That’s where a property management company comes in.

The Responsibilities of an Accidental Landlord

Many homeowners like you don’t realize the responsibilities that come with being an accidental landlord. You might think you can handle the rental income and occasional maintenance requests yourself, but the reality is that managing a property requires knowledge and time.

As property managers, we at Grand Realty Group understand the local real estate market and the specific needs of property owners in Springfield, MO. 

You may also check out our blog: Essential Tips for First-Time Landlords for more information.

Importance of Tenant Screening

One of the primary tasks of a property management company is screening tenants. Finding responsible tenants can make or break your rental experience. We conduct a thorough screening of prospective tenants to ensure they meet financial and background requirements.

This helps minimize issues like late payments or even property damage. By ensuring you have reliable tenants, you can enjoy the passive income that comes with renting without the constant worry about who is living in your property.

Navigating Landlord-Tenant Laws

Another important aspect is understanding landlord-tenant laws. These laws can be complex and vary by state and local area. Ignoring them could lead to costly mistakes.

Our team keeps up with the latest local laws, safety regulations, and health and safety regulations to ensure you remain compliant. We help you navigate issues like lease agreements, security deposits, and even property taxes.

Maximizing Your Rental Property Investment with Professional Help

If you're worried about the slow housing market, we can help you adapt. We analyze market trends and set the right rent amount to keep your property competitive. Whether it's understanding how to handle vacancy rates or adjusting for interest rates, we are here to help you maximize your return on investment. 

Help for Accidental Landlords in Springfield

Being an accidental landlord doesn't have to be a burden. With the right property management, you can enjoy the benefits of investment properties without the hassle. At Hunter Property Management, we provide professional property management services tailored to your needs. Our team is dedicated to helping you maximize your rental income while minimizing the stress that often comes with managing a property.

We understand the challenges that accidental landlords face, from dealing with tenant issues to keeping up with property maintenance. That’s why our comprehensive services cover everything you need to succeed as a landlord. Explore our services and see how we can help you thrive as a landlord.

Ready to take the next step? Don’t hesitate to visit our Contact Us page or check out our services to learn how we can support you in managing your rental properties effectively. 

Let us help you turn your accidental landlord situation into a successful investment journey! Together, we can transform your property into a rewarding source of passive income while you enjoy peace of mind.

Let’s explore the different types of rental inspections and the essential checklists that can make the process smoother.

Move-In Inspections: A Key Rental Property Inspection

When a new tenant moves in, we always conduct a move-in inspection. This is vital for protecting both the tenant's security deposit and our interests as property managers. During this inspection, we check the property's condition, documenting any existing issues such as normal wear and tear or damage.

Using a rental inspection checklist ensures we cover everything from electrical outlets to structural components. This detailed report can be invaluable if a tenant later claims that damage was present before they moved in.

Routine Inspections: Conducting Regular Rental Inspections

Regular rental inspections, often scheduled as quarterly inspections, help us keep the property well-maintained. These routine inspections allow us to assess the property's condition, look for safety hazards, and ensure tenants comply with their lease agreements. We provide proper notice before these inspections, respecting tenant privacy and fostering a positive landlord-tenant relationship.

Our landlord inspection checklist guides us through each inspection, making it easier to identify maintenance issues like pest infestations or faulty air conditioning systems.

Move-Out Inspections: Final Rental Inspection Before Tenant Departure

Once a tenant decides to move out, we conduct a move-out inspection. This is crucial for determining whether any deductions should be made from the tenant's security deposit. We carefully assess the unit for any damages beyond normal wear and tear and compare it to the move-in inspection report. If we find major issues, such as damage to the electrical systems or structural integrity concerns, we document everything in an inspection report. This helps us communicate clearly with the tenant about any necessary repairs or costs they may incur.

Drive-By Inspections: Quick Checks Between Rental Inspections

Sometimes, we conduct drive-by inspections to get a quick overview of the property's exterior condition without needing to enter the unit. This is particularly useful for identifying potential issues like pest infestations or unauthorized pets. While these inspections don’t replace the need for thorough interior checks, they can help us spot problems early on and prompt further investigations if necessary.

Pest Inspections: Essential Part of Regular Rental Property Inspections

Regular pest inspections are essential for maintaining a healthy living environment. Identifying pest issues early can prevent them from becoming major problems. We check for signs of infestations and ensure our tenants understand the importance of keeping their units clean and free from potential attractants. This approach also aids in identifying maintenance issues that may arise from pest-related damages.

Conclusion

Conducting various types of rental property inspections is key to being a successful landlord. Each inspection serves a unique purpose: to ensure that our properties remain well-maintained and that our tenants feel secure. By using detailed inspection checklists, we streamline the inspection process and protect our investment while enhancing tenant satisfaction.

If you’re a landlord looking for professional assistance with your property management needs, we at Hunter Property Management are here to help. We understand the local laws and have the experience to conduct thorough inspections and manage your rental properties effectively.

Visit our Contact Us page to learn more about how we can support you in your rental property investment journey!

Safeguarding your investment as a property manager requires effective screening of all prospective tenants. Read on to learn the importance of screening and the best tools for conducting a background check on renters.

Hunter Property Management

Tenant screening is one of the services offered by Hunter Property Management company. The company understands how frustrating it can be to find the right tenant for your property. This is why we take the time to check every applicant against the following info:

• Debt to income ratio
• Criminal history
• Credit rating and status
• Eviction history and verification of employment status

RentPrep

RentPrep is one of the best tenant screening tools if you have more than one property. Signing up for their service comes at a cost. But you won't feel the pinch since the company works efficiently and has a tenant or property owner pay option.

Other features that make RentPrep a standout background expert include:

• Bankruptcies and evictions report
• Reports on any liens or judgment against the renter
• Resident score from previous landlords

You can get customized reports by paying RentPrep more. However, the more rental properties you own or manage, the bigger your discount.

MyRental

This screening tool is specifically designed with landlords in mind. The platform uses property management software to allow property managers to share reports about tenants. It's an ideal screening tool if you are reviewing applicants who are just from the neighborhood.

Like RentPrep, you have the pay option for either the property owner or the renter. The basic package starts for as little as $25 per applicant.

First Advantage

First Advantage contains some of the best tenant verification services by working with professionals certified by the Fair Credit Reporting Act (FCRA). The company will provide you with criminal records maintained with updated databases.

The company also goes through a review process to ensure no errors in the information provided. You will get a customized quote based on the services you need. This makes it ideal for first-time landlords who don't have a lot of tenants to screen.

Local Community Organizations

Local community organizations are an inexpensive way of conducting a tenant background check. The organizations available in your local community have a broad reach and can access information of anyone wanting to rent your property.

Neighborhoods, landlords, and even local police organizations can help you:

• Learn a tenant's recent history through first-hand experiences
• Get information on involvement in local crime reports
• Get insights about local community living standards

Relying on paid tenant verification services can take some time. So, if you have acquired property in the Springfield neighborhood, join the local community organizations to learn who you can trust quickly.

Get Tenant Background Checks Today

Conducting a tenant background check is the best way to protect your unit. Don't rely on gut feelings, instincts, or appearances when picking out tenants.

At Hunter Property Management, we take pride in helping our clients grow their businesses by making sound decisions. Contact us, and let us begin screening prospective clients for your unit today.

Owning rental units requires ongoing commitment, time, and hard work. For busy landlords, the benefits of having tenants in your property might not seem worth it after a while, especially if you live in another city.

When property management issues start affecting your well-being and free time, your rental business can suffer, so it's important to act as soon as you notice things turning bad.

Read on to discover the signs you need landlord rescue to save your Springfield rental business.

