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So, youre thinking of renting a place with someonemaybe your partner, your best friend, or even your cousin who swears theyre good with finances now. But then you see the word “co-applicant” on the form, and you’re wondering… what is a co-applicant? Main Takeaways What is a co-applicant?
Despite shifting market conditions, the property management industry continues to grow at a stellar rate. According to Buildiums 2025 Property Management Industry Report , 82% of the management companies we surveyed experienced portfolio growth within the last two years. Enable online rent and deposit payments.
The application fee for apartment can seem unfair, especially when it catches you by surprise. What Are Apartment Application Fees? An apartment application fee is a one-time payment you make when applying to rent a place. What Do Application Fees Cover? So, whats the actual cost of an application fee here?
Tenant screening is a crucial part of effective property management. From verifying financial stability to checking rental history and conducting background checks, property managers follow a structured process to make informed decisions. What Is Tenant Screening? Here is the process: 1.
Property management marketing isn’t just about listing properties; its about creating a brand, engaging with potential tenants, and maintaining relationships with current ones. In this post, well explore the ten most common marketing mistakes property managers make and how to avoid them.
The importance of a thorough and accurate rental application cannot be overstated. As a careful landlord, you want to know as much as possible about anyone seeking to rent your property in order to avoid renting to the wrong person. It will help landlords and property managers make informed decisions about who to rent to.
The rent-to-income ratio is a simple, yet powerful, tool that helps landlords gauge financial stability before signing a lease. In this article, well help you understand how to calculate the rent-to-income ratio, why it matters to you as a landlord, and what to do if a tenant doesnt meet the threshold. What is Rent-to-Income Ratio?
Managing rental properties comes with plenty of moving partscollecting rent, handling maintenance requests, keeping up with leases, and tracking finances, to name a few. Weve outlined key features that can help independent landlords become more organized and tackle property management tasks more efficiently.
Property managers are under pressure to do more with lessfrom labor shortages to rising costs. What Is AI in Property Management? In property management, these abilities are used to optimize workflows that would otherwise take longer. If you automate too much, you could end up losing business.
Thinking about renting in Northern Virginia? But before you sign that lease, its good to know what youre really getting intofrom the average rent in Northern Virginia to the hidden fees and seasonal trends that affect pricing. What Is the Average Rent in Northern Virginia? Read below to learn more. and urban amenities.
But dont worrythere are still ways to rent after one, even if it feels tough. Main Takeaways Knowing exactly how to rent with an eviction on your record can seem daunting. You could rebuild your rental history with short-term rentals, use honesty as the best policy with potential landlords, rent with a co-signer, and seek legal aid.
Wondering, “what credit score do you need to rent an apartment?” Before our property management company in Washington, D.C. answers what credit score you need to rent an apartment, we need to first define what a credit score is to begin with. Before our property management company in Washington, D.C.
Ideally, when someone rents out a home, they’d move in the following month. Luckily, when that happens, you don’t necessarily have to pay that entire month’s rent. In other words, the tenant could pay a prorated rent, an amount that reflects the number of days you’ve lived in the rental.
Online rent payments aren’t just convenient, they’re also mutually beneficial for your residents and your business. If you’re still collecting paper rent checks and manually entering bank data, then now is the time to implement a paperless system. 2 Eliminates Error-Pro ne, Manual Auditing & Editing. . #2
As the property management industry continues to evolve, so does the technology that supports it. One prime example of this change is the increasing variety of property management leasing software that promises to speed up the leasing process and reduce your workload in the process. What Is Property Management Leasing Software?
AB 2747 is a California rent law designed to make Rent Reporting more accessible, helping Renters build credit while setting clear guidelines for Landlords. Rent is one of the largest recurring expenses for most people, yet it has historically not been reflected in credit scores. Confirmation that Rent Reporting is optional.
When people set up their monthly budget, rent is usually the #1 priority, followed by utilities. That’s why some landlords bundle certain utilities with the rent. Still, what utilities are included in the rent, exactly? What Utilities Are Typically Included in the Rent? We’ll get into it below.
From Chaos to Clarity: How to Create a Remote Team Playbook for Your Property Management Business In todays evolving industry, property management companies are increasingly shifting to remote teams to improve efficiency and tap into a wider talent pool. Define your: Company vision What makes your property management company unique?
In the previous editions of our property management software buying guide, we covered the basics of how to compare property managers, from key features software should have to assessing pricing models and customer reviews. We also explored specific considerations for multifamily property management software.
Main Takeaways The Move-In Affordability Plan in Philadelphia aims to ease financial burdens by capping application fees at $20, allowing security deposits to be paid in four monthly installments, and eliminating redundant fees for multiple applications. What is the Move-In Affordability Plan? That can add up to thousands of dollars.
As we look to the future of affordable housing in California, strategic property management will play a major role. In cities like Los Angeles and Long Beach, where demand for affordable housing continues to skyrocket, developers and property managers face significant challenges but also some exciting opportunities.
Ray Hespen, who is a frequent flier on The Property Management Show, joined us again to discuss maintenance metrics and how measurement improves resident satisfaction and owner NOI. He was investigating what it would look like if property managers looked at maintenance from a data-driven standpoint. Its a super-high trust game.
