Why You Should Collect Security Deposit from Tenants?

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When a property owner allows a tenant to occupy space in his rental property then he charge rent from them. He makes a rental agreement that works for both the tenant and landlord and includes all the terms and conditions and rules to be followed by both. Apart from signing the lease agreement the tenant also has to pay advance money as a security deposit. A security deposit is the sum, that a tenant agrees to pay to the landlord before moving in to the rental unit. Usually it is based on the monthly rent.

What is the Purpose of Security Deposit?
The purpose of the security deposit as a landlord is that you are entrusting your investment property to the care of tenants and it is possible that many things can or do go wrong. Security deposits helps you for severe damages to your property, excessive wear and tear, unpaid rents and other problems. you may better know, What Is Security Deposit and How A Landlord Can Keep It?

If you were not collecting security deposits from tenants then you should start collecting it. It is refundable, so you need to not worry about that you are charging something extra from your tenant. Collecting security deposit has so many benefits for you like:

Tenants More Careful
When tenant pays you security deposit then they become extra careful. They then, take care of your property like their own as if they will make any damages then they will not get the full amount of security deposit.

Safeguard against Damages
When your tenants become careful then you don’t suffer any damages. You can actually save your property from damages by the deducting the damage cost from the security deposit hence it is a safeguard against damages and you will not suffer any loss. Tenants will not try not to make any damages even by mistake and will take care of the property.

Safeguard against Non-payment
Sometimes tenants fails to pay the rent on due date and some willing do it. You can use the security deposit as monthly rent and evict the tenants for not paying the rent on time.

You must include the security deposit in the lease agreement along with the terms and conditions that when and why you can keep the security deposit.

renturhome security deposit

So, above are the benefits of collecting security deposit from your tenants and this is why you should collect it from them. If you are thinking that you are unable to handle all these or not well aware of the use of it then you can hire property management company in Baltimore that can assist you to manage your property and collecting and keeping the security deposit.

 

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How Often You Should Renovate Your Rental Property?

renovation renturhomeRenovating your rental property is essential for having quality tenants and increase the rental property income. Renovating is generally done when the tenants move out or move in. And it is expensive also. When the tenants move out you need to hire new tenants for your rental property and for that you have to paint your home, make repairs, etc. So, basically hiring new tenant is more expensive than maintaining the existing ones.

Before you decide your property to paint or renovate then there certain important things to consider to know whether there is a need to renovate your property or not:

  • How the property appears?

  • What does simple can do?

  • Check all the rooms.

This way you can see that whether you need to repair something or everything is just fine. Renovating can cost you a lot hence people prefer it do from year to year. And in case it is not very much necessary then you should also do it in every three years.

How often you should renovate or paint your rental property is completely a personal matter. Yes, you can decide whenever you want to paint or renovate your home but there are some other reasons also when you need to renovate your home like:

When tenants move in or out

when you are hiring new tenants the you surely want to look the home a brand new one. The tenants would like to stay longer if they find your property more attractive and beautiful. Even when your previous tenants move out from your house then you have to see that is there any thing that needs to be repaired. Clean your house and renovate it completely to attract new tenants.

Increase the property income

If you want to increase the property income then you must renovate your property with this you can attract high-quality tenants who will agree to pay a good rental charges for a beautiful and attractive house. For making your home attractive you have to paint the walls with vibrant colours, clean the house and make repair.

Protect your property

Apart from attractive potential tenants to pay a good rental amount you must be wanted to keep your rental property’s wall insulated and protected so for that you need to paint the walls. And renovate your property regularly.

So, it seems that renovating your rental property is very important and also you need to do it many times. But this can be really expensive and hectic task for you whether you are doing it by your own or hire professional property management company. However, it is said that the ideal time to do paint or renovate your house is three years. Well, you can renovate it on the basis of your requirements or needs.

