It is your right as a landlord to collect a security deposit. For a Virginia landlord, collecting a security deposit from your tenant offers many benefits including covering: Unpaid utilities: In Virginia, landlords may withhold a portion of the security deposit to...
Successful rental owners follow these guidelines to ensure the success of their rental, and maximize their owning experience. 1. Treat your rental property like a business… because it is a business! 2. Have a financial reserve set aside for the “unexpected.” Placing...
According to Virginia laws, a lease agreement can be entered between and landlord and tenant either verbally or as a written lease. Both landlords and tenants obtain certain rights and responsibilities under the Virginia Residential Landlord and Tenant Act. All...
There are many exciting and interesting things to learn about being a landlord. But, one of the most often overlooked topics is rental property tax deductions! As a new or experienced landlord, you need to take the time to become a master of your taxes to ensure...
The COVID-19 pandemic has put over 40 million people out of work in the US–a full quarter of the labor force. While there are no reliable estimates as to how many of these people are renters, we do know that nearly 50 million people in the US rent their homes. Many...
Are you up to date with changes to the Rental Market? Rental properties are a great tool for getting in extra, steady income. But if you’re not paying attention, changes in market trends can sneak up on you. Don’t worry, we’re here to help! Read on for important...
The COVID-19 crisis has left millions of Americans in a tight financial spot. Many have been furloughed, laid off, or had to close their businesses. Others are saddled with medical bills from hospital stays or are dealing with grief from losing a loved one to the...
The rules for a security deposit can be very confusing. Most landlords require a security deposit, but once the tenant moves, there can be a dispute with the tenant regarding their deposit. They believe that the unit was tidy and clean. You noticed damage or lack of...
Did you know that there are over 48.5 million rental units in the US? While there aren’t many accurate statistics on how many landlords there are, suffice it to say that that million rental units means that there are quite a few landlords across the US. If you are a...
When people take their first steps into becoming a landlord, they often expect that it will be a simple way to make a passive income. The dream is clear: find a tenant, put them in your property, then sit back and relax as the rental payments come in. The reality is...
Rental properties can generate income for their owners, often supplementing a job or contributing to an investment portfolio. With having tenants come expenses, legal obligations and potential barriers to a successful rental venture. These tips for rental property...
There are many considerations when it comes to owning rental property. One of the considerations that are mainly up to the owner is the pet policy. There are both advantages and disadvantages that come with allowing pets on your rental property. Understanding these...
Move-out inspections are an important responsibility for landlords and property managers to perform. Some states require a move out inspection, but even if your state doesn’t, many find it worth it to take the time to do so. Here are a few basics that will help you...
Upgrading your rental property can provide a substantial array of benefits to your property. Not only will it help to keep your tenants happier, but it can even improve the overall value of the property. Rental property upgrades don’t have to cost an arm and a leg....
There are many reasons you may have decided to convert your home into a rental property. Maybe you bought a new house but can’t seem to sell the old one for a fair price. Maybe you just need the extra cash. Whatever the reason, it can be hard to know where to start or...
A specific, well-written lease allows landlords and property managers to do their job with ease and success. It sets the expectations and rules you have for each of your tenants and keeps everyone on the same page. If your lease has been articulated correctly, you can...
Tenant turnover is generally one of the most expensive things that landlords have to deal with. These processes involve advertising fees, in addition to cleaning costs, repair expenses, and lost rent. Taking the steps to keep tenants in your rental property can go a...
The tenant screening process is incredibly important to eliminate poor candidates and reduce the likelihood of an eviction becoming necessary. However, when an applicant doesn’t meet your criteria, it can be difficult to know how to proceed. No one likes to be...
There are many aspects to property management. Carefully handling these aspects can help to increase the overall success of your business. Whether you are a property manager or DIY landlord, taking advantage of software and vendors can help you to create the ideal...
Are you planning to rent out your home? Whether you are renting out the entire home, or part of the home, there are several things that must be done in order to meet rental regulations and requirements. However, one of the most important elements in renting your home...
When it comes to bed bugs, almost everyone is confused on who is responsible for pest control treatment in rental properties. Is the landlord responsible? Is the tenant responsible? How did the bed bugs get into the property in the first place? Here are some things to...
The short answer is an emphatic YES. SHORT EXPLANATION If you don’t add your property manager as additional insured, and you and/or your property manager are sued by a neighbor, tenant, visitor, etc. for something related to the property, you will be required to pay...
Landlords have a number of responsibilities they must follow in order to maintain their property, while also ensuring their tenants are happy, safe, and protected. Performing certain preventative maintenance duties on a regular basis can limit risk to the property,...
Maintenance inspections are designed to allow a landlord to maintain accurate data on their property. Most of the time landlords only do inspections for a few simple things like a move-in/move-out or for a new lease. Understanding Property Condition Property...
As a landlord, you are responsible for providing a habitable environment for your tenants. That means that your property should not be a hazardous place. You should take care of any safety concerns before your tenant moves in to avoid lawsuits and future damage to the...
Keeping your rental property in top shape will help maximize your return on investment and reduce vacancy rate. In addition, routine maintenance and periodic upgrades will allow you to increase your tenant’s monthly rent every time they renew their lease. Here are 5...
Who is responsible for a broken toilet in a rental property? Tenants and landlords often come into disputes over small things like a broken screen to large issues like bed bug infestations. What are the tenant responsibilities? Here are some common tenant issues and...
Investing in real estate is a great idea until you find yourself struggling to collect rent and find quality tenants. Hiring a firm like Keyrenter in Richmond is one of the best ways to add significant value to your property. A good property manager takes it upon...
