10 Reasons to Choose RentMonitor

Written by on October 13, 2011 in Landlord Tips, Management, Market Outlook, Marketing, Rent Collection, RentMonitor Updates, Screening - 1 Comment
Top 10 Reasons to Use RentMonitor

We are confident that we are the right property management software to help you manage your investment properties. But, if you need help, here are 10 reasons to choose RentMonitor.

#10. We simplify property management – Stop creating spreadsheets and to do lists. RentMonitor is here to remind you of important property management tasks like lease renewals, fair housing rules, property maintenance, and best practices.

#9. You stay organized - Our weekly and monthly reminders keep you on track and on top of your game. See what you need to do at a glance with help to complete any tasks quickly and effortlessly.

#8. You get paid the right amount each month – You can now set up additional line items to charge tenants for things like parking and utilities in addition to rent. Your tenants receive rent reminders telling them exactly the right amount due so they can pay you accordingly.

#7. Your properties will rent faster – Our beautiful rental ads work better so you don’t have to. Enter your property details and photos in RentMonitor and we create the ads that will attract your ideal renter to you.

#6. You’ll rent to better tenants - Screen renters before they move in & avoid dead-beat tenants. Less evictions, less headaches, and more informed decisions.

#5. Keep track of multiple portfolios - Managing property for other landlords too? Set up different portfolios based on ownership and make it easy to keep the books separate and run reports.

#4. Never forget to follow up again – Let RentMonitor help you with tenant communications. We’ll follow up with your tenants if the rent is late so you don’t have to.

#3. You can get back to what you love – No need to worry about the details or figure out daunting forms or reports. RentMonitor keeps it simple. Our forms and reports are easy to read and have all of the important information you need when you need it most.

#2. Know where you stand financially - Track income and expenses so you know how much money your rental property investments are making each month.

#1. We make it easy to be a landlord. Simple as that.

Photo by: iabusa

Landlord Basics – How to Deny a Renter

Written by on April 25, 2011 in Landlord Tips, Management, Screening - 4 Comments
Deny-a-Renter

When you manage rental property, there will come a time when you have to reject a potential renter. Of course there are several valid reasons to turn down a renter, but discrimination is not among them. Be sure to follow all Fair Housing laws when corresponding to prospects and renters alike.

A landlord can lawfully reject an applicant for the following reasons:

  • Lying on the credit application
  • A criminal background check that revealed past records
  • Poor credit history that falls below the landlord’s qualifications
  • Insufficient income to pay the rent
  • Past evictions
  • Unable to meet terms set by the landlord such as a pet policy or occupancy standards

In order to deny renting to someone with one or more of these issues you will need to document that it exists. This will help prove your case should you need to in a court of law.

When informing a prospective renter of the application’s denial, you should provide a written rejection letter along with a verbal explanation. Although informing them verbally is not required, these applicants will need to look for another place to live so, it is courteous to inform them quickly. Landlords need to be concise and direct when explaining why the renter was denied. Being vague and trying to not sound mean can lead to trouble and discrimination claims.

Landlords should keep copies of denied applications and rejection letters for at least 5 years. You should always be prepared if a former applicant chooses to file a claim against you stating discrimination took place. Good record keeping will keep you from getting into “he said, she said” arguments and help you easily explain the situation to a judge. If a renter is denied based on the credit application / score, he or she is entitled to an explanation and copy of their report from the credit bureau. Your tenant screening solution should provide you with the necessary information to pass on.

It is best practice to make sure that a tenant’s application is completely approved and the written lease signed before handing over the keys to your apartment. If the application is denied after possession has taken place, you will have little recourse and may be forced to face eviction. Landlords may encounter renters who are looking to moving in very quickly, but this is often a red flag. Take the time to properly approve and accept your tenant’s application and rental agreement. The little extra time could save you many headaches and lots of money down the road.

Photo by: Thomas Hawk

How to Choose Good Tenants for Your Rental

Written by on January 18, 2011 in Landlord Tips, Management, Screening - No Comments
closing-time

When you are looking for a new tenant to rent your vacant rental apartment you want to make sure you find the right one. It can be a difficult process, but it’s important to take your time and choose carefully because evictions can be costly. Make sure you follow the same procedures for all of your prospects and stay within the Fair Housing guidelines. Here are several easy steps you can take to help you select good tenants for your vacant rental property.

  • When a prospective tenant calls about your vacant rental, have a conversation and find out what they are looking for. Ask them what size home they want, when they want to move in, where they live now, why they want to move, who is living with them, how good their credit is, if they have leasing references, etc. This helps you qualify this renter.
  • Let the prospective tenant know if your property doesn’t sound right for them. It is not worth taking the time to show them your vacant rental if it does not have enough bedrooms or is not in the right location.
  • If your property sounds right for them, start your sales pitch. Tell them you have a very nice home and that you’re the kind of landlord that prides yourself in keeping it that way. Explain that you always take care in picking your tenants. Bad tenants usually start to get nervous at this point and try to get off the phone. The good tenants will respect your concerns and ask you about what is required to rent your property.
  • Always require previous rental history information and screen your tenants. RentMonitor makes it easy to run credit reports and criminal background checks on potential renters.
  • Make sure to verify all information on the rental application. Call previous landlords and current employers.
  • A good rule of thumb is that the rent should not be more than 25% of your renter’s gross monthly income.
  • Inform your potential renters right away if there are any problems with their application. You do not want to waste anyone’s time and they will need to seek housing from a different landlord.