Prominent Questions for Determining If You Need a Property Management Firm

http://www.renturhome.comManaging a rental property is not as easy then buying it. You may invest a big amount for buying a rental property but is worthless until you manage the property in well condition. And here comes the role of the renters/tenants. People hire renters for their investment property who take utmost care of their property like their own. You can also be relaxed after giving your property to the tenants and they will enjoy occupying the property forever.

In the starting 2- 3 months everything seems fine and then reality comes crashing in. Instead of rent deposited directly in your account every month, there’s the tenant who refuses to pay the rent. You actually start facing troubles and arguments with your tenant and if the tenants are really stubborn who are not willing to leave the apartment then the things go serious and this may end up at the court. Hence, you have to be ready to face all these problems with remedies to solve them. And in this matter who can help you the best is none other than professional property management companies in Baltimore county. They are the experts who manages property so well that you don’t even need to look after your property any-more. They manage it like their own property and also hire higher-quality tenant for your rental property. But do you really need a one or you can manage it by yourself. Well, here are the prominent question you should ask to yourself to know whether you need a property management firm or not:

How far do you live?

The distance between your residence and the rental property is very much important to figured it out whether you need property manager or not. If you live far from your rental property then you may not visit your property frequently to manage the property. If you live close then you may be able to make regular visit to your property for inspection, maintenance, etc. otherwise the further you will live the higher you travel time and expenses will be.

How many units do you own?

The number of the units you own is another factor to determine whether or not you require property management firm. It is easy to manage one unit but you may not be able to manage two or more units or rental property.

Are much experience do you have?

Do you know who to call to fix the damages, overflowing taps, etc. If you are not experienced in managing the maintaining property then you may hire unexperienced handyman who does poor job. Professional property management firms have their own crew who are expert in maintaining and managing the property.

Whether or not you be able to manage your Baltimore residential or rental property still you should hire reliable property management company in Baltimore to manage your property in great way. And you should take a Prime Advantages of Hiring Property Management Company in Baltimore, county MD.

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Most Common Reasons Landlords Use Property Management Services

Avinash Kumar is a passionate business analyst and writer. He loves writing on various topics especially on business related topics. Currently he is rendering his services to professional Real Estate, Maryland Rental and Property Management Company, that provides services of professional property management, rental management, tenants’ management, landlords, property maintenance and the best working area of property management in Anne Arundel and Baltimore County and other cities and counties of USA.

http://www.renturhome.comWe all know that property management companies do exist. But do you know that what exactly they do and offers to us. Well there are top most common reasons that a landlord use property management services and you should also hire them for managing your property well and hire right renters for your rental property. Here is the list of the services provided by a property management company:

Determine accurate rental rate

They know the value of the property and determine the accurate rental rates for your property. They do market research for the similar property you are having in local areas where your property is located and fix the right rental charges for your rental property.

Maintenance and Repairs

They manage your property in the right manner that also increase the value of the property. They clean both the interior as well the exterior of your rental property. Make repairs if needed. While tenants moving in or out they check the property properly and make repairs if required. They have their own crew members who fix repairs and if not then they hire handyman for this in low costs.

Marketing property

Property management companies advertise your property through online or offline medium. They know where exactly to advertise your property for hiring quality tenants. They use local newspaper, pamphlets, etc. for marketing rental property.

Screening and hiring tenants

They collect the information about the tenants and screen the tenants well. They do background check and also check credit history, criminal record last eviction reason and also talk to the previous landlord if necessary. And hire the higher-quality tenants for your rental property.

Tenants move in

when tenants move in to the property they collect a security deposit from the tenants which is refundable. Make rental agreement which includes all the necessary things like security deposit amount, monthly rental charges, tenants name, rules and regulations to be followed by the tenants, etc.

Inspection

They inspect the property on a regular basis including exterior of the property. And also make the reports of the damages that have occurred in property due to tenants and send it to you in the end of the year.

Rent Collector

They collect the rent positively on the due date from the tenants without any failure. They also credit it your account after deducting their shares.

