OwnerSecrets.com

First impressions are so important when it comes to showing your rental home to a prospect.

Remember, your rental property isn’t the only one on the market. Your prospect has many options. You’re competing for the best renters with every other owner in the area that has a vacant rental property. You need to make a good first impression and you want to stand above your competition.

Part of making a good first impression is returning your prospects phone call as quickly as possible. The biggest mistake you can make when renting out your home is to not return prospect phone calls immediately. It is a big turn off to your prospect if they can’t reach you. Immediately they think that if you are hard to get on the phone now, what’s going to happen if you move in and have a maintenance issue? A very interested prospect will only call once or twice before giving up and moving on to another rental home.

Finally, you need to have your paperwork in order. Have your rental application and rental contract, with all addendums, ready for their review. The second biggest mistake you can make is to not bring your rental application and rental contract with you. If you tell a prospect who is interested in filling out your rental application that you forgot to bring it with you and that you will call him later when you find it, you will lose the prospect. You’ll call but the prospect will not call you back. He’s already gone on to another rental home.

In summary, first impressions are everything. Return prospect calls immediately. When you show your rental home, have a professional attitude. Wear professional clothing. Be organized. Bring your rental application and rental contract, with all addendums, with you.

Technorati Tags: good first impression, maintenance issue, maintenance problem, professional attitude, professional clothing, prospect, Rental, rental application, rental contract, rental property

You need set a security deposit high enough to protect you from tenant damage or default. The security deposit serves as the protection you need before turning your rental unit over to a tenant.

A higher security deposit helps motivate the tenant to leave your property in good condition as they want some of their security back. It also can be used to cover the tenant’s unpaid rent or to reimburse you for costs associated with getting the unit back in rental condition and on the market.

If your security deposit is too high it will be hard to rent out your home.

State Laws Regulate Security Deposits

You have to becareful when dealing with security deposits. State laws limit the amount of security deposit you can collect and also how you return this money to your vacating tenant. The State has what they call “unlawful deductions”.

Here’s a good rule of thumb when setting the amount of the security deposit. If the monthly rent is $1,500 per month, charge a $1,500 security deposit if they don’t have pets. If you set the security deposit to the same amount that you charge for one or two months’ rent, you are fine. The limit varies in each State depending on whether the rental is furnished, whether the tenant is on a lease or a month-to-month rental agreement, whether the tenant has pets, what kind of beds the tenant has (i.e. waterbeds), and whether the tenant is a senior citizen.

In most rental markets, the prevailing security deposits charged in your neighborhood are well below the maximum amount allowed by law.

I recommend that you collect as much as you can for a security deposit without violating law. If your rental unit goes for $500 a month, collect a $1,000 security deposit if possible. The reason that you should try to collect as most as you can for a security deposit is because the security deposit not only protects you in the event of tenant damage and unpaid rent on move out, but it is an important psychological tool motivating the tenant to do his best to put your rental unit back in good condition when he moves out.

Never waive or lower the security deposit. If the prospect has good credit but (more…)

Technorati Tags: Lease, Property, Rental, rental agreement, rental markets, security deposit, security deposits, state laws, tenant