Challenges for Short-Term Rentals

COVID-19 has brought an increased focus on hygiene, cleanliness, and even crowd density. These days, people are still advised to avoid public places, where cleanliness and social distancing can be compromised. 

This means that if your short-term rental property does not meet the current standards for cleanliness and safety, you may find it challenging to rent out your property. You’ll need to make your rental property a desirable option for people and that it keeps their health and safety in mind.

We suggest you prioritize the following aspects:

  • Cleanliness: Now more than ever, having a clean rental property is a key factor in getting booked in the post-pandemic world. Since the spread of COVID-19 can occur due to unsanitized surfaces, people want hosts who go the extra mile to make sure it’s well cleaned. 

Make sure to highlight your cleaning policies in your posting, and in great detail. You want to show them you care about their needs and will go above and beyond to make their stay with you safe.

  • Pandemic Measures: Another consideration is how your property provides safety measures for the pandemic. Onlookers feel safer when they know that rental property owners promote practices to mitigate COVID-19. Leaving extra bottles of hand sanitizers in different rooms, Lysol wipes, bottles of surface disinfectants, and even complimentary masks, can help your property stand out in the sea of online options.

For the general safety of your guests and yourself, there must be a strict adherence to these standards of cleanliness and safety. More so, even if you do your part, your guest might not. So another set of challenges are the ones presented by guests themselves.

  • Unsafe Guests. To keep yourself and your rental unit safe from COVID-19, you have to examine your guests thoroughly and pick them wisely. For example, Airbnb’s COVID-19 guidelines align with the current advice provided by authorities. Guest bookings for a stay after exposure or after testing positive are not allowed. 

Always keep yourself updated with the guidelines and advice regarding COVID-19 and apply these measures when booking guests. 

Opportunities for Short-Term Rentals

While there are some new difficulties for STRs, there are also some opportunities for short-term rental property owners. Here are some things you can promote about your rental property to make it a hot pick for people’s vacation or business plans in a post-pandemic world:

  • Preferred Lodging. As you already know, the way people travel has changed immensely due to the pandemic. Locations that involve high-traffic areas where the virus can easily spread are still advised against by the WHO. As such, places like hotels, restaurants, and public markets are categorized as higher risk.

Luckily, when weighing the pros and cons of hotels versus STRs, an STR is considered safer and more preferable. Due to an STRs exclusive nature, it minimizes the risk of contracting COVID-19 from strangers staying at the same location. 

In addition, guests don’t share facilities and spaces with other guests, so both airborne and surface contamination is far less of a concern. As long as you do your part and keep your rental unit clean and safe, your rental unit will be the preferred choice for bookings.

  • Local Attractions: Most short-term rental properties cater to people looking for lodging while they’re on vacation. And when rental properties are designed to cater to these people, the surrounding area usually provides options for all sorts of activities for guests to enjoy. 

Some may look to retreat in nature, while others want to explore a new city. Whatever options and activities your short-term rental property provides, you can advertise. 

Since short-term rental properties are a safer option to stay in for holiday, more people are shifting to this option. Pair that with the resurgence of traveling, and you can expect that your short-term rental property will be fully booked!

Want to keep doing business? Keep up with the changes!

COVID-19 has brought many unexpected changes in the way people travel—including what kind of short-term place they want to stay in during vacations and trips out-of-state. But these changes aren’t all bad, as the safety measures that go along with COVID-19 can actually heighten the attractiveness of your short-term rental properties if you can make them stand out from the crowd.

The pandemic may have negatively impacted your short-term rental investment, but that’s all about to change. If you deal with the challenges and seize the opportunities given the travel changes, your investments can make a comeback. 

Did we miss anything? Let us know in the comments below!

Categories
Flipping

How to Find the Ideal General Contractor to Flip Houses

Finding a general contractor (GC) for your house flip can be challenging.

You want someone who knows what they’re doing, is trustworthy, has affordable prices, and has good reviews. This means you need to do proper research before hiring a general contractor—don’t hire the first one you find!

As a flipper, your main goal is to earn a high flipping profit in return for your investment. To do that, you need to renovate the house within a specific budget and timeframe, which means using contractors who stick to deadlines and understand the importance of flippers’ margins.

