Expert Advice at a Glance: Top Tips and Tools Used by Successful Landlords
Brenton Hayden is the president and owner of Renters Warehouse, a soon-to-be franchised property management company in MN and AZ. He has created a series of 10 easily understood lists related to residential real estate for property management, landlords, and tenants.
Minneapolis, MN, October 27, 2010 --(PR.com)-- Brenton Hayden is the owner of Renters Warehouse, a soon-to-be franchised property management co. in MN and AZ. He has created a series of 10 easily understood lists of expert advice related to residential real estate, guidance for renters, and counsel for landlords. He's expertise stems from his experience as president of Renters Warehouse, owner of their new sister residential real estate company Pink Blue, and as owner and producer of a morning real estate advice show on AM 1280 WWTC the patriot.
Brenton has created a niche market for Renters Warehouse with unintentional landlords. Forty percent of his business is working with people who are struggling during this tough economy to stay in their homes. Renters Warehouse services helps them keep their homes, rent them and create rental income thus reducing much of the stress that comes along with being a landlord.
Brenton's top ten tips & tools used by successful landlords:
1. Smartphone: Staying connected via a smartphone is crucial in time management. It allows landlords to communicate more effectively and efficiently providing the ability to respond to emails when they are away from the office.
2. Well written lease: A strong lease is the backbone to every rental property. Having a written lease can make or break cash flow. Be sure to have an attorney draft or review the lease. Be sure to address utilities, maintenance, pest control, pets, smoking policies, etc. The longer and more detailed the lease the better.
3. Merchant Account: This provides the ability to accept credit cards, check by phone, and even auto withdrawal rent payments from bank accounts. Providing a resident with more ways to pay will ultimately lead to receiving rent on time.
4. Website: Having a website to show case your property or properties is an important key to success. Local newspaper classifieds are a thing of the past. Directing people to a website for a quick virtual tour and all the details about a property can help landlords rent faster and for more money.
5. Landlord Handbook: Most states have their attorney generals publish a landlord and tenants rights handbook yearly. Thorough knowledge of this handbook will keep landlords from making costly mistakes, and help resolve disputes.
6. Accounting Software: Keeping proper tabs on finances is crucial. Renting property creates rental income. Accounting software can be found at most office supply companies and makes keeping good records easier. Be sure to record when rent was received, any expenses associated with your property, and notes and tenant records. This greatly simplifies things at tax time.
7. Background check and tenant screening service: The Patriot Act now requires verification that a prospective resident is not a foreign or national terrorist. Almost every screening service is now including this verification for landlords. Other verifications of potential renters should include social security, income and employment. Additionally, it’s important to research credit history and ask for previous rental references. Background checks should include eviction and court records, state and federal criminal checks, collection and judgment records. Having all this information can help you make a wise decision when selecting your next renter. This service will typically cost $12-$40 per adult.
8. Camera or Video Camera: A move in inspection report should be completed for each new renter. A video camera documents the condition of the property and records conversations. This information can easily be downloaded to your computer and saved. This can alleviate any disputes regarding the security deposit when renters move out. This also gives landlords the advantage when proving claims of property damage in housing court should the unfortunate event ever occur.
9. Toolkit: When owning a rental property, it is guaranteed maintenance issues will arise. Having to call a handyman can cost a minimum of $100 just for the service call and can range as high as $80 an hour there after. Landlords who make some repairs themselves are obviously more profitable.
10. Membership to a local real estate investors club or association: Knowledge is power. Being able to tap into other investors experience can save $1000s. Landlords learn from others mistakes and have a forum of experts readily available for questions. Memberships range in cost from free to $200 a year. This isn't just for beginners. Some of the biggest and smartest investors hold memberships to industry related groups.
