Your tenant’s rental agreement is coming to an end and you want to keep the good tenants you have known for years. Sending a lease renewal letter to your tenants before the current lease agreement runs out is a good way to let them know you want them to stay.
When you own rental property you are faced with decisions about increasing rent on your tenants. Many landlords resist raising the rent, however, due to fear of tenant reaction or vacancy. Landlords do have to balance the financial benefits of raising rent over keeping a good tenant who pays their rent on time and doesn’t cause any issues. Most landlords do not raise the rent on a whim and only do so when there are underlying reasons. Common reasons for raising the rental price include an increase in property taxes or utility costs, the need for maintenance or remodeling and/or changes in the local rental market.
If you are thinking about purchasing a rental property, it is important to ponder all of the variables involved in such an investment. A property owner should be aware of the potential difficulties associated with managing a rental property.
What you need to know before buying a rental property
As the owner of rental houses, apartment buildings and other rental property your goal should be maximizing returns from every rental unit. There are steps you can take to maximize rental income.
Top 5 ways to increase rental property income
A homeowners association (HOA) is a legal entity – often a non-profit corporation – run by a group of volunteer homeowners with common interests in their housing community. The association acts on behalf of homeowners to handle the day-to-day operations required to manage outside and common living spaces in the community through dues collection and hiring contractors to complete work. Typically, a homeowners association is authorized and empowered by the Covenants, Conditions and Restrictions (CC&Rs) document. This document outlines the duties to be handled by the homeowners association, the rules that residents must follow and the permission to collect dues to fund the services. Generally, this document also establishes voting rights for homeowners. To keep the association running properly, the HOA holds regular board meetings and annual member meetings where voting takes place.
Not all homeowners associations are successful in managing money effectively and may run out of the resources needed to perform community upkeep. Some run short on money because they fail to make or maintain an appropriate budget or to collect dues in a timely manner. In the business world, a business may be able to declare bankruptcy when their debts become unmanageable but homeowners associations are rarely allowed to declare bankruptcy. The three key reasons are detailed below.
As with any job or position there comes a time where a condo association board member may no longer be able (or willing) to do the job. Leaving a condo association requires a certain amount of tact. Any resigning board member should remember that their soon to be former associates are still their neighbors and leaving on good terms is always advisable. The following tips will help make a resignation go smoothly and reduce the chances of animosity between the two sides.
A condo association treasurer has many different responsibilities. The role is undertaken by an existing member of the condo association’s board of directors. He or she directly oversees the various tasks for financial management of the association.
Condo Association Treasurer Responsibilities/Duties
Whether running a small, single apartment building or multiple complexes throughout several states; there are residential property management laws that must be followed. While laws do vary a little from state to state, there are many basic similarities. Property management companies may reduce their chances of legal trouble when they avoid these basic issues. Read more
Running the daily operations of rental property management from collecting rent to property upkeep and handling neighbor disputes is a time consuming and sometimes challenging job. Rental property management companies can get into legal trouble or be fired from their position if they do not conduct themselves in a professional and capable manner. While there are all sorts of potential issues associated with property management,