Prolonged Rental Unit Vacancies

There are ongoing costs associated with all rental properties, whether you have tenants in residence or not. These include:

• Mortgage payments
• Property taxes
• Insurance premiums
• Utilities
• Routine maintenance

Without rental income to cover these costs, your business will suffer and ultimately fail. Hiring a full-time property management service is the best way to ensure your rental units remain occupied and cover your costs.

These experts will help you set reasonable rent prices that cover your costs and market your properties on all the best channels to attract good tenants.

Frequent Tenant Turnovers

High tenant turnover rates are among the most frustrating rental business problems. No sooner have you become accustomed to one set of tenants than you must start the process over again.

A property management company helps to encourage lease renewals by fostering positive tenant relations and providing a range of services to ensure your tenants' comfort and convenience.

Unpaid Rents

Landlord rescue services offered by professional property managers can help you resolve issues with tenants who don't pay on time. They implement technologies, like tenant portals to facilitate convenient payments and will follow up with those who owe past due amounts.

In the worst cases, they can help you navigate the intricacies of evicting tenants for non-payment, and find you new tenants as soon as possible.

Increasing Stress and Burnout

Unpaid rent is only one of the signs of bad tenants. These tenants may also damage your property or violate your lease agreement by introducing extra residents or unauthorized pets.

Even good tenants can create stress at times, especially when they call you at all hours with maintenance or repair requests. A property manager eliminates these issues by:

• Performing regular property inspections
• Implementing a maintenance coordination schedule

Tenants can reach out via the tenant portal for prompt attention to their repair requests.

Landlord Rescue in Springfield, MO

If you're experiencing any of the above with your rental properties, you need landlord rescue fast. It's not too late to save your rental business.

Hunter Property Management is at your service when you feel overwhelmed by the responsibilities of being a landlord. We offer a full range of property management services, including rent collection, maintenance, and accounting, and are committed to providing exceptional customer service at every turn.

We are well-equipped to come to your rescue, sign up for freedom from worry, and embrace success as a Springfield landlord today.

Understanding your real estate payments can help you get more from your portfolio. Learn more about how to manage owner disbursements and their importance to your success.

1. Owner Disbursements Can Include Multiple Revenue Streams

Rent is the type of income that first comes to mind for an owner disbursement. Several other payment sources can be included, such as:

• Expense reimbursements
• Late fees
• Pet fees
• Application fees
• Security deposits

Tracking these categories will show you the value of each income stream.

2. You Can Choose How to Use Your Owner Disbursements

How you use the money from your owner disbursements is largely up to you. You need to track and report your rental income to the IRS, though. Some uses for real estate payments depend on your ownership structure.

Many landlords use their rental disbursements for working capital to avoid taking on debt.

You can reinvest your profits into your property for improvements and upgrades. It's also a good idea to set some money aside in an emergency fund.

Property owner income can help fund the purchase of new rental properties. You're in a stronger position to grow your portfolio.

You can use real estate payments to pay your property tax. Your accountant can help you find the best uses for your owner disbursements.

3. A Property Management Company Can Help Manage Owner Disbursements

Accurately tracking your property owner income and expenses is essential. Trying to manage the financial details on your own can be challenging, especially if you own multiple properties. The right property management company can help.

The property manager will send you owner statements with your rental disbursements. Their professional team ensures that all the relevant items are included. You can clearly see whether a property is profitable.

If a property has issues, you can identify them more easily and work to address them.

4. Understanding Your Owner Statements Is Key

Owner statements from your property management company will detail the income and expenses in your disbursements. Understanding what these statements tell you is essential for good financial management.

Owner statements include several parts:

• Income from rent and any other sources
• Expense summary
• Net income (income minus expenses)
• Information about your owner distributions
• Rental activity, like new tenants and lease renewals

A good property management firm will provide accurate, timely statements. Their team can explain anything that is unclear to you.

Get More from Your Owner Disbursements

How you track and manage your owner disbursements is a major factor in your success as a landlord. You can choose the most strategic way to use the funds. Working with a reputable property management company can help you follow these financial management tips.

Hunter Property Management has been serving our clients in Springfield, MO, for more than 34 years. Our client-first approach sets us apart. We're dedicated to giving you the highest possible return on your investment while providing a positive experience.

Schedule a consultation with Hunter Property Management today to learn how our people-driven culture can help you get more from your properties.

In today's digital age, technology is revolutionizing how we do many things. Rental property management is no different. A tenant portal is one of the best applications of property rental technology.

This article delves into the workings of a tenant portal and how it will simplify life for both you and your tenants.

Ease of Rent Payment and Collection

Checks, money orders, and cash are still the primary methods of rent payment, but they present some challenges to landlords. If you're collecting in cash, for instance, it means you have to make physical contact with the tenant. Checks and money orders need to be authenticated, which takes some time.

You can do away with all the inconvenience by accepting digital rent payments through your portal. With a few clicks, tenants can wire their rental money into your account from anywhere in the world. A tenant portal with integrated payment processing makes this a breeze, and can even automate this payment.

Access to Information

Open and transparent communication is a cornerstone of successful landlord-tenant relationships. As a landlord, you have to provide an enabling environment for efficient communication.

Maintaining a dedicated phone number or email address where tenants can reach you quickly is a good start, but you can take communication to the next level with the help of a tenant portal.

On this platform, which can be a mobile application or a feature on your rental property website, tenants can create user accounts, gaining access to a feature that enables them to send information, file complaints, or raise maintenance/repair requests at any time.

Similarly, you can also post information/updates on a notice board that all tenants can access. You'll save yourself time since you don't have to contact each tenant individually unless it's a confidential matter.

New Tenant Onboarding

Once you have accepted a rental application, the tenant will need to sign the rental agreement and complete other onboarding processes.

Thankfully, online property management tools like a tenant portal make it easier to onboard new tenants. They can find the rental agreement there, as well as other documents that the new tenant might need as they begin their tenancy. If there are instructions, such as how to operate certain appliances in the rental, you can have them readily accessible on the portal.

In effect, you can fully digitize the tenant onboarding process, saving you time and money in the process. You can also extend the same treatment to things like lease renewals.

Reap Tenant Portal Benefits

A tenant portal delivers several benefits that will make your life as a landlord much easier. Not only that, it'll also introduce convenience and greater satisfaction to your tenants.

Do you know what else can deliver such benefits? Hiring a full-service property management company. At Hunter Property Management, we have the technology, the processes, and the people to deliver excellent services to our clients in Springfield, MO.

Contact us to enjoy unapparelled property management services.

Brainstorming creative leasing strategies is key to protecting your profits and slashing your property's vacancy rates. But if you've never dealt with this before, you likely won't have a plan in place.

Sounds like your situation? Don't worry, you've come to the right place. Here are five creative rental leasing strategies to help you.

1. Effectively Market Your Property

Owners who want occupancy improvement in Springfield MO should effectively market their property. Make sure you create an eye-catching listing complete with professional photos, as well as a caption describing the property's best qualities. It's wise to work with a property management company because they know how to attract quality tenants quickly.

2. Screen Tenants

Another way to reduce rental vacancies is by choosing a tenant you want to keep.

Once you've attracted enough tenants, property management in Springfield MO will conduct a thorough background check, looking through past criminal convictions, credit scores, and rental histories, including previous evictions. Although you can't predict future actions, it gives you an idea of whether the tenant is trustworthy enough.

3. Offer Flexible Lease Terms

One of the top tenant retention tips is to offer flexible lease terms. You could, for example, offer month-to-month agreements or shorter six-month leases to attract a wider tenant pool. Many applicants may not want to commit to a full year, so this is a great way to slash the vacancy rate.

