A rental can be a smart buy, yet the day-to-day work shocks many owners. The choice often comes down to Full-Service vs Self-Managed, and that pick shapes late-night calls, repairs, and tax season. The best fit rests on your time, your stress level, and how hands-on you want to be.

Full-Service vs Self-Managed: What Those Labels Really Mean

A lot of people think “full-service” means handing over the keys and being done. In real life, a full-service manager handles the daily tasks while you keep the big calls. A self-managed rental puts those tasks on you, plus the stress that comes with them.

Full-service help often covers the main work that keeps a unit rented and in good shape. The exact list can vary by firm, so the service plan should be read with care. Typical tasks include:

• Marketing the home and showing it to renters
• Screening renters and writing the lease
• Collecting rent and following up on late pay
• Setting up repairs and routine upkeep
• Taking tenant calls and tracking requests
• Sending owner reports and year-end totals

Self-management can feel easy when the tenant is steady and the home stays quiet. Real life is less neat, and the hard weeks do not show up on your plan. A strong system helps, but the risk still sits with you.

The 2 a.m. Test

For many owners, time is the first true deal-breaker. A leak will not wait for office hours, and a lockout will not care about your plans. Full-service help can take those calls, while self-management makes you the point person each time.

Distance shifts the math fast. A rental across town still takes drive time, and a rental across state lines adds real hassle. Even a simple check-in can turn into a long errand when travel is part of the mix.

The workload also comes in bursts. Turnover, storms, and long weekends tend to pile issues close together. In a self-managed setup, your own plans have to bend, because the rental will not.

Distance Adds Hassle

A nearby unit lets you see the issue and meet a vendor with less prep. A faraway unit means more trust in photos and updates from others. That setup can feel fine until a big repair needs a fast call.

Work Schedule Matters

A flexible day helps, most of all when you can take calls and step out for key visits. A packed week makes self-management hard, even with a great tenant. Full-service support often fits best when your income depends on staying locked in elsewhere.

Money Beyond the Monthly Fee

Fees are easy to compare, but the true cost is more than the monthly rate. Full-service pricing often has a base fee, plus extra fees for leasing or renewals. Self-management skips those bills, yet your time and your errors still cost money.

A useful way to think about Full-Service vs Self-Managed is to price your own time. Hours spent on showings, follow-ups, and repair calls are hours not spent on your main work or your home life. For some owners, that trade is fine, while others would rather pay and get their nights back.

Key cost areas to ask about, even if you plan to self-manage:

• Leasing costs, like ads and renter screens
• Lease forms and key notices
• Repair calls, after-hours contact, and follow-up
• Bookkeeping help, such as owner reports
• Vacancy time, such as slow showing weeks

Repair billing needs a clear answer. Some firms charge a set fee to manage repairs, while others bill through a vendor plan. A clear rule makes it easier to plan cash flow.

Rules That Still Land on You

A rental is not just a side job; it comes with rules. Fair-housing laws, local safety codes, deposit time limits, and notice rules can bring real risk when they are missed. A good manager can cut down that risk with a set process, but owners are often still on the hook.

Screening is a common pain point. Clear, steady rules matter, and a simple paper trail matters, because choices can be questioned later. In a self-managed setup, a written screen plan helps you stay fair and steady.

Paperwork adds up, even with a long-term tenant. Renewals, checks, repair notes, and message logs help when a fight pops up. Local rules vary a lot, so a local lawyer or a trusted manager can be worth a call.

Areas that often trip up owners include:

• Ad words and screen rules
• Deposit steps and notice dates
• Repair speed tied to safety rules
• Entry notices for checks and repairs
• Income and spend logs

Tenant Moments That Shape Renewals

A lease is a paper deal, but the day-to-day feel drives renewals. Response time, tone, and follow-through shape how tenants talk about the home. In a full-service setup, that work is run by a team with a set process.

A self-managed setup can feel more personal, which some tenants like. Direct talk can also keep small issues from turning into big ones. Still, the line between “owner” and “on-call help” can get thin.

A third party can make hard talks easier. Late rent, rule breaks, and lease pushback feel less personal when a manager sends the message. For owners who hate conflict, that buffer can protect both the deal and your peace of mind.

Maintenance Without the Guesswork

Maintenance is where self-management gets very real. One repair need can lead to calls, bids, follow-up, pay, and a return trip. With full-service help, those steps are often handled through a known list of vendors and simple tracking tools.

Upkeep matters more than most owners think. HVAC tune-ups, gutter cleanings, pest work, and routine checks can stop bigger damage later. A manager often has a set calendar for this, while self-management means you build the plan and stick to it.

Vendor skill can shape your whole year. A solid plumber and a steady handyman can save money over time, even at a higher rate. In a self-managed setup, your vendor list becomes part of your safety net.

A Practical Choice

A short check can help more than a long pro-and-con list. Your time, your comfort level, and your home type often point to the right lane. A newer condo with few moving parts is easier to self-manage than an older house with repairs that pop up often.