These simple steps will help you find a good tenant the next time you need to fill a vacancy in your rental property.

Photo by: Neil. Moralee

Related Posts:
New Tenant Screening Solutions
Are Credit Checks Discriminatory?
Why You Need Property Management Software

Why You Need Property Management Software

Written by on November 2, 2010 in Landlord Tips, Management, Marketing, Rent Collection, Screening - No Comments
HomeOffice

As a landlord or property manager you are responsible for many different tasks when managing and maintaining rental property. That is why you need a quality property management software solution that handles all of these tasks with ease. You should look for a system that addresses each area of property management – marketing, screening, rent collection, maintenance, and overall management.

Here are the benefits of using the right online property management software.

1. Take advantage of what the web can offer – One of the best aspects of web-based software is that there is nothing to download. You do not have to worry if you have enough space on your hard drive or if the software is compatible with your operating system. You will also always be using the most updated version of the software without having to purchase upgrades. The Internet also enables you to access your information from anywhere, whenever you need it. On top of all that, your information is secure if your computer crashes.

2. Manage your properties more efficiently – With property management software, you stay organized. Your rental and tenant information is always at your fingertips. You no longer have to search through filing cabinets and drawers for a lease or phone number. Software decreases the time you spend tracking your data and lessens your headache at tax time because your financial reports are ready for you anytime.

3. Build better relationships with your tenants – Property management software provides the tools you need to be a more confident landlord. You can send professional rent reminders, late notices and rent receipts to keep tenants on-time with rent payments. By staying organized you can also easily answer tenants questions as they arise. Tenants appreciate and respect landlords that are confident, organized and accessible.

4. Make more money – Often integrated with online property management software is the ability to easily advertise you vacant rentals on the web. Stylized listings help you stand out above the crown on sites like Craigslist and increase your prospective renter interest. This helps rent your units faster, decreasing your vacancy rates and earning you more money.

5. Make your life easier – Let’s face it, you got into this business to make money. You did not sign up to worry about the accounting, data entry, late night calls, advertising and administration involved with being a landlord. That’s the best part about property management software. It handles the small, mundane tasks so you don’t have to and makes the big tasks a breeze.

If you are looking for an online integrated property management software, RentMonitor can help. Our software is specifically designed for landlords and property management companies to handle all aspects of property management including marketing, screening, rent collection, maintenance, and overall management. Sign up for a free 30-day trial and see for yourself how property management software can make your life easier.

Photo by: nkeppol

Related Posts:
Costs of Becoming a Landlord
5 Benefits of Property Management Software

Are Credit Checks Discriminatory?

Written by on October 26, 2010 in Market Outlook, Screening - No Comments
credit-freeze

Last week, the Wall Street Journal ran a story discussing credit checks as used in employment screening. This common practice among employers is getting some heat from four states that have passed laws in the past three years limiting the use of credit reports in the hiring process. Now, Congress along with 20 other states have introduced similar bills. The debate is gaining momentum in the wake of the recession that left many people without jobs and less than stellar credit.

The Equal Employment Opportunity Commission (EEOC) is holding a hearing on Wednesday in order to hear the pros and cons from both sides of the issue.

Opponents advocate the biggest concern is that a poor credit score, coupled with a potential for discriminatory practices, could become a barrier for employment. There have been studies claiming that African-Americans and Latinos tend to have lower credit scores. There is also the debate whether credit reports are an accurate way to measure an employee’s qualifications.

Those in favor of credit checks, including fraud examiners, credit-reporting groups and employers, claim credit reports help protect against fraud by evaluating high-risk candidates. In many instances of fraud, there are often ‘red flags’. A recent Society for Human Resource Management study showed, in 44.7% of cases, those committing fraud were experiencing financial difficulties and in 44.6% of cases, they were living beyond their means.

The article cites that Experian Information Solutions Inc., a credit-reporting company, “offers an employment report that includes details such as a credit history, evidence of bankruptcy or liens, and information on previous employers. It doesn’t include a credit score – which takes into account various details of a person’s credit history and synthesizes them into one number. Much of the research on disparities in credit histories between racial groups is based on credit scores, though most employers never see that number.”

Many individuals and job seekers understand why employers might worry about the risk that a candidate with bad credit would steal, or commit fraud, but believe background and criminal checks to be a better gauge of that possibility.

This is an interesting hearing for the property management software industry as there may be ramifications that cross over to landlords through Fair Housing regulations.

Do you use credit reports and/or criminal background checks when screening tenants for your vacant rentals? How do you see employment credit screening regulations affecting the rental market?

Photo by: A Schultz

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