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Winter Is Around the Corner: Is Your Rental Property Prepared? – Keyrenter Houston

Keyrenter Property Management Blog Houston Winter Preparation

According to the Insurance Information Institute, winter weather events are the second leading cause of property insurance claims. In 2019, winter-related claims accounted for $2.1 billion in property losses.

As a property owner in Texas, you might assume that you’re safe from these losses. However, Texas does experience cooler temperatures in the winter months, and you can take steps to prepare.

Read on to learn more about preparing your rental property for winter.

A Winter-Weather Checklist for Rental Property

Protecting your rental property requires preparation. The following are the most important steps you can take to protect your investment from damage.

1. Conduct a Heating and Air Conditioning Inspection

Check that your HVAC systems are running efficiently. Also remember to replace the filters.

2. Check the Ductwork

If you haven’t cleaned and inspected your ductwork in a few years, this year’s winter prep is a good time.

Debris builds up gradually, so experts recommend cleaning a property’s ductwork every 3-5 years. Doing so reduces strain on the HVAC system and keeps it running efficiently.

3. Inspect the Roof and Gutters

As you examine the roof, look for shingles that are cracked and broken. These can work loose during a storm.

Gutters should be free from dirt and debris. Clearing gutters and downspouts protects the roof and interior ceiling from leaks.

4. Inspect Doors, Windows, and Walls

Perform an interior and exterior inspection for cracks, and use caulking or sealant to patch any problem areas.

Also look for any gaps that indicate windows and doors aren’t closing securely.

5. Inspect the Chimney

A fireplace adds value to your rental property and increases its appeal and comfort for renters. However, a fireplace can create risks when not properly maintained.

As the winter approaches, ensure that your property’s fireplace and chimney are safe. A professional chimney sweep can clean the chimney and inspect it for signs of damage.

6. Be a Protector of Your Detectors

All states require property owners to install working smoke alarms. More than half of all states require working carbon monoxide detectors.

Your rental agreement should spell out smoke and carbon monoxide detector maintenance responsibilities. If those responsibilities fall to you, change the batteries and test these alarms as you prepare the home for winter.

If your rental agreement requires renters to maintain detectors, remind them of this responsibility.  

7. Conduct a Landscaping Inspection

Protecting your rental home and your tenants requires preparing not just the home but the rental property as a whole. This includes the yard.

Inspect trees and bushes for signs of weakness. Remove any branches that appear unable to withstand strong winds. 

A winter property inspection is also a good time to check sidewalks and other walkways. As you inspect the property’s cement work, look for cracks and raised areas. 

If an inspection reveals even minor cracks, use a concrete sealant to patch them. Doing so regularly—when you prepare your property for winter—can prevent minor cracks from becoming bigger problems.

8. Communicate with Tenants

As the owner, you’re ultimately responsible for protecting your rental home from damage. However, your efforts rely on your tenants. All the steps you take can mean little if your tenants aren’t informed and don’t follow through.

You can manage these steps and communicate with tenants yourself. However, hiring an experienced property manager is one of the best ways to ensure clear communication. Property managers can help you find the best tenants. They can also help you make the most of your investment.

9. Protect Vacant Properties

If your rental property is a vacation home or will otherwise be vacant for extended periods this winter, be sure to regularly inspect the property for signs of trouble. This is especially important throughout the winter months. 

Don’t Let the Winter Season Leave You and Your Tenants Frosty

A popular adage suggests that you don’t want to borrow trouble. You don’t want to rent it either though. Preparing your rental property for winter saves you and your tenants from inconvenience, financial loss, and potential injuries.

Follow these rental property tips to prepare for winter. If you have questions or want to enlist a professional property manager, contact Keyrenter Houston for assistance today.

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Property owners: Are You Doing This Every Year? – Keyrenter Houston

As everyone knows, time flies. It’s easy to put off things that need to be done until next week, next month, or next year. However, for property owners, there are several things that should be done annually, no matter what.
Keyrenter Property Management Blog Houston Property Owners

Renew Leases

When an annual lease expires, most state laws say the default result is a month-to-month lease. In order to keep your properties occupied, you should make sure all your leases are renewed for an entire year. This will also help property owners make better long-range plans by opening the discussion with tenants and forcing them to make definitive decisions.

