Tag Archives for " evictions "

How do you ensure that you find the best tenants for our property?

The key to maximizing profitability and minimizing risk as a landlord has a lot to do with choosing the right tenant. That starts with the marketing of the property, and the energy that can be produced off that. There are a few tricks to creating effective advertisements to help find the best tenants for your properties. You can advertise in the newspaper, on billboards, or on the Internet; however, you may be wasting your time and money advertising to people who either aren’t interested in what you have to offer or aren’t qualified to meet your criteria.

A good ad campaign lets you target and attract the kind of tenant you’re looking for. An advertisement works best when it’s appealing. So, before you decide what information to incorporate, think about what characteristics you value in a tenant. Here are some good examples:

Finding good tenants will, more often than not, prevent you from having to deal with a myriad of problems as a landlord.

· Stable employment

· Pays rent on time

· Has never been evicted or used a landlord as a revolving line of credit

Once you’ve identified characteristics you like in good tenants, think about what factors contribute to a good rental experience for landlord and tenant. What did you as the landlord have to offer your last tenant? Was the last tenant happy and satisfied? Assessing this information will help you decide how to focus on the marketing aspect for the property.

Often you will attract high risk tenants who use landlords as a revolving line of credit when advertising your rental property, so it is imperative that you attempt to identify these tenants immediately. Here at RTS, we have a very specific checklist process for screening tenants and filtering out bad elements for your property. Sometimes we even go as far as contacting up to two previous landlords for the potential tenant in order to verify their background. This can get tricky, since some landlords will lie in order to either keep their tenant (say they’re awful when they’re not) or lie in order to get them to leave (they will say they’re great when they’re not). This is why we have such a detailed process, and it will reduce the risk of you getting a bad tenant for a good property.

It’s important to note that, if the marketing aspect of the property is done right at the beginning, usually bad tenants will filter themselves out even before the screening begins. Rest assured though, that we will do our best to get you the best tenants we can find for you to do business with.

How much do you charge for evictions?

Control eviction costs by preventing them

This is not a bad question to ask, and we get it a lot. Landlords are worried about evictions because they are so costly.

We offer our property owners an all-in-one fee. This covers the three-day notice, court appearances, attorney fees, court costs, and any other related costs. I’m not going to state here what the current fee is because it changes from time to time. Check HERE to see our current all-in-one eviction fee.

We are looking at adding eviction protection insurance as a service to our property owners. For an additional small monthly fee, eviction costs will be covered. If that is something you may be interested in, let us know. We are currently gauging the level of interest there is for that kind of service.

While an eviction is sometimes necessary, it is out ultimate goal to avoid evictions because we understand that evictions and move-outs are costly. We want to save our property owners the expense and frustration of evictions. Please also read What Happens if a Tenant Doesn’t Pay the Rent? to learn more about what we do to avoid costly evictions and move-outs.

Our experienced investment property management team can relieve you of the burden of managing your rental property while saving you some serious money! Call us today at (440) 220-7300 to see how we can help you!

What happens if a tenant isn’t paying rent?

We all know money doesn’t grow in trees. Learn to increase profits by reducing expenses.

Properties owners often ask what happens if a tenant isn’t paying rent? They want to know what we do about it, and this is an important issue to discuss with prospective property management companies. Move out costs are the highest expense a landlord will have. Minimizing move outs and evictions is key to ensuring our property owners are profitable.

Ohio Revise Code recognizes a one-month collection cycle. You may make other arrangements with your tenants such as paying weekly, but Ohio only recognizes monthly collection. This means that even if your tenant is on a weekly pay plan, the eviction process cannot be started until they have gone a full month without paying rent.

We actually start before the first of the month. In our post Do you manager your Cleveland Ohio property or does your property manage you?  we discuss how we set tenant expectations. Paying rent is a significant area where we set the expectations. This process starts before a tenant moves in and we adhere to it the entire time they live in the property. So before the start of a new month, we send the tenant a rent reminder and statement of what they owe.

We strongly encourage tenants to set up a direct withdrawal and to pay early. Getting tenants in the habit of paying early and making the rent a priority payment will help keep the property filled and avoid evictions.

The rent is due on the first. If it is not paid by the first, we assess a late fee. The tenant then has five days to pay their rent. After five days, they are served a three-day notice. The three-day notice is required to start the legal eviction process. However, we talk to the tenant and encourage them to pay the rent. Our goal is always to keep tenants as long as possible. Again, this is to avoid the costs of move outs for the property owner.

Between the 10th and the 15th of the month, we file for the eviction if the tenant has not made arrangements or worked with us on getting their rent caught up. The majority of tenants do get caught up and the experience helps them to better understand our expectations.

There are exceptions to this process. For example, sometimes during the winter months, we are more lenient working with tenants because having an empty property during the winter is more costly to the property owner. We always discuss with the property owner their options in moving forward.

Our experienced investment property management team can relieve you of the burden of managing your rental property while saving you some serious money! Call us today at (440) 220-7300 to see how we can help you!

 

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