Melissa from Fort Worth asks Adrienne: “How do you collect rent from tenants?”

The easiest way to secure rent payments is to give multiple payment options. The more options available to the tenant, the fewer excuses they have for nonpayment. Proving various opportunities and informing tenants of their options also reduces conflict when property managers may need to address instances of nonpayment.

The most popular form of payment collection I use and recommend is online payments through an online rental portal. These portals can be accessed by tenants anytime, day or night. Other options include autopay or paying in person at the property management office.

Avoid financial fumbles, conflict aversion, and other common landlord mistakes. Learn more about My Real Estate Property Management and schedule a consult today: https://tinyurl.com/24d27fcd

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Carlos from Granbury asks Adrienne: “As a property owner, what type of insurance do I need?”

Many new investors don’t know the difference between investment property insurance and basic homeowners insurance. Insuring investment properties is a more complex process that may include multiple policies. Some examples of investment property insurance policies include general landlord, structural, or loss of rent.

Working with your property manager and an insurance professional will help determine the best policy or policies for you. There are no legal insurance requirements, but having insurance is highly recommended to protect you and your investments.

Property managers will also advise tenants to obtain a renters insurance policy. There aren’t legal requirements for renters insurance, but property owners can require the tenant to show proof of renters insurance as part of the lease agreement.

Avoid insufficient insurance and other common landlord mistakes. Learn more about My Real Estate Property Management and schedule a consult today: https://tinyurl.com/25pywu4y

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Samuel from Lubbock asks Adrienne: “Do property managers inspect the interior of the property?”

Inspecting the interior of an investment property between tenants is not enough. Your property manager should inspect the property, including the interior, regularly at least once every year. Many property managers will suggest an inspection every six months.

Following a standard checklist during each inspection ensures all inspections are standardized. The list should include checking appliances, smoke detectors, and other structural factors. During inspections, the property manager should document needed repairs, potential issues, or lease violations.

Make sure you and your property manager understand state laws concerning notices of inspection and other requirements stated in the lease agreement.

Avoid pet predicaments, other lease violations, and other common landlord mistakes. Learn more about My Real Estate Property Management and schedule a consult today: https://tinyurl.com/2cwntg3f
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Margaret from Arlington has a tenant who is a handyman. She asks Adrienne: “Is it a good idea to reduce his rent in exchange for him handling repairs?”

An in-house handyman? What’s not to love? Wait a minute! Having a tenant perform repairs may seem like a good idea initially, but there is a high risk of the situation going downhill quickly.

A good practice to adopt is the standard repair processes are applied uniformly across all properties and tenants. Adhering to the same standards guarantees all repairs are done in the order you prioritize and to your satisfaction.

Avoid taking shortcuts and other common landlord mistakes. Learn more about My Real Estate Property Management and schedule a consult today: https://tinyurl.com/24f2spea

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Geoffrey from College Station asks Adrienne: “I would really like to get more rent. Asking for a higher rent never hurts, right?“

Setting rent pricing is a complicated balancing act. You want to see the highest return on investment possible for each property, but raising the rent too high carries risk. Higher incomes come from long-term renters.

Raises in rent pricing may result in vacant properties and properties staying vacant for long periods. Vacancies are expensive, and you will see zero or negative returns.

Your property manager should know how to set rent prices at the best level to keep properties occupied and provide income from rent. They will also create a marketing strategy to ensure, when vacant, your properties don’t remain on the market long.

Avoid financial fumbles and other common landlord mistakes. Learn more about My Real Estate Property Management and schedule a consult today: https://tinyurl.com/26bs2l4q

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Michael from Fort Worth asks Adrienne: “Why should I set goals for my property?”

"Goal setting benefits many areas of your life, especially your investments. The ultimate property investment goal is to grow wealth and generate passive income.

Creating specific goals for your investment property gives direction. By identifying clear outcomes in mind, such as maximizing occupant retention, your resources can be more efficiently applied, allowing you to sidestep unneeded expenses and wasted time.

Avoid financial fumbles and other common landlord mistakes. Learn more about My Real Estate Property Management and schedule a consult today: https://tinyurl.com/2y45z4ke

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In this episode of Ask Adrienne, Marcy from Arlington asks: "Why do I need to hire a property manager?"

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