Analyze Your Insurance and Renters Rates

It’s easy to assume that just because you have insurance and set renters rates, you don’t need to worry about that anymore. However, insurance companies frequently adjust rates and programs, and checking to make sure your rates are comparable to other companies’ offerings is a good idea. Take a close look at any coverage changes as well. Be sure that what you are charging for rent is still commensurate with what the local market is asking.

Confirms Locks and Keys Still Work

When tenants decide to change the locks, they often forget to tell the property owners and managers and to provide a new key. It’s important for you to be able to access the property in order to handle repairs or to access the unit once the property is vacated. Check once a year that the locks and keys are still in working order.

Update Tenant Contact and Emergency Information

It’s easy to lose track of your renters if phone numbers or e-mail addresses change over time. Double check that all your contact information is current annually and you won’t have to scramble around when you actually need to touch base with your tenants.

Check Maintenance Items

Let’s face it. Many tenants rent because they don’t want to be bothered with regular home owners’ chores like changing furnace filters, fixing leaky faucets or changing smoke detector batteries. Although most tenants will call for major problems or repairs like a broken appliance, many will tend to ignore those small maintenance items around a property. The problem is that those maintenance items end up costing you money. Leaky faucets and running toilets increase your water bill and dirty furnace filters can run up your heating and cooling costs. Making sure smoke alarms and carbon monoxide detectors are in good working order with fresh batteries is an important safety consideration.

Clean The Gutters

What autumn arrives and trees start dropping their leaves around your property, be sure to take the time to clean out your gutters so that water is properly routed away from the foundation of your property. That will help you avoid major water damage problems down the road.
By being faithful to an annual checklist of things to do with your rental properties, you can keep your property safe and maintained and your tenants happy and settled.

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How Drought Tolerant Landscaping Increases Property Value and Appeal – Keyrenter Houston

Keyrenter Property Management Blog Houston Landscaping

Are you a homeowner? If so, then you probably understand how much small changes can impact property value. This includes adjustments made to your landscaping. 

Believe it or not, improvements to your home’s landscaping is one of the best investments you can make. This is especially true with drought-tolerant landscaping which reduces the amount of water needed to maintain the vegetation around your rental property.

Keyrenter Houston looks at various drought-tolerant landscaping benefits. Keep reading to get the inside scoop on how to keep your property looking great while reducing your water usage.

Save Money By Saving Water

For starters, drought-tolerant landscape design is a great way to reduce water usage at your home. After all, most homeowners waste a tremendous amount of water in an effort to keep their lawns looking healthy and beautiful.

Cutting back on water usage is an ideal way to save money. Thus you are reducing your monthly expenses while also helping to take care of the environment.

No Need for a Lawn Mower

During the warmer months of the year, lawn care can often begin to feel like a full-time job. Most people mow their grass at least once every two weeks, if not more. Drought resistant landscaping largely eliminates the need to own a mower. 

Make Your Property Look Larger and More Beautiful

Another benefit is the fact that your property will actually look larger and more beautiful than before. This is because the edges of your lawn will seemingly melt away rather than butting up against boundaries. 

This results in landscaping that blends naturally with the native plants that already grow around your home.

You can also incorporate retaining walls, as well as small ponds and fountains in order to create a greater sense of depth on your property. 

Eliminate the Need for a Sprinkler System

Without grass to water, there’s no need to invest in expensive irrigation or sprinkler systems. This obviously saves a great deal of money, and will also cut down on the amount of water wasted by these types of automated in-ground systems.

No Need to Worry About Lack of Rain

Without a lawn that’s constantly in need of being watered, a lack of rainfall isn’t an issue. Thus it doesn’t matter how dry or hot the climate happens to be. By utilizing drought-resistant plants and decorative rocks, the amount of rain you receive annually won’t be a major factor in maintaining your lawn.

