Category: Home Solutions

Effective property management is key to achieving real estate success. It’s more than just collecting rent; it covers everything from tenant screening and maintenance to legal compliance and financial reporting. Essentially, it’s about optimizing your property’s potential, reducing stress, and boosting returns. Grasping these core principles offers peace of mind and sustained success in the competitive real estate market.

At Home Solutions, we turn those principles into action—offering comprehensive property management tailored to your goals. Whether you own a single rental or a growing portfolio, our expert team handles every detail with precision and care. Let us help you protect your investment, maximize your returns, and enjoy hands-off ownership. Contact us today to discover how effortless real estate success can be.

What Is Property Management?

Property management is the daily oversight of residential, commercial, or industrial real estate by a third-party contractor. Generally, property managers take responsibility for day-to-day repairs and ongoing maintenance, security, and upkeep of properties. They usually work for the owners of investment properties such as apartment and condominium complexes, private home communities, shopping centers, and industrial parks.

Their main roles are to manage routine tasks delegated to them by the owners and to preserve the value of the properties that they manage while generating income.

Understanding Property Management

Property developers generally want to move on to the next project as soon as each one is completed. Even if they continue to hold title to the property, they prefer to delegate the day-to-day operations to an outside company.

The responsibilities of a property manager generally involve the following:

• Screening potential tenants
• Drafting, signing, and renewing leases on behalf of property owners
• Collecting rent
• Maintenance of properties, including landscaping and snow removal
• Arranging for necessary repairs to properties
• Setting up and adhering to budgets for property maintenance
• Understanding state and national landlord-tenant laws and regulations
• Marketing properties
• Supervising other employees
• Handling taxes

The companies must comply with any state and local landlord-tenant laws and regulations.

Owners pay property managers a fee or a percentage of the rent generated by a property while it is under their management.

Types of Property Management

Just as property comes in many types, so do property managers. Some firms are specialized in providing management for a particular type of property, while others offer management services over a range of property types. A huge range of property types can be managed.

Residential Property Management

Residential property managers are typically hired for rental properties, and they manage the rental process. They can be hired to manage:

• Single-family homes
• Vacation rentals
• Multifamily homes
• Town houses
• Condominiums
• Apartments
• Manufactured homes
• Real estate-owned (REO) properties

Commercial Property Management

Commercial property owners have different needs from those who own residential property. Commercial property management can apply to:

• Public accommodations like hotels
• Retail properties like malls, restaurants, and gas stations
• Office properties like real estate brokerages or doctors’ offices
• Co-working spaces where professionals rent work space by the day or the hour

Industrial Property Management

Industrial properties that can benefit from management include:

• Heavy manufacturing facilities such as automotive plants and steel mills
• Light manufacturing factories such as food packaging
• Warehouses
• Distribution facilities

Special-Purpose Property Management

There are also numerous types of property that don’t fit neatly into the categories above, but that require management nonetheless. These include:

• Theaters
• Sports arenas
• Resorts
• Senior care facilities
• Schools and universities
• Places of worship

Who Needs a Property Manager?

Several types of property owners can benefit from the services that property managers offer.

Landlords, for example, hire property management firms for a variety of reasons. Some may have multiple rental properties in their portfolios and lack the time or expertise to maintain the properties and deal with individual tenants. Some owners only have an interest in owning rental properties and earning profits from them. When this is the case, they hire professional property managers. Absentee landlords also make use of property management services. Some property management companies cater to individual landlords who rent out a single property such as a vacation home.

Property owners who participate in affordable housing programs tend to use property management services because their rental properties are subject to complex federal guidelines that require specialized expertise. Certain real estate brokers also operate as property managers. For example, a broker in a resort town may provide buyer and seller agent services as well as property management services. When this is the case, the real estate broker lists, shows, leases, and maintains vacation rentals for a number of property owners.

Special Property Management Considerations

Property management licensing requirements vary by state.1 Most states require property management companies to be licensed by the local real estate board, so property owners need to make sure that the firms they hire are properly licensed.

For instance, property managers in Florida are required to have real estate broker’s licenses to operate in the state.2 That’s because some of their responsibilities are deemed real estate activity. Holding a real estate broker’s license allows property managers to list rental properties in the multiple listing service (MLS) and to market the properties by standard real estate marketing methods. Holding a real estate broker’s license also allows the property management company to place a real estate board lockbox on a property’s door so that other licensed agents can show the property.

Florida also requires property managers to hold a broker’s license if they deal with rentals or leases and receive a commission for their services. However, property managers who manage the properties that they own in the state don’t need a license to do so.2

Managers in Massachusetts don’t require a broker’s license.3 That’s because certain duties considered to be real estate activities, such as listing and leasing properties, may be secondary to the main duties performed by the property manager.

The Bottom Line

Property management is the oversight of real estate by a third party, normally a professional property manager or property management company. Property managers can manage many different types of property: residential, commercial, industrial, and property for special purposes.

Property managers are generally responsible for the day-to-day operations of the real estate, from screening tenants to arranging for repairs and maintenance, and are paid via a fee or a percentage of the rent generated by the property. Every state has its own laws regulating the activities of property managers, so it’s important for property owners to check that potential property managers are properly licensed for their state.

Unlock your property’s full potential and enjoy hassle-free ownership. Your property deserves more than basic management—it deserves a strategic partner dedicated to its long-term success. At Home Solutions, we provide the expertise, transparency, and hands-on support you need to thrive in today’s real estate market. Ready to elevate your property’s performance? Let’s talk. Call us today at (954) 545-3027. Follow us on Instagram @homesolutionspm.

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Reference: [https://www.investopedia.com/terms/p/property-management.asp]

A strong lease agreement is vital for any successful rental, protecting both landlords and tenants. Missing details can lead to major problems. Clearly defining roles upfront safeguards your investment and sets up a harmonious tenancy. Read on to discover the 5 essential lease agreement clauses you must understand.

