Thank You
Now that the holiday season has past and the New Year has begun its time to get back to work. We have had an unusual experience for the past couple of months, when late last fall our office gained full occupancy in all of our properties. This is highly unusual, and I might add an absolutely wonderful experience. But, now reality has come back into our lives and we realize our great tenants have families, jobs and lives, all which include the possibility of moving. Sadly, we have the first vacancy of 2011. Vacancies are an inevitable fact of life in property management.
We have been very blessed to have full occupancy, but far more so in having a wonderful group of tenants. Each and every one of them are exceptional people. We have no concerns or complaints about any one of them. We meet with each and every tenant personally. We know the properties but, we know the people who rent from us, we know our tenants.
We are blessed to have this opportunity to thank each and every one of our tenants for being who they are….great people, and great tenants. We appreciate you and Thank you.
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource
View us on Merchant Circle @ http://www.merchantcircle.com/business/Mountain.Ridge.Property.Management.208-322-4228?utm_medium=phone&utm_source=code
Showing posts with label vacancies. Show all posts
Showing posts with label vacancies. Show all posts
Sunday, January 16, 2011
Monday, February 15, 2010
A Lending Decision
Having properties for rent and the market a bit soft makes it important to locate a new tenant as fast as possible. With properties in top condition and lowered rents in place we were ready to go. With thoughts of filling some vacancies we advertised in several local hot spots and soon received a call to show a property to a woman and her child. She wandered through the first apartment then the second, returning to the first. She was quiet at first, but then began discussing the home with a friend that came along as support. They discussed where to place furniture and how wonderful the yard would be for the child to be able to go outside and safely play and for her to do some gardening.
She decided to apply for the property. After an hour we had a prospective tenant with a completed application and well on our way to filling a vacancy. This was exciting.
Returning to the office the screening process began. The first thing was to obtain a credit report. It’s on our website and spelled out on the rental application we do tenant screening on every adult applicant. We require a through screening be done and charge a fee to the tenant for that service. Tenant screening is very important and every landlord or property manager should either do it themselves or hire a company to verify a prospective tenant’s credit worthiness, rental history, criminal background and general character of the applicant. It’s a bad idea to lease to anyone with too much debt or bad debt or has any negative findings in other areas of the process. Those are a landlord or property managers golden rule or at least should be.
In all the years of working in property management and conducting tenant screening, a credit report has always included information whether it is a minor or major item of credit or comment there has always been something on a credit report. This applicant was 30 years old with a child; it’s assumed some type of credit would appear on this report. To our amazement and disbelief she had no credit. She was nonexistent in the world of credit. What should be done when accepting or denying a prospective tenant and their ability to rent this property?
This is what was determined. Our policy is to have a minimum credit rating and to demonstrate the ability to pay rent with any and all utilities or fees during occupancy. Also, they must come with a good record in all other areas. But, the credit report has always been a major area to weed out the keepers and rejects so to speak. Where does this applicant land with this issue?
We determined without a credit history we had no way to determine her ability to pay. Even obtaining raving reviews from the current landlord, friends and family the problem remained as to her credit worthiness. It doesn’t mean she would be a bad or good tenant, it means we cannot verify her credit worthiness. Also, if we indeed rented to her and later went into default for rental payments, we would not be able to locate her to collect past due payments. In order for us to offer tenancy, she would need to apply for credit. It may be necessary for her to have someone cosign on her behalf, of which we don’t accept, or be added to a joint account for a period of time. In a short time she will have a credit history upon which to base her credit worthiness and be a great candidate for a new rental.
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource
She decided to apply for the property. After an hour we had a prospective tenant with a completed application and well on our way to filling a vacancy. This was exciting.
Returning to the office the screening process began. The first thing was to obtain a credit report. It’s on our website and spelled out on the rental application we do tenant screening on every adult applicant. We require a through screening be done and charge a fee to the tenant for that service. Tenant screening is very important and every landlord or property manager should either do it themselves or hire a company to verify a prospective tenant’s credit worthiness, rental history, criminal background and general character of the applicant. It’s a bad idea to lease to anyone with too much debt or bad debt or has any negative findings in other areas of the process. Those are a landlord or property managers golden rule or at least should be.
