Boundless Management

Rental properties can be subject to some complex laws, and not all of them are intuitive. Property managers and property owners need to be aware of the landlord-tenant codes in their areas to make sure that they are not in violation of any of them, as any infraction can eventually lead to severe ramifications.

1. Deposits Cannot Be Held For Rent

   A rental deposit needs to be used only if there are repairs or cleaning that needs to be done to the property after the move out date. A rental deposit cannot be held for back rent or as a last rent payment, even if the renter requests this. Instead, the rental deposit must be clearly returned less any applicable fees, and any rent due needs to be paid in separately by the renter.

2. Landlords Cannot Enter The Home Without Notice

   Many landlords, especially those who live on the property, may see nothing wrong with entering the property to either check in on something, inspect it, or even just leave a note for the tenant. However, landlords are not allowed to enter a home without giving notice, unless there is an emergency such as water damage or smoke. The amount of notice necessary varies by state.

3. Landlords Need To Give Notice When Selling Property

   Landlords need to give notice to their tenants when properties are about to change ownership.

4. Rental Income Needs To Be Reported

   Many landlords avoid claiming their rental income, either because it comes in as cash or because it goes directly to the payment of the property’s mortgage. Rental income needs to be reported as income on taxes, and it may also need to be reported to the state for either sales tax or general excise tax payments.

5. Landlords Cannot Change Locks

   Even after an eviction, a landlord cannot change the locks to keep a tenant out, nor can the landlord remove the tenant’s property on their own or make any other physical attempts to drive the tenants out. In order to remove tenants, strict legal processes need to be adhered to, or the tenants themselves will be able to claim damages.

6. Court Orders Are Required For Eviction With Cause

   While landlords can evict without cause, the process can take from 30 to 60 days. If the landlord does have cause for eviction such as severe property damage or illegal activities taking place in their rental property, a court order will be needed to evict the tenant any earlier.

7. Landlords Must Honor Service Animals

   Even landlords who have properties that do not allow animals need to accept tenants who have service animals, though paperwork can be requested that proves that the animals are necessary for the disabled person’s health. Properties cannot turn away tenants because of their disabilities and need to make reasonable accommodations for them.

8. Landlords Cannot Discriminate

   Landlords cannot discriminate between tenants based on race, age, gender, sexual orientation, or disability. However, there are exceptions for landlords who are renting out properties that are attached in some way to their own living quarters.

9. Landlords Need To Keep Properties Up To Code

   Landlords need to keep repairs and maintenance up on their properties, and need to follow the local state laws on what qualifies a property as being up to code.

10. Landlords Cannot Stop Utilities

    On rental properties in which the utilities are under the landlord’s name, the landlord is not allowed to stop utilities in an attempt to drive a non-paying or even evicted tenant out. However, the landlord should check the landlord-tenant code because this may not apply if the utilities are not included in the rent but are instead supposed to be reimbursed to the landlord on a monthly basis.

All property management companies are not the same, and you will want to find one that specializes in the area you are interested in, such as residential properties or commercial properties.

What you can do

As you go through the selection process, be sure to contact several real estate management firms. If you make a hasty decision in order to save time, you may come to regard this as a mistake later on.

As a guide in making your final decision, compile of list of those things you feel your property manager should provide. It isn’t necessary to share this with everyone you interview, but it is essential to have a checklist to ensure that your investments will be secure.

Note that your goal here is to decide which property manager offers outstanding services while charging the lowest commission. Ideally, those services will include the following:

• Your property manager should be aggressive in advertising vacancies. Remember that you will suffer the consequences if they are lax in this area and they will escape unscathed.
• The way in which they show properties can make a difference because they must exercise caution and find quality tenants at the same time. Property managers should also be willing to show properties outside of regular business hours.
• A reliable property manager will make use of backgrounds checks to uncover potential tenants’ negative history and help you avoid significant financial losses at a time when you expect to be profiting from your investment.
• A reliable firm will have a policy in place for collecting rents that are past due, and they should be prepared to explain it in detail.
• Property managers should also be ready to explain how they conduct regular maintenance of the property and how maintenance costs are controlled.
• Find out what kind of accounting services the property manager is ready to offer you as the owner. If their response is satisfactory, that will simplify things for you when you are ready to file your tax return.
• Have them explain their fee structure, which they should be ready to do, and it is also essential for them to have some kind of liability insurance so that you will be protected from lawsuits.