4. Prioritize Strong Tenant Relationships

Maintaining a good working relationship with your tenants is far easier than looking for new ones. Regularly check in with residents, and if they have any issues, correct them quickly. Not only does it show you care, but tenants are more likely to renew leases on properties they're comfortable with.

5. Offer Incentives

Out of all the effective leasing strategies out there, this is the most creative.

A common one is offering a reduced deposit instead of discounted rent. Many tenants worry about the upfront cost of moving and less about getting the full deposit months or, ideally, years later. However, a reduced security deposit accomplishes the same goal while the property owner still gets the first month of rent.

Another example is to add value to your property or services. If you don't have the budget to remodel the kitchen or upgrade appliances, offer tenants valuable services. This could include a regular cleaning service or landscaping as it makes your property a more attractive place to live.

Our Top Creative Rental Leasing Strategies

Now that you're familiar with creative rental leasing strategies, it's time to pick one for your investment. Marketing your property and offering flexible lease terms are two effective ways to keep your rental occupied and the money coming in.

At Hunter Property Management, we have years of experience working with real estate owners in Springfield, MO. Thanks to our expertise, we make sure tenants are happy with rentals, giving landlords peace of mind.

If you're interested, we'd love to hear from you. Contact us here to chat with a team member.

Having a clear plan is essential for growing your portfolio and solidifying yourself as a real estate investor. But as you're a newbie, you may not know where to focus your efforts and all the information online may overwhelm you.

Sounds like your situation? No worries, we're here to help. Here's what you should do as a real estate investor in Springfield, MO.

Create a Real Estate Investment Strategy

The first step is to create a real estate investment strategy. Like with any business venture, having a solid foundation makes it easier to stay laser-focused on your goals. For instance, decide what your short and long-term goals are, whether it's investing in an x number of properties or if you want to invest in a particular area in Springfield.

Research, Research, Research

One of the most important rental property management tips is to research local markets. Look at the median property value, rental rates, and vacancy rates, so you know what to expect. Having the data on hand means you can see which areas are worth investing in and help you make an informed decision.

Build a Reliable Network

Our new landlord guide wouldn't be complete without highlighting the importance of networking.

First-time property owners can't start managing rental properties alone because there are so many components to deal with. At a minimum, property owners should connect with real estate agents, property management companies, and lenders who will help them grow their portfolios.

Secure Funds

Out of all the Springfield real estate tips, figuring out your finances is the most important one. Without adequate funds, you won't be able to find lenders or afford investment properties for your portfolio. Early on, property owners should outline a budget to determine where they stand and which financing avenues are open to them.

Be Proactive

Being a successful real estate investor means you're constantly focusing on your property. Make sure you're conducting regular property inspections and checking your finances. Real estate investors should also check in with their network, such as lenders or property managers, to see if there are any issues to deal with.

Diversify Your Portfolio

A common mistake for first-time investors is focusing on a single type of property or neighborhood. The problem is that the market is always changing, so you don't want to put your funds at risk. Instead, invest in different property types and locations to protect your portfolio.

Our Tips for a New Real Estate Investor

Now that you know the secrets of becoming a successful real estate investor, it's time to start the process. As a first-timer, you should always have a clear investment strategy and network with trustworthy people to bring your dream to life.

At Hunter Property Management, we have years of experience working with investors and we know how to keep both landlords and tenants happy. If you want to learn more about our services, we'd love to help. Reach out to us and chat with a member of our team today!

If you're a first-time landlord, the whole process of buying a property and turning it into a successful rental is daunting. There's a lot that goes into being a landlord, and if you're going to maximize ROI in real estate, there are certain things you must do. This includes rental analysis and tenant screening.

In today's post, we'll go over a few key tips that'll help you succeed as a property owner. By implementing the right property investment strategies and managing your rentals well, you can thrive in a competitive market. Keep reading and get ready for your new life as a landlord.

Perform a Rental Analysis

Typically, you'd perform a rental analysis before purchasing your property, but you can do it after as well. A rental analysis helps you with rental property pricing, allowing you to attract the right tenants and maximize ROI.

There are a few different rental valuation methods, but the most important thing is market research. By looking at other rental properties of a similar size in similar areas of town, you can get a good sense of what you should charge.

Arbitrarily setting your rental rates will either leave money on the table or result in rental vacancies. Always do this before trying to find tenants.

Market the Unit

The key to finding great tenants comes down to two things: rental marketing and tenant screening.

When you put effort into marketing your vacant units, you'll be able to attract the right types of tenants. It starts with a thorough property listing that describes the property, the local area, and the ideal tenant you're looking for.

You also need to take plenty of detailed photos of the unit to show it in the best light. If need be, you can invest in things like SEO and paid ads to cast as wide a net as possible.

Tenant Screening

Once you've got a group of applicants, the next step is to screen them to find the perfect one. This involves performing criminal background checks, credit checks, and reference checks.

Together, these will paint a picture of a prospective tenant's character and financial situation. When you have a great tenant in your rental property, your life as a landlord becomes much simpler. Failing to do your due diligence will result in stress and lost money due to rental vacancies.

Property Management Is the Key

Taking these tips to heart will help you be the best landlord you can be while also maximizing your rental income. To recap: you perform a rental analysis to properly price your unit, then market your property to find applicants, which you then screen to get the ideal tenant.

If all of this sounds like a lot of work, hiring a property manager is a great option. At Hunter Property Management, we can help you navigate the trials and tribulations of being a landlord in Springfield. Contact us today to learn about our services and how they can help you thrive as a landlord.

Hindsight is painful if you are a financial or real estate investor. However, thorough research can help you avoid making too many investment mistakes, such as tracking down the most popular locations for real estate investing.

Here are the ones to watch in Springfield, MO.

Grant Beach

Many community-led initiatives have made Grant Beach a Springfield area to watch. For example, there is a grant program for homeowners to renovate their property's exteriors.

This program has helped revamp the look of the streets. Plus, it has brought neighbors together in this close-knit community. All of that makes it a promising location when investing in neighborhoods.

Doling Park

Doling Park is known as a neighborhood with a strong sense of community. Like Grant Beach, Doling Park has benefitted from local initiatives to accelerate improvements in the area.

Those residential developers have improved living conditions and neighborhood aesthetics. It makes the location a more popular place to buy. And it's one of the most appealing real estate investment locations.

Heart of the Westside

Another area of Springfield to watch is Heart of the Westside. This is another part of the Springfield community that is getting development funds to help improve the area.

Housing in this neighborhood is still affordable at the moment. And there is plenty of scope for investing in a property and seeing a healthy return on your money.

Woodland Heights

Woodlands Heights offers plenty to homeowners and investors. Its unique character and historic charm make it appealing to residents.

Investment is being made to preserve historic areas while modernizing parts of the neighborhood that need an upgrade. All this is excellent news for property prices and potential real estate investors.

Meador Park

Meador Park is another area showing promise. It has seen an increasing demand for properties. Plus, it's a promising area for both sales and rentals, giving you flexibility as a property investor about how you get a return on your money.

The area boasts an excellent location and popular community features, so it's likely to remain popular compared to other Springfield neighborhoods.

Phelps Grove

Phelps Grove is another neighborhood that benefits from historic buildings and pretty streets.

It has a strong and vibrant community. This neighborhood is a popular choice for real estate investors because it's popular with families, offering a beautiful child-friendly park and safe streets.

That's a sign of a neighborhood that will continue to be in demand in future years, making it a solid investment choice.