While simple repairs are easy to budget for and can be done within a month, more complex renovations can easily incur budget overruns and take more than a couple of months to complete. In these cases, it’s best that you hire a general contractor to handle the project for you, or assemble a team of go-to contractors that you work with regularly on your flipping projects. Which you go for will depend on your needs, but this article focuses only on general contractors.

Let’s go through some best practices for finding the ideal general contractor for your flip projects.

Independent Contractor vs. General Contractor

Before we go any further, it’s important to make a distinction between independent and general contractors:

  • Independent Contractors: These are contractors that you directly contract to perform tasks on a contractual basis. They complete the project themselves, without the help of subcontractors.
  • General Contractors: These are also directly contracted; however, tasks are subsequently contracted to subcontractors to complete. They complete the project along with their subcontractors instead of completing the project by themselves. They also handle all the administrative tasks needed (e.g., paying subcontractors, securing building permits, getting insurance for all workers, etc.).

General contractors will coordinate with necessary subcontractors on your behalf and oversee the project for timely and on-budget completion. They are ideal for major renovations and flips, because you can get all aspects of the renovation handled by a single entity.

What to Look for in a General Contractor

Here are the key things to look for in a general contractor:

  • A Good Reputation: The best way to find a general contractor is by asking for recommendations. Contractors work largely based on referrals. Ask your friends and the real estate community if they can vouch for somebody reliable, communicative, and punctual.

Once you have a list of options, go the extra mile to read online review websites and visit the Better Business Bureau to check their reputation and ask about the projects they’ve worked on before. 

  • A Good Contract: Hiring a GC on a handshake is not a good idea. You’ll want a contract that spells out what they will do and what you will do, with deadlines. The more thorough the better! Otherwise, there’ll be no accountability and your project can go sideways quickly.
  • Appropriate Payment Practices: A good general contractor will accept payments in the form of checks and wire transfers. They would also agree to sign a lien release before payment and negotiate with you on the payment schedule.

Stay away from contractors who want you to pay in cash or a lot upfront. Cash payments are not illegal; however, contractors who ask for them might be avoiding paying income taxes. This is a practice done by less-than-reputable contractors. Moreover, a down payment of 30% of estimated costs is typical to cover an initial retainer and materials, but an established contractor won’t need your full payment to start the job.

  • Local Coverage: Hiring a general contractor who lives and operates within the area of your flip is your best option. They will know the local building codes, city inspectors, have a network of subcontractors ready to help them, and you can easily contact them in the event of an emergency.
  • Proper Licensing: General contractors need to be licensed to pull the necessary permits for your property. Without these, your property won’t abide by the local building codes or pass inspection. You’ll end up financially responsible for bringing up the property to the required standards.

Instead, verify their license by asking for the license number. Check it with your state’s licensing board. For licensure information in Michigan, visit the state’s Department of Licensing and Regulatory Affairs website for details on the Bureau of Professional Licensing’s requirements.

  • Proper Insurance: General contractors should be insured for General Liability Insurance and Workers’ Compensation. You can ask to see a copy of their policy and call up the insurance company to verify the information. The insurance should be current and have clear policy limits for you to check. You should also be added as an “additionally insured” on their policy, until your project is complete.
  • Warranty in Writing: General contractors should provide warranties that cover the work they’ve done in your property. A warranty assures them that they won’t be coming back for multiple repairs over an extended period of time (warranties typically last one year only) while guaranteeing you a good renovation result.

This list isn’t exhaustive, but it’ll put you on the right track in finding your ideal general contractor.

Questions to Ask During the Interview

As part of the process, you should also have an interview with the general contractor. Here is a list of questions you can ask to help you identify those who’ll fit your criteria:

  • How many people work for you? How long has your crew been working together?

You want to work with an established company that has a large team of managers and assistants.

  • Where are you operating, and what is your service coverage?

You want to work with a local company that knows its way around renovations in the area.

  • What similar past projects have you completed?

You want to see their experience concerning the project you’re giving them. If they’ve never done what you need them to do, ask them how they will approach the project.

  • How do you communicate with your clients?

They should give you daily or weekly progress reports with photos and send itemized, detailed quotes and invoices.

  • For this project, will you be using subcontractors or just your own team?

If they are using subcontractors, make sure that all workers are trained, licensed (if applicable), and insured.

  • Are you licensed and insured?

Licenses should be updated and registered in the state where your property is situated. Insurance should include General Liability Insurance and Workers’ Compensation.