Home Solutions is a property management and real estate services company committed to optimizing your property investments with personalized attention and expert oversight. Our experienced team provides comprehensive support—from tenant management and maintenance to strategic planning and real estate guidance—to help you maximize returns and enhance every aspect of your investment. With a focus on transparency, professionalism, and outstanding service, we tailor our approach to meet your unique goals and elevate your real estate ventures. Call us — we will get all your questions answered. 

A lease agreement is essentially a document between a lessor (owner) and the leasee. This lease agreement states the basics and more technical terms that would be agreed upon by both parties.

Different factors come to the fore while creating this document. Hence, it is not generally the same thing across the board.

Below are the basics that can be fundamentals to your lease agreement clauses.

Identify lessor and leasee

All lease agreements must specify the parties involved. It must be written without any ambiguities.

The names of all parties involved should be written. Using shortened name forms can be confusing. 

In some instances where the owner has given the function of a lease agreement to a lawyer or agent, it should be stated.

One of the pros of a lease agreement is the simplicity and details that come with it. Aside from stating the names of the parties involved, the address of the parties is also as important.

The name and address of the owner and lessor must be clearly stated.

Identify Property/Equipment

The information about the property or equipment should also be on the lease agreement.

Information ranging from:

• Name of the Item
• Serial Number of Item if available
• Address of item (if its a property)
• Color of the Item (i.e a Gold Car)
• Type of item (i.e Toyota Corolla, Bungalow House, Hp Laptop)

This information helps to identify the property, and it also buttresses the specificity of the agreement.

Lease or Rental Terms

State the validity of the lease agreement as clearly as possible. Using specific start and end dates for the lease agreement is a savvy way to have everyone on the same page.

Generic time frames (6 months or 1 year) can be confusing. A more exact format should be employed in the agreement; day/month/year.

One of the causes of conflict in the lease agreement is the tenor. Clearly stating this would eliminate all forms of discrepancies and misunderstandings that could arise.

Lease Amount and Due Date

The lease amount is another critical factor worth highlighting in the lease agreement. A comprehensive lease agreement highlights the amount and the due date.

It states in clear terms the penalty (fee) charged for late remittance of rent and other concepts surrounding rent amount and due date.

The aim of an agreement is to have a good understanding of what is expected of the lessor and the lessee. Payment is an important area.

Owner and leasee Signature

For any lease agreement to be passed as authentic, it must carry the signature of the parties involved.

Having all the glossy words and terms is worthless without signatures. The signatures confirm that the owner of the item and lessor are satisfied and willing to abide by all the terms of the agreement.

The acknowledgment clause stating that each party has read, understood, and agrees to comply with the terms of the lease is critical to the authenticity of the agreement.

Conclusion

To append your signature on any lease agreement is to accept to be bound. It is only logical to understand all the clauses in the lease.

As helpful as these tips are, an agreement could have subtle clauses that might come across as good to you but might be a big issue from the lens of the state’s law. Hence, it is beneficial to have a lawyer to assist in dissecting the wordings and technicalities in the lease.

That way, you are free from ignorance and can concentrate on enjoying the apartment without the fear of running into trouble at any point in time.

Ready to safeguard your rental property and ensure a smooth tenancy? Explore our property management services to help you foster long-term tenancies more effectively. Call us today at (954) 545-3027. Follow us on Instagram @homesolutionspm.

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Reference: [https://fundquestnigeria.com/5-essential-lease-agreement-clauses/]

Attracting and retaining quality tenants is essential for successful property management. Focusing on finding responsible renters who value your property and building positive relationships encourages long-term occupancy. This minimizes turnover and ensures consistent income. Learn key strategies for finding and keeping the best tenants for your properties.

Home Solutions is a property management company providing professional services to optimize client property investments. Our expert team offers comprehensive services, including tenant management, maintenance, and strategic planning to maximize returns. We deliver personalized attention and transparent oversight to meet our clients’ unique goals. Get in Touch — We Bring Back Your Peace of Mind and Maximize Your Income.

It goes without saying that quality tenants are crucial to the profitability of a rental property. Good tenants pay their rent on time, keep the property well-maintained, and are easy to communicate with when situations arise. Finding good renters can feel daunting, but with a solid plan in place, property managers can feel confident that they are vetting and leasing to the best possible tenants. A robust tenant-retention plan should be implemented in conjunction with a rigorous screening process. Once you attract quality renters, it is important to maintain a good experience for them to reduce turnover and have a stable income.

Attracting Quality Tenants

Make Your Property Desirable

High-quality tenants are generally looking for properties that are modern and well-maintained and that fit their lifestyle. Before taking property photos or scheduling showings, make all necessary repairs and use your budget strategically to make upgrades that are most desired by your prospective renters. Take a walkthrough of the property with a critical eye; look at the landscaping, outside of property, entrance, and inside of the property. First impressions are important, and the renters whom you are looking for are paying attention to details. You want your ideal tenants to see themselves living in the property, walking up to their front door and inviting their friends and family over. Be honest with yourself about the condition of the property and you will be able to direct your efforts toward the most beneficial changes.

Create An Effective Listing And Make Sure People See It

Take time to write property listings because they are the first opportunity you have to reach your target renters. Highlight trending property features like farmhouse sinks or quartz countertops that make prospective tenants want to see your property. There is often a lot of competition for renters, and you want to stand out from the crowd. The goal of the listing is to get people to schedule property walkthroughs.

A good listing is a 5-6 sentence paragraph that clearly describes your property and explains its best features. The listing should be clear and easy for anyone to read. Before you publish the final draft, have everyone in your office take a look to make sure that there are no errors and that it’s easy to read. High-quality photos can attract more prospective renters, which gives you the opportunity to be more selective. Hiring a professional photographer or keeping a contracted photographer on your staff is my recommendation. But, if you need to take the listing photos yourself, make sure to use a high-quality camera and to take them during the day when there is good lighting.