Tenants move out

When the tenants move out they inspect the house properly and refund the security deposit to the tenants. Clean the property and repeat the process of advertising and hiring tenants for your rental property immediately.

18So, these are the services provided by professional property management company therefore people prefer hiring rental property management companies for an easy landlordship. If you live in Baltimore, Maryland or anywhere in USA and then you can hire Baltimore rental management company to manage your property.

Related Article – How to Find Right Tenants for Your Rental Property

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Roles and Responsibilities of a Property Management Company

Avinash Kumar is a passionate business analyst and writer. He loves writing on various topics especially on business related topics. Currently he is rendering his services to professional Real Estate, MD property management that provides services of professional property management, rental management, tenants’ management, landlords, property maintenance and the best working area of property management in Anne Arundel and Baltimore County and other cities and counties of USA.

5We all know that property management companies exist but not everyone is aware of their roles and responsibilities that what they actually do. They manage your rental property and along with that they are responsible for the following things:

For Rent

They are responsible for setting rent, collecting the rent and also increase it from time to time:

  • Setting rent: They inspect the house interior as well as exterior and after knowing the value of your rental property they set the right rental rate for the property.

  • Collecting rent: They fix a date on which the tenants have to pay the rent on any circumstances. They collect the rent on the due date from the tenants and also credit to your account.

  • Adjusting rent: Rent can be increased on every 12th months but property managers are responsible for adjusting rent they can increase the rent just after an eviction.

For Tenants

Property management companies are also responsible for hiring good tenants for your rental property.

  • Finding tenants: They advertise your property using both offline and online and find the right tenant for your rental property.

  • Screening tenants: They have link and sources to screen the tenants. They use application forms that applicants filled with their personal details. And property manager use it for checking their background, credit history, criminal records, previous evictions records, etc.

  • Handling tenants’ complaints: They also handle tenants’ complaints and also solve their problems if the tenants’ complains for any repair or maintenance issues.

  • Dealing with eviction: If the tenants fail to pay the rent on time or breaking and rules then they understand the law and file eviction against tenants.

For Maintenance and Repairs

They manage your property and keep it maintained. They also inspect the house to know if there is any requirement of repair issues and fix it immediately. Property management companies have their own crew who maintains and make repairs. So, they are also responsible for repairing and maintaining your rental property.

18These are the roles and responsibilities of a property management company. A good property manager has thorough knowledge of landlord and tenants law. So, if you want to manage your Baltimore rental property or residential property then you must hire Baltimore property management company. They are professional and will keep your property maintained in awesome way.

Related Article – Question a Landlord Should Ask Tenants before Hiring

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How to Find the Best Property Management Company in Maryland

property management (9)We all know the benefits of hiring property management company but it is also important to hire the right one. Hiring a wrong company can put you in trouble so you must be very attentive and careful when find a good and reliable property management company. Finding the best and reliable property management company in Maryland may be a tough job but with some wise steps you can easily hire right property manager for your investment property. Here are the useful steps to find the best property management company that will be the best for your property:

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Get Referrals from Different Sources

One of the best ways to find renowned property management company in Maryland is through word of mouth. There are many real estate agents and other property owners whom you can ask about good and reliable property managers in your area.

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Do an Online Research

Internet nowadays helps us in every sector whether for finding a person or a company. So, you can search for best property management company in your area that can manage your investment property in affordable charges. Make a list of all the companies you find relevant for your requirements.

Interview Several Property Management Company

Interviewing several property management companies will let you know about their different charges and services they provide. And for finding the best company you must interview at least three companies. This will help you to distinguish between good and bad. You surely don’t want to hire the one property manager who has evicted more than 5 tenants in a couple of months. He either has the worst luck in the world or, more likely, does not know how to properly screen tenants.

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Check Out Their Current Works

Currently how many units there are managing will let you know how proficient they are. You must see the properties to check the properties are clean and well. You can get some great information by talking the tenants they currently manage. If they are happy and satisfied too that means you will also be satisfied with their work as a landlord. After all property management is about keeping you and your tenants happy.