These questions can clarify the Full-Service vs Self-Managed choice:

• How many hours per month can you truly give the rental?
• How firm can you be on late fees and lease rules?
• How fast can you act on an urgent repair call?
• How steady is your screen plan and your paper trail?
• How close are you to the home and your go-to vendors?
• How many rentals do you want in the next two years?

A mix can work, too, and it is common. Some owners hire help to lease the unit, then self-manage once a tenant moves in. Over time, a first rental may start self-managed and shift to full-service when life gets busy.

Your Best Match

The right answer is the one that keeps the rental in good shape without draining your time or patience. A clear look at Full-Service vs Self-Managed often shows which tasks you want to keep and which ones you want off your plate. With the right fit, the rental supports your life instead of fighting for your time.

 

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Virtual house tours have become a must in the real estate industry. They have transformed the property buying process and landscape, helping it adapt to modern technology and sensibilities.

 

What Are Virtual House Tours?

Real estate virtual open house tours showcase a 3D plan, rendering, or video of a property that is being sold or is up for rent. They allow potential buyers or even renters to experience what it’s like to be inside the property online.

By providing a virtual house tour, clients can get a detailed view of the property and tour the rooms in real time.

Real estate companies can use video capture technology or 3D renderings to showcase a house’s main features and layout to potential buyers or renters.

It has become an effective tool in the industry. In fact, 59% of millennial property buyers said they would be somewhat confident in closing a deal for a property they looked through virtually. Additionally, according to recent studies, listings with online tours are viewed 40% more than ones that only use photographs.

 

Types of Virtual Property Tours

Real estate websites may use several types of virtual property tours regarding format. Here are some of them:

 

Video Walkthroughs

This type of virtual tour uses pre-recorded videos to give potential buyers or renters a detailed run-through of the home. Usually, the video captures the home’s layouts and features. The video can mimic the point of view of a person touring the area, with narration and comments from an agent highlighting specific details in the home.

Virtual house tours are linear and straightforward. They don’t have any interactive elements that clients can use.

 

360-Degree Virtual Tours

The 360-degree tour helps users examine every nook and cranny of the home in detail. Since they combine multiple home images from different angles, 360-degree virtual tours are engineered to offer a seamless view.

This type of virtual tour is interactive, as it lets clients move from one POV to another, scroll through rooms, and zoom into specific areas. It provides an immersive buyer experience.

 

3D Tours

Unlike 360-degree tours and video walkthroughs, 3D tours generally use a digital model of the home instead of a video or set of photos. This type of virtual tour is highly interactive, letting clients select rooms and areas to explore.

This type of virtual tour is made using advanced imaging software, providing a comprehensive representation of the home’s layout and features.

 

Benefits of Virtual House Tours

Virtual property tours have become a must in the industry today because of their numerous benefits. Here are some of them:

 

Convenience

Virtual open house tours have become a game-changer for people looking for new properties. Because these tours are online, they offer clients the convenience and flexibility to explore a listing without the limitations of time and location.

In addition to convenience, virtual tours are also more accessible and efficient. Clients can explore numerous properties without leaving the couch, eliminating the need to travel from site to site. With virtual tours, they only need a device that can connect to the Internet.

Virtual tours are convenient for buyers, renters, agents, and real estate companies. Every time a home is showcased during a physical visit, agents and companies need to ensure the house is clean and in excellent condition. Hiring cleaning companies multiple times for multiple viewings can be a hassle. However, if you use virtual tours, you can showcase the house in pristine condition without the hassle.

 

Provides Spatial Context

Providing photos for real estate listings has critical limitations. They don’t usually offer spatial context, which is crucial for clients with specific property requirements.

Luckily, virtual tours can address these limitations by showing the home’s layout and flow in detail. Interactive tours let clients control what they can see and explore the flow, spatial context, and size of each space about each other. This gives users a more detailed understanding of the home’s interiors.

 

Better Audience Reach

Having a virtual home tour posted online helps expand the reach of real estate company websites. It also makes it easier to target specific audiences through digital advertising.

Through their accessibility, online property tours can reach people within specific demographics that traditional tours could not.

For example, these tours help accommodate potential customers with health and mobility issues. Since they can access the tour online, they can view the entire property easily without figuring out the logistics of a physical visit.

Another demographic that this type of tour appeals to is people with hectic schedules or those who live far away. Having busy schedules and living far away will make scheduling a physical visit difficult, but virtual tours enable such clients to see the property at their own convenience.

Expanding clients’ reach in the real estate industry helps improve market exposure, which can result in more deals being closed at reasonable prices.

 

Saves Time and Money

When listing a home for sale, agents may receive hundreds of emails and phone calls from prospective clients. Of course, this gets trimmed down further since many sending inquiries are simply curious. However, many may push through and schedule a meeting, which can be highly time-consuming for agents.

Visual tours let customers view the homes on their devices, eliminating the need to schedule meetings and travel from site to site.