To get your listing in front of more people, you should post it in online forums like Zillow and community boards, as well as at local businesses or colleges.

 

Screen Tenants

Robust tenant screening is one of the most important aspects of securing high-quality tenants. Set your parameters and make sure that you treat all tenants fairly when applying them. It can be tempting to bend the rules that you have established for certain people, but it is usually best to apply the rules indiscriminately. This will ensure that you are within the bounds of the law and also provide a more objective way to approve tenants. Balancing thorough checks with a respectful and professional approach is the best way to approach screenings. Whenever possible, meet with prospective tenants in person so that you can get a well-rounded understanding of who they are and how reliable they appear to be.

Retaining Quality Tenants

Once you have good tenants in place, the priority should be keeping them. Tenant turnover is expensive, time-consuming and stressful for property managers and property owners.

Perform Proactive Maintenance And Timely Repairs

You want your tenants to know that they have a nice and safe place to live, and that starts with maintaining a property. Responding to maintenance requests quickly is one of the most effective ways for your tenants to feel respected and happy with where they live. Conducting routine inspections to check on property upkeep and maintaining a preventative maintenance schedule can help keep the property aesthetically pleasing and functioning as expected.

Be Fair And Transparent

Making fair decisions and communicating issues and policy changes clearly builds trust between you and your tenants. All expectations and policies should be expressed in writing so that they can be referenced should any disagreements arise. If a disagreement comes up, handle it professionally and fairly. Tenants are less likely to move out or have a bad experience if you are honest and upfront with policies and decisions. They lose trust when they feel like they are being taken advantage of or disrespected. People want to connect with people and want to do business with companies that align with their values (and respect them). Make yourself someone that your tenants respect and retention rates should naturally increase.

Offer Different Lease Terms And Incentives (Based On Fair Housing Rules)

Offering renewal discounts or small upgrades for loyal tenants can go a long way toward encouraging tenants who may be on the fence to sign another lease. These concessions will be worth it in the long run because they typically cost much less than having a vacant unit or having to turn it over for a new move-in.

Consider flexibility around rental renewal options as a way of keeping good tenants and removing the work that comes along with the end of a tenant’s lease term. You could offer multi-year discounts or month-to-month options to meet the needs of your best tenants. Other options include offering lower rent for signing during off-peak times, offering customized lease terms and rental rates for good tenants who have been with you for a long time, and offering lower rent to tenants willing to sign long-term leases.

Attracting and retaining quality tenants is essential for a successful property management business. By focusing on listing desirable properties, conducting thorough screenings, and prioritizing tenant satisfaction, you can build long-term relationships with reliable renters. These small steps can minimize turnover and vacancy costs and create a stable and stress-free management experience.

Ready to consistently attract and retain high-quality tenants for your properties? Explore our property management services to help you foster long-term tenancies more effectively. Call us today at (954) 545-3027. Follow us on Instagram @homesolutionspm.

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Reference: [https://www.forbes.com/councils/forbesbusinesscouncil/2025/01/28/how-to-attract-and-retain-quality-tenants/]

Rental properties can generate steady income with the right approach. Here are practical tips to help landlords understand the deductions they can take as owners of rental property.

Home Solutions is a property management company providing professional services to optimize client property investments. Our expert team offers comprehensive services, including tenant management, maintenance, and strategic planning to maximize returns. We deliver personalized attention and transparent oversight to meet our clients’ unique goals. If you need help, we are here to manage every detail seamlessly. 

If you own rental real estate, you should be aware of your federal tax responsibilities. All rental income must be reported on your tax return, and in general the associated expenses can be deducted from your rental income.

If you are a cash basis taxpayer, you report rental income on your return for the year you receive it, regardless of when it was earned. As a cash basis taxpayer you generally deduct your rental expenses in the year you pay them. If you use an accrual method, you generally report income when you earn it, rather than when you receive it and you deduct your expenses when you incur them, rather than when you pay them. Most individuals use the cash method of accounting.

Below are some tips about tax reporting, recordkeeping requirements and information about deductions for rental property to help you avoid mistakes.

What is considered rental income?

You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use or occupation of property. You must report rental income for all your properties.

In addition to amounts you receive as normal rent payments, there are other amounts that may be rental income and must be reported on your tax return.

Advance rent is any amount you receive before the period that it covers. Include advance rent in your rental income in the year you receive it regardless of the period covered or the method of accounting you use. For example, you sign a 10-year lease to rent your property. In the first year, you receive $5,000 for the first year’s rent and $5,000 as rent for the last year of the lease. You must include $10,000 in your income in the first year.

Security deposits used as a final payment of rent are considered advance rent. Include it in your income when you receive it. Do not include a security deposit in your income when you receive it if you plan to return it to your tenant at the end of the lease. But if you keep part or all of the security deposit during any year because your tenant does not live up to the terms of the lease, include the amount you keep in your income in that year.

Payment for canceling a lease occurs if your tenant pays you to cancel a lease. The amount you receive is rent. Include the payment in your income in the year you receive it regardless of your method of accounting.

Expenses paid by tenant occur if your tenant pays any of your expenses. You must include them in your rental income. You can deduct the expenses if they are deductible rental expenses. For example, your tenant pays the water and sewage bill for your rental property and deducts it from the normal rent payment. Under the terms of the lease, your tenant does not have to pay this bill. Include the utility bill paid by the tenant and any amount received as a rent payment in your rental income.

Property or services received, instead of money, as rent, must be included as the fair market value of the property or services in your rental income. For example, your tenant is a painter and offers to paint your rental property instead of paying rent for two months. If you accept the offer, include in your rental income the amount the tenant would have paid for two months worth of rent.

Lease with option to buy occurs if the rental agreement gives your tenant the rights to buy your rental property. The payments you receive under the agreement are generally rental income.

