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Main Takeaways Renters’ liability insurance gives you coverage for personal liability and medical expenses if someone gets injured in your rental. While its not legally required, many experienced and tenant-focused property management companies in Philadelphia may require it for their rentals. Let’s get started.
RevPAR RevPAR stands for Revenue Per Available Rental and is a core metric used by everyone from vacation rental property managers to global hotel bosses. This will show you how often you had guests in your rentals versus your total availability. To calculate it, divide the total revenue by the number of nights sold.
Energy Efficiency and Smart Building Technologies Rental ROI is tied to property expenses. The less it costs to operate a rental, the higher the return for the owner (and, by extension, you as the property manager). Optimizing Rental Rates Setting rental rates can be a delicate balancing act.
You’ll have no choice but to cancel one of the bookings, which costs you lots of admin time and isn’t a good look for your vacation rental business. Although iCal technology has been around for a while, it isn’t ideal for the short-term rental industry, and specialized vacation rental channel managers are a much more powerful solution.
Property managers—particularly those looking to grow—can use a rent roll to keep track of money collected from residents, look for potential problems with vacancies or turnover, compare rent and fees to market prices, and look for opportunities to increase revenue from individual units or even entire properties. What Is a Rent Roll?
Managing properties whether its a few rentalunits or a growing portfolio takes a lot of time, organization and resources. A professional property management platform like Revela brings everything under one roof, so you can scale easily whether you manage 10 units or 10,000. Here are the clear signs to watch for: 1.
While it can be tempting to enforce strict pet policies for your rentalunit, you could be doing yourself a disservice in the long […] The post A Landlord’s Guide to California Pet Laws appeared first on Welcome to Genuine Property Management.
Whether you own a single rentalunit or a large portfolio of properties, accounting software can help you manage your finances more effectively, reducing the stress associated with manual record-keeping. There are a variety of software solutions available, each offering different features suited for landlords with varying needs.
Find the right mix of distribution channels If you take away one thing from this guide, it should be this: find channels that fit your rentals and target audience, and get listed on as many as you can. Using a vacation rental channel manager like RentalsUnited can help you manage your listings across your channels.
Main Takeaways Here’s what can void a notice to quit in PA: Improper Delivery or Notice Errors A notice must be personally delivered or posted at the rentalunit. Your landlord has served you with a notice to quit, and you don’t know what in the world you should do. Providing the wrong timeframe can void the notice.
Learn more about how RentalsUnited and Booking.com worked together to bring property managers a connection that exceeds standard channel management in the vacation rental industry. The vacation rental industry is constantly evolving. having to log into Booking.com every time).
Read along to learn what each option covers and how to choose the right insurance for your rental. Landlord insurance is essential it covers your property structure, liability risks, and potential loss of rental income if your unit becomes unlivable. Landlord Insurance (Rental Property Insurance) This one is the core policy.
Long Beach, California is an attractive market for real estate investors due to its coastal location, growing economy, and strong rental demand. The city offers a diverse range of properties, from high-end beachfront homes to affordable multi-family units, making it suitable for both seasoned investors and those just entering the market.
As proptech continues to expand, integrating smart technology into rentalunits early gives properties a strong competitive edge. With features that improve comfort, security, and energy efficiency, smart home technology benefits both residents and property managers. What isSmart Apartment Technology?
Moving into a new rental property can be an exciting experience for tenants, but it can also be stressful. Coordinating the move, getting the keys, signing the lease, and making sure the unit is in good shape before move-in are all high priorities. Why Is a Move-In Checklist Important? For a move-in checklist template, click here.
If youre managing rentalunits, commercial spaces, or mixed-use properties, a solid understanding of proptech and how to use digital tools effectively comes with the job description. For example, an IoT-enabled HVAC system can lower heating in unoccupied units during the day and increase it before tenants arrive.
Enhanced Security Deposit Transparency (AB 2801) To address the disputes over security deposits, AB 2801 requires property owners to document the condition of a rentalunit before renters move in and after they move out, using time-stamped photographs.
The RentalsUnited Worlds Top 50 Property Managers is our annual ranking of the largest most industry-redefining vacation rental companies worldwide. The vacation rental industry has seen significant growth in recent years, with numerous companies emerging as leaders in the field.
Greensboro, NC Rental Market Statistics Rental Inventory (Q3-’24): 50,563 Units Added Since Q3-’23: +588 Asking Rent Growth Since Q3-’23: 1.8% Market #1: Greensboro, NC The Greensboro metro area’s 789,842 residents make it the third-most populous city in the state. Today, in addition to remaining a center of the U.S.
This rental model combines the income potential of short-term stays with the reliability of longer leases. At RentalsUnited, weve analyzed our internal data and turned it into insights to help property managers like you build adaptable rental strategies and maximize bookings. Less flexibility.
approach pest control in multi-unit buildings. And if youve had tenant complaints or noticed ants becoming a recurring problem, it might help to see how property management companies in Washington, D.C. Theres often more to it than just a can of spray. These tiny creatures are always on the lookout for food and water. Theyll find them.
Maintenance Cost per Unit or Property Maintenance cost per unit or property measures the average maintenance expenses per rentalunit or property over a set period. A fast initial response builds trust with tenants and reduces frustration, even if the repair takes time.
