Lettings

It can depend on the property, since no two are alike. But if you work with professionals to prepare your property, you should estimate the following times to complete any needed updates:

3 days for relatively minor updates (minor damage, holes in walls, etc.)

5 days for more complex updates (carpet, painting, appliance repair, and replacement)

2 weeks for major updates (linoleum, plumbing, and electrical systems)

It’s a tempting idea, but you should remember that tenants and homebuyers are quite different. If a prospective tenant thinks your property is too expensive, they do not negotiate, they simply move on to the next property. Many tenants actually put a minimum and maximum rent they’re willing to pay when searching properties online, so if you inflate the price, your listing won’t even be displayed to a good number of searchers. This means you could lose out on qualified tenants, and your property will remain vacant longer.

Another reason to think twice about purposefully charging a higher rent is that interest in a newly available property tends to be the strongest during the first two weeks of advertising, with a sharp drop-off afterwards. To avoid losing money on a property that is just sitting vacant, you should list your best price first.

It depends. If this is the only offer you’ve received from a qualified tenant, and you need to rent quickly, this can be a viable option.

Fortunately, some of the easiest, widest-reaching ways to advertise rentals are the cheapest, or even free. The Internet, of course, is the main source of free advertising – you can post on Craigslist or other free websites that are sponsored by local media. A fair warning, though – a wider audience means an increased likelihood of scams, spam, and more time spent weeding out worthy inquiries. But it can be worth it for the chance to advertise to hundreds, or even thousands, of potential renters.

If you prefer to focus on a select audience, you can use regional websites, but they’ll run you around $200 weekly for five lines of copy in some markets.

Whether you opt for specialized paid advertising or use Craigslist, you can always go for the tried-and-true “For Rent” sign in the front yard, especially if there’s a lot of traffic in the area, and post on public billboards at colleges, stores, and libraries.

If your property is market-ready and priced at market rates, your average wait time is about 26 days. If your home is not in market-ready condition or not priced at a competitive rate, it can take much longer. Vacancy periods can also be affected by the general vacancy rate in the area, and the time of year, since properties tend to rent faster at certain times of the year such as summertime.

It’s essential to perform a full background check, which includes a credit and criminal history check. You should also verify their employment, income, and rental history to check for falsehoods, previous evictions, or a history of late payments.

For safety, you should always have someone else with you when you are showing a rental property to prospective tenants, and remain aware of your surroundings during the showing. For example, you can have them enter a single door room first.

The Fair Housing Act prohibits discrimination concerning the sale, rental and financing of housing based on race, religion, national origin or sex. As a landlord, you must not discriminate in any of these categories when screening potential tenants. When you deny an application, you must notify them in writing the reason for denial. Read the FHA in its entirety to make sure you fully comply.

Call your tenant and let them know that the bank refused the check and have charged your account for an NSF free (typically about $27). Inform them that you will only accept certified funds, such as a cashiers check, in the future. You can also call the bank and provide the account number and dollar amount to check if the funds are in the account.

The penalty for writing a bad check varies by state law. Generally, the penalties fall into two categories: civil and criminal. Civil penalties concern how much you can collect if you receive a bad check. Depending on your state laws, it could be more than the amount, including attorney fees and damages. A tenant who writes a bad check can also be prosecuted criminally, particularly if there is proven intent to defraud. Most of the time, dealing with a bad check goes the civil route.