Provides Curb Appeal for Home Renters

It’s no secret that lush, large, mature landscaping is one of the fastest ways to attract quality tenants. After all, potential tenants are looking for a beautiful home. Drought tolerant landscape design on the outside of your home provides year-round beauty that will give them a reason to also want to see the inside as well.

A Guide to the Benefits of Drought Tolerant Landscaping

There are few things more satisfying than increasing the beauty of your home. Fortunately, drought-tolerant landscaping is one of the best investments you can make for taking the property value of your home to the next level. Please feel free to contact us for more information about our property management services.

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How to Properly Screen Tenants

It can be incredibly tempting to cut corners on the tenant screening process. This becomes even more common when you are trying to fill your rental property quickly. However, it is incredibly important to ensure that you thoroughly and effectively screen tenants in order to prevent large problems from arising further down the line. Here are a few tips to help you properly screen tenants for your rental property. 

Require an Application

It is crucial to ensure that you require all potential tenants to submit an application. This is critical in preventing huge issues, like claims of unfair housing practices. Along with the completed application, it is important to look into the history of the applicant. Perform a credit check, background check, and contact the references they have provided. 

Set Requirements

Setting requirements beforehand will help to simplify your tenant screening process. Ensure that you have clearly outlined your requirements regarding income, credit score, and more. This will also help to ensure that your employees are clear and on the same page about your specific requirements. 

Watch for Red Flags

It is important to watch for specific red flags during the tenant screening process. This can help you to prevent potentially problematic tenants in the early stages. Some of the most common red flags include applicants that are currently unemployed, have a bad credit score, maintain an insufficient income, have prior evictions or crimes on their record, want to move in extremely quickly, refuse to offer specific information, or are caught lying on the application. Even simply having a bad feeling about the applicant may be a red flag to pay attention to. The tenant screening process is an incredibly important component of managing a rental property. You should never cut corners when it comes to properly screening potential tenants. To get more information about the ideal tenant screening processes, contact us at the Keyrenter in Houston today!

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How to Best Avoid Rental Property Vacancies

A big expense for all landlords is having vacant properties. Lost rent, maintenance and repair fees, cleaning costs, and advertising can all add up the longer the unit sits on the market. The lost expense can really take a toll on your company, so finding ways to better reduce your vacancy rate can be key in your success of bringing in more profit. There are many actions that lead to high vacancy rates, but there are also specific steps you can take to reduce the vacancy rate of your rental properties. Here are a few of the big ones:

  1. Know The Market

Knowing the market might just be the most important factor in reducing your vacancy rate during trying times. Most tenants know what a fair rent payment would look like so it’s important to make sure you aren’t priced too high. The truth is, the quickest way to fill your property is to simply reduce your rate, however, you also don’t want to be too cheap. If your property is a nicer property, try charging on the higher end of the spectrum and visa versa. Vacancy rates are significantly high in Texas, but there are still things you can do to lessen your vacancy rate. Knowing the market and how to work with it can help you get ahead of the game. It is also important to find the right areas to rent homes in. Some areas have greater draw than others and will allow for easier rent cycles. On the other hand, not all areas are like this and will need to have more work done to rent the property if you happen to have a property in an area like this.

  1. Screen For Long-Term Tenants

Long term tenants mean longer periods of time without having to deal with vacant properties. Long term rentals will be, in-turn, vacant less often as their turnover rate is inherently lower. Additionally, the longer tenants stay at a property, the deeper their roots grow and the more they will want to make their stay more permanent. You can provide incentives to tenants to get them to sign for a longer lease such as: offering a reduced rate for a two-year rental or lowered utility bills. Whatever you are willing to give works. Maintaining filled rental properties should always be the goal. Afterall, filled units provide the greatest return on investment.

  1. Make Timely Repairs

Making timely repairs for tenants helps them to see you as a proactive, on top of it, type of company. It will also create a higher customer satisfaction rate which can influence current and future tenants. Making timely repairs means you take action right after something goes wrong at the rental property. Depending on what the issue is, can depend on how long it should take to be resolved. But by being on top of repairs every time, tenants will come to trust you more and they just might want to even extend their lease.

