Tips to secure your property in a hot rental market

Make preparations to rent property:

Due to short sales and foreclosures there is a high demand for rental properties. I recommend you view the Showcase Rental Application and gather all of the required documents you will need to submit your application, property management companies ask for basically the same information. Application fees which run from $45 to $75 must usually be in the form of a cashier check or money order. Typically personal checks are not accepted, some companies do accept a credit card, most do not.

If you have pets: at Showcase Property Management you will have to provide a recent pet certificate from your vet as well as an additional pet deposit.

Once you are approved: you will be required to provide the security deposit, do this as quickly as possible. The property remains on the market until the security deposit is paid in full. After the deposit is received and the property is removed from the market, the deposit is not refundable. This means  if you DO NOT sign the lease, the money for the security deposit IS NOT refunded.

Discuss making arrangement to turn on utilities when you provide your security deposit.

You will receive keys at the lease signing, if you request to move-in prior to your lease date, rent is pro-rated on a daily basis.  Prior to moving in be sure to take photos and note any issues pertaining to the property so you will not be held responsible.

Please keep in mind agents work on a percentage of the lease amount, they are not compensated until after the lease signing. Agents  work diligently to help you find the ideal place to call home, all they ask in return is your loyalty to work to them until you sign your lease.

You can request a copy of the Showcase Property Management application in the comment area below.

STOP! IN THE NAME OF…

     You’ve filed numerous eviction notices the past few months on residents for numerous reasons.  Late or no pay, noise violations, trash, vandalism, and the list goes on.  One of your slow or late payers suddenly comes into your office with a money order for $2000 to cover the past rent.  You begin thinking of the empty apartments/condos/homes you have on the property, other late payers and begin to reconsider the eviction on this particular resident.  Afterall, two grand will certainly help in these troubled times.

     So, you accept the money order, call your attorney to stop the eviction and all is sunshine, daisies and buttermilk.  Not so fast…have you thought this through?   Your attorney will want to get paid, regardless if you stop the eviction, courts will want to get paid for any time they’ve put in.  Did you as the resident to cover that?  Did you include that in your eviction notice?  If not, guess who pays that.  That’s right, you do. 

     No one wants to evict a resident and if the said resident ponies up that lost money, everyone’s copasetic, right?  The lease may state that the resident is liable for all attorney’s fees and costs, but by accepting the rent and voiding the eviction, a resident can fight you on this, especially if she did not realize that you would be trying to take the money owed from the security deposit when she vacated.


OH MONEY MONEY…

     If you’ve been renting for any length of time, you’ve certainly had your share of late payments or bounced checks.  There comes the endless excuses, whether valid or not, you have bills to pay as well.  You hear about being laid off (as unfortunate as that is), spouse gambling issues or even the dog ate the rent.  There have been stories of rent being paid on time but checks bouncing and then the late fees start adding up.  That check bounces as well.  You are at your wit’s end with this tenant. What do you do?

     Aside from tearing out your hair and pounding on the tenants door at 3 am, all you can do is submit a Three Day Notice on their door in hopes it lights a fire under their feet to get you the money.  But you wonder if that check will bounce as well.  So, you are sorely tempted to put on the notice ‘monies may be made up with either cash or money order only’.  You feel vindicated and satisfied.  Is it legal?  Only if it was a provision in the original lease. Better yet, see your attorney for proper wording.

    Another issue that comes up from time to time with clients is how to use security deposits when a lease is moving from the premises.  Everyone knows that the security deposit can be used for damages (replacing carpet, painting, drywall, etc).  But  did you realize that the security deposit can be used to collect unpaid rent the leasee owes?  Come ask our office for more details!