Eliminating the need to drive back and forth saves time and helps cut travel expenses. In addition to the gas money that gets cut, fees from cleaning companies and other logistics costs can be allocated for other business purposes.

 

Adapting to the Times

Many real estate companies need to adapt to keep up with the market. Virtual property tours help provide convenience, practicality, and flexibility for the client and the company.

Are you looking for a property management company to help with virtual house tours and property management? Check out our online directory to find one today!

 

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What are the most common bugs in spring? This might seem like an irrelevant question to landlords at first glance. However, it offers important insight into what landlords must do to control pest populations during the season.

 

Spring Bug Infestations

Landlords are responsible for controlling pests to keep their rental properties safe and habitable. Otherwise, tenants might choose not to renew the lease agreement and move out. It also poses a liability risk for landlords as state law and city ordinances generally impose habitability requirements on rental properties. It is for these reasons that controlling pests and preventing infestations are essential.

Springtime is prime time for bug infestations. In winter, bugs often migrate, hibernate, or escape the cold by staying indoors. They’re largely undetectable and inactive during those months. However, they tend to ‘overwinter’ during the spring months. This means they start moving and quickly resume their previous routines. Let’s find the most common bugs in spring and where they’re mostly found.

 

States With the Biggest Insect Problems

According to a recent report on Flourish, some states have a bigger bug issue than others. Moreover, the predominant insect species may differ from state to state. Rental property investors and landlords should remember these facts before they choose to invest in a rental property. Without further ado, here are the states with the biggest insect problems based on search volume.

 

California

In California, residents are logging approximately 47,000 monthly searches for pest control. Bed bugs are the most commonly searched pest, with nearly 17,000 searches. Meanwhile, termites have 10,000 searches, while ants have 8,000.

 

Texas

Texans are conducting roughly 42,000 pest-related searches. Most of the searches involve bed bugs, with over 15,000 monthly searches. Meanwhile, termites take up over 9,000 searches, and ants produce more than 6,000.

 

Florida

In third place, we have the Sunshine State. The state’s residents conduct roughly 33,000 monthly searches. Unlike the other states, however, Floridians seem to be most concerned with termites. Over 12,000 of their monthly searches involve these pests. Bed bugs only come in second place with more than 8,000 searches. Meanwhile, ants have nearly 4,000.

 

New York

The state of New York generates 23,000 monthly pest-related queries. Bed bugs are the most pressing concern, as they generate over 8,000 searches. Meanwhile, ants take second place with more than 4,700 searches. Termites come in third with over 3,000 queries.

 

Pennsylvania

The people of Pennsylvania conduct 16,000 searches overall. They’re most concerned with bed bugs, as the searches related to these pests reach over 5,600. Meanwhile, ants are the second-most pressing pest, with over 4,300 searches. Lastly, termites generate over 2,500 monthly queries.

 

Illinois

The state of Illinois garners 15,000 searches involving pests. Like other states, bed bugs take the top spot, making up nearly 7,000 searches. Likewise, ants and termites come in second and third place, with over 3,600 and 1,600 searches, respectively.

 

Georgia

The residents of Georgia follow closely behind Illinois with roughly 14,000 monthly queries. They deem bed bugs the most bothersome as they account for over 6,200 searches. Meanwhile, termites and ants are nearly tied as the former generates 2,500 searches while the latter creates 2,100.

 

The Most Common Bugs in Spring and Their Predominant States

While bed bugs, ants, and termites are the predominant bug problems per state, they’re not the only insects that cause infestations. Let’s examine each insect and find out which states they cause the most trouble in.

 

1. Bed Bugs

These itchy insects might carry no diseases, but they can travel anywhere as anyone can pick them up. They cause the most trouble in California and Texas. Bed bugs typically make homes in mattresses, couches, clothing, wall voids, and moldings.

 

2. Ants

While they may seem harmless, ants do carry food-borne disease organisms such as E. coli and salmonella. They’re one of the most common bugs in spring and cause the biggest fuss in California, Texas, and New York. They often create homes in wooden structures and inside walls.

 

3. Termites

When bitten, these wood-eating critters carry the risk of infection. Florida, California, and Texas have the biggest termite problems because of diverse climates and California’s prevalent wooden structures. Termites create colonies inside wooden structures.

 

4. Mosquitoes

These bloodsuckers carry fatal diseases like Malaria, Zika, and Dengue. They cause the most problems in Florida, Texas, and California because of their mild environments. Mosquitoes breed in standing water and love wet debris.

 

5. Ticks

These insects carry diseases like Lyme Disease and Tularemia. Ticks love living in warm climates with varied ecosystems. Hence, Texas, California, and New York have the biggest tick problems. They like tall grass, trees, and bushes.

 

6. Spiders

These arachnids prefer mild, warm, and humid environments. They love dark and mild habitats like cellars, basements, and attics. Their bites are toxic and can cause systemic illnesses and skin lesions. They’re predominant in California, Texas, and Florida.