Check Their License and Certification

You must check the company’s license and certificate whether the company is qualified or not to handle your property and the staffs should also be educated to manage your property.

This way you can find the best maryland property management company for your Maryland rental property. Always remember to read carefully the terms and condition written in their agreement before signing it.

Related Article – How to Deal with Bad Tenants

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Time and Cost Required for Signing a Lease with Tenant

http://www.renturhome.comThere is certainly no doubt in this that our property provides us a great comfort in life. Owning a property in big areas of USA such as Baltimore is such a great thing, but what is more special in this is hiring competent rental management in Baltimore, Maryland for your task. However it doesn’t means that you cannot cope up with the requirement of the process by your own, but professional management always keeps you at a risk free zone. If you are all set to handle the task of managing your property then here are certain things that you need to follow for the same. It is one of the greatest tasks for a property owner to make his property rent ready, and apart from this completing all the essentials things for property is something that comes in the priority list. A property owner has so many expectations with his property and this can only be fulfilled if there is a good management.

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For making your property rent ready, you need to browse as what is trending in market. Search for all the possibilities of things that a renter will look at your property. Make all the necessary arrangements that will make your property at the top list. Once you are done with this then there come the fixation of rent. Do make sure that rent of your property is as what is trending in market. It is required for a property owner to fix the rent adequately. Once the rent is fixed then the final decisive round is there and it is the legal documentation. As a land owner you are always supposed to be sure that every necessary arrangement is made by your side to secure you and your property lawfully. Complete all the legal phases before handling over the property to the tenant.

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The entire lease with tenant should be cross verified. Remember tenant can ask you for the charges that you have implemented on the lease, hence make sure you possess adequate knowledge about the same. Your new renters will look to you for explanation of the lease and key terms and dates will need to be clear and concise. This lease signing time will also allow you the opportunity to set “house rules” with regard to items not specifically spelled out in the lease such as city noise ordinance times, changing of filters and light bulbs, maintenance responsibilities or any special neighborhood or Association rules. So, these are the cost effective manner, through which you can proceed for a safe management of your property.

Related Article – Things to Consider When Interviewing Property Management Company

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Tips to Find the Best and Quality Tenants for Your Rental Property

http://www.renturhome.com/Every landlord wants to hire the best tenant for his rental property because a wrong/bad tenant can become his worst nightmare, that’s why it is always advisable to keep your eyes and mind open while hiring the tenants for your property. If you are looking renters for your property then you must know that how can you find a good or high quality tenants. Well, a tenant doesn’t roam with a tag of ‘Bad’ is his forehead that you will recognize and will not hire him. In fact, you ought to very smart while hiring the right tenant for your property. So, here are some tips that will help you to find the best and quality tenant.

Clean the Property

A well cleaned and managed property will always attract good tenants. You can keep a high rental charges if your rental property is well managed and cleaned property and only the good tenants would like to pay a good rental amount so you will be able to find a good and higher quality tenant for your property. Clean the property before you advertise for your rental property.

Know Where to Advertise

There are many online sites and offline ways where you can advertise your rental property. Before placing any advertisement of your property you must know where exactly to advertise. For ex- if you want tenants who are students then you can post the ad on college campuses or industrial areas for working tenants.

Use Rental Application

Professional property managers use rental application to collect the personal info of the tenants so you can do the same. This will help you to know the personal detail of the tenants like the name, number and current address etc. which will be further useful for screening the tenant.

Do Background Checks

Screening the tenants is very much important for hiring the right and higher quality tenant. So you must do a background check of the tenant to check the credit history, criminal records, reason of past eviction and much more.

Following these above-mentioned tips you will be able to find the right tenant and for the best way you can hire professional property management company in Maryland. They will help you to find the higher quality tenant for your property as they are experts and experienced. They find and screen the tenants well to choose the right tenant for your property and will also keep your property well managed.

