Have you come across the term “normal wear and tear” recently? If you’re a new landlord, you’ve probably heard it. Landlords are responsible for any normal wear and tear that happens in their property, and distinguish it from tenant damages.
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Are you looking to buy your first investment property?
Becoming a landlord can make a significant difference in terms of financial security and growing your wealth. Rental property ownership, however, does come with its distinct challenges.
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The longer a tenant stays in your property, the more autonomy they wish to have. This can reflect on their need to decide the color of the rental unit. Most landlords prefer to use neutral paint colors such as cream and beige for easy maintenance, while some tenants prefer bold colors to express their personality.
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As a landlord, you want to make the most return on your investment property, and in most cases, you have a right to charge as you see fit. But to raise your rent, you have to follow proper procedures.
Keep in mind that there may be limits to how much you can charge and when you can change your rates. Here are general guidelines for raising your rent each year.
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Can’t seem to keep your Kansas City tenants long-term?
Hight tenant turnover rates can cost a property owner a lot of time, effort, and money.
To be a successful and profitable landlord, you need to reduce or eliminate your turnover expenses. You can do so by keeping good tenants in your properties longer or incentivizing prospective tenants to choose your property quickly.
A discount can help accelerate the tenant search and lessen the negative financial impact tenant turnover is costing you.
Considering its varying advantages, offering a short-term deal can prove to be beneficial in the long run. The incentives that you offer your tenant will cost significantly less than what it would to maintain an empty property.
To learn more, keep on reading for 6 tips that will help you keep your Kansas City tenants:
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Being a landlord isn’t all about collecting rent at the end of the month. There are many important tasks that must be completed in order to own a successful rental property in Kansas.
An important chore among these tasks is property maintenance.
A well-maintained property is appealing to potential tenants, and attracts the right ones to your rental unit. It also improves their quality of living, making them less likely to leave, avoiding vacancies and high turnover rates.
Read more »Outdoor concerts, parks, and numerous museums come together to form this fantastic city. It even attracts individuals who live out of town who commute into the city for its numerous attractions.
As a local Kansas City business, we know our area and what it has to offer. If you’re new to the area, you need to check out these six must see places in Kansas City.
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Buying a home is more than just a transaction. It’s a major life event. Making that purchase is tied to people’s dreams, goals, and future plans.
That’s why there are laws put in place that safeguard people from discrimination in the housing market. Since buying or selling a home carries many implications for the people involved, only regulations can keep it fair.
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When it comes to filling a rental vacancy in Kansas City, MO, your success depends on how well your list your property. Why? Well, it’s technically the first form of contact between you and your potential tenants.
Generally, it takes less than five seconds for a tenant to decide whether to read more about your listing or to move on to the next one. That means that you only five seconds to convince browsing renters that your property is worth their consideration.
So, what can you do to catch their attention? This post offers you a few great tips on how to write a impressive rental listing for your property in Kansas, MO. Here’s what you need to do:
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Congratulations on becoming a landlord. Sure, the journey wasn’t that easy, but you endured it all and made it to the finish line.
So, now what next?
Well, if you are like most investors in Kansas City, MO, your investment goal is to make money. In the rental business, this means earning a rental income.
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