 

7. Cockroaches

Roaches can cause many health problems, like urinary tract infections, E. coli, and salmonella. They mainly inhabit densely populated areas with ample humidity. Thus, the states of California, Texas, and New York have the most problems with them. They prefer narrow cracks and crevices hiding in dark drawers, under sinks, and behind refrigerators and cabinets.

 

8. Wasps

These stingers can cause allergies and even death. Approximately 72 deaths per year are from wasps, bees, and hornets. They’re most bothersome in California, Texas, and Washington. Wasps make their nests outdoors, in the soil, on furniture, or under eaves.

 

The American Enemy: Bed Bugs

Bed bugs are the most universally bothersome insect, according to the report. They generate over 154,000 searches monthly as people find solutions to control them. These insects may not carry diseases, but they’re undoubtedly bothersome. They cause sleepless nights for Americans across all fifty states.

Apart from this, ants and termites take second and third place in the contest of infamy. Ants are concerning because they can cause health problems. They’re also always on the hunt for food. Meanwhile, termites cause a lot of problems when it comes to property. They chew on wood, often at the cost of a home’s structural integrity.

 

Using the Data to Your Advantage

The information provided above should give rental property owners some perspective. It allows them to know what to inspect and which kind of treatments to use for pest control. Moreover, they can watch for certain more prolific insects in their state.

On the other hand, this doesn’t mean landlords should hire an exterminator based on the given data. Even if termites are the most prolific in Florida, this does not mean the rental property will automatically have a termite problem. Landlords should still conduct a proper inspection before they hire a professional exterminator.

 

How to Control Pests in Rental Property

Landlords should take great measures to protect their rental properties from insects. Otherwise, the home might become unlivable as pests grow and infest the place. Here are some of the ways a rental property owner can control pests.

 

Conduct Regular Maintenance Checks

Landlords should inspect the property regularly. They should carry out maintenance checks, including inspecting insects and other pests. The earlier they can spot a problem, the faster they can remedy it and the less costly it will be. Remember always to inspect crevices and cracks. Check for moist areas or standing water and fix them.

It’s also a good idea to conduct a deep clean every once in a while. If possible, consider also investing in seasonal treatments to control problematic pests. This is especially true if the property is in a state with many pest reports.

 

Hire an Exterminator

Landlords should address both minor and major pest problems. If there is an infestation, call an exterminator immediately. They can find the source of the infestation and take measures to kill all the problematic bugs. Even if it costs a lot, it’s a worthwhile investment to save the rental property.

 

Stay Vigilant

Many insects are on the list of the most common bugs in spring. Each one comes with its own health and safety risks. Hence, property owners need to learn which are the most pressing in their state. They should also address any potential issues as soon as they can.

Do you need professional property management services? Check out Rental Choice’s online directory today!

 

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What are the rental market predictions in 2024? Whether you’re a renter or landlord, it’s vital to understand how the market will shift in the coming year. This can help you determine where to invest or rent, what to do, and what to avoid.

 

Rental Market Predictions in 2024

According to the rental market forecast for 2024, we will see some trends continue from the previous year into the next. Rental investors will be reluctant to purchase new rental properties as mortgage rates remain high. Moreover, there will be more competition as real estate agencies seize opportunities in the slow housing market.

However, some trends in 2024 will change. For example, there will be an increase in rent growth outside the Sun Belt. The number of accidental landlords may also increase in the database of property managers’ client base.

Regardless, landlords and renters must stay aware of these changing trends. The rental market has been volatile in the last few years. There have been abrupt swings in supply and demand, as well as changes in preferences and where renters prefer to live. Will rent go up in 2024, or will they drop? Let’s examine the following trends in the rental market forecast in 2024.

 

Rise in New Apartments

The Census Bureau’s construction data shows that there will be a growth in multifamily infrastructure in 2024. Apartment units under construction have hit one million for the first time this past year. Moreover, these complexes are expected to be completed in 2024. As a result, 2024 will be the strongest year for multifamily housing since the 80s.

However, this surge in supply will not last forever. Developers have been adjusting their projects based on the higher interest environment we’re facing. Construction has started, and new building permits have fallen for over a year. Nonetheless, apartment completions will only reflect this slowdown starting in 2025. As for 2024, renters should be able to find more options.

 

Low Rent Growth

This past year, we’ve seen the second-slowest growth in rent since 2017. Demand will only increase slightly in 2024, but it shouldn’t make a significant impact. The major concern blocking demand is still affordability. Moreover, most Americans still lack confidence in the nation’s economy.

Couple this with the upcoming increase in supply, and the industry will likely see a modest rise in the vacancy index. Rent growth may be out of the negatives for early 2024, but it certainly won’t exceed the low single-digit range.

 

More Long-Term Renters

There likely won’t be a high demand for multifamily residences in 2024 despite the rise in supply. Furthermore, the barriers to homeownership will likely remain and support the demand for rentals.

Home prices will remain high, and mortgage rates will only moderately ease next year. As a result, home sales have slowed, and current homeowners are locked into their low mortgage payment plans.