Making your final decision

If you reach a point where you are trying to choose between two reputable companies, that is the time to study every detail of the contract. You will also want to determine if this property manager will work with you in expanding your investment, rather than merely maintaining what you already have.

If you get the impression that they are ready to help you succeed and may even work with you in finding new investments properties, you should be able to find property at an affordable price and your profits should increase. In addition, authorities will tell you that finding the right property manager takes time and effort, and it is a significant step for anyone who is serious about investing in real estate.

Owning rental properies is great. However, being a landlord can be terrible. While some owners scoff at the idea of having to pay 10% to a manager, there are at least 10 reasons why this 10% is well worth it. Among them are:

• Years of experience
• Background checks
• Quick rent collection
• Easy evictions of bad tenants
• Tracking of income and expenses
• Logical decision making
• Less stress
• Ready professionals on call
• Firm grasp of the market
• Great for advice

Years of Experience

Two propery managers at a real estate office dealing with fifty properties for the past ten years have twenty years of collective experience compared to a new investor’s new endeavor.

Background Checks

All that experience makes doing background checks second nature and judging potential renters by their creidt reports very easy. While new investors might want to overlook a mediorcre credit score in order to start collecting rent, an experienced manager will ask for a double deposit.

Quick Rent Collections

Rent is due to a property manager on the 5th and sent to owners on the 10th. If rent is paid on the 6th, then a late fee is attached and the owner only knows about it becuase his check is slightly bigger. There are no negotiations on this matter and renters rarely argue with a company like they would an individual.

Easy Evictions

When rent is overdue and then not paid, the eviction process begins immediately and tenants are out in a couple weeks. The house is spruced up, the deposit (or double deposit) is applied, and everyone moves on.

Easy at Tax Time

Property managers send 1099s to their clients along with a report showing income and expenses. This saves at least a couple hours on top of all the time not spent chasing delinquent rent, fixing leaks, and screening potential renters.

Logical Decision Making

Since property managers are not emotionally involved and they have so much experience, they make their decisions much more easily. Rather than be clouded by the judgment of someone who has strong feelings about this property, they think more pragmatically, which can save thousands in he long run.

Less Stress

All of this leads to less stress for the owner, which has been detailed in full already, but to reiterate, there are many times that late rents are not even known about until the money is received. When rent comes later than the 10th, the property manager begins to sweat over it, but assures the owner that they will be handling it.

Ready Professionals on Call

Property managers have a list of plumbers, carpenters, and other professionals on the ready.

Firm Grasp on the Market

When rents in the area are dropping or rising, they will adjust prices accordingly because their goal is to rent their homes with no vacancies at maximum value.

Great for Advice

Lastly, the advice that a seasoned property manager has to offer is priceless. They can advise owners on what to fix or improve, and even give an idea of where the market is heading.

Many people believe that being a landlord is a hands-off occupation and that once the property is rented to tenants, revenue rolls in routinely. In fact, being a property owner and leasing your home (or homes) to others can prove to be a complicated choice. Landlords must be astute businessmen or businesswomen who possess conviction and are detail oriented.

If you’re considering this job, here are a few tips on how to be a successful landlord.

Tip #1: Familiarize yourself with the rules and laws that apply.

Remember, a landlord is a business owner, and like any business owner, you have to get everything in order before renting your property. Speak with a real estate attorney to ensure you’re familiar with laws governing tenant/landlord relationships, as well as fair housing laws. Make an appointment with a certified public accountant to establish a budget and figure out how much rent should be charged for your particular property in order to yield a profit. Also, you should open a business banking account and keep all financial transactions related to renting your property confined to this account (or accounts), as opposed to your personal accounts.

