Get ready for the last round of property management links of the year. Stay tuned for lots more to come in 2009!

• Save money by doing it yourself. This Old House’s website has some great ideas and step-by-step instructions on home repairs that will increase your property’s value.
• Harassing a tenant for failure to pay probably isn’t the smartest thing to do. And using your NASA computer to do the harassing for you may just be the dumbest thing ever.
• Ten money savings tips for property managers.
• If your tenants complain that you’re strict, tell them about this landlord. He’ll be lucky if he ever finds a renter!
• Ever wondered what a Real Estate Investment Trust (REIT) is? Take a look here to get a better understanding of what REITs are and how they work.

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• Many clever cities are cutting down on crime with the Good Landlord Program. Landlord’s are trained to screen tenants and are financially rewarded for their efforts—a real win-win!
• Speaking of screening, RottenNeighbor.com is a great tool for screening tenants and evaluating investment properties. Oh yeah, and it’s fun!
• Have you ever thought about how much a tenant dispute may cost you? Find out what you’re getting into with with Cost Helper, a quick way to estimate costs for landlord-tenant disputes.
• Hmmm … not the best (or most legal) way to evict a tenant. Leave your shotguns at home and do it the right way by consulting your attorney.
• It’s rare (very rare), but we all make mistakes. Don’t fall victim to these common property management mistakes.

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Your vacancy rate is low and you have great long-time tenants. Sure, comparable units are renting for more, but why raise rents when things are going so well

Because, just like any other market, the rental market is cyclical. As the saying goes, what goes up, must come down. That’s why it’s important to keep pace with rents when the local housing market is strong: doing this will allow you to survive those inevitable leaner times when rents fall and vacancy rates rise.

So how do you raise rents without losing your tenants? You start by doing your homework.

Have your costs gone up?
First take a look at your operating costs. Have things like property taxes, insurance, and utilities increased since your last rent increase? If so, take note of how much they’ve gone up. Having this information not only helps you determine if a rent increase is in order but also helps you explain it to your tenants.

What’s the going rate?
Next, determine the going rate for similar rental units in your area. But don’t rely on anecdotes from other landlords and property managers; do your own research. Start by checking advertised rentals using sites like Craigslist.org or call around … even if it means posing as a prospective tenant.

Are new tenants willing to pay for it?
Finally, test the market by seeing if prospective tenants are willing to pay the increased rental rates. List rental units at least 60 to 90 days before your current lease expires and see what prospective tenants have to say about the advertised rate. If they’re willing to pay, you’ll be on firm ground when you talk to your existing tenants about rent increases.

For more information on how to keep your tenants (while maximizing your profit), be sure to check out this post.

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