Families within the United States will likely remain renters longer than previously. Renting makes more financial sense despite most people’s aspirations to become a homeowner. Moreover, even those further along the age range find themselves renting over buying.

 

Lower Rent Prices

Will rent go down in 2024? According to Redfin, asking rent prices are starting to go down quickly. The numbers in November have been down by 2.1% year over year. Moreover, other major reporting centers for rent prices have been predicting a downward trend.

This is likely because we have seen a mass construction of new multifamily housing units. More are scheduled to be released in 2024. Furthermore, new residential construction has dived as mortgage rates remain higher for longer.

Apart from this, many economists predict that the economy will cool in the succeeding months. This, along with rising costs and government shutdowns, will drop asking rents even further. Rent has been high in California, Miami, and New York. These high prices were driven well above inflation, and demand has declined.

Recent reports show that rents are significantly down in Oregon, Oklahoma, Florida, Texas, Washington, and Colorado.

 

Hybrid Work as the New Normal

More and more people have returned to office in 2023. Despite this, there seems to be no returning to the pre-pandemic working standard. Hybrid work seems to be solidifying itself as the new normal.

Latest estimates show that 28% of all working days are still done at home — this figure seems to stabilize. Roughly 42% of Americans have some remote work flexibility. Hybrid arrangements are also more common than fully remote work setups.

As a result, the demand for spare bedrooms and co-working spaces within multifamily complexes is expected to rise. Moreover, this drives up the demand for communities farther away from major job centers. Renters are more willing to bear longer commutes in a hybrid working arrangement.

 

Sun Belt Market Changes

The Sun Belt has seen the quickest growth in population in recent years. Thus, many landlords have raised their rent prices in hotspots like Texas and Florida. The Sun Belt has also accommodated this influx as new housing developments meet the increased demand.

In 2024, the Sun Belt will likely see ongoing strong demand. However, as new supply offsets the rising population and demand, rent prices will likely stagnate or fall.

 

Higher Cap Rates Outside the Sun Belt

As new apartments are built and delivered throughout 2024, the Sun Belt will see a downward pressure on rents. However, this may not be true for smaller cities outside the Sun Belt.

Cities in New England, the Mid-Atlantic, the Midwest, and South Central areas are more likely to have higher cap rates and stronger rent growth. This means investors and property managers should pay attention to these regions in the coming year.

 

Rise in Accidental Landlords

The housing market has remained stagnant in recent years. This has affected the rental market predictions in 2024. More potential home sellers will find themselves putting up their properties for rent until the housing market changes.

Property management companies should anticipate an influx in accidental landlord clients. While investors will still represent a bulk of rental property owners, property managers must stay vigilant and know how to serve the needs of individual property owners.

 

Be On the Lookout

Property management companies, landlords, renters, and investors should all be on the lookout for these emerging trends. The coming year will likely present new problems and challenges for people on different sides of the rental industry. Landlords may have a hard time raising rent prices in certain locations. Meanwhile, renters may find it easier to find a decently affordable rental home.

Are you a landlord or investor in need of assistance? Look for a property management company today through our online directory!

 

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Contractor scams are commonplace and can cost a lot. That’s why rental property owners should carefully research before signing any contracts. They should also be wary of contractors’ common scams to bait potential clients.

 

Common Contractor Scams to Beware Of

Whether it’s a construction scam or a landscaping con, contractor scams are everywhere. Many vendors will do just about anything to lure you into signing an agreement with them. Even reputable ones might pull a few tricks to sweeten the deal without providing good service.

Most of these tricks are subtle and unnoticeable to the untrained eye. That’s why it’s always important to familiarize yourself so you’re not caught off guard. Without further ado, here are some typical contractor scams to watch out for.

 

1. Upfront Payment

One common ploy in renovation or construction fraud cases is when the contractor asks for a large upfront payment. For example, the vendor might ask for 30-50% of the price to pay for the cost of materials and equipment.

This might initially sound reasonable, but it’s a big red flag. It might also be illegal in some states. For instance, it’s illegal in California for a downpayment to go beyond $1,000 or 10% (whichever is less).

This is a red flag because the contractor can flee with your money without providing the promised services. If they don’t disappear, they might instead do a substandard job. They know you can’t let them go, or else you’ll feel that the large downpayment was wasted.

Remember only to agree to pay $1,000 or 10% of the project price in advance. This is enough to establish that you’re serious about the project. The contractor can rearrange their schedule with that much money.

 

2. Verbal Promises

A maintenance, repair, or home improvement scam can come in many forms. One prime example is when the vendor gives you lots of promises.  They do this by conducting a meeting and asking you what you want to get done.

The contractor may seem friendly and agreeable at first. They say they’ll perform every service according to your specifications and desires. Some may even throw in a few extras just to seal the deal.

However, if this all happens verbally and not in writing, beware. That’s because when the project finally starts, the contractor may go back on their word and not fulfill their verbal promises. They might tell you that it wasn’t included in the contract price. The contractor might then get you to pay an additional amount just to redo the project.

