Tips on Being a Remote Landlord

One of the perks of owning rental property is that you’ll have a passive source of income that doesn’t require your constant attention. There will be matters that need your attention, but planning for them can simplify your property management experience. These tips will help you manage your property from anywhere in the world.  

Have a Plan for Filling Vacancies

The most time-intensive aspect of owning rental property is filling vacant units. You’ll have to market the vacancy and prepare it for showings. Once you start receiving inquiries, you’ll begin the process of screening your potential tenants. You won’t have to be on-site if you have a plan for dealing with this process.  (more…)

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Can You Run a Background Check on a Potential Tenant?

Is it possible to run a background check on a potential tenant? Yes, and you should do this before selecting any applicant to live in your rental property. A thorough background check will protect you, your property, and your other tenants by ensuring your next tenant is an upstanding and high-quality candidate. 

Make Sure You Get Consent

Federal laws require that any potential employee or tenant provide consent before submitting to a background check. In addition to knowing what questions to ask on your rental application, printing online consent forms can simplify this process. Make sure to use a form that requests the applicant’s full name, date of birth, and recent address.  (more…)

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Guide to Doing a Credit Check on a Prospective Tenant

An important aspect of screening potential tenants is conducting a credit check. You might not know what this process involves if you’re new to managing rental property. Learning how to conduct a thorough credit check will help you choose the highest-quality candidates as you seek to fill rental vacancies. 

Get the Tenant’s Permission

You will need to obtain written permission from each applicant to run the background check. You might also want to require that each applicant pays their own credit check fee. The fees can range from $25 up to $75 per credit check.  (more…)

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Tenant Screening 101

Your rental property won’t earn you that passive income when your units are vacant. While that makes it essential to fill vacancies quickly, your eagerness to find new tenants shouldn’t involve accepting the first candidate to submit an application. Knowing how to screen each candidate will help you choose the best tenant for your property. 

Review the Application

The hope in marketing your property is that you’ll end up with many applications from high-quality tenants. While each application might seem ideal at first glance, it’s important to read between the lines. Know the red flags of a poor tenant. (more…)

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Fair Housing Act Myths in Maryland

No matter the state or city they live in, every rental property owner should be aware of the federal Fair Housing Act. This act was created to prevent landlords across the country from discriminating against potential tenants for a variety of reasons. 

The Fair Housing Act is essential for tenant rights. That said, following its regulations can be difficult, especially when your local laws come into play as well. Here are a few common myths about the Fair Housing Act.  (more…)

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How to Know if Your Rental Meets Safety Standards

As the owner of a rental property, keeping up with your state’s standards for home safety is crucial. These standards are in place for a reason, and they help keep both your tenants and your property safe. 

Safety Must-Haves for Rental Properties

Not sure what features your rental property needs for optimal safety? Here are a few common examples. You can combine these and other safety features into a checklist to review between tenants or during routine mid-lease inspections. 

Smoke/Carbon Monoxide Detectors

Smoke and carbon monoxide detectors can be life-saving in the event of a fire or gas leak. That’s why both should be present on your rental property. Research local laws to learn about where in the house these detectors should be installed.  (more…)

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A Guide to Landlord-Tenant Laws in Maryland

If you’re going to have success as a landlord in Maryland, it’s important to know the laws. 

When landlords and tenants don’t understand their rights, it can lead to significant interpersonal issues. Additionally, you may have to get the legal system involved, which can be messy and expensive for both parties.

Renting in Maryland: The Basics

Here are some of the baseline landlord-tenant laws in Maryland. If you need help understanding these laws fully, our team at Reliable Property Management is here for you. (more…)

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How and When Should Landlords Perform Property Inspections?

As a property owner, it’s important to make sure your rental home is being properly maintained by your tenants. However, your tenants are entitled to privacy while renting your home, and this can make regular inspections tricky. 

Landlords have to carry out multiple types of inspections — some of them happen during a tenant’s stay, and others take place before and after. Let’s take a closer look at the different forms of rental property inspection. 

Move-In Inspections

This inspection is done by both the landlord and the incoming tenant, and it is usually done after the lease has been signed. Both parties will walk through the property together and take note of any existing issues.  (more…)

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How to Conduct a Rental Market Analysis

Before you market your rental property, you’ll need to know how much you can and should charge for rent. Charging too much can mean you’ll have trouble finding a good tenant. Charging too little can mean losing money on your investment property. 

Knowing how to conduct a rental market analysis for your area will help you focus on a good rental price range. 

Create Your Database

The first step is to use a spreadsheet, such as Excel, to create a database of comparable listings. You can ask a real estate agent for help, or you can get online and search the rental listings on sites like Zillow and Realtor.com.  (more…)

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How to Market Your Property to Potential Tenants

If you own rental property, any period of vacancy will reduce your income potential and may put you behind in meeting your financial obligations. 

Once your property is ready for a new tenant, you should begin marketing it to the public. Knowing how to reach more potential tenants is as important as knowing how to pique their interest in your property. 

Don’t Underestimate the Importance of Social Media

Cultivate a strong social media presence and spend at least two hours per day interacting with your followers. When you don’t have a vacant rental unit to promote, share tips related to renting an apartment. Keep your posts engaging and informative. 

When you do have a vacancy, post it to your social media accounts. Facebook, Instagram, and Pinterest are the best sites for these types of posts. Make sure to include plenty of pictures of the available rental. (more…)

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