  • What would our contract look like?

Not all general contractors will have contracts. If they don’t, you can draft one up. Regardless, have your lawyer review it before everybody signs.

  • Will you provide warranties?

Make sure the warranty is written down and will conform to the requirements of the contract.

  • How will the payment schedule and plan work? Will you agree to sign lien releases?

Agree and sign the payment schedule before the job begins. They should agree to sign lien releases before payment.

  • Have you ever had to deal with lawsuits?

If they’ve been sued, ask what happened and how they handled it. If they’ve sued a client, ask for further information and check public records. If they’ve had serious accidents before, ask how they dealt with the situation and what they’ve improved to make sure it doesn’t happen again.

Conclusion

We hope this article is enlightening and helpful in your search for a general contractor. It might take a lot of effort, but having a reliable and skilled general contractor will protect your budget and timeline for a successful and profitable house flipping project.

The better your general contractor, the more houses you can flip fast, at the highest quality, and for the most competitive price.

Any additional tips for finding the ideal general contractor as a flipper?

Image courtesy of Andrea Piacquadio

Categories
Landlords

How Landlords can Easily Raise Rents

Many landlords dread raising rents on their tenants for fear of the tenants moving, or the landlord just finds the whole process unpleasant. So, it’s not uncommon to find landlords that haven’t raised rents in 2, 3, or more years. 

Raising rent is actually a regular (albeit not the most fun) part of being a landlord. A landlord should raise rents as the market dictates, because: 

  • Keep up with inflation
  • Be able to afford rising maintenance costs
  • Accommodate property tax & insurance increases
  • When you’ve renovated a property to a higher standard

When that time inevitably comes, you need to know the right way of increasing your rent. Doing it the wrong way might cost you, tenants, leading to longer vacancy periods and costlier turnovers. Plus, no landlord wants to feel like the bad guy, so it’s important to show you’re being fair by handling rent increases diplomatically.

This article will teach how you can raise rent amounts and generate more income while communicating the situation professionally to your tenants. We’ve even included a sample rent increase notice that you can use for informing your tenants as amicably as possible. 

How should you approach a rent increase?

Depending on local and state laws, the required notice period for rent increases can range from 30 to 120 days. In Michigan, you have to give 30 days’ notice, but if you’re raising rent by 10% or more, you have to inform the tenant 60 days ahead of time.

Most people draft a letter informing tenants of the increase (like the one we’ve included below) and send it out to them, but there’s another way to approach this: 

  1. Go on Zillow, the MLS, or Rent-o-Meter to find what the market rent for this property is.
  2. Compare that to what the tenant is paying.
  3. Submit that information to the tenant and ask them what seems fair in terms of an increase

Note: At this point, you haven’t told them the rent was going up, but you’ve implied it. You’ve also involved them in the decision, so they’re more willing to accept it, making this a more subtle, non-aggressive approach to raising rent.

  1. The tenant’s response will typically be to offer 50% of the full increase, although some will say they don’t want to pay any increased rent at all. A good way to address either of these scenarios is to ask: “Why do you think that low of an amount is fair?” Make them defend it. 
  2. Then they’ll explain why they shouldn’t pay an increase (personal emergencies, poor maintenance on your part, etc.). Then you can ask: “Are you sure that’s your best offer?” 

The best part about this is that it lets you raise rents without TELLING the tenant there will be an increase, but rather including them in the process.

Tenants may even surprise you by offering more than what you expected! 

How much can you increase?

Ideally, you’ll want to keep the raise to less than 5% per year. Any higher, and your tenants will most likely move away—even if the rate is similar to your competitors in the market.

Why?

Think of the other rule of thumb that’s often used in screening tenants: rent amounts should only be a third of the tenant’s monthly income. This means most people can’t afford to spend an additional hundred dollars a month on rent payments – unless the tenant base in your area is on the up and up, like because of new employment opportunities or developments nearby.

Jacking up the amount too high without good reason will therefore jeopardize your rental income, as tenants will struggle to pay fully and on time. 

Plus, once a tenant has been there a while, they feel entitled to zero rent increases forever. If you raise it from $800 to $900 overnight, they’ll freak out. Even if the rent in the area is $1,100, they can’t afford it. So you’re better off with consistent smaller rent increases, like $25 a year, rather than waiting 3 years and increasing your rent all at once to reflect current market value.