If this seems daunting, you can also consult an experienced property management company for additional advice and resources on simplifying some of the more convoluted steps involved in becoming a successful landlord.

Tip #2: Invest in tenant screening.

Especially for new landlords, there is the pitfall of leasing to less than ideal tenants. Don’t assume because he or she is a friend or family member that the process will go smoothly. Tenant screening should be time consuming and thorough to ensure you rent to reliable, courteous and financially capable tenants.

Require references and follow up with previous landlords. Proof of income can be requested to guarantee that there are adequate funds to maintain rent payments. Some landlords pull credit reports or run background checks for extra security.

Property management companies can be of value here, as well, providing you with pre-screened and pre-qualified tenants for your review.

Tip #3: Set the stipulations of the lease firmly and don’t cave.

Many landlords become emotionally invested in their tenant’s lives and let late rent payments or minor property damage slide. The tenant/landlord relationship must be based on mutual respect and dependability to properly function. Use a firm hand to enforce the stipulations of the lease.

This also applies to evictions, which can be problematic because of the tension involved. If you’re not business-oriented, strong-willed and willing to follow through with the eviction process if tenant behavior deems it necessary, you may want to look into hiring a professional property management company to help.

Tip #4: When in doubt, over insure your property.

This is something you can speak with your real estate attorney about, but it’s no surprise that we live in a litigious society. Regardless of whether you’re renting one home, you own an apartment complex or you have multiple properties, you must go through the proper channels to acquire adequate insurance coverage, both to protect your tenants and for self-preservation.

Being a successful landlord is dependent on a number of factors, namely your involvement; understanding of the proper processes, laws and governances; willingness to ask for professional help when it’s needed; as well as your ability to multi-task and enforce the terms outlined in your lease agreement. Especially if you’re just starting out, speaking with a property management company, like Boundless Management, can be of tremendous help.

As a property manager your goal, in dealing with tenants, should be to earn a reputation of being firm but fair. Tenants have a right to be fully informed of their responsibilities. Making sure this is done is the right start to the relationship with your tenants. The ideas listed here should be key points in your lease agreements. They are your foundation for any future legal action that might be necessary.

1. Clearly Define Payment Due Dates and Actions Resulting from Late Payment

   Make sure a clear definition is made concerning payment due dates. Spell out what happens when payments are late. These things are vital parts of a lease agreement. Clear, complete and concise is what your policy must be. If your policy is to assess a fee for late payments, make sure that is explained, specifically, as applies to each tenant. Make sure you are fully informed, and in compliance, with state regulations that apply to late lease payments and penalty fees.

2. Define Clearly Management’s Right of Entry

   Your policy on your right of entry into the rental property must be in compliance with relevant state laws. Use the wording from the state law to support your policy in this matter. If the law requires management to give a specific number of hours of notice, before entry is made, ensure your lease agreements state this clearly. You should also include provisions on what constitutes fair notice, in accordance with state laws.

3. Clearly Define Items in Leased Properties That DO NOT Belong to Tenants

   Clearly and specifically list items that do NOT belong to tenants. Make sure your lease agreement not only lists the items but clearly states none of the listed items can be removed from the property without management present. If your properties are well inventoried, you should already have complete lists. When tenants vacate they should be required to have a checkout, if they wish to have any of their deposit returned. Before any new tenant moves in a complete walk through and physical check off of items on this list must be done. Remedies for the property owner should be defined when listed items are missing at the end of a lease.

4. Clearly Define Tenants Responsibilities for Proper Waste Management

   Your lease agreement must state what local laws, rules, regulations and standards are required by the area where your leased property is located. The penalty for tenants failing to comply with this subject should be clearly defined, especially if local rules result in the property owner being fined for improper handling of garbage and trash. If local rules require special containers and procedures for handling of recycled materials, these containers should be provided by the property owners and listed in the lease as property NOT belonging to tenants.

