phone(216) 586-2489

facebookgoogleFollow us on Twitter

RIQ investor RentalApplication

How Can Cleveland Property Owners Maximize The Return on Their Property Investment?

Thumb 93 min

The Cleveland rental market is generally good for investors; it allows you to earn favorable rental income in the short term and incredible long term returns. If you’re looking for ways to maximize the return on investment (ROI) that your rental property provides, we have some ideas.

Everyone has different investment goals, but whatever your plans for the property happen to be, there’s a lot to gain in adopting these tips and tricks as part of your leasing and management strategy.

Price the Home Right to Avoid Vacancy

Your home’s rental value has a huge impact on your ROI because it directly affects your vacancy and turnover rate. Consider this when you’re pricing your rental property. Many landlords will have a number in mind that reflects what they think their home is worth. But, the market drives the price. It doesn’t matter how much rent you need to cover your mortgage and expenses. Good tenants are only going to pay what the market demands.

Before you even think about pricing your home, take a look at the comparable properties in your area. Get some good data on what they have rented for and how long they were on the market. This will help you price your property effectively and competitively. The highest rental price does not always create the best ROI. Sometimes, a slightly lower price that attracts a great tenant quickly will earn you more. If you retain that tenant for the long term, it’s even better.

Make Maintenance a Priority

A well-maintained home will always rent for more. To increase returns, you want to protect and preserve the condition of your investment and provide a comfortable, safe, and attractive place for good tenants to live. Make sure there isn’t any deferred maintenance at the home. Before tenants move in, make sure everything works well. Check the locks on windows and doors, test each outlet, run the water in every faucet, flush the toilets, and turn on the appliances.

When maintenance is requested, don’t drag your feet. Respond immediately, even if it’s a routine repair that seems minor. There has never been a small repair issue that simply went away. They always get more complicated and more expensive. Save your money and increase your profits by taking care of maintenance preventatively and responding to your tenants when they let you know something needs to be fixed or replaced.

Work with Professional Cleveland Property Managers

The most important thing you can do to earn more money on your rental property is to work with a professional Cleveland property management team. Your property managers will help you earn more income, rent to better tenants, and be proactive when it comes to maintenance. Property managers ensure rent is collected on time, keep you in compliance with all state, federal, and local laws and regulations, and understand how to effectively inspect, maintain, market, and care for your rental home. We take care of tenant retention and tenant relationships. We have access to the best and most cost-effective vendors.

euro seem money financeThese are just a few of the ways you can keep your expenses down and your returns up. If you’d like to hear more, we’d love to talk to you. Contact us at RE/MAX Haven.

How to Evict a Tenant | Cleveland Property Manager's Advice for Landlords

Thumb 91 min min

Evicting a tenant in Cleveland is not terribly costly or time-consuming; for most landlords, it takes about a month to remove a tenant from the property. However, you have to make sure you follow all the legal steps and complete the eviction properly. Otherwise, your eviction will be tossed out and you’ll have to start over, extending the amount of time that you’re losing money.

We always recommend you get help from a professional, whether it’s an experienced real estate attorney or a professional property management company in Cleveland.

Landlords can evict for a breach of the lease or if illegal activities are occurring in the property. The most common reason to evict, however, is nonpayment of rent. If your tenant has not paid rent, you need to take the following steps to regain possession of your property.

Serve a Three Day Notice

The first step in any eviction process is to serve your tenants with a Three Day Notice to Leave Premises. This officially informs them that rent is late, and they have three business days to move out of the property. This is an unconditional quit notice; many times, tenants will pay the rent within those few days to avoid having to move out. However, you are under no legal obligation to accept that rent. Once it’s late, you can stick to the process and have the tenants evicted.

There is a specific language that you need to include in this notice. Make sure it’s exactly right, and be sure you post the notice to the door or serve it to your tenants in person.