 

3. No Permits

Don’t fall for any kind of construction or renovation fraud wherein the contractor says you don’t need a building permit. That’s because you’re legally required to obtain permits for big construction projects. This lets building officials review the construction site and verify whether the work meets all the relevant building codes.

Unreliable renovation contractors will entice you to forego the permits because “it’s a small renovation, nobody will notice.” They may try to circumvent the rules for larger projects by getting you to apply for a homeowner’s permit. This is still a bad idea as it’s a permit only available for do-it-yourself projects.

Sometimes, trusting the contractor’s word for it may be tempting. Nonetheless, getting a building permit is best so the contractor will follow all the proper building codes. It also protects your investment, as there will be an independent project review.

 

4. Price Hikes Due to ‘Unforeseen Issues’

Some contractor scams come in the form of overbilling. They overcharge you by saying there was an ‘unforeseen issue’ during the project. They might say they uncovered a structural problem and bill you for the repairs. Some might also charge more for minor design changes after the project started.

Granted, some of these fees might not be unreasonable. However, it’s important to stay vigilant as some contractors may use these to bid low and charge high afterward. It’s best to hire a separate home inspector to ensure they don’t uncover any surprise problems.

In addition, it’s essential to clarify how you’ll issue change orders whenever there’s a design change during the project. This eliminates any ambiguity and limits surprise charges. It allows you to provide a complete work description with a fixed price of how much the changes will cost.

 

5. Exaggerated Damage Reports

One of the most common roof repair scams you find is exaggerated reports of damage. In these scenarios, the contractor overstates the damage the roof has sustained to bill you a larger amount. They do this to milk you or your insurance company. Some may even inflict a bit more damage to bill you a higher price.

To avoid these, it may be better to hire a separate inspector to assess the problem. This creates accountability and eliminates the chance of fake damage reports. It might cost a lot, but it’ll save you more money down the line if the roofer scams you by charging you higher.

 

6. Sketchy Background

Hiring any old contractor you find online may be tempting for small projects. However, hiring someone with an excellent background is often better to avoid any problems. This lets you feel at ease knowing you’re working with a licensed professional. They’re less likely to get around building codes or scam you out of your money.

That said, learning how to spot a fake contractor is essential. Make sure to do your research and review the company website. It’s also a good idea to visit their office personally to ensure everything’s in order.

In addition, it’s important to work with only licensed contractors, as unlicensed ones may have bad practices. It’s also worth checking what online reviews say about the company.

 

7. Fake Reviews

Online reviews are great references when you’re looking for a reliable contractor. However, remember that many online reviews are fake. Scammers often publish fake online reviews to entice clients to work with them.

The safest route is to hire a company you’ve worked with before. You can also hire vendors who have previously worked with family or friends. If you don’t have any referrals, consider asking the company for details regarding previous projects. Double-check their references to make sure the company is reliable.

 

What to Do When Scammed by a Contractor

A contractor scammed me. Now what? Can a contractor be criminally charged? Being scammed by a contractor can be a frustrating experience, but it’s vital to stay calm.

Firstly, report the scam to local law enforcement. Provide them with the contract and all the details related to the scam. You may also file an online complaint with the Better Business Bureau to warn others.

In addition, you can hire a lawyer if the contractor hasn’t fled or is still traceable. An attorney can tell you what legal options you have. They can also help you get your money back.

 

Stay Vigilant

Contractor scams can be a real headache for rental property owners. They can be difficult to mitigate and even cost a lot of money. Property owners should stay vigilant and keep their eyes open for any of the aforementioned tactics.

Hiring a reputable property management company is a good way to avoid contractor scams. These companies may already work with reliable contractors for property maintenance. Look for one today through our online directory!

 

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Landlords need to find an efficient way to collect payment for rent, but collecting payments is not simply about receiving the money. There are good and bad practices when it comes to rent collection.

 

Pros and Cons of Each Payment for Rent Method

There are several ways landlords can collect payment for rent, but what method should landlords choose? It can be hard to decide because there are so many. Let’s take a look at the payment methods and examine their advantages and disadvantages.

 

1. Cash Payment

Some regard cash as one of the worst payment for rent collection methods out there, but is it truly the case? Is cash an unreliable way to collect or receive rent payment? Here are its pros and cons.

 

Pros:

• No risk of errors in the transaction
• Liquidity makes it easy to spend on other expenses
• No risk of cancellation from the tenant
• Cash payments cannot bounce like checks
• No bank or transaction fees to pay

Cons:

• Prone to theft or loss
• Harder to retrieve when lost because it is untrackable
• Susceptible to miscounts, leading to underpaying or overpaying rent
• Leaves no evidence or paper trail, so it’s harder to prove what has been paid and how much

 

2. Peer-to-Peer Payment

Tenants are always eager to pay rent online. Apps like Zelle, Venmo, and PayPal are convenient, instant, and widely accessible. So are peer-to-peer payment apps truly the ideal payment method for both parties? Let’s examine how it can benefit or harm landlords or tenants.

