Jason Cohen Pittsburgh - Best Practices for Landlords

Best Practices for Landlords

No landlord wants to keep a flaky client. Every investment property owner counts on their tenants to pay their rent in full and on time – otherwise, they have no way of making a profit off of owning and renting out the building. A landlord’s choice of tenant matters; no property owner wants to risk bringing on a tenant that will trash place and skip out on rent. Likewise, they can’t afford to lose responsible and reliable tenants as a result of poor communication or subpar landlord-tenant relationships. In order to find and maintain responsible and reliable tenant, landlords must take stock of their own actions and strategies to establish a productive rapport with those living in their investment properties. In this piece, Jason Cohen Pittsburgh provides a few best practices for landlords who want to cultivate mutually-beneficial, long-term relationships with responsible tenants.

Creating the Lease

Standard lease forms are readily available and cover rent, security deposit fees and legal rights. From there, add pet restriction policies, late payment fees, maintenance responsibilities and expected behavior. A detailed lease explaining a landlord’s expectations and requirements reduces the likelihood of misunderstandings in the future.

Be Welcoming

New tenants are often new to the area. As such, landlords might consider creating a printed map that provides directions to frequently visited locations that may include grocery stores, medical clinics, pharmacies, restaurants and perhaps nearby attractions. Leave a welcome card in the residence to start the relationship on a positive note.

Friendly but Professional

Make a good first impression by dressing appropriately. By appearing clean and properly put together, you convey that you expect your tenants to maintain their residence. Follow the guidelines clearly established in the lease to prevent misunderstandings. Go over the lease with them before they move. You can always amend trivial matters along the way if you choose. If a disagreement should arise, it is important that the landlord always remain calm and professional.

Availability

In the event that a problem occurs, tenants must be able to contact the landlord. Supply one or more phone numbers and perhaps an email address. Emails also reduce the number of after hour calls while providing documentation of an issue. Consider tenants as customers. In order to keep customers, property owners must respond as quickly as possible when contacted. When a problem arises, set a time to visit and inspect the problem. Remedy the problem or have the repair completed as quickly as possible.

Respect Their Privacy

Tenants have the right to privacy. Some states require that landlords provide notice before entering the property. Landlords should also schedule visits to business hours or at a time that is convenient for the tenant.

*Originally posted on JasonCohenPittsburgh.net

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jason cohen pittsburgh - rent or buy

Should You Rent or Buy? Pros and Cons

Owning a home has long stood as a milestone for success. Real estate agents and individuals alike encourage young families and individuals to take on the challenge of finding and buying a home as a way to mark their entry into professional and social maturity. Renting, in contrast, seems like a stopgap housing measure: suitable enough for now, but certainly not a permanent option. But while young adults (i.e., those under 35 years of age) remain the most likely demographic to rent, our homeowner-goal culture has taken a hit over the past decade. According to a Pew Research data analysis conducted in 2017, rental rates among both the under-35 and 35-44 demographics have risen significantly in the course of the last couple years. Currently, more households are led by renters than have been reported since 1965. Renting can’t be considered merely as a stopgap measure for younger households anymore – but should you turn away from home ownership entirely?  Here, Jason Cohen Pittsburgh considers the pros and cons of renting a home.

PROS

Flexibility

Renting can be great for those who can’t or don’t like to be tied down. Students, temporary workers, and those with jobs that require them to move are better-suited to renting because they only need to be in a certain town or city for a short period of time. After their leases end, they can easily pack up and take off for their next opportunity – and leave the landlord to find a new tenant. Renting also provides greater flexibility to those who want to live in neighborhoods outside of their purchase price range.

Simplicity

Renters don’t have to worry about the nagging details of property management. When a problem with the hot water heater or electrical system arises, all they need to do is reach out to the landlord and wait for her to solve the issue at hand. Homeowners, in contrast, need to arrange for trash removal, sewer, water, and insurance costs on their own time and dime.

CONS

Limitations

Don’t like an apartment’s lime-green walls? Want to adopt a dog? You might be out of luck on both fronts. Tenants have limited control over what they can do with the property without the owner’s express permission. Before you sign a lease, make sure to read it thoroughly to understand a landlord’s restrictions. Otherwise, you may find yourself facing a hefty fine – or even an eviction notice.

Instability

A landlord can choose to sell their property at any time they please, leaving their unsuspected tenants in the lurch. Unlike homeowners, renters don’t have the security of knowing that they have a place to live months or even years down the line – or that they’ll continue paying what they are if they choose to stay. Even well-behaved tenants have no guarantee that the housing market won’t demand a rent hike or that their lease will be renewed.