5. Responsibility of Tenants for Maintenance and Cleanliness of Leased Property

   The responsibilities of tenants for minor maintenance and cleanliness should be as important to tenants as it is to property owners. Expressing expectations on standards of cleanliness helps keep a rental property as free from pests as possible. Set specific standards and define, clearly, the consequences for tenants that do not comply with these standards.

6. Standards and Restrictions on Pets

   If pets are allowed, the type of pet, size of pet, and number of pets allowed should be specifically mentioned in the lease agreement. The more specific the agreement is the more control over the situation you have as a property manager. This includes set rules on use of leashes and where pets may be exercised.

7. Requirements for Notice

   The lease agreement must clearly state your policy on how many days are required for notice. This should be defined in days, regardless of the number of days you require. The method of notice must also be defined to avoid misunderstandings.

8. Proper Use and Maintenance of Permanent Fixtures

   The lease agreement should specifically list what fixtures will be maintained by the property owners. This section should also define proper use of those fixtures. The lease should unequivocally state that misuse of listed items transfers the responsibility for maintenance to the tenant.

9. Actions and Conditions at the End of a Lease

   The lease agreement should clearly specify the actions required of both property management and tenant. If your policy is that the property should be restored to the same condition as existed at the beginning of the lease, your lease agreement should specifically state this condition. Are these actions required at the end of each lease or only upon vacating the property? The more detail that can be given, the more clearly the responsibilities of each party are defined. Consequences of a tenant’s failure to comply, such as loss of deposits, must be clearly defined.

10. Requirements and Responsibilities for Deposits

    Both parties have responsibilities, under the law, for security deposits. These should be clearly stated in the lease agreement, not just with passing reference to the law. The reasons for a partial or full loss of deposit should be clearly defined. The entire process of how, when and where deposits are repaid must be defined in the lease agreement.

The more clearly and completely these ideas are present in a lease agreement, the stronger your foundation for future actions. Being clear, fair and firm will help ensure your relations with each tenant will be satisfactory for both parties.

The rental market in Atlanta is strong, thus Atlanta property managers must compete with others to ensure their properties are the most coveted. How? There are several tips for successful property management and similar characteristics that all good landlords possess.

The foremost of these are trustworthiness and dependability. Successful Atlanta property managers understand that the landlord tenant relationship is a symbiotic one, and in a dependable relationship of this nature, both parties are accommodating. Dependable property owners who are quick to respond to maintenance requests, flexible with regard to decorating and pets, as well as good communicators are likely to have a tenant who is prompt with rent payments and respectful of the property.

Other large components of successful Atlanta property management are marketing and advertising. Before you can move a trustworthy tenant into your property, you have to ensure that the space is in front of the right people. There are several options for advertising your rental property, but one of the most reliable and comprehensive is through a property management company. Atlanta property management companies have larger networks, thus further reach, than most solitary property owners.

Another shared characteristic of successful property managers is sound budgeting and accounting. Being a landlord requires overhead, as well as keen money management. From collecting rent to allocating funds for regular maintenance – such as yard upkeep and servicing of the home’s major systems and appliances – property owners must be prepared to finance everything from routine to major repairs.

Lastly, successful Atlanta property managers must be well versed in the legalities of landlord tenant relationships. Do you know how to draw a proper lease or enforce an eviction? What insurance coverage are you required to carry? What legal options to you have in dealing with trouble tenants?

If the legalities of being a landlord seem daunting, know you’re not alone. Property management companies are there to help and keep experts on staff who can assist with this, as well as every other aspect, of being a successful property manager.

Call Boundless Management today at 866-331-6626.

With home prices rising and the real estate market continuing to shift, the benefits of renting in Atlanta are greater than ever. It’s not just the market, however, the city itself offers its residents a wealth of conveniences. Whether you’re relocating to the area or simply moving residences, consider these benefits of renting in Atlanta.

Less commitment is one thing many renters tout as a great benefit. When you buy a home, you take on debt, repairs, yard work and higher monthly payments (in many situations). Renters enjoy greater freedom with shorter leases.