  1. Price Right

Pricing your rental property the right price is key to reducing your vacancy rate. If you’re asking for rent that is too high, you’ll soon find you don’t have many applicants, leading to longer vacancies and more money out the door. To find the right price range you should be charging, look at comparable properties to help give you an idea of what a fair price would look like. “Guesstimating” a price to charge is not advised. It’s important to know exactly how to price your investment so you can maximize both your return on investment and maintain a competitive price.

  1. Act Immediately

The day your tenants vacate is the very same day your handyman/contractors should be visiting the property to assess any possible repairs that may need to be done and taking action on them. You should also act quickly to begin advertising and doing everything you can to get your property seen and rented. Every day that passes while your contractor “gets around to it” will cost you money; the clock is ticking and bills will continue to pile up as your property sits vacant.

  1. Get to Know Your Tenants

Getting to know and becoming friends with your tenants might just be the best way to keep your tenants longer and create a more positive vibe for your company. For tenants, it is harder to leave a friend’s house than it is to leave a rental ran by someone you don’t know or don’t like. Take the time to learn more about your tenants and do your best to make them feel at home. This will make it harder for them to want to leave and will help the overall success of your business. After all, relationships are key to any successful business. It’s all about the people you know and the way others see you. So be positive and inviting!

Looking for a few more ways to reduce the vacancy rate of your rental properties? Contact Keyrenter Houston today and we can help you out!

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Common Landlord Mistakes to Avoid

There are many different reasons why people get into the rental business. They may have inherited a property or decided to rent out an old home. Or perhaps they simply decided to buy a few properties as a source of income. Whatever the case may be, being a landlord can either be profitable, or very costly. Everyone makes mistakes, but it’s always nice when you can see an outcome coming and take action to prevent it. Here are a few mistakes to avoid in order to keep your rentals as profitable as possible.

Not Understanding the Local Market

Before starting to rent your property, it’s important to do research and find out the good and bad of the units so you know how to market it. Make sure your rental is in a desirable location that will attract potential tenants. Get to know the neighborhood, including access to transportation, grocery stores, area features, and businesses. Learn the dynamics of the local market including what is charged for taxes and therefore what you can charge for rent. 

Not Treating it Like a Business

Your rental property is a source of income, and it should be treated this way. Consider using accounting software or a spreadsheet to keep track of all income and expenses. Document all of your procedures and communications with applicants and tenants and be sure to stick to rules set out in your lease. You may even want to set up an LLC (Limited Liability Company) for ownership and to protect you from legal actions or claims.

Underestimating Maintenance Expenses

Maintenance expenses can make a property that seems like the ultimate home run into a huge drain in your bank account. These expenses can also sneak up on you, such as water damage which can cause you to have to replace roofs, exterior walls, flooring, baseboards, and much more. To prevent this from breaking your investments, be sure to set aside part of your earnings each month.

Not Following Your Landlord Responsibilities

Getting a tenant is a huge milestone for your first rental, however, this doesn’t mean that you can leave them be and expect the property to take care of itself. It’s your job to meet the requirements of your lease agreement. This means checking in on your tenants, keeping tabs on the condition of the property, completing regular preventative and seasonal maintenance, and responding quickly to requests. This will insure that your property is a healthy and safe place to live. Neglecting your property and your tenants could result in higher turnover, more vacancies, less rental income, and even lawsuits.

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How to Recognize Problem Tenants Before They Become a Problem

There are many reasons that the tenant screening process is in place. Problematic tenants often lead to evictions, which can be both stressful and expensive. In addition, the time that you have to spend on the eviction process is time during which a paying renter may have otherwise been able to live in the property. Here are a few tips for recognizing problem tenants early on and preventing the disruption and damage these kinds of tenants can cause to your rental property business. 