Whether or not its your full-time job, managing rental propertiesor even a single propertycan quickly become overwhelming. Rental leasing software can transform the way landlords manage their businesses, making tasks easier and faster to complete. It automates many of the tedious tasks and brings order to property management.
Multifamily refers to properties, such as apartment complexes, condominiums, townhouses, semi-detached units and duplexes, all of which offer multiple spaces for rent. Operating costs can consist of property taxes, real estate agent fees, utilities, maintenance, property management fees, homeowners insurance and legal fees.
The property management industry is evolving, mostly propelled by technological advancement. Indeed, AI-based technology is transforming every facet of rental property management. Continue reading to uncover the key technologies revolutionizing rental property management and defining the industry’s future.
Property management automation can be a difference-maker when it comes to saving timebut thats just the beginning. Lets take a closer look at what automation can do for your property management business. At its core, automation reduces the manual work required to complete everyday tasks, such as rent collection or marketing listings.
Like many small property managers, you probably want to grow your business. That means staying on top of industry trends and knowing where the real opportunities lie—all covered in the 2025 Property Management Industry Report. For small property managers, finding new customers can be challenging in a competitive market.
The importance of a thorough and accurate rental application cannot be overstated. As a careful landlord, you want to know as much as possible about anyone seeking to rent your property in order to avoid renting to the wrong person. It will help landlords and property managers make informed decisions about who to rent to.It
Landlords and property managers use them to decide who gets approved, but what exactly are they looking for? As one of the most experienced rental property management in Baltimore , we can tell you for sure that background checks are a big deal for landlords. So, as a rule of thumb, they want to be sure you make three times the rent.
If you put the tips in this article into action, you will use AI tools to draft emails, letters, social media posts and listing descriptions better than 99% of property managers. Where to use AI in property management The great thing about AI is that if you can use it for one application, you can use it for many.
This guide will walk you through actionable tips to create a compelling rental application, improve your chances of success, and make a lasting impression on property management teams for Bay Park apartment rentals and homes alike. For family-friendly homes in Bay Park, discuss your long-term plans to rent and care for the property.
In the previous editions of our property management software buying guide, weve talked about comparing software using high-level criteria such as price and features. How Does Multifamily Property Management Software Benefit Your Business? Lets take a look at some of those benefits in detail. All these factors add complexity to the job.
Technology has fundamentally reshaped the way property managers and their staff interact with residents. Property managers must ensure these tools remain inclusive, accessible, and compliant with fair housing laws. Despite the benefits, digital payment systems present challenges that property managers must address.
Or that they can afford to pay rent on time every month? Application fraud detection in property management is always a priority, but its an even bigger issue given that so many interactions occur now online. Cons : Matching an ID card to a face requires the applicant to have and use a smartphone or tablet.
Renting to tenants who can reliably pay on time, every time. Main Takeaways The income verification process is a core part of finding qualified tenants who can pay the rent on time. As a property management company in Northern Virginia, we get it. You get consistent rent payments, and they get a home they can truly afford.
It’s one of the property management industry’s most pressing pain points. . While the average turnover rate across all industries stands at 22% , the property management industry has a turnover rate of 32.7%. . So what can be leaders and managers do to improve retention? How can their manager help facilitate their growth?”.
Are Rent Prices Going Down? Understanding the Rental Market Trends Rent prices are a hot topic for both property managers and renters. With economic fluctuations and market shifts, the question arises: Are rent prices going down ? What’s Driving Changes in Rent Prices? Learn more in this BetterWho blog post.**
Landlords check it during the tenant screening process to confirm if the tenant is reliable to pay the rent. Although landlords’ criteria may vary, there are general trends you should look at when you assess the minimum credit score required to rent a house. What Is Considered the Minimum Credit Score to Rent a House?
Timing is everything when it comes to renting an apartment. Since rent prices typically rise and fall in predictable seasonal patterns, knowing the best time to find an apartment could save you money and unlock better options. So, when exactly is the best time to rent an apartment? And when are apartments cheapest?
Standing out among other applicants is essential, and with the righ t strategy, you can position yourself as the ideal tenant for property owners. This blog will guide you through effective strategies to distinguish your rental application while improving your chances of landing your desired home.
Considering renting out your house? Read on to understand the process of renting out your house and avoid potential hiccups. Read on to understand the process of renting out your house and avoid potential hiccups. Renting out your house can give you several benefits. There are many reasons you could be here.
As property managers in Baltimore, we can tell you that debt-to-Income Ratio (DTI) is a huge factor lenders look at to gauge how risky it is to lend to you. In turn, that could make lenders hesitant to approve your application. Essentially, lenders use it when reviewing mortgage applications to see if you can afford a property loan.
Unlike larger players, they often don’t have dedicated teams to manage complex rollouts or navigate the learning curve that comes with new systems. Our experience has taught us that the key to successful change management is a supportive, thoughtful approach that recognizes these challenges.
San Francisco and Philadelphia are leading the charge against rent-setting software, passing laws to regulate the use of algorithmic systems that leverage nonpublic data. Free Rental Application Get 20 Rental Forms for FREE, including a rental application. They’re here.”
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