Discount Real Estate Fees!
Treat others with kindness!

FAQs

Renting Property

What benefits does BroomeRealEstate.com offer Landlords?
Our service provides Landlords with an exceptional way to advertise rental properties. Create a detailed ad in just minutes and modify your ad as often as you like! BroomeRealEstate.com charges a modest one time fee until your property is rented! Login and see how easy it is to post your rental.

We can even help you with your photos and provide you with a yard sign! Try our service today and attract the kind of tenants you deserve!

Why should I have a tenant fill out a lease application?
Our lease application provides Landlords with a quick and easy way to gather information about new prospective tenants. Attracting quality tenants and filling vacancies is how you remain profitable. Before showing your property, have each prospective tenant complete our lease application. Review each application thoroughly and always check past Landlord references. Learn as much as you can about each tenant before handing them the keys to your property.

  • Verify if they paid their rent on time.
  • Did they leave their last apartment in good condition?
  • Did they fulfill the term of their lease?
  • Did they give proper notice before departing?
  • Would their past Landlords rent to them again?

Ask the prospective tenant for his or her reason for moving. Acquire whatever information you can to make a sound decision. No Landlord wants to rent to a difficult, dangerous or slow paying tenant and that is what you will get if you fail to check references!
Last but not least, verify the tenant’s income and debt to make sure they can afford your rental. You may even wish to perform a credit check, but whatever you do, be consistent and adhere to all Fair Housing laws! One bad tenant can cause a lot of trouble, so do your homework and ask the right questions!

Is a security deposit really necessary?
Make it your policy to always require at least one full month’s security deposit. Doing so will give you a little extra protection should a tenant decide to break their lease or move out of your apartment overnight. If a tenant doesn’t have a month’s security saved, then where do you think you will be one month from now?

Should I collect a pet security deposit?
Always require a pet security, no questions asked! Pets can do a lot of damage to your property, so it is best to obtain a pet security. Find out how many pets and what type of pets the tenant owns. Do they have dogs, cats, birds, snakes, rabbits, rats, gerbils, ferrets, turtles or fish? Find out if their pets are house broken and licensed.

We have seen cases of broken windows, stained carpets, ruined hardwood floors and woodwork, not to mention terrible pet odors, fleas and cockroaches. Beware of the kind of pet owner you allow to live in your property. Good pet owners will not have a problem paying a pet security!

Obtain a pet security large enough to cover all potential damage that could occur to your property. Establish a set of rules to deal with pet issues and don’t let a tenant’s pets disturb other tenants in your building. Check past landlord’s references before you approve the application.

If my property is not renting quickly, what should I do?
Study the rental market and make sure your property’s presentation and pricing are in line with other comparable units. Adjust your rents accordingly and keep advertising your rental on our web site. If plausible, consider upgrading your property’s interior and exterior. Provide a quality online description with photos and make sure your pricing is competitive with the market!

If the market is soft, drop the rent and sign a short term lease until the market recovers. It is better to have some income than no cash flow at all. Never settle for a bad tenant because you are desperate! If you undercapitalized, consider selling your property or bring on a partner that brings strength to your situation. Don’t let your life spin out of control over a rental property. If your property becomes too complicated to manage, or too costly to own, sell your property before it affects your health or hire a Property Manager who can turn your property around! It is better to realize you can’t always change all the factors that affect your property. Be conscious of your local economy, taxes, utilities, insurance and routine maintenance.

Ask yourself these questions:
Who are my targeted Tenants? Students, Professionals, Families or Commercial?
How many apartments of mine are currently vacant?
What is the current supply and demand for my type of property?
Are my rents too low or too high?
What’s my turnover rate?
Do I need to make my property more presentable?
Are there any management or marketing changes I need to make?

Finally, make sure your online presentation looks its best! Take quality photos and write a nice detailed description. Place a BroomeRealEstate.com yard sign in front of your property and gain more exposure! View a sample listing.

What mistakes do landlords frequently make?
Learning how to become a good landlord takes time, knowledge and energy. It means making good Buy and Sell decisions. It means knowing how to select tenants and how to reduce your liability. It means keeping up with routine maintenance and performing property inspections on a regular basis. It means making your property shine! It means staying in touch with the latest laws that affect tenants and landlords. It means being able to predict the local economy. It means knowing how to convert your property to its highest and best use. Develop a game plan that works for you!

There is nothing that time, money, experience or knowledge can’t teach you. For more helpful tips view our list of common landlord mistakes.

What if I inherited bad tenants when I bought my property?
Our advice: Learn to live with them or evict them! Landlords have certain responsibilities: You must protect the rights of other tenants in your building and you must maintain your property to local municipal code. Bad tenants create many liabilities and can challenge you in many ways.

Set fair and reasonable standards for tenants in your building. Let tenants know exactly what you expect from them. If they don’t like, understand, or adhere to your rules, then you may need to evict them. Begin the process by learning more about your tenants. Review their leases and meet with them to go over any problems. Communicate effectively and use common sense psychology when talking to your tenants.

If you have a problem, follow all legal channels and Fair Housing guidelines. Do not take the law into your own hands. Hire a Lawyer or certified Property Manager to assist you with any challenges you face. Set an agenda, be realistic and work towards fulfilling your goals.

How do I go about hiring a Property Manager?
Good Property Managers are hard to find because property management is a time consuming and demanding business. Taking on new clients may not be every management company’s desire, especially if you have a small multi-family apartment building.

Very little money is made handling small apartment complexes and the liability is even greater. To find the right manager for your property, you may need to interview a few companies. Our advice: Select a company with plenty of experience.

Here are some questions you should ask:
How many years have you been managing property?
How many properties do you currently manage?
What kind of properties do you specialize in?
Are you licensed, certified and insured?
How familiar are you with my type of property?
How are your fees based and what kind of services do you offer?
How many employees do you have?
Do you have employees who can do repairs or routine maintenance?
Do you have a management brochure that I could review?
Do you have some references I could call?
What type of monthly and annual statements do you prepare?

Choosing the right management company means hiring a company that can deliver results. They need to be able to evaluate your property and make suggestions to improve your cash flow while reducing your liabilities. They need to know how to market your property and find the right tenant mix. Spend time finding a company that suits your needs and pocketbook.

Should I allow a tenant to sublease my property?
If you decide to allow a tenant to sublease your property, you should follow the same procedures as if you were qualifying a new tenant. Perform a normal background check and leave nothing to chance. Verify income, debts, and past landlord information. Have the tenant complete a full application and obtain an additional security deposit.

What kind of leases and forms does BroomeRealEstate.com offer?
We offer some basic forms for your review. If your situation is unique, have your attorney draft a specific lease or contract for your building. Always seek the counsel of an expert! If you need a form, view our contracts & forms page.