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How to Attract Long-Term Tenants

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Long leases and steady renewals keep turnover rates low. As a result, your cash flow and return-on-investment will remain consistent.
To help make your tenants want to stay for the long-term, you should provide a great living space, respond to problems quickly, and conduct proper maintenance to the interior and exterior of the property.

When you improve your tenant’s quality of life, the upgrades you make to the property make it easier to rent and sell the unit in the future and can increase its overall value.

In this post, we’ll provide you with an overview of how to make your Charlotte, NC tenants want to stay long-term. These techniques are all proven ways to help keep your tenants happy so you don’t have to waste time or resources finding new ones.

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Hiring a Property Manager vs. Self-Managing: What’s Better?

 

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Landlords face many decisions. One of which concerns the choice between self-managing and hiring a property manager to oversee their investment rental property.

This decision shapes your journey as a rental property investor. Both approaches have unique benefits and disadvantages.

To make the best choice for your unique property, you need to analyze your situation and decide whether you have what it takes to self-manage successfully or not.

That’s why there isn’t a universal answer to this question. It’s not one size fits all, every situation is different.

In the following paragraphs, we’ll go over the main aspects of both approaches to help guide you in making a better, more informed decision. (more…)

How to Fill Rental Property Vacancies with Tenants Quickly

Dawson Property Management

Rental property vacancies stand for lost income. Minimizing vacancies is something every landlord needs to take seriously. Otherwise, there’s no protective financial barrier between you and the rental unit expenses.

There are many running expenses that go with your rental property ownership. Repairing and maintenance seem to the obvious expenses, but even marketing and advertising take a bite out of your bank account.

Quickly accepting any potential tenants may seem like a good idea to some landlords. Welcoming unscreened tenants can create more expenses down the line. There needs to be a smarter way of filling these rental units.

In the following paragraphs, you’ll learn about ways to fill vacancies. There are many strategies to lower the tenant turnover rate while filling the empty properties. Let’s take a closer look. (more…)

Best Features of a Profitable Rental Property

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Investing in real estate is a great option. If done properly it can provide you with a steady return on your investment and help diversify your investment portfolio. Not to mention it can appreciate in value.

Of course, these are just but a few of the benefits you can enjoy by owning a rental property in Charlotte, NC. There are more!

Although, owning a rental property in itself isn’t a sure guarantee of success. Just like any other investment, it’s important to tread cautiously to avoid getting caught in any traps.

Among these traps are failing to ascertain the viability of your investment. The only way to know that your rental property will be profitable is by looking at its features. The right features will make it easy to find and maintain good tenants.

In this article, you’ll learn the 10 signs of a profitable rental property. Let’s get started!

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How to Determine the Ideal Rental Price

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Owning rental property in Charlotte, NC can be extremely profitable.

It can be an excellent way to qualify for tax deductions, supplement your mortgage payments, and more importantly, help you earn passive income.

However, owning a rental property doesn’t equate to guaranteed success. In fact, buying a property is only half the equation. The other half involves several other factors. Key among these factors is knowing how to determine the ideal rental price. (more…)

The Benefits of Owning a Rental Property in Charlotte, NC

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Are you still trying to figure out whether or not you should invest in Charlotte, NC real estate?

Here is a short list of reasons why you should:

  • A rental property guarantees you passive income.
  • The chances of your real estate investment depreciating in value are rare.
  • There are a lot of tax benefits that come with it.
  • You get to become your own boss.

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Rental Property Repairs: What are the Differences between a Restoration Professional, General Contractor, and Handyman?

Repairs on a rental property in Charlotte

Wondering whether your project needs a restoration professional, a licensed general contractor, or a handyman? Knowing the difference between the three is essential for you to make the best decision for your investment property repairs.

If your rental property has water damage, mold damage, or fire damage, you might be faced with questions of who to hire for repairs.

You will be working closely with the company over the course of a week, a month or even a year if the damage is serious. (more…)

Who’s Responsible for Maintenance? The Tenant or the Landlord?

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Without a clear and comprehensive lease agreement, the landlord-tenant relationship may become compromised. This is especially true when it comes to key aspects like property maintenance.

Creating a properly detailed lease or rental agreement before renting out your property will ensure a smooth tenancy. If the idea of drafting one yourself seems daunting, consider hiring a qualified property management company to do it for you.

When it comes to responsibilities, not everything is straight forward. Some may be defined by your state’s landlord-tenant law, while others may be contained in your lease agreement. (more…)

Understanding the Fair Housing Act – What You Should Know

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No landlord should intentionally discriminate against prospective tenants looking at their rental property. Although, even landlords with good intentions could inadvertently use language that the Department of Housing and Urban Development find discriminatory.

For instance, you could state “Seeking military members to rent” in your rental advertisement. This statement is in violation of the Fair Housing Act. Although you may have just thought you were supporting the troops.

You’d also be violating the Fair Housing Act if you stated “Child-free families only” in your rental listing. You may feel that the neighborhood is not suitable for small children (no schools nearby, playgrounds, or sidewalks), but the fact is, that ‘familial status’ is a fair housing protected class. This means that you cannot use familial status as a qualifying standard when screening tenants. (more…)

Top Questions to Ask Potential Charlotte Tenants

landlord-questionnaire-for-tenants

As a property owner in Charlotte, finding the best tenant is a dream come true. Good tenants pay on time, care for the property and alert you when maintenance issues arise.

No doubt, finding good tenants is a critical part of being a landlord. Equally important is weeding out potential delinquent rent payers and rule breakers. This all starts with a systematic screening process.

The process begins before you’ve even started taking rental applications. It begins the moment prospective tenants call you to view the property. You can quickly and easily screen good tenants from bad ones with a prepared set of pre-screening questions and interview questions.

Below are 10 questions that will help you find a good tenant for your Charlotte rental property. (more…)