Filing the Eviction in Court

After three full business days have passed, you can go to the courthouse and file the official eviction paperwork. You’ll need to pay a filing fee, and you’ll also arrange for the Summons and Complaint to be served to your tenants by the sheriff or other court officer. This notice will let the tenants know that they are being evicted, and they’ll be provided with a court date for the hearing.

Sometimes, your tenants won’t respond or show up on the date of the hearing. In that case, you’ll get a default judgment of eviction. If they do show up, most courts will grant them a period of time to move out. The continuance will rarely be for more than a week. Once you are awarded a Writ of Restitution, your tenants will have seven to ten days to vacate the property before they are physically removed by the sheriff.

Requesting a Set-Out

If your tenants are still in the property after those days have passed, you can contact the court and they will send the sheriff’s department to remove the tenants. It may take a few days for the sheriff to be available, but once the set-out is scheduled, make sure you are there with a locksmith and some people to move out any tenant belongings that are left inside.

pexels photo 1050297Evictions can be frustrating and emotional. It’s important to follow the legal procedure and not resort to desperate tactics such as changing the locks on your own or turning off the water. You must follow the legal process and be patient.

If you have any questions about avoiding or working through evictions, please contact us at RE/MAX Haven. We can help you avoid bad tenants and potential eviction situations.

Should I Allow Pets in My Rental Property? | Cleveland Property Management Advice

Thumb 90 min

People love their pets. Animals are like part of the family, and a growing number of people own at least one cat or dog. You might own pets yourself. But, when you are renting out a home, your warm and fuzzy feelings towards pets and animals might be tempered by your fear that pets will damage your Cleveland rental property or increase your liability.

The trend in Cleveland’s rental market and throughout the United States is to allow pets into properties. Today, we’re discussing why that may or may not be a good idea for you, and what you can do to protect yourself if you do decide to offer a pet-friendly rental home to prospective tenants.

More Money, More Tenants: Why You Should Allow Pets

The investor clients we work with always allow pets into properties. It can often provide an additional source of income, which far outweighs the potential damage that an animal can do to a home. When you allow pets into your property, you’re going to have a shorter vacancy period because pet-friendly homes rent faster. There’s a larger pool of tenants who will be interested in looking at your property if you allow them to move in with animals. When you don’t allow pets, you’re more or less cutting the number of potential tenants in half. So, less vacancy time equals more income.

Investors also allow pets because they know pet owners expect to pay an increased deposit before moving in This adds up to better ROI for you, even if there is extra cleaning and minor damage at the end of the tenancy because the unit is rented faster.

Potential Property Damage and Liability: Why Landlords Don’t Allow Pets

While all of our investor-owned properties are pet-friendly, we always let our individual landlords decide whether or not they want to allow pets. For some people, this is a home they’ll return to one day, and they don’t want the lingering pet odors or the extra cleaning. Pets can leave messes, and they can wreak havoc on your landscaping, your wood floors, your walls, and your carpet. They can also be dangerous. We don’t recommend that you allow any danger dog breeds. Most insurance companies still won’t cover them, and even if a tenant has the sweetest Pit Bull in the world, it’s still an additional liability for you.

pexels photo 288477We understand your hesitation if you want to keep your property pet-free. However, please know it’s perfectly acceptable to restrict breeds, and you can also restrict the size, age, and number of pets. Maybe you want to allow adult cats and dogs only, or just one dog that weighs less than 20 pounds. We can help you put together a reasonable and protective plan.

If you have any questions about pets and how to protect your Cleveland rental home, please contact us at RE/MAX Haven. We’d be happy to tell you more about how we handle pets.

Acquisitions and Dispositions

We got our start selling properties to local and foreign investors. Hundreds of sales later, we are well positioned to assist you in finding the right property or to liquidate all or a portion of your portfolio. We have a team of licensed brokers and agents to make your transaction simple and easy.

Invest in Clevelandproperty managementrentals

bottom logos

Fair Housing 5386 Majestic Parkway Ste 10, Bedford Heights OH 44146   |  |   Office: 216-586-2489 |  Fax: (877) 926-2901