If you own a part interest in rental property, you must report your part of the rental income from the property.

What deductions can I take as an owner of rental property?

If you receive rental income from the rental of a dwelling unit, there are certain rental expenses you may deduct on your tax return. These expenses may include mortgage interest, property tax, operating expenses, depreciation, and repairs.

You can deduct the ordinary and necessary expenses for managing, conserving and maintaining your rental property. Ordinary expenses are those that are common and generally accepted in the business. Necessary expenses are those that are deemed appropriate, such as interest, taxes, advertising, maintenance, utilities and insurance.

You can deduct the costs of certain materials, supplies, repairs, and maintenance that you make to your rental property to keep your property in good operating condition.

You can deduct the expenses paid by the tenant if they are deductible rental expenses. When you include the fair market value of the property or services in your rental income, you can deduct that same amount as a rental expense.

You may not deduct the cost of improvements. A rental property is improved only if the amounts paid are for a betterment or restoration or adaptation to a new or different use. See the Tangible property regulations – Frequently asked questions for more information about improvements. The cost of improvements is recovered through depreciation.

You can recover some or all of your improvements by using Form 4562 to report depreciation beginning in the year your rental property is first placed in service, and beginning in any year you make an improvement or add furnishings. Only a percentage of these expenses are deductible in the year they are incurred.

How do I report rental income and expenses?

If you rent real estate such as buildings, rooms or apartments, you normally report your rental income and expenses on Form 1040 or 1040-SR, Schedule E, Part I. List your total income, expenses, and depreciation for each rental property on the appropriate line of Schedule E. See the Instructions for Form 4562 to figure the amount of depreciation to enter on line 18. See the Instructions for Form 4562 to figure the amount of depreciation to enter on Form 1040 or 1040-SR, Schedule E, line 18.

If you have more than three rental properties, complete and attach as many Schedules E as are needed to list the properties. Complete lines 1 and 2 for each property, including the street address for each property. However, fill in the “Totals” column on only one Schedule E. The figures in the “Totals” column on that Schedule E should be the combined totals of all Schedules E.

If your rental expenses exceed rental income your loss may be limited. The amount of loss you can deduct may be limited by the passive activity loss rules and the at-risk rules. See Form 8582, Passive Activity Loss Limitations, and Form 6198, At-Risk Limitations, to determine if your loss is limited.

If you have any personal use of a dwelling unit that you rent (including a vacation home or a residence in which you rent a room), your rental expenses and loss may be limited. See Publication 527, Residential Rental Property, for more information.

What records should I keep?

Good records will help you monitor the progress of your rental property, prepare your financial statements, identify the source of receipts, keep track of deductible expenses, prepare your tax returns and support items reported on tax returns.

Maintain good records relating to your rental activities, including the rental income and the rental expenses. You must be able to document this information if your return is selected for audit. If you are audited and cannot provide evidence to support items reported on your tax returns, you may be subject to additional taxes and penalties.

You must be able to substantiate certain elements of expenses to deduct them. You generally must have documentary evidence, such as receipts, canceled checks or bills, to support your expenses. Keep track of any travel expenses you incur for rental property repairs. To deduct travel expenses, you must keep records that follow the rules in chapter 5 of Publication 463, Travel, Entertainment, Gift, and Car Expenses.

You need good records to prepare your tax returns. These records must support the income and expenses you report. Generally, these are the same records you use to monitor your real estate activity and prepare your financial statements.

Want to maximize your rental income? Explore our property management services to help you manage your rentals more effectively. Home Solutions is also a full-service residential real estate company. We offer our customers professional assistance with buying, selling, renting, investment portfolios, as well as property management. Call us today at (954) 545-3027. Follow us on Instagram @homesolutionspm.

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Reference: [https://www.irs.gov/businesses/small-businesses-self-employed/tips-on-rental-real-estate-income-deductions-and-recordkeeping]

Emergency repairs are an inevitable part of owning or managing a rental property, and how you handle them can make all the difference in maintaining tenant satisfaction and protecting your investment. From burst pipes to broken heaters, unexpected issues can arise at any time. Below, we’ll share practical tips on how to handle emergency repairs. Don’t let emergencies catch you off guard—let’s get prepared! Remember, at Home Solutions we offer full-service property management services, providing innovative technology, experience, and professionalism. With us, emergency repairs are never your problem!

All landlords know the dreaded feeling of getting a call from a tenant at 2 a.m. Their furnace stops working in below-freezing temperatures, or a burst pipe is spouting water everywhere, and it’s now an emergency that you need to deal with immediately.

While outsourcing to a property management company may decrease the burden of emergency repairs, it’s important for all landlords to understand what counts as an emergency repair, how to plan proactively, and how to manage emergency situations when they happen.

What Is Considered an Emergency Repair for Rental Property?

Emergency maintenance situations for rental properties typically involve significant damage that impacts the immediate safety or usability of the property itself.

Common examples of rental property emergencies include:

• Gas leaks or carbon monoxide issues
• Plumbing issues, including non-usable toilets or burst pipes that may cause flooding and property damage
• A broken exterior door or lock that can’t be secured from the outside
• Air conditioners or furnaces that shut off in weather that legally requires heat or cold for safety purposes
• Extended power outages
• Flooding or fire damage
• Sewage backups
• Extended power outage
• Severe electrical issues, including identified issues with live wires

It’s important to consider that landlords won’t be the first call for these emergencies. If tenants notice a gas leak, for example, their first call should be to their local fire department due to the potential safety concern. Landlords can discuss the issue with the fire department to determine what immediate repairs can be made, if needed.

Each state may have their own individual tenants’ right laws, which can influence what’s considered an urgent or emergent repair. Take note of your local regulations to determine what counts as an emergency that requires immediate solutions.

What Is Considered Non-Emergency Maintenance?

Non-emergency maintenance includes any other repairs that aren’t emergent. They may still be considered urgent, as landlords have three to seven days to fix critical repairs and up to 30 days to make all other repairs.