Real Estate Investing: Neighborhoods to Watch

Skilled real estate investing is all about snapping up a promising opportunity. That's what these neighborhoods offer.

Our client-first culture at Hunter Property Management is why real estate owners in Springfield contact us for support. Discover more about how we can help you with building wealth through real estate by viewing our services.

A landlord may decide to evict a tenant for various reasons, and it's never an ideal situation. Being told you need to leave your home can be devastating, so it's important to do what you can to make sure this doesn't happen. Having a good understanding of reliable eviction protection strategies could help ensure you don't get kicked out of your home.

In this guide, we'll cover some vital eviction prevention tips that could help you avoid an awful situation. Keep reading for more.

Proactively Communicate With Your Landlord

One of the best ways to avoid the risk of an eviction is to maintain a good relationship with your landlord. If you and your landlord stay in communication, it will be much easier to resolve any potential problems that arise.

For example, there may be issues with rent payments. Evictions cost money, and landlords are often just as financially stressed as their tenants.

Through effective communication, you may be able to agree on a new payment plan that works better for you. You could also inform them if you're planning on applying for financial relief. This could help them rest easy about any rent worries.

A property manager can help facilitate effective communication between a landlord and a tenant.

Get a Lawyer

You have renter rights, and your landlord can't legally breach these. Most people, however, don't have the best understanding of these rights.

A lawyer can provide a legal eviction defense. They have in-depth knowledge of tenant protection laws, so they can look at your situation and show you how to avoid eviction.

It's important to find a lawyer who has plenty of experience with property law. It's a complicated field, so you want an attorney who has a proven track record of navigating it effectively.

Negotiate

When your tenancy started, you almost certainly made a security deposit. You may be able to use this to negotiate with your landlord. If you tell them they can keep it to cover missing rent, they'll be more inclined to let you stay.

You could also offer to help with things like property maintenance or other admin tasks. It may even be a good idea to ask them to waive late charges or reduce your rent.

They might simply say no, but it can be worth asking in a tight situation.

Know Your Options

The eviction process follows specific steps, including a written notice, legal paperwork, and court proceedings. As such, they often take weeks or even months.

During this time, you can assess your options and may be able to find a solution. Your financial situation might improve, or you could benefit from a government program. This may be enough to resolve the situation and avoid the eviction.

The Importance of Eviction Protection

Ideally, you'll never need eviction protection, but things don't always play out the way we want them to. If you're at risk of eviction, a professional property manager may be able to help.

Hunter Property Management has been providing reliable assistance to residents in Springfield with potential evictions and various other situations for over 34 years. Contact us to find out more about how we can help.

Security deposits are a standard part of a tenancy agreement. They serve as a protective measure for landlords and tenants, helping remove a degree of risk. As such, it's important for both parties to understand security deposits and what they cover.

Let's take a close look at security deposits and cover some key points that both renters and landlords in Springfield should know.

Landlords

A landlord should always make security deposits a part of their rental agreements. Not doing so could lead to serious financial loss.

Determining the Amount

It's important to set a reasonable amount for the security deposit. One that's too low will put a landlord at risk, and one that's too high will put potential renters off. Many landlords opt for the equivalent of one or two months' rent, but it can be worth researching the market in your area to see what others are doing.

Confirming Property Condition

The security deposit may be used to cover damage caused by a tenant. It's vital to document the property's condition at the start of their tenancy, ideally with pictures and videos. You can then assess any damage when your tenant leaves.

Storing the Deposit

You shouldn't store a security deposit with other funds. Instead, you can open a special deposit account to hold it until the tenancy ends (unless they renew their lease).

Renters

People often think tenants only need to worry about paying their deposit and getting it back. There are, however, certain other considerations renters need to make.

The Importance of Paperwork

Before settling into your new home, document everything. Take note of any existing damage so you can't be blamed for it later. Photo and video evidence is vital here, and this should all be in a written acknowledgment that your landlord signs.

Mind the Modifications

Make sure you get written consent if you want to make any modifications. Discuss everything with your landlord to make sure they understand the changes and are happy with them.

Keep It Clean

Take care of the property. Routine cleaning and maintenance are vital if you want to get your full deposit back when you leave.

Your Outdoor Space

If you have an outdoor space, make sure you know what's expected of you in terms of gardening. Again, if you want to make any changes here, make sure your landlord has agreed to them.

Regular Check-Ins

Maintain an open line of communication with your landlord. Document important discussions in case you need to refer back to them later on.

Know Your Rights

Make sure you understand the tenant rights in your area. It's also important to know if your deposit earns interest as you should receive this when it's returned to you.

The Importance of Security Deposits

Security deposits are incredibly important in any rental agreement. Make sure they're defined clearly in your lease contracts to prevent any issues.

A reliable rental property management company like Hunter Property Management can help ensure agreements and deposits are handled correctly. We've been serving clients in Springfield for more than three decades and currently manage over 600 units.

Contact us today to find out more about our service.

The population has been growing at a strong pace over the past several years and will be home to thousands more people and households in the years to come.

This means that returns on rental properties in Greene County are equally promising. If you're a Springfield landlord, now is the time to get your rental property accounting in order.

If you know where your money is going and what your properties are earning, you can optimize your portfolio to make the most of Springfield's future growth. Here are our expert rental property accounting tips to get you started.

Automate & Streamline

Rental property banking and accounting do not have to be onerous, complex, or time-consuming.

With the right rental property accounting software, you can automate a lot of the more front-heavy stuff while ensuring that you are keeping accurate records to show to your accountant and the tax authorities.

There are quite literally thousands of applications and platforms that allow you to easily keep track of your rental property income and your rental property expenses in real time. Make use of these.

Document the Right Way

The first rule of rental property accounting is to document rigorously, proactively, and accurately. This means separating your personal and rental income accounts as a first step.

Always keep all accounts and documentation for these separate so that you always know your incomings and outgoings. Make sure to make use of owner statements, which document your expenses, earnings, profits, and losses.

Make sure to take the time every month to reconcile your accounts, so that you never miss a thing.

Optimize Your Tax Planning

If you want to get the most out of any investment property, it is essential that you optimize your rental property tax planning to make the most of any tax breaks or deductions you might be eligible for. An expert, local property management service can assist with this.

The State of Missouri offers several forms of tax relief for investment properties, including the deduction of depreciation of the value of the property. Check the Missouri IRS website to see how you can benefit from proactive tax planning.

Stay Compliant

Speaking of taxes, compliance is always key. This means always filing your rental income the correct way, and paying all property taxes on time and in full. However, this is not the full story.

There is also a wide range of regulations, property codes, and tenant rights that will affect your accounting. These are constantly changing, and it is up to you to stay on top of these so that your accounting never becomes a compliance issue.

Expert Rental Property Accounting in Springfield, MO

Rental property accounting is not just an onerous obligation. It's how you ensure that you get the most out of our your investment and maximize returns in the long run. For this, we can help.

At Hunter Property Management, we have offered expert accounting services for landlords for more than three decades.

We can generate your owner statements, assist with tax documentation, and help you unlock the value of your property. Get in touch to find out exactly how we can help.

With so much on the line, property management becomes your shield against unseen risks. A good property management company can help you avoid the traps that turn a dream investment into a nightmare.

They offer services that protect your property, keep tenants happy, and ensure a steady flow of income. It's the best way to keep your investment safe and your profits growing. Let's look into the matter a little further.

Tenant Screening for a Secure Investment

Finding good tenants is crucial for protecting your investment. Property management companies in Springfield, MO, handle tenant screening to ensure you get the best renters. They conduct background checks, verify income, and contact references.

