How do you know your rents are in line? Padmapper will help you.
There is a magic number you need to get to make your property cash flow. With Padmapper you can see what the competition is in your rental area. Links to the original ad comparative stats and pics it's super useful for tenants and landlords.
Played around with it today and found my rents are just right!
Showing posts with label alberta rental market. Show all posts
Showing posts with label alberta rental market. Show all posts
Friday, December 13, 2013
Friday, October 11, 2013
Watch out for rental scams!
I read this article about the dozen families that have nowhere to live because of a rental scam.
I've had about half a dozen people call me saying our ads were posted on Craigslist or some other site for half the true rental price, payable to a landlord who clearly wasn't me.
Sadly, twice I've gotten teary angry calls saying they had rented my place and given someone the security deposit. It's a lot of money to lose and often saved up funds, hard to replace.
My tips to avoid rental scam:
Landlords:
Most effective is to put a 'For Rent' sign in the window with your phone number. Potential renters will drive by to check out the house and area. They will realize the discrepancy and hopefully call your number.
Tenants:
This is rough but a little common sense goes a long way. Is it plausible that a 4 bedroom house would be $1200? (whatever low price is being used to lure you in) In a 1% vacancy market you aren't going to be the one to get that crazy deal.
Always ask to see the inside of the house, don't send money without doing so. I know in this case the owner may have been involved - that makes it really difficult. If you are moving to a town have a proxy look.
Ninety nine percent of landlords charge one month's rent as the security deposit UNLESS it's a huge apartment complex ie Boardwalk or Midwest. Low security deposits are a huge red flag!
If a "landlord" says I'm leaving tomorrow and you just have to send the money now - RUN. Typically if they were leaving they'd have a property management company manage the rental. The odd owner may go away and rent out his house but I would use extreme caution.
I've had about half a dozen people call me saying our ads were posted on Craigslist or some other site for half the true rental price, payable to a landlord who clearly wasn't me.
Sadly, twice I've gotten teary angry calls saying they had rented my place and given someone the security deposit. It's a lot of money to lose and often saved up funds, hard to replace.
My tips to avoid rental scam:
Landlords:
Most effective is to put a 'For Rent' sign in the window with your phone number. Potential renters will drive by to check out the house and area. They will realize the discrepancy and hopefully call your number.
Tenants:
This is rough but a little common sense goes a long way. Is it plausible that a 4 bedroom house would be $1200? (whatever low price is being used to lure you in) In a 1% vacancy market you aren't going to be the one to get that crazy deal.
Always ask to see the inside of the house, don't send money without doing so. I know in this case the owner may have been involved - that makes it really difficult. If you are moving to a town have a proxy look.
Ninety nine percent of landlords charge one month's rent as the security deposit UNLESS it's a huge apartment complex ie Boardwalk or Midwest. Low security deposits are a huge red flag!
If a "landlord" says I'm leaving tomorrow and you just have to send the money now - RUN. Typically if they were leaving they'd have a property management company manage the rental. The odd owner may go away and rent out his house but I would use extreme caution.
Tuesday, May 08, 2012
Dogs, dogs, dogs.
Do you rent to them? Not dogs directly but the people that own them? I'm starting to have reservations. Of course finding a niche and making it your own can help increase your rents or fees you charge thus increasing income. However, is the pet fee you take or the slightly increased rent you charge worth the post Rover clean up?How about this:
"This flooring is damaged beyond repair by a large dog. Pets such as dogs and cats can cause significant damage to a house, such as scratching, clawing, spraying, defecation and urination. Pets can generate allergens in persons sensitive to pet dander, fur, etc. Carpeted floors may need removal; hardwood floors may be permanently stained or damaged requiring repair, refinishing or replacement. Masonry floor surfaces may require chemical cleaning, neutralizing odors, and the application of a sealer to control odors. Pets can cause flea infestation in carpets and furniture and house requiring fumigation." Ace Home Inspection Inc.
Is that about $250 in the non-refundable pet fee or $50 more per month in rent? Try a few thousand dollars. I had to Ozone a townhouse to remove the smell of cat urine it cost about $1800.
I live by an off leash dog area and hear all the time - "My dog is friendly he won't bite anyone!" Only to have to grab my toddler out of the way as the dog jumps repeatedly on his back. I also got bit by a "friendly dog". My point if your tenant's dog is as quiet, old perfect as the tenants say then great! If not be prepared for some big bills or lots of diligence on your part to limit the damage.
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