Examples of non-emergency maintenance may include:

• A broken air conditioner when the temperature is forecast to stay below 90 degrees
• No hot water
• Light fixtures have burned out.
• Garage door openers aren’t working.
• Peeling paint or damaged drywall
• Pest infestations
• One toilet or sink isn’t working, but there are multiple available in the property.
• The stove isn’t heating up all the way.
• The freezer isn’t working as it should.
• Minor leaking from the roof, doors, or windows

Proactive Preparation for Emergency Repairs

Emergency repairs are never fun, but they’re an inevitable part of being a landlord. And while you never know when they’ll strike—and they most often seem to happen at the least convenient times—there are steps landlords can take to prepare as much as possible in advance.

Start by educating tenants about what constitutes emergent and non-emergent repairs. Set reasonable expectations for how long it will take for both types of repairs to be resolved. Ensure tenants understand who to contact, and what official communication may be required, including any required forms that must be submitted.

As a general rule of thumb, we recommend renters expect the same level of service homeowners may receive. Someone likely won’t be able to come out in the middle of a snowstorm, for example, and it may take eight to 12 hours to get any kind of expert out.

You should also assemble lists of vendors, ideally with two or three companies offering emergency repairs for each service you may need, including plumbers, electricians, locksmiths, and HVAC repair experts. Establish relationships with vendors when possible so that they’ll be willing to come out on short notice if needed.

Some landlords choose to work with property management answering services, which will be available to take tenant calls around the clock. Those middle-of-the-night calls can be referred to the answering service instead of waking up the landlord.

Handling Emergency Maintenance Situations

When it comes to tackling tenants’ emergency maintenance situations, landlords really have three options: Handle it themselves, outsource contract maintenance to a third-party vendor, or, as mentioned, hire a property management service.

DIY maintenance

DIY maintenance comes down to managing tenant repair and maintenance requests yourself. You’ll have to field incoming calls, potentially inspect the damage, and contact technicians for any work that you aren’t capable of or licensed to perform yourself.

That said, it’s not always the best idea to hand over your personal cell phone number to residents. You could find yourself swarmed with even minor requests. It’s best to use a virtual phone number for maintenance, or have it routed to an office line if you have one. Tenants can leave a message, and you can call back immediately if it truly is something urgent.

This can be challenging. Sometimes tenants may call and want an immediate solution when one isn’t available until the next day, or when the situation isn’t truly urgent.

Make sure you’ve got your list of trusted contractors on hand and ready to go for when emergencies do arise.

Contract maintenance to a third-party vendor

Many landlords prefer to handle most takes themselves, such as receiving and tracking payments or reviewing tenant applications. As a result, they don’t want to work with a property management company.

Those who do want to be more involved (and keep more profit for themselves) but still want to outsource some maintenance repairs have the option to do so. There are maintenance companies specifically for landlords who self-manage their own rentals. They’ll handle ongoing maintenance and can be contacted for emergency repairs.

When considering a maintenance contracting company, ask the same questions you would a property management company. This may be a great option for first-time landlords who want to maintain full control over the property but are intimidated by ongoing maintenance issues.

Using a property management company

Landlords who choose to partner with property management companies may be able to rely on the property manager to oversee emergency repairs. In some cases, the company may have preferred vendors that can help provide emergency repairs faster.

When working with a property management company, ask the following questions to determine how they handle emergencies:

• Do you charge extra for emergency repairs?
• What are your guaranteed timelines for emergency maintenance?
• What do you consider emergency maintenance?
• Are your repair practices consistent with state and federal requirements?
• Do you have relationships with established vendors?
• What do you need from me as the landlord to complete emergent and non-emergent repairs?
• How can my tenants get in touch to request emergent and non-emergent repairs?
• How much do you spend on repairs without my approval, and what type of repairs will you complete without my approval?

Make sure that you’re not only comfortable with all the answers, but that there’s a formal contract that outlines everything you’ve agreed on. If it isn’t in writing, you can’t trust that the agreement will be enforced. This includes limits for how much the property manager can spend without additional permission, with limits often including $300, $500, and $1,000.

Final Thoughts

Emergency maintenance doesn’t happen often, but it does happen. Having a plan in place, expectations set, and plenty of contractor contacts can keep you ready to handle anything that pops up.

Because emergency costs can be expensive—especially if you’re calling an emergency service overnight—it’s best to have funds allocated for situations that may arise. Again, while emergencies typically aren’t regular occurrences, a single plumbing issue could easily cost anywhere from $500 to $2,000 for a single visit. Being prepared financially is important.

Finally, avoid deferred maintenance whenever possible. Make regular repairs and updates as needed. Have your HVAC system serviced annually, for example, and ensure that the water heater is flushed at least once per year. This can prevent more expensive repairs from happening later, and it may catch issues before they become emergencies.

Your peace of mind is our priority! Don’t let emergency repairs catch you off guard. Call us today at (954) 545-3027 to learn how our property management services can help you handle crises with ease. Follow us on Instagram @homesolutionspm.

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Reference: [https://www.biggerpockets.com/blog/rental-property-emergency-repairs]

Buying a house is one of the most significant decisions you’ll ever make, and it’s essential to know what to look for to ensure you’re making a smart investment. There are countless factors to consider. Read on to learn the most important things to look for when buying a house.

• -Before shopping for homes, make two lists: things you can’t live without, and things that would be nice to have.
• -Some of the most important factors to consider when buying a house are price, size, and location.
• -Knowing your priorities ahead of time can help you act fast in a hot real estate market.

The housing market moves quickly, so knowing what you want before starting your homebuying journey is vital.

This will allow you to make an offer quickly when you find a home you like — hopefully beating out the competition and snagging that dream home.

Still, knowing what to look for is harder than it sounds, especially if you’re a first-time homebuyer. Not sure what to look at when starting your home search? Follow this checklist for first-time homebuyers.