Ultimately, the choice between renting and buying will come down to individual circumstance. Figure out what your situation and budget allows before making a decision!

*Originally posted on JasonCohenPittsburgh.net

5 Updates Landlords Shouldn’t Make

Marble countertops, shiny tiled floors, and a brand-new patio: while they might be pretty, upgrades like these won’t help your bottom line. If you plan to invest and maintain a profitable rental property, you’ll need to strike a balance between updating the space and minding your budget.  By creating an appealing setting, you can make more of a profit by increasing the rent – however, if you stray from updates to full-scale renovation, you might end up dealing with a property that costs more than it earns. Here are a few renovations that investors shouldn’t make on a rental property.

  1. Adding a Swimming Pool

A pool may seem like an ideal addition to the backyard, but it won’t necessarily increase the value of the home. The feature can also take away space in the backyard for pets or children to play in on the property and make it seem unattractive to families who lack the time or resources to maintain it.

  1. Room Addition

According to loans.usnews.com, room additions don’t always pay off due to the high cost of the construction. Projects with a lower price tag – such as appliance updates and repainting – tend to have a better ROI for landlords.

  1. DIY Projects

From painting the walls to installing new sinks, DIY projects are cost-effective at a price; while they may seem cheap at the outset, they often look they were performed by someone who had a lack of experience and ultimately turn away would-be tenants. It’s necessary to leave the work to professionals to ensure that your money is an investment that pays off and attracts more tenants in the coming years.

  1. High-Maintenance Landscapes

According to Time Magazine, creating a beautiful garden benefits the aesthetics of a home – but it doesn’t justify increasing the rent that you charge. It can also require a significant amount of money for landscaping services to upkeep the property or the tenants may not want to spend their weekends pulling weeds and watering different areas of the yard. Stick to landscaping that is easy to maintain to ensure that you don’t waste your money if you’re renting out the house.

  1. Upgrading Everything

Many landlords make the mistake of upgrading everything and assuming that the home needs to have all new features or materials to attract good tenants. Overspending on upgrades can make the house appear too chic and regal for the local area, making it necessary to keep the upgrades to a minimum. Stick to adding new fixtures on the cabinets or new hardwood floors in the living room to make upgrades that are minimal, yet aesthetically effective.

 

*Originally posted on JasonCohenPittsburgh.net

Top 7 Blogs for Real Estate Professionals

The Internet offers professionals in real estate a near-arsenal of online resources…if you know where to look. Scouring the web to pinpoint the most helpful resources is as tedious as it is unnecessary, thanks to Placester’s curated list of essential blogs for agents and brokers. Here’s what they’ve deemed the most beneficial blogs and forums for realtors and consultants alike.

 

Matrix

With his interesting insights and acute awareness of important subjects in the real estate market, Jonathan Miller provides a riveting account of the country’s financial status. He dissects national housing and fiscal reports and provides clear explanations on how the figures he lays out can impact current and future sales and mortgages. By wading into recent budgetary developments, Miller offers his insights as guideposts through the ever-changing financial landscaping.

 

BiggerPockets

Offering both commercial and residential agent standpoints, BiggerPockets covers a broad scope of real estate topics. From campaign ideas to marketing trends, BiggerPockets is a treasure trove of useful tidbits for professionals in real estate.

 

Speaking of Real Estate

Run by the National Association of Realtors™, Speaking of Real Estate offers a plethora of videos, real estate news, and pertinent market information. Their balanced blend of audiovisual and written content gives their blog an added appeal.

 

Eye on Housing

Rich with analyses, statistics, and data, Eye on Housing intends to keep agents and brokers up-to-date to ongoing trends, making this blog an indispensable asset. Complete with visual aids and data-laden illustrations, Eye on Housing is a rich resource for all real estate professionals.

 

Eight11

Tracy Weir strays from conventional blog norms with her tech-savvy insights and understandings. She believes that technological advances can aid real estate professionals in their business dealings – and intends to use her blog to prove her point. Every post underlines the message that understanding, utilizing, and leveraging technology can help agents get a leg up on their competitors. As Weir delves into the boundless world of real estate technology, she hopes to empower realtors to find success.

 

1000watt

Geared to the needs of fast-moving professionals, the straightforward and thought-provoking pieces found on 1000watt area enough to pique the interest of any quick-thinking real estate operative. With timely industry advice, personal stories, and news coverage, 1000watt invites listeners to broaden their horizons and tackle rewarding challenges.

 

Movoto

Equipped with civilian-friendly guides, Movoto does what other blogs don’t by veering away from mainstream data. Best schools,  neighborhoods, attractions, and safest areas are a few of the many topics covered within this forum.

Originally posted on JasonCohenPittsburgh.net