Gaps in Employment

If there are large gaps in their employment history, you may be able to expect gaps in their employment while they live on your property. Keep in mind, however, that they may have valid explanations, so make sure you address these gaps during the interview. 

Insufficient Income

Understanding whether an individual can afford your rent prices is a matter of simple math. Most people recommend that tenants budget 1/3 of their monthly income for rent. If they aren’t making enough money to do so, they likely can’t afford to live on your property. 

Low Credit Score

Ultimately, a credit score reflects habits and the history of the applicant’s financial situation. A low credit score indicates past financial problems, which can be a red flag if you wish to receive regular rent payments!

Objecting to Background Checks

Anyone that doesn’t have something to hide will be more than happy to agree to your standard background checks. If they refuse or object, it is likely that they are hiding something in their past. 

Haggling in Any Form

Haggling is a huge red flag. An applicant that attempts to haggle over rent, deposits, and other fees likely doesn’t have sufficient income to live in your rental property. 

Listen to Your Instincts

When it comes down to it, your gut is usually right. If you feel wary about renting to a potential applicant, don’t. It is extremely likely that there is a reason for your unease. Problematic tenants can be disastrous for landlords. Watching out for these warning signs can help you to prevent these bad tenants from ever becoming a problem. To learn more about efficient tenant screening and the warning signs to watch out for, contact our team at the Keyrenter in Houston today!

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Helpful Tips For Maintaining Property Appeal

It is essential to ensure that your rental property is appealing to tenants. This can help to ensure that your tenants stay on your property for longer, as well as help to fill vacancies quickly. Here are a few helpful tips for maintaining the appeal of your rental property. 

Focus on Curb Appeal

The curb appeal is an important component of an appealing rental property. The exterior of your property will ultimately be the first impression that potential tenants have of the rental property. Ensure that the landscaping is well-done and relatively easy to maintain. 

Thorough Cleaning

No one wants to live in a dirty home. It is important to ensure that you keep the property clean in order to retain tenants and fill vacancies. Power washing the exterior of the building can go a long way toward increasing the curb appeal of the property. In addition, thoroughly cleaning the inside of the building can help to ensure that it remains appealing.

A New Paint Job

A new paint job is one of the most cost-effective upgrades that you can make for your building. These upgrades can substantially improve the overall appearance of the property. However, everyone’s tastes differ slightly, so you should stick primarily to neutral colors for your new paint job. 

Upgrade Kitchens and Bathrooms

When it comes to property value, the kitchens and bathrooms are often the most important factors. Upgrading appliances and areas of these rooms can help to increase the value of your property and ensure that it remains appealing to tenants. In addition, adding a bathroom to a building will allow you to charge much higher rent. An appealing rental property is certain to be more profitable. To learn more about how to ensure that your rental property remains appealing, contact our experts at the Keyrenter in Houston today! 

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Technology’s Impact on Property Management Businesses and What You Should Know

The real estate industry has traditionally been slower to embrace technological advancements than many other fields. In the past decade, many industries have changed for the better thanks to technological advancements including media, transportation, communication, and retail. Many have said that real estate is immune to this change, and better without it, however, technology is actually making it easier and cheaper than ever to invest in real estate. Here are a few ways that integrating technology in your business can help you stay organized and save you money.

Going Paperless

There’s no need to clutter your office with endless filing cabinets full of paperwork. It’s now easier than ever to scan old documents and let your computer do the filing. Even lease agreements can be created and signed through word processors which means no printing and no need to make an incoming tenant come into the office to sign. Storing all of your documents in the cloud means every document, text-message, request, rent payment, employee manual, email, and every other interaction can be accessed by anyone in the company with a click of a mouse. 

Maintenance Logging

Along with keeping normal paperwork on file, this allows for an easy way to keep track of your properties’ maintenance records. For example, if before a new tenant moved in you had to clean a property’s carpets, you could log that in your records. Then if you decide to invest in the cleaning on your properties, you’ll know that that one doesn’t need its carpets cleaned. You can also log things such as checking smoke detectors, plumber visits, filter changes, etc. 