This thorough process means you get tenants who pay rent on time and take care of your property. A good property management company can help you avoid troublesome tenants, reducing the risk of late payments and property damage. This approach keeps your investment property running smoothly.

Simplifying Lease Renewals and Reducing Vacancy

Dealing with lease renewals can be a hassle. Property management companies take care of the entire process, from sending notices to negotiating terms. They ensure your tenants renew on time, keeping your property occupied and reducing vacancy rates.

This approach keeps the rent coming in and saves you from the stress of finding new tenants. With a property management company handling lease renewals, you can focus on the returns from your investment without worrying about gaps in rental income.

Effective Property Maintenance

Keeping your investment property in good shape is key to its value. Property management companies in Springfield, MO, handle all aspects of maintenance. They coordinate routine inspections and schedule necessary repairs.

If something breaks, they have a network of reliable contractors who can fix it quickly. This proactive approach prevents small issues from becoming major problems. By taking care of property maintenance, property managers help keep your tenants happy and ensure your investment property retains its worth.

Streamlining Rental Property Accounting

Managing the finances of an investment property can be overwhelming. Property management companies offer rental property accounting services to track income and expenses. They create detailed reports, making it easier to understand where your money is going.

This service also helps during tax season, as everything is organized and accessible. With a property management company handling the accounting, you can stay on top of your property's financial health without spending hours crunching numbers. It's a convenient way to manage your investment and make informed decisions.

Investment Property Management: Aim for a Secure Future

Your investment property deserves the best protection. A property management company in Springfield, MO, can help you with tenant screening, lease renewals, property maintenance, and rental property accounting. With their support, you can rest easy knowing your investment is in good hands.

Hunter Property Management is all about you. For over 34 years, we've prioritized our clients' needs, ensuring their real estate investments grow and thrive. Join our family, and let us take care of your property like it's our own; contact us today.

This includes prorated rent calculations. Offering prorated rent is a great way to squeeze in a little extra income. Keep reading to learn how to calculate it.

Defining Prorated Rent

Property managers and landlords charge prorated rent to tenants who move in early or move out late. The rent payment amount is based on the days a renter stays in the unit. This occurs when they are not there for a full month.

Prorated rent amounts should be discussed before the lease agreement is signed. This way, the amounts can be added to the lease.

If a tenant asks to stay a few days after the lease ends, you can choose how you want to go about this. If you don't have a tenant lined up to move in after them, it could be beneficial to offer a longer stay and take the prorated rent.

Tenants might not want to renew their leases but will stay a few days extra. To ensure there are no disputes, put this agreement in writing and have both parties sign it.

Prorated Rent Laws

Missouri doesn't have state or local rent control laws. If a landlord chooses, they can charge the full rent amount for the month no matter when a tenant moves in or out. This will be outlined in the lease agreement.

Other landlords automatically prorate the rent. Either way, landlords get additional rental income and can lessen vacancy times.

It doesn't go against landlord-tenant laws to charge the full rent amount. However, it could be good practice to prorate rent to keep tenants happy. This can help with overall relations.

How to Calculate Prorated Rent

Knowing how to calculate prorated rent is a helpful tool. A rental property management company will automatically do these calculations for you.

The most common method of calculating prorated rent is by using the number of days in a month. This is either 30 or 31 days unless it's the month of February.

You will divide the monthly rent amount by the number of days in the month the tenant is moving in or moving out.

As an example, let's say that the monthly rent is $1,500 and the tenant is only staying 10 days in September. The calculation would look like this:

• (1,500/30) x 10

Rent is $50 per day in September. The tenant is staying 10 days. The prorated rent is $500.

This amount will be different based on the rent amount, month, and how many days the tenant stays. You can always use the same equation.

How Can Property Managers Help?

Property managers can do all of the leg work for you. They can calculate prorated rent and handle day-to-day operations for your Springfield, MO investment.

Hunter Property Management always puts the needs of clients first. For more than 34 years, we've provided property owners with peace of mind by protecting their investments.

Our client-first approach is unlike others in the industry. Our people, processes, and technology help us deliver high-quality services. Partner with our committed team today!

Your situation isn't uncommon. Many first-time landlords often have to choose between self-managing their properties and outsourcing to a third party. You might be more inclined toward taking a DIY approach so that you can pocket as much money as possible from the rental income, but are you ready for the full-time job that comes with property management?

In this article, we're making the case for hiring a property manager. Find out why you need to take the bold step and make the hire.

Minimize Legal Liability

When you set out to become a landlord, the last thing on your mind was dealing with lawsuits. Yet, you can easily find yourself in court if you're not diligent.

That's because landlords have legal responsibilities such as property maintenance and repairs. If you're self-managing, you might not have enough time to respond to repair requests promptly. Some types of damage can cause injury or illness to tenants if left unfixed, giving them a valid reason to sue for negligence.

When you hire a property management company, you can forget about liability issues. An experienced manager will stay on top of property inspections and maintenance, ensuring everything that can be a potential source of a lawsuit is in order.

Maintain a High Occupancy Rate

Springfield has a vibrant market, with about 45% of all households being renter-occupied. However, this doesn't necessarily mean renters will be jostling to occupy your rental. During tough seasons, it can be difficult to find tenants, meaning your unit can be vacant for months in a row -especially if you're a DIY landlord.

Maintaining a high occupancy rate requires you to, in addition to being a good landlord, master the art of rental property marketing. Is marketing one of your strong suits?

If it's not, you should look into hiring a property management company. These organizations have qualified marketers on staff or work with marketing companies to design and implement powerful property marketing campaigns. With effective marketing, your property will have a steady stream of rental applicants whenever there's a vacancy.

Rental Property Accounting

Whether your rental is a single-family home or an apartment complex, what you have is a rental business. And just like every business owner, you must look after the books.

Rental property accounting is one of those tasks that landlords don't quite appreciate their importance until tax season arrives. Without good records, you'll struggle to even calculate your rental income for the past year.

A property management company doesn't sleep on your books. It keeps a tidy record of your property income and expenses, and prepares periodic owner statements.

When doing your taxes, your manager can help you out, ensuring you're making the most of your tax deductions.

Smart Landlords Utilize Professional Property Management Services

Hiring a property management professional presents an additional expense, but it's an expense that will pay for itself tenfold. What are you waiting for?

Hunter Property Management has been in the game for over 34 years, providing excellent services to rental property owners in Springfield, MO. When you give us business, you don't become just a client. You also become family!

We're waiting to hear from you.

Springfield's population is growing, and more residents are looking for a rental unit. Nearly 58% of people in Springfield are now renters.

At the same time, poverty is a major issue in Springfield and many cannot afford the rent. Read on to learn how to find the right tenants with effective property marketing. Explore how to get your property listings out to the best potential tenants.

Visual Content

You want to find tenants who care about appearance and take pride in their home. These kinds of renters are more likely to take care of your property.

Visual content is one way to reach high-quality tenants. Show them the best attributes of your rental unit. For example, use a wide lens to make bedrooms look large and filled with potential.

Virtual tours are another highly effective way to highlight your property. You can share virtual tours on social media and make online browsers feel like they are on-site. This is convenient for real estate shoppers and saves you time on in-person visits.

Targeted Marketing

Social media marketing allows you to target specific audiences. In the past, property listings were featured in magazines or newspapers. Everyone in the local area saw the listings whether they were shopping for real estate or not.

Now, platforms like Facebook allow you to advertise to the demographics that fit your property. For instance, you can zero in on users with a targeted income range. This strategy makes sure the rental prices of your property are compatible with shoppers' income.

You can also set up your marketing strategy for particular age groups. If your community only accepts tenants aged 55 or older, there is no point in advertising to Generation Z. Other useful filters include location and family size.