 

Pros:

• Apps are convenient, as payment can be made with just one tap
• Payments are quick, and they deduct from tenant accounts straight away
• Widely accessible to everyone as account registration is the only requirement
• Tenants can use money from multiple funding sources like banks or debit cards

Cons:

• Transaction limits
• No way to set up payment reminders
• The tenant may accidentally send money to the wrong account
• May have technical issues or errors
• May cost a transaction fee

 

3. Personal Check

Checks are one of the most common rent collection methods. They’re a timeless mode of payment so it’s understandable that many tenants and landlords prefer them. But, like other payment for rent collection methods, it can have its benefits and pitfalls.

 

Pros:

• Liquidity makes it easy to cash in and spend
• Portable and easy to send via mail
• Easy to store
• Lost or stolen checks are easier to deal with as they often have the landlord’s name written
• Post-dated checks can be used to pay rent in installments

Cons:

• May be prone to bounce because financial institutions do not verify them
• Charges a bank fee to the tenant if the check bounces
• Tenants may cancel personal checks without warning
• No guarantee of a tenant’s capacity to pay

 

4. Direct Deposit

Direct deposits can seem like the most convenient way to pay rent. But, while it may seem quick and easy, it has drawbacks that both landlords and tenants should consider.

 

Pros: 

• Instant transfer of money
• No transaction fees
• Easy to track and record
• Leaves a paper trail as evidence of payment
• Easy to set up automatic withdrawals

Cons:

• Inconvenient for tenants because they need to travel to the bank
• It’s a security risk for landlords who must share their account and routing number
• Tenants may be late for rent if the account has insufficient funds

 

5. Bank Draft / Cashier’s Check

What is the best way to collect rent as a landlord? Many argue that bank drafts and cashier’s checks are foolproof methods. But, they aren’t always the best payment for rent collection methods for tenants. That’s because there are disadvantages for them that landlords should also consider.

 

Pros:

• Bank drafts and cashier’s checks do not bounce because they source funds directly from the financial institution
• Not prone to theft because the check has the landlord’s name written

Cons:

• Tenants must travel to the bank regularly to get these written
• Financial institutions may charge fees for them
• Tenants must have enough money in their accounts to pay the financial institution

 

6. Certified Check

Certified checks are checks verified by financial institutions. They sometimes come with a seal, stamp, or signature as a sign of verification. This type of check is more secure than a personal one. But is it the best choice for landlords and tenants? Here are its advantages and disadvantages.

 

Pros:

• It is more secure because banks guarantee the tenant has sufficient funds
• Less prone to bouncing

Cons:

• The bank only guarantees the tenant has sufficient funds when the check is written
• Banks charge a fee to write a certified check
• Inconvenient to obtain as tenants must regularly visit the bank

 

7. Money Order

Money orders can seem to be more secure because they’re a form of payment that uses physical paper. Here are the ways they can help or disadvantage landlords and tenants.

 

Pros:

• Not prone to theft because they have both the landlord’s and tenant’s names written
• Money orders cannot bounce
• Multiple institutions offer money orders, including banks, check-cashing stores, pharmacies, convenience stores, and grocery stores
• Money orders do not require a bank account

Cons:

• Tenants must pay the money order when they request it
• Money orders cost a fee

 

8. Credit Card

Renters are entitled to affordable housing according to their bill of rights. But, even when the landlord comes up with a fair rent price, tenants may still struggle to pay monthly rent. This is where credit card rent payments can come in. As a general rule, landlords should only use this method as a last resort. That’s because they come with a lot of caveats despite being secure.

 

Pros: 

• Convenient for tenants who do not currently have sufficient funds
• Secure payment method for the landlord

Cons:

• Requires the use of third-party services like Plastiq or Venmo
• Charges fees to the tenant’s account
• May take days, weeks, or even months for the money to reflect on the landlord’s account

 

9. Rent Collection Apps or Property Management Apps

The best payment for rent collection method should be fast, convenient, and secure. What is the most suitable way a landlord can let tenants pay rent? Most people argue that rent collection or property management apps are the best way to pay rent electronically. These are convenient for both the landlord and the tenant and have several advantages. But, they do have a few caveats landlords and tenants must consider.

 

Pros: 

• These apps do not require the landlord’s private information
• Funds go straight to the landlord’s account
• Easy to set up automatic transfers to avoid missed payments
• Accepts various payment methods from tenants, including bank transfer, debit card, or credit card
• These apps are more convenient because payment is one tap away

Cons:

• Requires the setup of a rent collection or property management app
• These services may cost money to use
• May be prone to technical errors
• Different apps will have varying levels of security and reliability

 

Good Collection Practices

There are many ways to collect payment for rent. But, each one will have its pros and cons that should be considered. Landlords should choose a payment method that is convenient, secure, and accessible for both them and the tenant. Otherwise, they may face various issues that can lead to late or unpaid rental payments.