In all the years of working in property management and conducting tenant screening, a credit report has always included information whether it is a minor or major item of credit or comment there has always been something on a credit report. This applicant was 30 years old with a child; it’s assumed some type of credit would appear on this report. To our amazement and disbelief she had no credit. She was nonexistent in the world of credit. What should be done when accepting or denying a prospective tenant and their ability to rent this property?
This is what was determined. Our policy is to have a minimum credit rating and to demonstrate the ability to pay rent with any and all utilities or fees during occupancy. Also, they must come with a good record in all other areas. But, the credit report has always been a major area to weed out the keepers and rejects so to speak. Where does this applicant land with this issue?
We determined without a credit history we had no way to determine her ability to pay. Even obtaining raving reviews from the current landlord, friends and family the problem remained as to her credit worthiness. It doesn’t mean she would be a bad or good tenant, it means we cannot verify her credit worthiness. Also, if we indeed rented to her and later went into default for rental payments, we would not be able to locate her to collect past due payments. In order for us to offer tenancy, she would need to apply for credit. It may be necessary for her to have someone cosign on her behalf, of which we don’t accept, or be added to a joint account for a period of time. In a short time she will have a credit history upon which to base her credit worthiness and be a great candidate for a new rental.
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Your Boise Property Management Rental Resource
Sunday, October 4, 2009
Advertising Your Rental on the Internet
Today’s home rental websites are set up to not only provide descriptive textual advertisements but also a visual ad with a variety of color photos of the rental property. Photos, virtual home tours, mapping with driving directions, email, text messaging and phone for rapid connection to the owner or property manager are common amenities used in marketing rental properties. With this type of on-line advertising the renter has a clear picture of the property including the requirements for renting prior to contacting the landlord or property management company. These types of advertisements connect more qualified tenants to a property than any other type of advertising or marketing medium available today.
Many sites provide landlords or property managers the option of uploading their rental application along with their rental advertisement. Allowing potential renters to fill out and send it directly to the property manager a completed rental application. Allowing for a rapid connection between the renter and landlord. this results in more signed leases at a higher rental rate. Check your local rental market for home rental advertising websites. Rental owners and property management companies are marketing their vacancies on the websites that advertise in local and state markets. Posting rental ads on local or state websites puts your advertisement in the location of your rental property and where most renters reside or perhaps relocate to. Tenants moving to your location or across the country are more likely to search local or state rental markets first since they have already chosen their state and city. Searching a national site takes more time and provides far less appeal to many serious renters searching in today’s rental marketplace.
Check the internet for local rental websites and review the information required to develop a complete advertisement. This type of marketing allows more information to be provided than a local newspaper can allow. For the first time, write down the property details along with taking several photos. Developing additional information and photos allows you to make as many changes to your marketing details without incurring additional cost.
For additional information on this and other renting articles please visit our website at http://www.mrpmrentals.com/
Mountain Ridge Property Management
Your Boise Home Rental Source
Many sites provide landlords or property managers the option of uploading their rental application along with their rental advertisement. Allowing potential renters to fill out and send it directly to the property manager a completed rental application. Allowing for a rapid connection between the renter and landlord. this results in more signed leases at a higher rental rate. Check your local rental market for home rental advertising websites. Rental owners and property management companies are marketing their vacancies on the websites that advertise in local and state markets. Posting rental ads on local or state websites puts your advertisement in the location of your rental property and where most renters reside or perhaps relocate to. Tenants moving to your location or across the country are more likely to search local or state rental markets first since they have already chosen their state and city. Searching a national site takes more time and provides far less appeal to many serious renters searching in today’s rental marketplace.
Check the internet for local rental websites and review the information required to develop a complete advertisement. This type of marketing allows more information to be provided than a local newspaper can allow. For the first time, write down the property details along with taking several photos. Developing additional information and photos allows you to make as many changes to your marketing details without incurring additional cost.
For additional information on this and other renting articles please visit our website at http://www.mrpmrentals.com/
Mountain Ridge Property Management
Your Boise Home Rental Source
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