Plus, repair expenses and the cost of maintaining a yard – not incurring these is a huge benefit of renting in Atlanta. Necessary fees are commonly rolled into the monthly rent, and yard care, repairs and routine maintenance are professionally managed.

Options, options, options! Atlanta is a great rental market city, and renters have endless housing options. It has high-end condos and glitzy apartments; single-family homes in established neighborhoods; properties on the river and properties with breathtaking, skyline views; efficiencies for students and spacious lofts; housing near schools and public transportation; plus an array of architectural styles, designs and sizes. No matter what about the city attracts you or meets your needs, you can find an Atlanta rental property to match.

And, in Atlanta, attractions abound. Residents throughout appreciate the big-city feel, as well as the more small-town metro communities. There are recreation opportunities and employment options. There is an all-its-own art and food culture that never stagnates or bores. There’s something for everyone here, and in the right Atlanta rental, you have access to it all!

Call Boundless Management today at 866-331-6626.

In the current real estate market, many people are taking advantage of foreclosures and low interest rates, scooping up low-priced properties and turning them around to rent for profit. One problem with this: many of us don’t know what it takes to properly manage properties.

For the DIY landlord – especially if he or she has another full-time job – the challenges are endless. Why not hire a professional property management company? Many people think they are losing portions of their profits by paying fees to these companies for services they believe they can render themselves.

If fact, so much goes into property management – especially if you want to do the job right – that hiring a professional company can often save you money, not to mention copious amounts of time. Let’s take a look at just a few of the things involved in the management process to prove this point.

Setting up your leasing procedure is not a one step process. You must advertise your available property; speak with applicants over the phone; perform employment history and credit checks as part of the tenant screening process; make time to show interested parties the property; and hammer out your lease agreement with all the proper contingencies and policies in place.

Maintaining rental properties, especially if you have multiple homes, is more than a one man’s job. You must establish and follow up on regular maintenance plans for all of your home’s major systems; keep the landscape and home’s exterior in good condition; be prepared to make minor repairs when reported by the tenants; network with contract professionals and manage their arrival, services and payment; as well as be financially secure enough to make major repairs and replacements in case of emergencies.

Staying current on the required legal knowledge necessary to professional property management is daunting. You must know the ins and outs of Fair housing laws, and if writing your own lease, you must know how to eliminate loop holes and include legal protection for yourself and your tenants. You also need to know about your legal rights of entry into the property; your renters’ privacy rights; plus the legalities surrounding insurance and evictions.

On top of these items, there are administrative responsibilities of professional property management. Collecting rent is a large part of this, but there is also extensive bookkeeping, tax accounting and insurance logistic to manage.

Imagine working a day job, while also being available 24/7 to your tenants. DIY property management is possible, but if you have multiple properties, are new to being a landlord or have another full-time job, we invite you to give us a call at 866-331-6626 today.

If you’ve ever been apartment hunting, you know the look you get from the leasing agent when you tell them you have pets. Some rental units have strict no pet rules, regardless of whether or not your pet is well behaved, or you offer to pay a deposit. Renting with pets can definitely be a challenge.

For a property owner, pets create risk for damage to the home, and in apartment or condo units, there is always the chance that the pet will be disruptive or unkind to other tenants, as well as their pets.

If you can quash these concerns, you’re on your way to renting with your furry friends in tow. Here are some tips on how to successfully rent with pets.