A vacant rentalunit not only generates no income but also adds to ongoing costs like maintenance, utilities, and advertising. Keeping your rental property occupied with reliable tenants is crucial for maximizing your return on investment and minimizing the time between leases. Strategies to Keep Vacancy Rates Low 1.
As a child, Hank Rossi sometimes helped his father take care of the family rental-maintenance business. In the mid-90s he got into the rental business for himself. ” How Can I Monitor Tenant Smoking In My No-Smoking Rental? Remember Hank is not an attorney and he is not offering legal advice.
In a world where visibility is everything, Booking.com is a platform no serious short-term rental (STR) property manager can afford to overlook. We have compelled this guide for you to truly get a sense of what Booking.com is and how you can use this platform to expose your short term rental or vacation rental business.
Reducing vacancy rates isn't just about luck or timing; it's about strategy, preparation, and knowing the right moves to fill your rentalunits. This guide will equip you with proven techniques and insights for keeping your properties occupied, maintaining a steady rental income, and building a thriving rental business.
Operators Are Using AI Organization-wide I participated in the “AI and the Future of the Industry” session on Wednesday with Anne Baum, VP of Marketing at Towne Properties, Cindy Clare, Chief Operating Officer at Bell Partners and Ian Mattingly, President at LumaCorp Inc. The takeaway? It’s not a big gradual improvement.
Managing a rental property comes with more work than most people expect—advertising vacancies, answering calls, showing units, and sorting out lease paperwork. So, if your rentalunit goes for $1,800 a month, you can expect to pay $1,800 once they’ve secured a signed lease. Let’s find out. What Does a Leasing Agent Do?
Keep reading to get the insights you need to maximize your rental income. Why Vacancy Rate Matters for Landlords Before diving into the details, lets define vacancy ratesimply put, its the percentage of vacant units compared to your total rentalunits. Notably, empty units mean lost rental income.
At RentalsUnited, our goal is to provide vacation rental property managers with all the tools to drive bookings and manage their businesses efficiently. Thats why, at RentalsUnited, weve created a simple but sophisticated tool that allows you to set up each extra charge separately and sync them to all your connected channels.
When you acquire another company, you can quickly add new rentalunits under management, enter new markets, and broaden the types of properties you oversee. Growing a property management company traditionally means building a strong local reputation, gradually attracting new clients, and expanding door count over time.
The Amsterdam-based company particularly popular with Europeans originally focused on hotels, and now boasts an ever-growing inventory of vacation rentals. Listing your vacation rentals on platforms like Booking.com is essential in an increasingly competitive market, and tools like RentalsUnited make it easy.
Find out how the RentalsUnited’s Vrbo channel manager can help you sync your rates and availability in real-time. If youd like to learn more about writing headlines that convert, check out our guide to vacation rental copywriting its got a couple of foolproof headline templates, too.
RentalsUniteds Unified Inbox can display 90+ booking channels, all in one dashboard. Its included free in all RentalsUnited plans, and users can view reservation details alongside each conversation, filter messages for quick access, receive real-time notifications, and send or receive attachments directly.
Needless to say, you’re probably wondering: How do I deal with cockroaches in a rentalunit? In multifamily properties, roaches spread easily between units, and what starts in one kitchen can quickly reach several others. Nothing bugs people as much as finding cockroaches in an apartment building. Don’t downplay the issue.
Many standard leases say that landlords are responsible for maintaining the rentalunit in a “safe and habitable condition.” So, how often must landlords repair damaged window screens? This guide will help you determine when it’s the landlord’s responsibility to fix them and when it might fall to the tenant. Let’s get right into it.
For example, Buildium Marketplace partner Beekin analyzes data from over 15 million rentalunits to quickly give you rent estimates for apartments, single-family homes, and condos. As a property manager, you can help your clients keep up with market rent by sharing reliable rent data. Let tech enhance your team, not replace it.
California is preparing for new move-in, move-out documentation law that requires landlords take photos of rentalunits before and after a tenant moves in. The new documentation law requires landlords to take photos of rentalunits before and after a tenant moves in.
Top serviced accommodation channel managers in the UK Here’s a breakdown of top channel managers that are relevant to the UK market, with features that respond directly to rental trends and operational needs. If you are doing it the manual way, there is a lot of time and money you might be losing.
By understanding your options, you can make informed decisions to protect your rental property investment and ensure long-term financial security. Landlord liability insurance is a type of coverage designed to protect property owners from financial losses due to accidents or damages occurring at their rental property.
Spring: Refresh and Prepare for Peak Season Spring is all about renewal, making it the perfect time for maintenance and getting ready for a busy rental season. Maintain A/C Units Make sure air conditioning is running efficiently to prevent mid-season breakdowns. But managing a property isnt the same year-round.
Rental Increase Notice Periods There’s no rent control in Colorado on a state level, and the local cities are prohibited from implementing their own rent stabilization laws. One of the most common legal pitfalls we see rental property owners trip over is understanding what they can deduct for. Does your lease give you 60 days?
Its more common than you might think and can happen even in vacant rentalunits. Sometimes, it even happens in rentalunits that are sitting empty between tenants. In that case, it’s definitely important to check out the attics, basements, and even empty units. It’s called phrogging.
Furnishing a rentalunit is one of those behind-the-scenes tasks that can quietly makeorbreak your tenants first impression. Long-term value: A well-furnished rental attracts reliable tenants, reduces turnover, and enhances rental incomemaking it a strategic investment for landlords. Wondering where to start?
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