Location and neighborhood

Location is something you’re stuck with until you move, so be sure you’re choosing a city, school district, and neighborhood that suits your needs.

“Focus on buying in the perfect location and then make the house perfect over time,” says Glen Pizzolorusso, associate real estate broker at Glen Christopher Luxury Collection in Connecticut.

Proximity to work, schools, and amenities

You’ll want a community that’s within easy driving distance of work, as well as amenities your family needs — things like grocery stores, a gym, parks, trails, playgrounds, and other services you plan to use often.

If you have kids — or plan to have kids while living in the house — you should also check which school they would attend should you live there. With younger kids, you should think about the middle or high schools they would go to in the future, even if that’s a few years away.

Safety and community vibe

Figure out what you need out of a neighborhood. Do you want to live in an area with low crime rate statistics? A place where your neighbors have similarly aged kids or interests as yours?  Think about what’s most important to you and the rest of your household.

Then, do some research. Walk the neighborhoods you’re considering, talk to residents, join community Facebook groups, and tap your real estate agent’s knowledge. These can all give you insight into the local vibe.

Home’s condition and age

A home’s condition is going to play into what you offer for it, as well as what you can expect to pay for the property (in repairs and maintenance) after you move into the home. It can also affect future resale value.

Structural integrity and potential repairs

Make sure to schedule an inspection before closing on a home. This will allow you to evaluate the structural integrity of the home, as well as what might need repairing (or if any big issues lurk below the surface.)

Home inspection essentials include assessing the roof, the appliances in the home, the foundation, and other major features, and every inspection will show some faults — even on brand-new homes. But think about which issues you can accept and which are deal-breakers.

While they aren’t always necessary, home warranties can cover the cost of repairs to your home’s major systems and appliances.

Age of the property and its implications 

You should also consider the age of the home and the systems and features within it, as it could indicate what issues and repairs you’ll need once you move into the home.

For example, a shingle roof usually only lasts about 20 years. So, if the home you’re eyeing is 15 years old and has never had the roof replaced, that’s something you’ll probably need to pay for in the next few years.

Also, take into account how the home’s age could impact its future resale value. This is particularly important if you’re not sure how long you’ll be in the home.

Size and layout

The size and layout of your home will play a big role in how well it can serve your needs as a household — both now and in the future. Make sure you consider the following:

Adequacy for your current and future needs

How many bedrooms do you need? Maybe you also need an office or playroom. If you have several kids, you might need a large living room. Square footage is really expensive and sometimes impossible to add, so be honest about how much space you really need.

Make sure to think ahead, too. If you think you may have another kid or two, be sure there’s enough space to allow for those plans. Hope to get a dog? Look for a spacious yard or a place without carpets.

Flexibility of the space for modifications

While it’d be nice to know your future plans without a doubt, that’s not always the case, so make sure you’re buying a home that has some flexibility just in case. Is there a wall you could knock out to open more space if needed? A garage or attic you could potentially finish should you need an extra room? Having an easy-to-modify layout can give you more options down the road.

Legal and financial considerations

There are many legal and financial considerations that go into buying a home, too. Here are a few you’ll want to take into account while on your home search:

Property taxes and homeowners association fees

Both property taxes and HOA dues can take a big chunk out of your wallet. To find out what a home’s estimated property taxes are, you can check with the county’s appraisal board. HOA dues should be listed on the home’s listing or you can request them from the listing agent.

You may also want to look into the HOA’s rules and regulations, as these could impact what you can do with your home after move-in (what pets you can own, what modifications you can make, etc.)

Zoning laws and potential for future developments 

The zoning laws in your area will have a big impact on what renovations you can make on your home or, in many cases, even how you can use the home. (For example, you may not be allowed to rent out the house or list it on Airbnb.)

To learn about a home’s zoning limitations, contact your city’s planning and development department. They can help you get details for specific properties or communities.

You should also research any future developments that are planned for the area surrounding a home. Is a big shopping center on the way? An apartment complex? A new school? These could all impact the traffic, crime, home values, and other conditions in the community.

Market trends and resale value

Homes aren’t isolated. Instead, they’re a part of a larger ecosystem that can impact what they cost and what return you’ll see by investing in one.

Local real estate market trends

Talk to your agent about the local real estate market. Is it a buyer’s market or a seller’s market? This will impact the price you’ll pay for the home, as well as how much sellers will be willing to negotiate.

Ask about how fast the market is moving, too. If homes are flying off the shelves, you’ll need to be prepared to make fast offers that get noticed right off the bat. If not, you may have more leeway to take your time and be more strategic.

Potential for appreciation 

Unless you’re buying your forever home, it’s also a good idea to consider how easily you’ll be able to sell it when the time comes — and at what price. Will demand for real estate remain high in the area for the next few years? Is the neighborhood more likely to improve or take a downturn? Are the features in your home classic and timeless, or could they fall out of favor by the time you sell? These are all factors impacting home value, both now and years down the road.

Energy efficiency and sustainability

How energy efficient a property is will influence its costs over the long run, so make sure you factor in the following when considering a home.

Insulation, windows, and energy-efficient appliances

The more energy-efficient a home is, the lower your energy and utility bills will be. The same goes for appliances (Energy Star-rated ones are best!).

Energy-efficient homes tend to sell for more, too, so these features can also impact your eventual resale value.

Sustainable materials and solar potential

If you’re looking to reduce your environmental footprint, a home built using sustainable materials might be something to consider. You should also factor in its future potential for solar panels. To check whether a solar panel system would work on the home — and how much it could save you down the line — enter the address into ProjectSunroof.com. This Google-built tool can break down all the details for you, including how much sunlight the home gets based on its roof layout.

Inspection and appraisal

These are two steps you’ll take after you’ve made an offer on a home, but they’re incredibly important. Not only can they tell you about the condition of the home, but they’ll also shed light on its value — and how much you should pay for it — too.