Watch for Brenton's other lists of expert advice. The hot topics covered in the Expert Advice At A Glance series include:
- 10 Tips for being an Absentee Landlord
- How to Avoid Late Rent Payments
- 10 Reasons Not to Sell
- How to Be a Good Landlord
- How to Be a Good Renter
- Top Tools that Support You as a Landlord
Visit www.renterswarehouse.com to learn more about the company and Brenton Hayden.
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Brenton has created a niche market for Renters Warehouse with unintentional landlords. Forty percent of his business is working with people who are struggling during this tough economy to stay in their homes. Renters Warehouse services helps them keep their homes, rent them and create rental income thus reducing much of the stress that comes along with being a landlord.
Brenton's top ten tips & tools used by successful landlords:
1. Smartphone: Staying connected via a smartphone is crucial in time management. It allows landlords to communicate more effectively and efficiently providing the ability to respond to emails when they are away from the office.
2. Well written lease: A strong lease is the backbone to every rental property. Having a written lease can make or break cash flow. Be sure to have an attorney draft or review the lease. Be sure to address utilities, maintenance, pest control, pets, smoking policies, etc. The longer and more detailed the lease the better.
3. Merchant Account: This provides the ability to accept credit cards, check by phone, and even auto withdrawal rent payments from bank accounts. Providing a resident with more ways to pay will ultimately lead to receiving rent on time.
4. Website: Having a website to show case your property or properties is an important key to success. Local newspaper classifieds are a thing of the past. Directing people to a website for a quick virtual tour and all the details about a property can help landlords rent faster and for more money.
5. Landlord Handbook: Most states have their attorney generals publish a landlord and tenants rights handbook yearly. Thorough knowledge of this handbook will keep landlords from making costly mistakes, and help resolve disputes.
6. Accounting Software: Keeping proper tabs on finances is crucial. Renting property creates rental income. Accounting software can be found at most office supply companies and makes keeping good records easier. Be sure to record when rent was received, any expenses associated with your property, and notes and tenant records. This greatly simplifies things at tax time.
7. Background check and tenant screening service: The Patriot Act now requires verification that a prospective resident is not a foreign or national terrorist. Almost every screening service is now including this verification for landlords. Other verifications of potential renters should include social security, income and employment. Additionally, it’s important to research credit history and ask for previous rental references. Background checks should include eviction and court records, state and federal criminal checks, collection and judgment records. Having all this information can help you make a wise decision when selecting your next renter. This service will typically cost $12-$40 per adult.
8. Camera or Video Camera: A move in inspection report should be completed for each new renter. A video camera documents the condition of the property and records conversations. This information can easily be downloaded to your computer and saved. This can alleviate any disputes regarding the security deposit when renters move out. This also gives landlords the advantage when proving claims of property damage in housing court should the unfortunate event ever occur.
9. Toolkit: When owning a rental property, it is guaranteed maintenance issues will arise. Having to call a handyman can cost a minimum of $100 just for the service call and can range as high as $80 an hour there after. Landlords who make some repairs themselves are obviously more profitable.
10. Membership to a local real estate investors club or association: Knowledge is power. Being able to tap into other investors experience can save $1000s. Landlords learn from others mistakes and have a forum of experts readily available for questions. Memberships range in cost from free to $200 a year. This isn't just for beginners. Some of the biggest and smartest investors hold memberships to industry related groups.
Watch for Brenton's other lists of expert advice. The hot topics covered in the Expert Advice At A Glance series include:
- 10 Tips for being an Absentee Landlord
- How to Avoid Late Rent Payments
- 10 Reasons Not to Sell
- How to Be a Good Landlord
- How to Be a Good Renter
- Top Tools that Support You as a Landlord
Visit www.renterswarehouse.com to learn more about the company and Brenton Hayden.
###
Contact
Renters Warehouse
Krista Varley
(952) 470-8888
www.renterswarehouse.com
Krista's phone number: 612-877-4500
Krista Varley
(952) 470-8888
www.renterswarehouse.com
Krista's phone number: 612-877-4500
Contact
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