On top of this, some cities have rent control laws in place. These maximum rent caps on what landlords can charge and are implemented by the government. Be aware of your local regulations before implementing any rent changes (just FYI, rent control isn’t allowed in the state of Michigan, but it is common in markets in New York and California).

Sample rent increase notice

When you’re ready to implement the raise, here’s a sample rent increase notice that Colleen F. shared in the BiggerPockets Forums. This letter is great because it helps tenants understand the landlord’s own financial obligations and view an increase in rent as a necessary business decision, rather than thinking you’re just being greedy.

Feel free to use it as a basis for crafting your own notice:

Dear John Tenant,

Thank you for being a tenant here at 123 Main St, Apt 1. Our goal is always to provide a nice place to live, at a fair price. Whenever the prospect of raising rent comes up at any property, we take a good hard look at it to make sure it’s necessary.

In that light, we have decided it is necessary to raise the monthly rent on your unit, effective September 1, 2020, to $1,050 from $1,000. This is partly to offset the increasing cost of property taxes, insurance, high heating expenses, maintenance costs, and upgrades since our purchase of the building in 2010.

Even after this increase, we believe we are still at or below the average market rent for a unit of this type. Rather than pay an increase, you may choose other housing. Should you intend to vacate at the termination of your lease, the original lease agreement states that you have to provide 30 days written notice of your intent to move. If you choose, signing this form checking off that you will not renew and returning the form to us 30 days in advance of your expected renewal will be considered your written notice.

Sincerely,

Management

Conclusion

There’s no guarantee that your tenants won’t complain about an increase in rent. However, if you increase your rent fairly and strategically, you can manage their expectations and prepare them ahead of time to budget appropriately. 

When they’re prepared and you communicate openly with them about the situation, your tenants won’t see you as the bad guy for increasing their rent. 

Any other concerns related to increasing rent amounts? Leave a comment below!

Categories
Landlords

7 Ways to Attract Newly WFH Tenants

Now that work-from-home is normal, many Americans are planning to move!

The pandemic has shown both employers and employees that remote working is possible, profitable, and preferable. Employers enjoy lower overhead costs, while employees can relocate to areas with a lower cost of living and larger homes.

Don’t believe that work-from-home is really here to stay?

Just check out these statistics from Upwork reports:

  • 1 in 4 Americans said they’ll be working remotely in 2021.
  • The U.S. predicts an influx of 14-23 million remote workers soon.
  • 14-23 million Americans intend to relocate as a result of remote work.
  • 36.2 million Americans (22% of the workforce) will be working remotely by 2025—an 87% increase from the number of remote workers prior to COVID-19.

With so many people planning to relocate, your tenant base can expand beyond the traditional type of applicants you received in the past – like those who work at nearby companies. Tenants can now come from anywhere, work anywhere, and will have priorities that are different from tenants who commute to a job nearby.

As a landlord, you need to know what these remote-working tenants are looking for, so you can tailor your marketing efforts and investment strategy to capture this huge new market.

Let’s look at 7 different ways you can attract them:

1. Offer a Work-Conducive Space

Whether your rental property is a stand-alone house or apartment units in a building, remote workers now prioritize a space for working almost as much as a space for sleeping! They will look for a home that’s well-lit and has a dedicated office space, ideally – perfect for long hours of work.

This could be as simple as a secluded corner where an office table would fit perfectly, or a spare bedroom that’s easily convertible to a home office. Both areas should be ready for additional electrical wiring (e.g., outlets or light sockets) and additional shelves or cabinets. Remember, remote workers will be spending at least 8 hours of their day in whatever working space your home can provide—if you want to attract them, you need to cater to their working needs and make this area as ideal as possible.

2. Advertise Where They Are – Online

With the coronavirus solidifying our dependency on technology, many landlords have already adapted to digital means of advertising. Now, with most applicants finding and even viewing properties online, digital listings have become more important than ever.

In other words, you need to create a killer ad on real estate sites and renting platforms, or else nobody will find you!

Aside from standard details, such as the rental rate and location, you should also highlight parts of your property that will be attractive to remote worker renters. This will vary from property to property.

For apartment units, this may mean laundry services or swimming pools, but the most important thing is to make sure there are stable, fast internet speeds available from providers in your area. It may also mean plenty of nearby businesses, shopping centers and other local amenities, like services to support remote working (print shops, etc.). With proximity to the office becoming a lower priority, having amenities and services near their residence might appeal to tenants more than commuting times in the current environment.