• Provide proof that you’re a good pet owner of an equally good animal. Supply certificates from obedience classes and receipts from the groomer. Are you involved in the animal community? Tell your future landlord about your affiliations to build credibility.
• Give your landlord the opportunity to emotionally connect without being overly sentimental. There is no need to relay the entire, sentimental back story of how you rescued your dog or cat, but do share a bit of history, maybe a story. If your landlord is agreeable, bring your animal to meet him or her.
• Offer to offset the risk by paying a sum of money for the right to rent with your pet. Many apartments and condos will require a non-refundable pet deposit that will be used to repair any damage the animal does after the tenant moves out. If it’s not required and the pet is an issue, offer to pay it regardless. Another way you can compensate monetarily for your pet is by having the carpets in your home cleaned a few times during your stay there.
• Carry references to the leasing agent or landlord. Did you adopt your dog from a shelter? The adoption coordinator would likely write you a letter of reference and recommendation. Have you lived other places with your pet before? Request testament from previous landlords to your sound pet ownership. Who else has spent time around your animal and can vouch for its good behavior—groomers, pet sitters, veterinarians. Your vet can also provide you with proof that your animal is healthy and up to date on all necessary vaccines.
• Do you carry renter’s insurance? Are you willing to get a policy? Some landlords are concerned that a dog will injure another tenant, and many renters’ insurance policies will provide you, the owner, as well as the landlord with some level of protection.
• What other added value can you, as a pet owner, bring to the community? Can you occasionally watch other tenant’s pets when they’re out of town? Maybe you could start a dog walking group, or arrange a pet owner group that works together to maintain common, pet-friendly areas.

You will come across landlords that enforce a strict no-pets policy, especially if they’ve had negative pet experiences in the past. But an empty property is not an income-generating property, and most owners are willing to work with potential tenants simply to fill the space. Be upfront about your animals and do all you can to assure your landlord that the situation is safe and as risk-free as possible.

Call Boundless Management today at 866-331-6626.

We have recently seen increased activity in the rental sector due to an uncertain real estate market, fluctuating interest rates and declining home prices. More people are deciding to rent their homes to tenants because their property value has dropped, and selling would result in a loss. Those with cash cushions and investors are scooping up bargain properties to either renovate and flip or rent, and many people are continuing to rent simply because of the market’s instability. For whatever reason—or combination of reasons—we are seeing growth in the rental sector.

As a tenant or renter, you have rights, but many people don’t know exactly what these are. Granted, the property you occupy is not legally yours, but you do have certain protections and privileges that should be guarded while you’re living there. Ensure they are protected by knowing what you’re entitled to before you put your name on the official lease documents.

Know the property owner’s financial situation.

You would assume someone owning and renting a piece of property would be in a sound financial situation, but this is not always the case. You want to avoid moving into a home only to turn around and move back out because the owner loses the property to foreclosure.

Do your research around the neighborhood.

Don’t presume, because a property looks sturdy and safe and is seemingly well maintained, that the community and neighborhood are right for you. Drive around; stop at a local restaurant for a meal; and seek out property management companies in the area that can tell you the ups and downs. Especially if you have children or want specific neighborhood amenities—like access to public transportation or a park—you will want to know as much as possible about the community.

Ask what is entailed in the tenant screening process, if one exists.

This can differ among landlords and property management companies, but many people perform tenant screenings before handing over the keys. This process can include pulling your employment history, pay stubs, rental history, background check, credit check and more. Most of the time, people just want the security of knowing you are stable, can pay the rent and don’t have a criminal background. To protect your privacy, however, ask questions and know what to expect.

Know positively that your landlord is adequately insured.

Just as you carry car insurance to protect against injury to yourself and other motorists, landlords should do the same—protect themselves, as well as their tenants, by having adequate insurance. If your landlord only has homeowner’s insurance, what does it cover? Commonly, an addition or special rental insurance is required.

For added protection, look into getting a renter’s insurance policy. It gives you an extra level of security and should your possessions be lost or damaged during your lease period, you will feel safer having added insurance.

Ask about lease termination and lease period flexibility
The future is unpredictable, and most of us sign a lease believing we will remain in the home for the duration of the stipulated lease period. However, if something comes up, is it possible to get out of it? Is month to month an option? What if I lose my job? How much is the termination fee? Answers to these questions are good to know simply as a point of education and foresight.

If you are currently a tenant or are looking to sign a new lease, you will want to be as knowledgeable, protected and secure as possible. If you don’t know exactly what your rights are in a tenant landlord situation, seek out a third party for counsel—ideally a reputable, experienced property management company that will have experience managing rental and lease relationships.

Call Boundless Management today at 866-331-6626.