Related Article – Things a Landlord Must Do Before Tenants Move in

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Things a Landlord Must Do Before Tenants Move in

After tenants screening and selection of the right tenant for your rental property, it’s time to do renovation of your property if needed. There are many things that a landlord must do before his tenants move in the property. Below are the things that you must do as a landlord before your tenants move in:

Clean the Property

Cleaning the property is very much important especially if you are doing an apartment turnover, which means there was tenant earlier. Even if your house is a brand new one then also you must clean it before the tenants move into the property. Make sure the main sections like kitchen, bathroom and toilets are well cleaned.

 

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Repair any Damage

If you are doing an apartment turnover then there are chances that the past tenants have damaged the property so you should thoroughly inspect the property and repair damages if required.

Make Sure Everything Is In Working Order

Check all the appliances and electric whether or not in working in order. And if not, then immediately repair it before tenants will move in.

Change Lock

Safety and security should always be the first. You must not want the old tenants to have the keys of your new tenants’ apartment. Hence change the lock of the doors as soon as possible.

Go Over Lease Agreement and Have Tenant Sign Lease

You must go through the lease agreement of tenant section by section so that they would know the things they are agreeing to. Once you will complete the whole sections and lease agreement then take the sign of your tenants. Keep the original one to yourself and give a copy to the tenant.

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http://www.renturhome.comCollect the Security Deposit and First Month Rent 

Before your tenants will move into your property you must collect the security deposit that is just equal of the first month rental amount and also the first month rent from your tenants. This must be advance payment by the tenants before they move in to your rental property.

So, these are the things that you must do in your home before the tenants move in. You can also hire professional property management company to manage your property and hire the right tenant for your property and can enjoy peaceful landlordship. If you are having a rental property in Baltimore or anywhere in USA you can hire Baltimore property management company to manage your property in the best way.

Related Article – Qualities of a Good Property Management Company

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Basic Rules for Tenants of Rental Properties

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Rent Your Home

 

There are many landlords that have encounter with the bad tenants and have faced many problems during the tenancy period. And those who have never faced such kind of tenants are really lucky. Things with bad tenants even go worst which generally ends up in the court. So, if you have hired new tenants for your Maryland rental property then you must tell about the basic rules and responsibilities to the tenants that they must follow during their tenancy period. Here are the basic rules for tenants of rental property that you must let them know before signing the rental agreement.

download the agreement here PROPERTYMANAGEMENTAGREEMENT_final

Pay Security Deposit

The tenants have to pay security deposit and the amount of the security deposit cannot be more than one month’s rent. The part of this charge is taken as the security just in case the tenant has occur any damages in the property then the landlord would compensate the losses through this otherwise it is fully refundable.

Follow Rules of Lease Agreement

A lease agreement is the proof that the landlord has permitted the tenant to occupy space in his rental property. There are so many things that is mentioned in the lease agreement including rental amount and rules and regulations for the tenants as well as the landlord. Make sure the tenant must follow all the rules mentioned in lease agreement such as:

  • Pay rent on time.
  • Do not damage the property.
  • Occupants limits should not be expand.
  • Keeping their unit clean.
  • Do not disturb the other tenant in the building.

Notify When Increase Income or Family Size

The tenant must inform the landlord whether income or family size increased. Suppose a person’s salary has increased then the landlord may also increase the rental charge according to the some percentage of his increment. And suppose the tenant has a baby but not increased his salary then the landlord may give him voucher of low rent. So, he must notify the landlord about this to get housing voucher or decrease the housing voucher.

Inform the Landlord When Moving Out

The tenant must give at least one month notice before moving out so that the landlord will get time to find the other tenants for his rental property. And if they did not give such notification then it is the right of the landlord to not to refund the security deposit. Hence it is the rule to inform the landlord when moving out.

Being a landlord you must tell your tenants about these rules and regulations and ask them to follow. And if you can’t handle tenants then you can simply hire professional property management company who will not help you to handle tenants and tenant’s problems but will also manage your property in best way.

Related Article – Why to Consider Property Management Company?

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