In special cases, you might advertise a home specifically because it gives the off-the-grid appeal. Remote workers finally being able to move away from the city might be on the lookout for a quiet retreat from the hustle and bustle of metropolitan life, so rural and remote rentals might be more in-demand now with WFH tenants.

3. Emphasize Value for Money

One of the biggest reasons why remote workers move is because they want to pay lower rent, and they’re now no longer limited to renting in expensive areas, just to be closer to their office.

Think about this when marketing your rental properties.

For example, if your home is a 3-bed, spacious property in a Class A neighborhood that rents for the same cost as a 1-bedroom apartment in your closest major city, you could say: “2000 sq ft house on ½ an acre (in an award-winning school system), for less than the price of a Chicago apartment!”

Speaking directly to the pain points currently experienced by your tenant base will help make your listing more appealing to them, and could help you stand out from the crowd when marketing to WFH applicants.

4. Provide 3D or Virtual Tours

Because of social distancing rules, travel restrictions, and the risk of infection, many people now avoid visiting properties in-person. Providing virtual tours for prospective tenants will allow them to “visit” your property freely at any time of the day – from anywhere in the country! This makes it easy for remote workers who are planning to relocate to view your property, even if they’re stuck in the middle of a city at the moment.

There are plenty of softwares available on the market that specialize in creating virtual tours for your property. Consider getting a professional to come film and create your virtual or 3D tour, because in some cases, it will be the only point of reference your tenants have before deciding whether or not to rent your property. It’s important to make a great impression with your tour, so spending a little cash on having it done by an expert is well worth it – especially since you’ll be able to re-use the same 3D tour in future years (as long as you don’t do any major renovations).

5. Assure a Contactless Process

Now that remote work is becoming the norm, you (as the landlord) should also consider having a contactless process for managing your rental properties. Not only will this make things easier for you to manage, but it also makes the system safer for your tenants.

Nearly everything in real estate can be done remotely, such as:

  • Self-guided virtual tours
  • Thorough tenant screening
  • Document preparations
  • Securing digital signatures
  • Collecting rent via online portals
  • Delegating, coordinating, and monitoring tasks to contractors

As a bonus, remote worker tenants will most probably have no problems adapting to a digital process – in fact, it’s what they’re used to, at this point! Mention in your listing that you offer these contactless solutions, and it can help attract these tech-savvy tenants.

6. Highlight Health & Safety Measures

Moving during a pandemic can be a scary undertaking, especially if tenants are worried about coming into contact with the virus when they move into their new home.

To give them peace of mind, make sure you thoroughly disinfect the property before move-in day by deep-cleaning the carpets and furniture, mopping floors, wiping down surfaces, and clearing the ventilation systems.

You can hire a professional disinfection service to sterilize the property with UV light, smoke, or cleaning solutions, and even provide a certificate stating when the disinfection took place. Again, highlighting these safety measures in your ads will help reassure applicants who are concerned about transmission.

7. Allow their Pet Companions

According to The Humane Society of the United States, 72% of renters have pets. Now that many people are transitioning to WFH, this number might even increase.

Some tenants who never were able to care for a pet before due to long hours spent out of the house might now decide to get that puppy they’ve always dreamed of, since they’re working from home. Others may be feeling isolated during the lockdown and have only their furry friend to keep them company – so if your rental means giving up their pet companion, it might be a deal-breaker! Allowing pets right now therefore could be an additional way to attract remote workers as tenants.

However, if you don’t want to consider having pets in your rental properties, just be aware that more tenants could be trying to sneak in unauthorized pets now than in previous years – so that’s something to keep an extra-close eye on when inspecting properties.

Conclusion

The best landlords are always on the lookout for the next real estate trends. Remote working is just one of the huge trends that emerged in 2020, but experts are predicting that it’s a trend that will remain in 2021 and beyond.

Because of this, landlords need to make sure their rental properties are primed to attract the huge influx of remote workers who are on the hunt for a new home.

Take advantage of this new opportunity to meet the demands of our ever-changing society—and grow your rental business in the process!

Are you renting out to remote-working tenants? What are the things they tend to look for, in your experience?

Image courtesy of Teryn Elliott

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