Detailed Listings

Finding tenants that pay on time and care for your property requires attention to detail. High-quality tenants have a checklist and are looking for particular features. When a tenant gets what they want, they are more likely to renew the lease.

Your rental listing should include all the essential details. At a minimum, prospective tenants are looking for the number of bedrooms, bathrooms, and square footage.

Your rental listing also needs to separate itself from other local listings. Do you have a washer or dryer in the unit? Is there a swimming pool or fitness center on-site?

Along with the details, high-quality images help the cause. Make it a point to include an image of each amenity that your property offers.

Your Guide to Property Marketing

You now have a firm understanding of real estate marketing and what is necessary to attract good tenants. The Springfield market is competitive and there are tens of thousands of prospective tenants. The key is finding the right tenants that provide a steady stream of revenue.

Hunter Property Management has been finding the best tenants for more than three decades. If you need assistance with property marketing, contact us at Hunter Property Management to speak with an expert.

Owning a home in a popular area of the city and finding tenants isn't a guarantee of success, though. You'll need to put in a lot of time and effort to succeed as a landlord.

Read on to find out what's involved in leasing management and why it's vital for effectively managing your Springfield investment portfolio.

What Is Leasing Management?

Lease management is a comprehensive term that refers to every aspect of a lease agreement. It includes things like lease origination, maintenance of landlord-tenant relations, and compliance with local regulations.

Effective lease management is imperative for maximizing revenue and reducing risk.

Understanding the Elements of Lease Management

Finding and placing reliable tenants in a rental property is always the first step in lease management. In these times of high demand for rentals, you're bound to have no shortage of applications after you advertise your home for rent.

Screening Tenants

The secret is to carefully screen each one to ensure you find quality tenants who can afford to stay in your property for a long time. Once you've found the perfect candidates, you must set up a compliant and fair lease agreement that suits both parties.

Setting Up the Lease

A property manager who has experience with setting up residential lease agreements and managing lease negotiations is a great help at this stage. They will protect you and your tenants from misunderstandings surrounding your rental agreement.

Managing Landlord-Tenant Relations

Positive relations between landlords and tenants are important for encouraging lease renewals. A property manager can help you with several aspects involved in keeping your tenants happy, like:

• Property inspections
• Prompt attention to repair requests
• Routine and preventive maintenance
• Efficient, clear communications
• Convenient rent collection methods

Most property management companies have state-of-the-art technology and software in place to help streamline all the above tasks. They're available around the clock to attend to tenants' needs to ensure their convenience and satisfaction.

When necessary, they can manage rental increases tactfully and fairly.

Dealing with Unpleasant Issues

Effective tenant management only goes so far toward keeping things on track in a rental property. Occasionally, issues may arise that require a firmer hand.

A property manager takes past-due rent collections, lease terminations, and evictions in their stride. They stay up-to-date with local landlord-tenant laws to ensure they act within the law at all times.

This knowledge can help you avoid unpleasant and drawn-out court proceedings.

Experience the Benefits of Lease Management in Springfield

Most landlords find that leasing management is best left in the hands of capable property managers. These experts are well-equipped to handle every aspect of managing your property effectively, saving you time and money.

Hunter Property Management is your first port of call for everything related to your investment properties. We offer a full range of leasing services, including lease origination, property maintenance, and more.

Discover the easy way to maximize your investment properties.

As a property owner, you may find yourself grappling with the question: Is outsourcing your tenant screening process in Springfield, MO a good idea?

Read on to find out about the pros and cons of tenant screening.

Expertise and Compliance

Tenant screening involves navigating through a complex web of local and federal tenant screening laws governing housing and tenant rights.

By outsourcing to a property management company, you can ensure that your processes fit with all relevant legal requirements.

These services often have experts who are well-versed in the intricacies of tenant screening. That reduces the risk of unintentional legal missteps that can occur when managing the process in-house.

Time and Efficiency

Tenant screening involves various time-consuming tasks, including background checks, credit assessments, and rental history verification.

Particularly for property owners handling multiple rental units, these tasks can be overwhelming. It can divert attention from other critical responsibilities.

The professionals are equipped with the technology and expertise to streamline relevant data analysis. That expedites the entire screening procedure.

This acceleration is especially crucial in a competitive rental market like Springfield. Swift decision-making can be a determining factor in securing quality tenants.

Figure Out Tenant Screening Costs

Figuring out tenant screening costs is a crucial aspect when considering outsourcing. While outsourcing provides several advantages, including expertise and time savings, it's essential to carefully assess the financial implications.

Landlords should conduct a detailed analysis to compare these costs with the potential expenses incurred when handling tenant screenings in-house. Consider the scale of your property management operation, the number of units, and the frequency of tenant turnover.

In some cases, the convenience and efficiency gained through outsourcing may outweigh the associated costs.

Consistency Is Key

Maintaining a consistent and standardized approach to screening potential tenants is important. Outsourcing to professionals can contribute to this consistency.

They implement standardized procedures and utilize established criteria for evaluating applicants. That can help reduce your vacancy rates.

Property managers can mitigate the risk of unintentional bias. They can enhance the overall transparency of their tenant selection procedures.

However, it's essential to communicate your specific criteria and expectations clearly to the company you choose. That helps you ensure that the screening aligns with your property's unique requirements and standards.

Customization

Some property managers might let you customize your criteria. This may include factors such as credit score thresholds, rental history criteria, and any other unique considerations relevant to your property.

The ability to customize the screening process ensures that you receive information that is most pertinent to your decision-making process.

In a diverse rental market, customization becomes particularly valuable. Tenant demographics and property preferences can vary widely.

It allows property managers to adapt the screening process to the specific dynamics of the local market. They can base it on the unique characteristics of your rental properties.

Tenant Screening in Springfield: Decide Today

It's hard to decide about tenant screening for properties in Springfield.

Are you looking for help with Missouri property management? Hunter Property Management is here for you. We've been working with people like you for over thirty years.

Call us up today.

First, think about why tenants are moving out. Rule out forces beyond your control like out-of-state relocations or people pivoting to homeownership.

What's left?

You may be losing lease renewals due to high rent prices. Tenants may be waiting too long for maintenance requests. There may be an issue with landlord-tenant relations.

The above issues can (and should) be mitigated.

Here are a few ways to encourage tenants to renew their leases.

Start Incentivising Your Tenants

It's time to start viewing your tenants as customers. After all, they do pay a monthly rent price. Like in-store customers, tenants also need incentives.

Don't let ideal tenants slip through the cracks. Similar to customers, you could reward their loyalty with incentives.

First, ask these tenants what they're looking for in a living experience. Create a tenant feedback form to understand the bigger picture.

For example, you may learn that a tenant (who hasn't renewed their lease) would like a more state-of-the-art kitchen. You could incentivize this tenant with free kitchen upgrades like a new fridge or dishwasher.

Compare the rental price to the amenities to see if your properties are worth the price.

You can't go wrong with a rent discount. Consider discounting the first three months of a renewed lease.

Improve the Property

Assess the properties (and values) in your area. This is a great way to gauge if your property needs an upgrade. For example, you may want to install a pool or clear out the backyard for more space.

Are tenants leaving because of parking?

Lack of parking is a top reason for tenant turnover in big cities. Consider installing a parking lot on your property if you have the room.

This is a good time to start rethinking your rental property maintenance protocol. Start using online request portals in your strategy so that tenants can make requests at any time. Hunter Property Management has online portals for both owners and tenants to streamline property maintenance.

