Marina Shlomov
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Homeowners Insurance vs. Landlord Insurance
Oh, the world of insurance — it can be frustrating to understand and as confusing as trying to do a Rubik’s cube with your eyes closed. As an Atlanta property manager, I know that you need to have insurance to protect against any possible property damage, but which kind do you need and what does it cover?The following is a breakdown of the differences between a Homeowner’s Insurance Policy and a Landlord Insurance Policy.Homeowners InsuranceHomeowners insurance typically covers a property from forces of nature, such as wind, fire, storm, or earthquake damage. In addition, it protects the homeowners property and…
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5 Things You Need to do to Your Rental Property Every Year
You have spent much time and resources on your rental property investment. Just because you do not reside in your rental property does not mean you should ignore its needs. As Atlanta property managers, we want to remind you, that your property is an investment and part of your livelihood. If it is not maintained, it may be difficult to keep a tenant – and a happy one, at that.Weather, outdoor debris, and normal wear and tear can begin to weaken parts of the home over time. Some of these struggling areas may not be clearly visible, but that does…
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What Do Your Tenants REALLY Want?
Everyone has heard horror stories about bad tenants. They make movies about them because melodramas sell at the box office. While there are bad tenants who cheat owners out of rent and can be destructive, the majority of renters are simply good people.What investors really want is good tenancy, as well as the best return on their investment. These are the very reasons why property owners should care about what good tenants want.Fair PricingMost people are thrilled when they can get a great deal or an under-priced commodity, but the bottom line is that everyone wants a fair price for…
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Landlording: Beware of Tenant Retaliation
Fair Housing law defines retaliation as an act of harm by the owner, manager, or agent against a resident or applicant because that resident or applicant has asserted their fair housing rights. This important legislation protects the right of the applicant, resident, prospective home buyer, or loan seeker to file a discrimination case, or to participate in a discrimination investigation. Sufficient evidence can support a charge of retaliation even it does not support the main discrimination charge.Landlord vs. TenantA common retaliatory eviction often stems from landlords who do not want to provide reasonable maintenance. Here is a true instance of…
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10 Good Resolutions for Landlords To Do Anytime To Improve Their Business
The beginning of January is traditionally the time when people are planning their year and making their “New Year Resolutions.” Even though we are now in July, it’s still true that many people forget their resolutions as the year progresses. So, just a reminder that all property owners could benefit by sitting down and making a list of resolutions that would insure the success of their investment then work to keep them, weather in January or in July. Here are ten good resolutions for landlords that can be done anytime through out the year that can benefit their investment portfolio.Review…
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Effective Documentation For Landlords
Today, when you buy or rent a property, the amount of paperwork required is often staggering. Once upon a time, an agreement to purchase or rent a property was one page, but now the basic agreement is multiple pages often accompanied by multiple disclosures or addendums.There are certain documents that are a necessity and the first is a comprehensive rental agreement, whether it is a lease or a month-to-month agreement. While most states still recognize a verbal agreement as legal between a property owner and tenant, the majority require a written agreement for real estate/property management companies. Whether it is…
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Raising the Rent
While reviewing their return on investment (ROI), many property owners think raising rents will improve the bottom line for the upcoming year. It is important to review income and expense figures on a regular basis and stay in tune with the housing market. However, as your property management company, we know there are many things to consider when contemplating a rent increase.Current leaseFirst, remember that a tenant is not the only one bound to the lease – so is the landlord/property owner. Therefore, the first thing we check is the current rental agreement to see if we can legally issue…
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How To Keep The “Good Tenants”
As Landlords know all too well, keeping good tenants is critical yet, sometimes difficult. If you are looking for a way to reward your good tenants, then we have a few ideas to share!Tenant Turn Over CostlyFirst, let’s discuss why tenant retention is so critical. Tenant turnover can cost anywhere from $3000 to $5000 (or more) in lost rents, marketing time and any repairs that need to be made to the property after a tenant moves out. Good tenants make your life a little easier because you have the reassurance of knowing you have a steady stream of income and property…
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Generation Gap: How To Make Your Rentals Friendly For Millennials & Baby Boomers
In recent years, rental properties have been adding a list of exciting new amenities to reflect the demands for the latest technology and comfort. When it comes to making your property friendly for a wide variety of tenants, you’re probably looking for ways to create a fresh offering of amenities that will appeal to virtually anyone. To do this, you need to offer amenities that accommodate the generation gap that is currently present in America.Millennials, the group of people born between the 1980 and 2000, and baby boomers, the group of people born between approximately 1946 and 1964, are the…
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4 Steps To Easier Security Deposit Returns
Landlords and Rental Property Investors. There will come a time when a tenant will be exiting your property and you will have to return all or a portion of their security deposit as part of the provisions of the termination of their lease. Below are I shared with your our 4 Step process for returning tenant security deposits.4 Steps To Easier Security Deposit ReturnsStep 1 – “Start before the tenant moves in”. This may sound like an odd approach to take but common sense steps in the beginning will increase the odds for success when the tenant moves out and the security deposit…
