The RSI blog was created as a convenient way to share information and ideas that pertain to the multifamily housing industry and discuss employment screening best practices. As a full-service background screening company, Rental Services, Inc. knows the information we provide is key in your success, that’s why No One Checks Them Closer!
TIPS FOR SETTING YOUR RENT AMOUNT
In a perfect world, your rent amount would cover all of
your expenses for the property plus allow you to claim anywhere from 1-6% of
the rent as profit.
rental prices convey status, but prices that are too high will drive renters
away. Similarly, if your rent is set too low, interest will wane due to the
assumption that the unit must be unfavorable. The key to successful
price-setting is finding that middle ground, ideal for the current rental
Here are some tips to help calculate an appropriate rent
for your property:
1.)Know your monthly
expenses for the property. This should include any mortgages, loans, the average
costs of maintenance or repairs, advertising fees, vacancy costs, screening or
in local newspapers and online advertising for properties that are similar to
your rental property, and within a close geographic area. If you track these
ads for several weeks, you will see patterns arise among the properties that
rented quickly and those which did not. You will also be able to note any
changes in asking prices. Identifying properties that rented within the shorter
time range or adjusted price point, will give you a good idea for what is a
reasonable asking price in the area.
available units in your area, compare features, and ask the landlord about the
level of interest they have seen with the current price.
your price based on the amenities available. Convenient location, favorable
views, good parking, updates, square footage, floor level (upper level units
are, generally, more desirable), closet space, etc. may all be cause to increase
that you will not set the price for your property and then leave it unchanged, for
the duration. By watching the market in your area, you will be able to adjust
your pricing appropriately, and maintain high demand for tenancy.
amount that provides market supported profit for property owners, is not
evasive or difficult to obtain. By following the above tips and remaining open
and aware of changes in the local market, you should have great success.
If you own rental property in the state of Colorado you need to make sure you’re aware of the new warrant of habitability statute that was past in 2008. As the end of 2009 approaches I still talk with property owners that are not aware of this rule. A complete copy of the House Bill is listed below for your review.
HOUSE BILL 08-1356
SECTION 1. 13-40-111 (1), Colorado Revised Statutes, is amended to read:
13-40-111. Issuance and return of summons. (1) Upon filing the complaint as provided in section 13-40-110, the clerk of the court or the attorney for the plaintiff shall issue a summons. The summons shall command the defendant to appear before the court at a place named in such summons and at a time and on a day which shall be not less than five business days nor more than ten calendar days from the day of issuing the same to answer the complaint of plaintiff. The summons shall also contain a statement addressed to the defendant stating: "If you fail to file with the cour…
Back in March of 2015 Equifax, Experian and TransUnion
launched a website, http://NationalConsumerAssistancePlan.com.
This website was setup to inform consumers about the implementation of the National
Consumer Assistance Plan. This mission of the NCAP was to make credit reports
more accurate and easier for consumers to correct mistakes found on their
credit report. This sounds great, but it has had a negative impact on property owners
conducting background checks.
On July 1, 2017, Equifax,
Experian and TransUnion began to exclude most public tax
lien and all civil judgment information that didn’t meet the new NCAP
standards. The new standard requires each credit bureau to remove records that did
not include a person’s name, address and either a Social Security number or
date of birth. It also requires Equifax, Experian and TransUnion to verify
public record information by visiting court houses every 90 days. When you
remove tax lien and civil judgment information from a consumer c…
Over the past few years Rental Services,
Inc. has noticed more companies transitioning to the use of applicant tracking
software, also known as property management software. These software products
handle the general bookkeeping and keep track of a resident through the complete
rental cycle. Many of these software platforms have an additional option that
provides automated tenant screening services for an extra fee. RSI has also noticed these companies using an instant nationwide criminal report.
I’m writing to clarify why the automated tenant screening provided with this
type of software and the nationwide criminal records are an inferior product
compared to the reports provided by Rental Services, Inc. and why using them is
not in your company’s best interest.
Let’s start off by looking at Eviction records, they tell
you a lot about a perspective renter. The first eviction can be traumatic for
the renter. The second eviction doesn’t hold the same mystery. It’s like
watching a scary…