Capital Improvements at Rental Properties
My siblings and I have owned rental property since I was 18 years old. No, I am not going to tell you how long ago that is. We have had many lean years with our properties, just like everybody else. We did at least two smart things, in my opinion. We’ve never taken the equity out of our properties and we’ve paid them off as fast as we have been able. Now, however, our properties are aging – fairly significantly. There are many good reasons for normal upkeep; aesthetics, preventative maintenance, marketability. Making the decision to spend the big bucks can be difficult but sometimes a necessity. Renters needs have changed along with homeowners. Homes need the accessibility to all of the technology advances. Kitchen cabinets wear out (sometimes especially because it’s been a rental for 20 years). Schools of thought have changed on flooring options and we all know that the “Fiesta” avocado or goldenrod refrigerators have got to go! There are also energy concerns; how old are your windows, your electrical system, the sprinkler system, or your roof? Tenants pay attention to this stuff and so do buyers. We provide you with annual walk-throughs, but a property manager is not an inspector. We also recommend that you personally visit your rental property annually (or as often as you are able). There are companies that will do a complete inspection for a fee and make recommendations for repairs/replacements. We can help you make a plan and a budget. We can also impound a portion of rent monthly if you want to save for future repairs. We are available for questions about this. Your property manager can most likely give you some good advice, but again, we are not professional inspectors. If you’d like to speak with us, please call or email. We would love to hear from you.
One of the most important things that Phoenix landlords need to do is to screen tenants thoroughly. When you’re choosing tenants for your rental property, you have to be careful about gathering all the necessary information and verifying everything that you find on the application.
Criminal Background Check
The most important part of the screening process is the nationwide criminal background check. A common mistake landlords will make is to think that prospective Phoenix tenants “look like such nice people.” They probably aren’t nice people, and even if they are, you want to know if you can trust them to take care of your property and pay their rent on time. It’s hard for bad tenants to hide when you’re doing a comprehensive criminal background check. If you don’t have the resources to do your own nationwide background check, use a professional property management company Phoenix landlords recommend.
Landlord and Rental History
We always recommend that rental property owners check two landlord histories. The tenants might have been good for the current landlord, but the one before that might tell you that the place was ripped up. It’s important to put together a complete rental history by talking to at least two landlords.
Income and Employment
Verify income as well. At Bennett Property Management, we will only approve tenants when they earn at least three times the monthly rent. If they don’t earn that much, they won’t qualify for the property. Pull all your data together and make sure the application is complete and signed. Once you and your tenant sign the lease, it’s a done deal and they will be living in your rental property.
These are some of the most fundamental things we do when screening for the best possible tenants. If you have any questions about Phoenix tenant screening or anything pertaining to our services as a Phoenix property management company, please contact us at Bennett Property Management.
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- Anne McCawley