Faster Rental Information Flow

In the past, setting a rent amount would be based on the memory of property managers and local investors. Now, you can find a rental estimate using different websites as data points. To find tenants, managers would have to put a listing in the local paper or hope to spread information by word of mouth. Now, there’s tons of sites you can use to find tenants such as Zillow, Craigslist, and Apartments.com which generate interest to anyone from anywhere. When tenants find your property and like what they see, they can do a 360 tour on their computer or smartphone and even schedule a showing with the click of a mouse. 

No Need for an Off-site Office

Huge, expensive offices and large, all-hour staffs are now a thing of the past. Since all important documents are on the cloud, anyone working on-site can easily access them from their smartphones. Because of this, property managers can spend all of their time on the actual property and give more individual attention to their tenants. Even if someone’s not available, there are 24/7 emergency numbers tenants can call if they have a maintenance emergency.

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10 Tips on How to Retain Your Best Tenants

Every landlord knows that every minute your property sits without a tenant means money lost. So how do you keep good tenants to stay? Here are 10 tips to help keep them where they are and save you the hassle of trying to find someone new.


1. Keep up on Maintenance

The best way to keep tenants happy is to make their rental feel like home. In order to do this, it’s important to make sure any issues they have are taken care of quickly and effectively. This will also help you spend less time on big repairs if you do have to turn over the unit in the future. Offering things such as carpet cleanings and drain checks will make your tenants feel like you care while allowing you to take care of the unit.


2. Be a Good Communicator

Make it easy for tenants to contact you. Whether that means allowing them to text you or simply staying on top of emails is up to you, but it’s important to be timely with your responses and make sure tenants feel like they’re being heard. Discuss any issues they bring up and resolve them as quickly as possible.


3. Keep Your Units Up-To-Date

Offering new appliances and keeping your units looking modern will go a long way in keeping good tenants in your unit. If your apartment still looks like it did a decade ago, it’s probably time for some updates.


4. Be Proactive With Renewals

Reminding your tenants a few months in advance about their opportunity to renew will give them time to think about their options and give you more time to find a replacement if they decide not to renew. If they tell you they don’t want to renew, this also gives you time to find out why and offer incentives to convince them to stay.


5. Give Them a Reason to Stay

Make it easier for your tenant to switch apartments within a building or within your portfolio than it is to move out. Offer a rent increase less than usual for the upcoming year if they renew. You can also offer renewal incentives such as free covered parking, gift cards, or let them choose from a list of approved renovations such as new flooring or different colored walls. If they seem tentative, ask them what concerns they have and try to come to an agreement.


6. Build a Community

Sponsor a BBQ, 5k, or charity fundraiser. Spread the word through your newsletter and make sure your tenants know everyone is invited. Set up a weekly book club or include an outdoor area where people can mingle and get to know each other. Best case scenario, your tenants become friends, making them less likely to move out and helps your property be known as a fun, welcoming place to live.


7. Give Notice About Potential Problems

If you get a notice that the city is going to be doing construction on a nearby road or you decide to update a unit that will involve some noise, let your tenants know. Even giving them one day’s notice will show consideration of their lives.


8. Enforce Rules Fairly and Equally

If tenants have assigned parking, be sure to keep an eye on their parking stalls and make sure everyone is staying in their assigned spots. Enforce any noise or smoking rules in every area and throughout all hours. Make sure people clean up after their pets. If a tenant complains about someone not following a rule, look into it promptly and have consequences in place. Leniency on these things will make tenants feel like no one is paying attention.


9. Train Your Staff to be Tenant Friendly

Even if you’re not able to personally attend to every tenant, your staff should be able to address them as you would. Make sure to hire people that understand your policies, enforce your rules, and treat your tenants with respect.


10. Encourage a Longer Lease

Encourage the tenant to sign a longer lease at a reduced rate. For example, if they usually sign a year-long lease, offer to have them sign a two-year lease at a reduced rate. Although you may lose some profit on rent increases, it will most likely be worth it to have a long-lasting, rent-paying tenant.

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