landlord income expense tracking Archives - Advice and Tips for Landlords from RentalIncomeExpense.com

Landlords can advertise a home for rent online to maximize number of applicants.

When a vacancy becomes available, landlords need to know how to advertise a home for rent. Landlording is a business. And rental income happens with a paying tenant. So the sooner a landlord can fill a vacancy, the sooner the landlord will generate income. It can be a daunting task, however, to navigate the rental market and successfully advertise a home for rent. The following tips can help make the process easier and draw in more potential applicants.

First, it is important to ensure the home is in good condition. Investing in basic repairs and upgrades to the interior and exterior of the property can go a long way in attracting tenants. Such activities include painting, landscaping, and even just a good cleaning.

Next, create an eye-catching advertisement. Provide a detailed description of the home, benefits of living in the area, and your contact information. You can describe your rental home’s proximity to public transportation, schools, and nearby shopping centers to draw attention. Pictures of the interior and exterior of the home as well as of the neighborhood round out your written description. Consider staging the home with furniture and decorations to make it look more appealing to potential applicants.

Lastly, post the ad on multiple platforms, such as social media and online listings like Hotpads or Zillow. Another important step is to ensure that the home is priced correctly. Doing research into the current rental market and local rental rates can help determine the best rent for the property.

And remember, keep track of the expenses you incur when you advertise a home for rent with your landlord accounting software, like RentalIncomeExpense.com. That way, when tax time arrives, it will be easy to prepare your returns.

Tenants may want to renovate while renting property.

Over time, any type of property – rental or non rental – will need updating. Building materials will either deteriorate or become outdated. For example, paint peels or fades, carpets stain and wear away, and bathrooms and kitchens become outdated. If the unit is occupied and the tenant wants to make improvements, landlords letting tenants renovate rental property is not a bad idea.

If you’re happy with your tenant, most landlords will not want to displace their tenant in order to renovate. So when a tenant wants to do the renovation, it’s a good idea for landlords to hear them out. For landlords letting tenants renovate rental property, here are a few things to consider:

Agree to the renovations: As the owner of the rental property, you should be in agreement to the requested changes. Should the tenant vacate in the future, you are left with the renovations. Ideally, you will want renovations that increase the value and attractiveness of your rental property.
Decide who will pay for the renovations: There are a few possibilities when it comes to who will pay for the renovations. The tenant can pay for it entirely, the landlord can pay for it entirely, or both can split the cost. Usually, if the improvement will add value, most landlords may cover the cost since they ultimately own the rental property. If the landlord covers the bill, he/she can track renovation-related expenses in their landlord income expense tracking software such as RentalIncomeExpense.com.
Put everything in writing: Landlords letting tenants renovate rental property is a driver for a lease addendum. It is important to address items such as what improvements will be made and who will pay for them clearly and in writing.