Are you having trouble collecting rent from your tenants? If so, we recommend looking for a property management company. They can handle the rental collection process and even give you access to a rental collection app. Find one today through our online directory!

 

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What are the most popular cities for renters? As a rental property investor, knowing where there is high demand is important. After all, you don’t want to invest in a rental property that doesn’t gain enough tenants. Here are the cities you should consider investing in this year.

 

Most Popular Cities for Renters

Homeownership has been declining for the past decades and has only seen a slight uptick recently. The reason for the decline is likely due to high housing costs and cost of living. People are also moving to less expensive cities with better jobs and fewer taxes.

Meanwhile, the rental market has been slowly growing in the last decade. This is because renting tends to be cheaper and affords people certain rights and protections. Renting also saves people money as there are no real estate taxes or repair bills to pay. Where are people renting the most? Here are the most popular cities you should consider.

 

1. Kansas City, MO

The Midwest seems to be the most popular region for renters lately. Hence, it is unsurprising that Kansas City takes the top spot as the most in-demand city for renters. It has some of the shortest commute times in the country and provides affordable housing. Moreover, it has a thriving economy with varying industries, so its people will have good job opportunities.

Kansas City has over 240,000 housing units, 39.61% are renter-occupied. The city continues to garner attention from apartment seekers, and the trend is only growing yearly. Its median gross rent from 2017 to 2021 is $1,040.

 

2. Overland Park, KS

The second most desired city for renters is Overland Park, KS. It strikes a good balance of having ample job opportunities, rent affordability, and access to great public facilities. Overland Park has safe neighborhoods, inclusive parks, and high-quality schools, so it’s a great place to start a life. The city is also home to over 15,000 housing units, with renters occupying 38.56% of the units. Overland Park’s median gross rent from 2017 to 2021 is $1,248.

 

3. Minneapolis

The third most popular city for renters is Minneapolis. Even though there’s been a drop in the number of available apartments, the demand for them is still high. That’s because it has an expanding job market and a growing economy. Minneapolis also has great transportation with lots of interesting activities. The median gross rent for Minneapolis from 2017 to 2021 is $1,159.

 

4. Cincinnati

Cincinnati is a buzzing rental city in the Midwest, and it’s no surprise why. That’s because the city is fairly affordable, with a median gross rent of only $814 from 2017 to 2021. The city has many major universities like Xavier University and the University of Cincinnati. It has a low vacancy rate of 3.6%, so it’s a fairly strong rental market.

 

5. Albuquerque, NM

Albuquerque is one of the most popular cities for renters because of its high quality of life. It also has a decent cost of living compared to other cities. The city has been unable to keep up with the housing development and construction demand. As a result, many renters can compete for one vacant unit. The median gross rent for Albuquerque was $932 from 2017 to 2021.

 

6. Detroit

Detroit is a popular city for renters because of its affordable living cost. It’s also an emerging city for tech hubs and the life sciences industry. Thus, rental property investors can expect to generate high investment returns. The city only has a median gross rent of $899 from 2017 to 2021.

 

7. Atlanta

Atlanta has seen consistent growth in the rental market. This is likely because Atlanta has many job opportunities and Fortune 500 companies in the area. Furthermore, it has access to one of the largest international airports, a diverse community, and mild winters. It also has moderately affordable units, making it an attractive choice. The city has a median gross rent of $1,342 from 2017 to 2021.

 

8. Orlando, FL

Orlando has been consistently attracting renters. In fact, there has been growing interest in renting in the city every year. This may be because the city has a strong job market and diverse culture. It also has some of the most popular theme parks in the country, including Universal Orlando, Walt Disney World, Discovery Cove, Sea World, and Legoland. The city also has lower taxes and relatively affordable housing. Its median gross rent was $1,346 from 2017 to 2021.

 

9. Arlington, VA

Arlington is a popular city for renters because of its great location. It’s easy to commute from the city to the capital of the US. Moreover, the city is more affordable to live in compared to bigger cities. Arlington is home to many small restaurants, public parks, and schools. The median gross rent in Arlington was $2,094 from 2017 to 2021.

 

10. Raleigh, NC

Raleigh is a vibrant city in North Carolina and is one of the most popular cities for renters. In fact, the demand for housing is so high that the area’s supply hasn’t been able to keep up. This may be because the city has many universities and a diverse economy.

It also invests heavily in the tech sector and has a high quality of life. Raleigh also has many parks and greenways, colleges, theaters, and museums, making it an attractive place to live. The median gross rent in Raleigh was $1,237 from 2017 to 2021.

 

Know Where To Invest

People change behaviors constantly due to economic, financial, and social factors. It’s important to stay updated on how the rental and housing market shifts. After all, it can be costly to invest in an area that does not have decent demand.

Of course, it can also be difficult to know all the information when you’re not an expert. There’s also a lot of information to keep up with as the rental market shifts quite often. That’s where a property management company can help. Look through our online directory to find a management company today!

 

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