Any prepayment of rent (other than the first full month’s rent) is considered part of the security deposit. In addition, any Refundable fees – by definition- are deemed “security deposits”. Nonrefundable fees are not; and they can be assessed in any amount and for any reason but the reason for the fee must be made clear. A nonrefundable fee may not cover anything already covered by a refundable fee. In the state of Michigan, a security deposit is not to exceed 1 1/2 times the monthly rent. EXAMPLE: If the monthly rent is $600 than the maximum the landlord can receive for a security deposit is $900 ($600 x 1.5 = $900).
General & Announcements
“Home is a place you grow up wanting to leave, and grow old wanting to get back” – John Ed Pearce
“He is the happiest, be he king or peasant, who finds peace in his home” – Johann Wolfgang von Goethe
“Home is where you can say anything you please, because nobody pays any attention to you anyway.” – Joe Moore
“You think you know someone? You don’t really know them until they’ve rented from you.” – John Nuzzolese
“How much did your last tenant problem cost you?” – John Nuzzolese
- Enforce all rent being paid on time and send late notices in a timely manner
- Screen tenants thoroughly before accepting them
- Do repairs that need to be done and fix things promptly before they become bigger problems
- Replace bad tenants with good qualified tenants
- Have a lease that is legal in my specific state. (The state of Michigan requires certain content and font in order to be legally binding)
- Contact Century21 Action Associates rental department so I can sleep better knowing I’ve got things covered!
We recently had the opportunity to be on the Radio! We were interviewed for the NEW BUSINESS SPOTLIGHT on WCSR by Park Hayes. Click the link to listen in.
When you execute a lease you should attach an Intention to vacate form on the back of the lease. You should always remind a tenant to give you proper notice. Reminding tenants to give notice is a great way to minimize your vacancy. As soon as you get an intention to vacate from a tenant you should start a marketing campaign.
A landlord needs to check references when performing tenant screening. It is important to ask the questions in a way that exposes references that may not be legitimate. Some applicants may use friends and relatives to pose as employer’s or previous landlords. Checking references takes work and can be time consuming but it is an important part of making an informed and ultimately good decision.
Renters Insurance! You might be surprised to know that if you call your agent and combine it with a car policy you can save up to 15%. That amount will usually cover the renter’s insurance policy. It would be like getting the extra coverage for free! Having renter insurance not only protects your belongs, it provides you with liability coverage as well. These days that is a good thing!
Advertising! How to get the most for your advertising dollar?
Advertising on the internet is becoming an important way to showcase you available apartment! If you’re in Hillsdale County, our web site is a great way to reach prospective renters. For the cost of running a small classified ad you can reach out and get the attention of those positive renters that the news paper ads can’t. On our web site you get lots of photos, detailed description, virtual tour and even a map so they can find your rental.
Another great result is your able to eliminate much of the time wasted on people that are not interested because they have already have seen the apartment and they know that they are interested in it. The result is when answering calls and showing the apartment you will save time and money! Contact us today and see how we can help you. Miranda@HillsdaleRentalManagement.com
When applying for an apartment you should always be honest! If you have some issues in your past that might keep you from getting an apartment don’t try to hide them. Landlords use many factors in deciding if you qualify for an apartment. If you have a couple of things in your past don’t be dishonest about them. They may or may not disqualify you, but dishonesty most likely will.
You have to be consistent and professional when enforcing late fees. You cannot let it slide or be slow when dealing with late payments. If you start accepting late payments this will be taken by the tenant as an ok to be late with the rent. You need to let the tenant know that you expect the rent on time every time. Confrontations as a landlord are inevitable but don’t make it harder on yourself!
Renting Property can be hard work and a big responsibility. One thing any landlord can do when receiving a rental application from a prospective tenant is to make sure they check there Drivers License. You definitely want to make sure that the person filling out the application is who they say there are! This is just one very simple way to head off potential problems.
When shopping for a Home to rent, take your time and shop around! This like any major purchase deserves some comparison shopping. Finding a good landlord will make the difference between an enjoyable renting experience or possible nightmare. You should ask questions like how the maintenance will be handled and request some reference form previous renters they had. This will help you make an informed and hopefully and good renting decision!
The best way to protect and insure yourself as a renter is to have renter’s insurance. It is inexpensive and protects your personal belongings against fire, theft and natural disasters. A lot of renters overlook renter’s insurance until they have a loss and then wish they would have purchased it to protect themselves.
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