In Focus: The Rental Scam

Avoiding the Rental Scam

Could you recognize a rental scam if you saw one? Rental scams have become a major problem in the rental industry, as scammers have found creative ways to use online rental postings to lure unsuspecting tenants. There are a few different versions of the rental scam, but it basically works like this:

Scammers take property descriptions and images from existing and legitimate postings for rental and sales properties. They re-purpose the information for their own online scam post. The potential tenant finds the property online and is none the wiser that they are reaching out to a scammer. The scammer typically claims to be temporarily out of the country, so the only opportunity to view the property is via a drive-by. Getting the keys to the property only requires a wire transfer deposit to for the application fee, security deposit or first month’s rent.

Before the potentell tale mag-2tial tenant realizes, the scam has been completed. The wired money is lost and the scammer is long gone. Rental scams happen every day and it’s unfortunate to hear about the loss and suffering they cause. But there are ways to combat these scams.

Simply Residential Property Managment does all it can to minimize a scammer’s opportunity to scam tenants. But we also encourage tenants to be vigilant, knowing the warning signs of a rental scam.

Finding the right rental property should be an exciting life event. If you feel you have uncovered a rental scam involving Simply Residential Property Management, please reach out to us immediately.

Being a Landlord is Tough But There Is Hope

Being a Landlord is Tough.

Hiring a property management company makes life easier.

Being a landlord brings with it a LOT of responsibility:
• Market the property
• Find, screen and maintain tenants
• Rent collections
• Understanding of financial and legal responsibilities
• Maintenance
• Eviction and more

But you do have options. Imagine your life AFTER hiring a property management company.

BEFORE: Talking to tenants on the phone in the middle of the night about clogged drains.
AFTER: Surfing, texting and talking on the phone for fun!

BEFORE: Always running to help tenants is stressful.
AFTER: What stress? Enjoy yourself!

BEFORE: You feel like you’re always on an island, with all problems on your shoulders
AFTER: Your property management partner is fully dedicated to your property and there to help!

Next step? Contact Simply Residential today. You can:

Email us:
Call: 952-893-9900
Receive a free rental analysis

We keep property management simple.

6 Tips for Advertising Your Rental Property [Infographic]

6 tips for advertising your rental property (1)

Finding the right tenant for your rental property can be a challenge. These 6 tips can help you understand how to advertise your property to attract a great selection of renters.

1. Take awesome photos. Good photos can help bring your property to life, finding the best angles and showing off its best features. Try to make sure there are at least eight photos of your property, including a few exterior shots. It may be worth looking into hiring a professional.

2. Include a floor plan. Understanding the layout of your rental property will allow potential renters to visualize the space as their own.

3. Include details about local amenities. If your property is conveniently located near to schools, hospitals or shops, then say so. Features like quick access to public transit and shops can massively increase a property’s appeal.

4. Know your audience. Look at what types of property appeal to which kinds of people. For example, If your property is located in a student area, then tailor your message to emphasize the requirements you believe they will prioritize.

5. Be realistic about rent. Charging too much for rent can result in extended vacancies, leading to a loss of profit. Conversely, charging too little for rent can make you miss out on your max ROI.

6. Hire a management company. When you work with a property management company like Simply Residential, they handle the advertising from strategy through execution, leaving you with more free time to enjoy your earnings.

Advertising is key to the success of your property investment — make sure you’re doing it right! If you have questions about how to market your property, or want some help getting all the steps right, let’s talk: 952-831-5300!

Pets in Your Rental Property: Lovable or Liability? [Infographic]

Pets Infographic SRPM (4)

Whether or not you should allow pets in your rental property is a big decision. On one hand, irresponsible pet owners can cause more than their fair share of damage, and even well-behaved pets can have bad days. On the other hand, allowing pets in your rental home opens up a larger variety of potential tenants, and allows the property owner to charge more in monthly rent and in pet deposits.

At Simply Residential, we’ve worked with homeowners who allow pets, and those who don’t. This question comes up often. While we don’t have an official stance either way, we have found some helpful research. The infographic to the right details the current state of renting to pet owners.

Minneapolis and St. Paul are considered among the top 25 pet friendly cities for renters in the country, although comparatively fewer rental properties allow pets than there are renters who own pets. One of the most important things to remember when considering, or reconsidering, your pet policy is the anticipated amount of damage. This damage and the associated costs are often offset by a pet deposit and monthly pet rent. That information will tell you what the best and worst case financial situations will be if/when you decide to allow pets in your property.

To get a better understanding of what those numbers look like, contact us! We’re happy to discuss the pros and cons of renting to pet owners. Call us at 952.893.9900!

This article was originally published in Simply Residential Property Management Magazine.