Draft a New Contract For Lease Renewals

A dip in renewals is a good time to redraw new lease contracts. You can also create contracts with custom incentives for specific tenants.

This part speaks to the importance of hiring a good real estate lawyer from the start. The language in your current lease contracts may be too unclear, driving away renewals from great tenants.

Tenants should always have a digital copy of their lease contract. This is another reason to introduce a tenant portal that houses all important information, from landlord correspondence to service calls.

Keep Your Best Tenants

Save yourself the cost of low lease renewals. Start investing in incentives, property upgrades, and new contracts to keep turnover rates low.

Hunter Property Management wants to help you improve your tenant retention rates. We have a full suite of tools, from tenant screening to marketing, for investors like you.

Contact us today to talk to an expert.

The best way to avoid high vacancy is to focus on tenant retention. Before you do that, though, you must find tenants who are worth keeping. This is why it's so important to have a solid tenant screening system in place.

Want to ensure your tenant screening process is working as intended? If so, here are some essential steps you'll always need to follow.

Set Minimum Requirements

One common reason for high vacancy rates is setting high criteria for applicants. For example, if the median income in your neighborhood is $50,000, it's not realistic to set a minimum income of $60,000.

Of course, setting criteria that are too low isn't the solution either. In fact, this is how you usually get problem tenants in the first place. Look at your rental comps to figure out the ideal tenant requirements.

Request Rental Applications

A written rental application should give you all the info you need on a tenant. It gives you access to their gross income, debts, and job information. This can help you deduce if the applicant can afford your rental.

A rental application can also contain other valuable info. For instance, if you're allowing pets in your rental, ask the applicant to describe it. This is important as some pet types are more likely to cause property damage.

Talk to Previous Landlords

Your rental applications should also include landlord references. If so, call the applicant's previous landlords. Most tenant screening processes include this step because you can find out things that aren't in the report.

The main thing you'll want to know is how well the applicant takes care of a rental. Would the landlord rent out to them again? If the answer is no, you should probably look elsewhere as well.

Run All the Checks

Running a credit check is another important part of tenant screening. Credit scores are a solid indicator of the applicant's financial ability. In general, you'll want to focus on "good" credit scores (670 and above).

You shouldn't neglect background checks either. This will tell you about the applicant's criminal record and other potential issues. For example, you might find out they have unpaid child support or a large medical bill.

Interview the Applicant

If an applicant passes the above steps, all that's left is to talk to them. This will allow you to confirm the information on the application. Discuss any discrepancies between the info they provided and what the checks unearthed.

In general, it's best to conduct this interview in person. Doing so allows the applicant to see the property and makes communication easier. If they have a pet, this is a good opportunity to see how it behaves.

Improving a Tenant Screening Process

Tenant screening is all about following a clear set of rules. As long as you don't skip any steps, you're all but guaranteed to land a good tenant. The above tips should help you get started!

Need some help with finding tenants for your rental? Our experts at Hunter Property Management can help you with every part of the process. Contact us here to learn more about our client-first approach!

Of course, such a large time investment must come with large expenses. If you're not careful, it's easy to blow the standard budget of one dollar per square foot. And this doesn't include other key factors like the age of your property.

Want to ensure your maintenance expenses don't get out of hand? This guide will help you develop a solid maintenance management plan!

Prioritize the Right Tasks

There are many ways maintenance can improve a property. That said, not all of them will be worth the time and money you spend on them.

If you're looking to prioritize, always start with health and safety hazards. These issues include loose railings, non-functional alarms, and so on. Pay particular attention to fire safety systems like smoke detectors.

Beyond immediate risks, it's worth prioritizing tenant concerns. Taking care of them quickly will keep tenants happy. Plus, resolving an issue on time often means you'll avoid bigger maintenance expenses down the road.

Keep in mind that the Fair Housing Act says that delaying maintenance can be a form of discrimination. To avoid this, do property inspections on time and let your tenants know where to contact you.

Account for Seasonality

Key maintenance tasks change with each passing season. A good property owner will be aware of that and adapt to new circumstances.

A winter maintenance checklist, for example, is lengthier than others. It involves tasks like:

• Insulating pipes and windows
• Inspecting boilers and furnaces
• Clearing the snow around the property
• Clearing autumn debris from the gutters
• Having a supply of de-icing chemicals

With winter storms getting worse, the last thing you want is for one to take you by surprise. If you don't take preventive maintenance seriously, you could end up spending thousands of dollars on expenses.

Other seasons aren't as dangerous, but it's still worth preparing for them. Many seasonal tasks, like enhancing curb appeal, are crucial for preserving property value.

Stay in Touch With Providers

Having strong connections with service providers can help you cut down on maintenance costs. The question is: how do you build those connections?

First, look at your current maintenance contracts. Pinpoint the most successful relationships and look into expanding them. Find out how your tenants feel about recently completed maintenance projects as well.

Next, make a list of recurring maintenance projects. This will help you line up contracts before you need them. If you're allowing pets, for instance, discuss the ideal cleaning schedule with your preferred provider.

If your maintenance needs are serious enough, hire some specialists as full-time employees. Having a plumber on-site gives you flexibility when it comes to emergency repairs.

Need Help With Property Maintenance?

There's no getting around it: property maintenance is hard. At the same time, a well-maintained property is huge for upping the value of your portfolio. The above guide will help you keep track of the essentials!

Looking to outsource your maintenance needs to professionals? At Hunter Property Management, we've helped clients like you for 34 years! Get in touch with us to learn more about our services!

First-time homebuyers do not have an existing asset to leverage. For them, renting a home is the only option. Current homeowners would rather sit tight and enjoy the cheap financing behind their sub-4% mortgage.

In fact, more than 82% of homeowners have a mortgage rate below 5%. Nearly one-quarter of all homeowners have a sub-3% rate.

These households would rather become landlords than give up this rate. Read on to learn about the rise in accidental landlords in Springfield, MO. Explore current housing conditions and how they are impacting the rental market.

Current Housing Conditions

The reluctance of homeowners to give up their low interest rate is impacting supply and demand. Inventory is down as fewer homeowners list their homes for sale.

Lower supply places upward pressure on home prices. Sellers have multiple suitors and can still control the price point. Homes can sell quickly in these conditions.

Some homeowners decide to hold the rate and rent out the house instead. Here, homeowners can take advantage of surging rents in Springfield. From August 2021 to August 2022, Springfield rents increased by more than 123%.

The average rent is now north of $1,600 per month. Landlords build high rates into their rent. With low-rate fixed mortgages, you can turn these higher rents into a higher profit margin.

Property Management Services

If you have become an accidental landlord, you may not know how to manage a rental property. If this is the case, hiring a property management company may be the solution.

Few landlords have the qualifications to perform repairs and general home maintenance. As a landlord, it is your responsibility to promptly inspect and repair broken appliances and other major home issues.

A property manager is better suited to handle these problems. Many have experience making repairs. Others have built a robust network of contractors to handle preventative and corrective maintenance.

Property managers can also help you avoid uncomfortable situations. As an accidental landlord, you may not have experience collecting past-due rent. In the worst cases, you may have to evict a tenant for breaking the rental agreement's terms and conditions.

Using a property management company can shield you from these situations. They are knowledgeable about Missouri eviction laws. This way, you can ensure the proper procedures and policies are followed.

The best property management companies can also help you in other ways. Tenant screening and property marketing are two examples of provided services.

Your Guide to Accidental Landlords and How to Become One

One of the best decisions that an accidental landlord can make is hiring a property management company. This may be new territory for you and a property manager can guide you through this process.

Hunter Property Management has been guiding new rental property owners for more than 3 decades. If you recently found yourself among a group of accidental landlords, contact us at Hunter Property Management to speak with a professional today.