Importance of a thorough inspection

Inspections are vital — even on brand-new homes. They’ll tell you more about a home’s condition, systems, features, and appliances, and give you an idea of how long those will last — and what potential repairs need to be made.

If you have an inspection contingency in your contract, you can use the inspection findings to negotiate repairs or pricing on the home (or pull out of the deal altogether.)

Understanding appraisal value and its impact

An appraisal determines the market value of your house, and mortgage lenders use this number to determine how much they’re willing to loan out for a property. If the appraisal comes in lower than what you offer, you’ll have to make up the difference or renegotiate with the seller. If you have an appraisal contingency in your contract, you can also withdraw from the transaction.

Making an offer

Once you find a place that checks all the boxes, it’s time to make an offer on a home. These tips can help.

Strategies for competitive but fair offers

Have your agent research comparable properties before making an offer on a home, as this can give you an idea of what price the seller may expect.

You should also include a mortgage preapproval letter, showing sellers that you have the financing to back up your offer and consider what earnest money you want to offer, too. Earnest money deposits are a good way to show you’re serious about a home and stand out from other buyers.

Negotiation tips for favorable terms

There are many strategies for negotiating home purchase deals that are favorable for both parties. For one, you can offer the seller a leaseback, which allows them to rent the home back from you for a certain period of time while they find a new home.

You can also be flexible on your closing date or waive contingencies (when your agent says it’s safe to do so). This can make the deal less risky for the seller and more apt to pick your offer.

Closing the deal

After you’ve found your dream home and your offer has been accepted, it’s time to close on the deal. Here’s what that looks like.

Preparing for closing costs and paperwork

Your closing day is when you’ll hand over the check for your down payment and closing costs. You can find the total for these on your closing disclosure form, which your lender must give to you at least three days before closing. You’ll usually need a cashier’s check in this amount.

You’ll also need to sign lots of paperwork on closing day, so come ready. Often, your real estate agent will attend closing with you and answer any questions you may have about the documents.

Final walkthrough and ensuring everything is in order

Before finalizing the sale, you’ll get one last chance to walk the home and make sure it’s as expected. Did the seller clear out their belongings? Is the property clean and free of trash? Did the repairs you requested get made? If not, you may want to delay your closing until these issues are addressed.

Here’s a helpful moving checklist to make your transition smoother—because we care about your peace of mind. If you’re looking for the perfect home, Home Solutions is here to help every step of the way. Call us at 954-545-3027 or email [email protected].

Check out the Moving Checklist

Experience hassle-free homeownership. Enjoy peace of mind with our comprehensive property management services. We are here! Come follow us on Instagram @homesolutionspm.

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Reference: [https://www.businessinsider.com/personal-finance/mortgages/what-to-look-for-when-buying-a-house]

Finding the perfect rental home can feel like a daunting task. With so many factors to consider, it’s easy to get overwhelmed. However, by following a few key steps and utilizing available resources, you can streamline your search and find a place that meets all your needs. Read the tips below to navigate the rental market effectively and find the perfect home for you. We are here for any questions you might have — it’s a LOT to manage, and we are your team to guide you through so the journey can be exciting, not daunting. 

Let us help you find the perfect rental. We strive to provide exceptional service and guide you toward successful investment outcomes. Call us today at (954) 545-3027 and follow us on Instagram @homesolutionspm.

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Reference: [https://www.hgtv.com/lifestyle/real-estate/5-steps-to-finding-the-perfect-rental-home]

Investing in rental property can be lucrative, but it requires planning. There are many factors to consider, from finding the right property to managing tenants and maximizing returns. We bring you some essential information here to help you navigate real estate investing. 

At Home-Solutions, our team of experts is here to enhance your personal real estate ventures by offering personalized concierge-like services, exclusively designed for you. We offer our customers professional assistance with buying, selling, renting, investment portfolios, as well as property management. Connect with us and we will get all your questions answered. (954) 545-3027

Thinking about purchasing an investment property? Purchasing rental real estate requires knowledge of leasing practices, mortgage loans, tenant and landlord relationships, and property management.

Buying real estate to rent can be lucrative but, like any investment, should be undertaken only after some solid research.

Key Takeaways

Start 2025 as a real estate investor. Let us help you find the perfect rental property and maximize your returns. Call us today at (954) 545-3027 and follow us on Instagram @homesolutionspm.

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Reference: [https://www.investopedia.com/articles/investing/090815/buying-your-first-investment-property-top-10-tips.asp]

If your rental property has been sitting vacant for an extended period, it’s time to reassess your rental strategy. Several factors can hinder the rental process, from pricing and marketing to property condition and tenant screening. We will help you explore some key reasons why your home may not be rented and provide actionable tips to enhance its marketability.

One of the worst feelings as a landlord or property manager is watching a rental sit on the market week after week, month after month. Whether you are getting few to no leads or entirely unqualified leads, a property that remains vacant is costing you important profit.

While it can feel like an unsolvable puzzle when your rental sits vacant, the solution is likely well within your reach.

Following are six common reasons why your property isn’t renting and tactics for determining a solution.

1. Your rent price isn’t competitive.

An important aspect of leasing a property is pricing the rental accurately and competitively. Without an accurate price point, you might face a longer-than-normal vacancy.

First, do your own research on similar rentals in the area. Scour Craigslist, Zillow and other major rental listing websites. Create a document with the pricing of similar rentals in your area and find the average.

Another method when pricing your rental property is to purchase a rental comparison report. If you go this route, be sure to still do your own research into your rental property’s specific neighborhood.

While a price is simple to change, you should take the time to explore your other options prior to simply knocking dollars off the rent amount.

2. Your rental isn’t being seen.

One of the biggest mistakes new landlords will make is limiting how much effort they put into marketing their property.

Promotion should be far more than a sign in your yard. Over 50% of people living in rentals are under the age of 30, a demographic that turns to technology to find what they need. This means online marketing is key.

Not only should you be posting your rental across the web, you should also make sure your promotion is well written and paints the property in the best light possible. Include vital information, such as the following:

• Number of bedrooms and bathrooms.

• Square footage.

• Appliances included.

• Important policies.

• Cost of rent.

• Required deposit.

It is also important to include a gallery of photos with your listing. Take high-quality photos of each room when the property is clean and in good condition.

Often revamping your promotion of the property will be key in improving the amount of renter interest.

3. Your policies have restricted your market.

In highly competitive markets, your policies will play a huge role in how many people are interested in the rental. For example, if you need to set your property apart from others in the area, you might consider having a pet-friendly policy. By opening up the market to pet owners, you will see a drastic increase in the number of interested parties.

Consider your deposit amounts and lease terms as well. In a market where short-term rentals abound, you might need to adjust from a 12-month lease to a six-month lease or even change to month-to-month.

While you need to protect your property, you also need to weigh the cost of your vacancy against loosening your policies. Do your research and determine if your policies are actually costing you more than they are helping.

4. Your rental property isn’t appealing.

If you see a lot of interest in your property up front but after showing the space you see a decline in interest, it could be that the property itself at fault. Ask yourself what you would think about the property if you were seeing it for the first time. Consider everything from the curb appeal to the condition of the interior. Take time to repair items and invest in improvements.

Beyond appearances, consider what amenities other rentals in the area offer. Updated appliances can go a long way in not only garnering more interest in the property but also in keeping happy, long-term renters.

While improving the property is more costly than other items on this list, it can pay back over time if you invest wisely.

5. You are battling an oversaturated market.

In some cases, it can truly be the market you are in that is holding you back. Demand will play a role in how quickly you fill a vacancy.

While you cannot create a demand that does not exist, you can take into consideration the cycle of rentals in your area when creating lease policies. If, for example, you operate in a market influenced by the presence of a college, be sure you align your lease dates with the demand. Lock in tenants with a year-long lease that ends at the ideal time for you.

If you are already stuck in a dead spell of your market, consider tweaking some of the components mentioned above to secure a tenant. You might need to lower your price to get a tenant in mid-February, but you can sign a lease that ends in July so you can remarket with a higher price in the prime rental season.

6. Your rental isn’t in an ideal location.

Where your rental property is located will determine a lot about the tenants interested in the property. Of all the items on this list, this is the least possible thing to change. However, there are still a couple of valuable ideas to keep in mind.

First, learn from your mistakes. Be sure during the buying process that you truly understand the market for the specific area.

Next, if you own a property and realize the location is the main issue, recognize you will need to make up for it in other ways. For example, someone might be willing to be in a less desirable part of town if the property is dog-friendly with a fenced-in yard. Make the best of what you have by changing what you can.

The bottom line is that if your rental property sits vacant, you are losing money. Take the time to assess what you are doing wrong and have the humility to learn from your mistakes. Never leave the rental process up to chance. Landlording is far more than a hobby — it truly is a business.

Ensure your property is always in top condition. Our comprehensive property management services can help you protect your investment and increase its value. Call us today at (954) 545-3027 and follow us on Instagram @homesolutionsp.

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Reference: [https://www.forbes.com/sites/forbesrealestatecouncil/2017/10/30/why-your-property-isnt-renting-and-what-you-can-actually-do-about-it/]

Owning a rental property requires maintenance to ensure its value and attract quality tenants. Proper upkeep not only preserves the property’s condition but also protects your financial investment. We have here essential tips for maintaining your rental property, covering topics such as regular inspections, timely repairs, and addressing tenant concerns. 

How to Properly Maintain Your Rental Property

One of the biggest landlord responsibilities facing any property owner is rental maintenance. In fact, in a national survey conducted by SmartMove, rental maintenance was ranked as the third biggest “pain point” for landlords after loss in rental income and uncooperative tenants.

That’s not surprising. Rental property maintenance requires year-round vigilance, representing a significant amount of time and money. However, landlords can avoid the “pain points” if they follow some simple rules, stay organized and budget accordingly. Below we talk about some of the strategies for managing rental maintenance.

Regular Maintenance

Some rental maintenance issues, such as a leaky faucet, often can’t be anticipated or avoided. Other issues can be addressed before they become serious problems by following a regular maintenance schedule. These are the items that should be checked on a regular basis, whether weekly, monthly or annually, such as a yearly furnace inspection. Regular maintenance isn’t just about avoiding costly repairs but ensuring a pleasant living environment for tenants.

The rental property maintenance checklist below is not meant to be exhaustive. Each landlord will need to tailor a regular rental maintenance schedule based on his or her property.  Here are some examples of items that many good landlords do regularly.

1. Check for leaks, especially following strong rainstorms or after significant snowmelt. Water damage is the enemy of every landlord.
2. Replace air filters frequently.
3. Test smoke and carbon monoxide detectors regularly.
4. Check for pests quarterly if not monthly.
5. Re-caulk showers and bathtubs to prevent mold and leaks.
6. Tighten any handles, knobs, locks, faucets, etc.
7. Check fire extinguishers.
8. Flush water heater.
9. Clean gutters.
10. Trim or remove trees on the property threatening power lines or structures.

Landlords should also create rental maintenance schedules for bigger ticket projects, or capital expenditures, such as replacing carpets or repainting walls. The schedule will depend on the general wear-and-tear on each individual unit, but professional property managers recommend doing these sorts of projects (i.e., interior painting, carpet replacement) about every three years unless needed sooner.

Let us handle the hassle of rental property maintenance. Our experienced team can provide comprehensive property management services, ensuring your property is well-maintained and your tenants are satisfied. Call us today at (954) 545-3027 and follow us on Instagram @homesolutionspm.

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Reference: [https://www.mysmartmove.com/blog/rental-property-maintenance]