Rising interest and mortgage rates have caused some sellers to postpone selling their homes. They want to stick with their current mortgage rates instead of locking in a new mortgage while rates are higher.

How does this create stuck sellers? Keep reading to find out.

The Current Real Estate Market

Buyers and sellers need to be realistic about the current real estate market. There is a good chance sellers are going to have to sell below the list price and buyers can take more time shopping around.

Sellers are losing power because of high home prices and mortgage rates. Sellers used to have multiple offers to choose from, but that is no longer the case.

The major shift in the Missouri real estate market has caused sale prices to decrease and the number of sold homes to drop. It's taking longer to sell compared to 2022.

Some homeowners are choosing to rent out their property rather than sell it. You can use our rent vs. sell calculator to see if this is the right option for you.

Doubled Mortgage Rates

Mortgage rates have almost doubled in the past year. Most people sell their homes to buy another. Since mortgage rates are so high, some people choose to stay with their current mortgage rate and end up feeling stuck.

Homeowners are pushing off the sales of their homes because they don't want to lose their current interest rates. The people become "stuck sellers." Mortgage payments are much higher for new homes in the current market.

Most buyers are required to have high credit scores to be able to afford the high mortgage rates.

If you choose to rent out your home to avoid selling complications, hire a property management company to help.

Buyer's Market vs. Seller's Market

2023 has been a weird year for home buyers and home sellers. In recent years, it was easy to gauge whether it was a seller's or buyer's market.

It was deemed a buyer's market in September because homes stayed on the market longer and sold for lower prices.

Because of relatively high mortgage rates, the number of buyers entering the market is less than the years before. Low inventory and fewer listings prove that sellers are reluctant to put their homes on the market.

Mortgage rates are expected to stabilize after reaching a high peak in 2023. Even so, the stabilization isn't happening fast enough. This causes home prices to remain low compared to 2022.

Stuck Sellers: The Bottom Line

Homeowners are turning into stuck sellers because high mortgage rates are pushing them to hold off on the sale of their homes.

If you find yourself becoming a stuck seller, there are things you can do to fix your problem. You can rent your home instead of selling to bring in regular income to help with high interest rates.

Hiring a property management team from Hunter Property Management can help. We have more than 34 years of experience helping homeowners meet their personal goals.

Contact us today to discuss your options as a stuck seller.

This means that renting out your rental properties to pet owners could be quite profitable. This doesn't mean that accepting pets in a rental property is the right choice for every property owner, though.

What should rental property owners consider when it comes to pets? Read on for all the relevant perks and downsides of accepting pet owners.

Pro: Increased Rental Income

Allowing pets in your rental property can lead to higher rental income. Pet-friendly properties often attract a larger pool of potential tenants, including pet owners who are willing to pay a premium for a pet-friendly space. This can boost your rental income and maximize your investment.

Pro: Responsible Tenants

People who own pets tend to be caring individuals who are gentle on properties. They already know that maintaining a clean living space benefits their pets' well-being. These responsible tenants can contribute to a maintained rental property.

Pro: Broader Tenant Pool

By welcoming pets, you open your rental property to a broader range of potential tenants. This can help you reduce vacancies and keep your rental property occupied, which is essential for a steady stream of rental income.

Con: Property Damage

The biggest concern for landlords allowing pets is the potential for property damage. Pets, especially dogs and cats, can cause wear and tear on floors, walls, and furniture. Scratches, chewed furniture, and accidents can all lead to costly repairs and maintenance.

Con: Maintenance Costs

Allowing pets may lead to higher maintenance costs. You might need to do the following:

• Replace carpets more frequently
• Repair damaged furniture
• Repaint walls

These extra expenses can eat into your rental income.

Con: Noise Complaints

While not all pets are noisy, some can be. Barking dogs, meowing cats, and other noisy pets can lead to noise complaints from neighbors, causing discomfort and tension. You don't want this to affect your tenant turnover rate.

Con: Allergies and Pet Odors

Some prospective tenants or future tenants may have allergies to pets or may be sensitive to pet odors. This can limit the number of people interested in your property, which reduces your tenant pool.

Making Your Decision

To make an informed decision about allowing pets in your Springfield rental property, you should consider the specific property, location, and your personal preferences. If you decide to allow pets, establish clear pet policies in your lease agreement. Outline rules regarding pet behavior, waste disposal, and potential consequences for violations.

If possible, meet the tenant's pet in advance. This can give you an idea of the pet's behavior and temperament. It's a chance to gauge whether the pet is well-behaved and unlikely to cause problems.

It's always wise to collect a pet deposit from these tenants. This deposit can be used to cover any pet-related damages or extra cleaning costs when the tenant moves out.

Accepting Pets in a Rental Property Could Be Wise

Accepting pets in a rental property in Springfield has its perks and disadvantages. Ultimately, your stance on pets should align with your business goals and preferences.

Regardless of what you decide, having a property management team by your side can improve your investment. Contact Hunter Property Management to learn how our property management solutions will bolster your Springfield rental property business.

One of the crucial tasks is conducting rental property inspections. Property inspections help ensure that the rental property is well-maintained and holds value. They also ensure that both landlords and tenants are fulfilling their obligations.

That said, the frequency of these inspections can vary by location and often depends on local laws and regulations. In Springfield, Missouri, landlords must understand how often to conduct property inspections. Read on to learn how it's done.

Local Laws and Regulations

Property inspections are guided by local laws and regulations. Landlords must follow these laws to ensure a smooth rental process and follow code compliance.

Landlords must consult the Missouri Landlord-Tenant Law. These resources will help determine the specific regulations governing property inspections. Ignorance of these laws can lead to disputes with tenants and legal issues that landlords would prefer to avoid.

Balancing Tenant Privacy and Property Maintenance

The frequency of property inspections in Springfield, Missouri, should strike a balance. You have to protect your investment and respect the tenant's right to privacy and quiet enjoyment of the rental property.

Frequent inspections can make tenants feel uncomfortable and can strain the landlord-tenant relationship. Too infrequent inspections can allow issues to escalate and lead to costly repairs.

In Springfield, the typical frequencies for property inspections are as follows:

Move-In and Move-Out Inspections

Move-in inspections should happen before a tenant moves in. Move-out inspections should happen after a tenant vacates the property. These inspections provide documentation at the beginning and end of the lease.

Routine Inspections

Routine inspections should happen every 3 to 6 months. These inspections help landlords assess the property's condition. They also help identify any maintenance issues.

Emergency or Maintenance Inspections

Landlords have the right to enter the property in case of emergencies. They can also perform necessary maintenance and repairs. They should provide tenants with advance notice whenever possible.

Response to Tenant Requests

Landlords should also respond to tenant requests for inspections or repairs. If a tenant reports a maintenance issue or concern, landlords should address it.

Inspections Due to Specific Concerns

If a landlord has concerns, they may need to conduct more inspections. These inspections must adhere to the law and provide proper notice to the tenant. Complying with the law can help you build trust.

Providing Notice to Tenants

Landlords must provide reasonable notice to tenants before conducting inspections. The notice period is defined by state or local law and the terms of the lease agreement.

The common notice period is 24 to 48 hours before the inspection. This notice allows tenants to prepare. It also ensures that the landlord is respecting their privacy rights.

Performing Rental Property Inspections

A healthy tenant-landlord relationship is built on open communication. You can build that relationship by following inspection laws.

If you need help, Hunter Property Management has been putting clients first for over 34 years and can meet your needs. You can get in touch with the team at Hunter Property Management to handle your rental property inspections.