turn-key-property-m20261026201047

Tenant Screening: Take the Credit Report Seriously

Wed, 28 Oct 2026 12:46:25 GMT

Tenant Screening: Take the Credit Report Seriously

Let’s talk about credit reports. I’m sure you’ve had an applicant look at their report and immediately say, “I can explain.”

They’re going through a bad divorce. An ex-boyfriend used their credit card. Someone signed a lease in their name. There always seems to be a story behind the repossession, the eviction, or the unpaid bills.

But if the report shows a pattern of unpaid debts, don’t convince yourself that you’ll be the exception. If they already owe money to a car lender, a former landlord, an insurance company, multiple cell phone providers, and the electric company, what makes you think you won’t be next?

Some people don’t take their credit obligations seriously. Owners sometimes say, “I’ll take a chance on them and charge a little more.” But if paying the minimum rent is already a problem, charging more is unlikely to make it easier for them to pay.

And if creditors are already pursuing garnishments, there may be less money left in the applicant’s paycheck to cover rent. Those creditors are already waiting to be repaid.

Quit thinking your property will be different. Review the report, verify the information, and apply your screening standards consistently. Don’t let a persuasive explanation talk you into ignoring a pattern that’s right in front of you.

In the long run, it can cost less to leave a unit vacant while you wait for a qualified tenant than to accept an applicant who can’t meet your standards, go through an eviction, repair the damage, turn the unit again, and hope you recover what you’re owed someday.

PooPrints: A Value Add for Property Owners and Residents

Wed, 28 Oct 2026 12:45:50 GMT

PooPrints: A Value Add for Property Owners and Residents

It’s a gross subject, but it’s part of managing a pet-friendly property: dogs poop, and some owners don’t pick it up.

We’ve all shown a property to a prospect and had to dodge piles of dog waste. It’s embarrassing, it stinks, and it’s even worse when someone steps in it. It also tells prospects what they might expect management to tolerate. And abandoned dog waste can create health risks for other dogs. Canine parvovirus spreads through contact with infected feces or contaminated environments, and it can remain infectious for months or longer in favorable conditions. (merckvetmanual.com⁠, vet.cornell.edu⁠)

That’s why I signed my properties up for PooPrints, a dog DNA waste management program. Each resident with a dog pays a $50 DNA test fee per pet. The dog’s cheek swab creates a DNA profile, and when waste is found on the property, it can be collected and submitted to the lab for comparison with the registered profiles. (pooprints.com⁠)

Property owners can set their own enforcement amounts, consistent with their lease and applicable requirements. At Turn Key, the first fine is $400. The second is $750. A third violation results in a notice to vacate for the resident and Fido. By that point, it’s repeated disregard for the rules and for the community they chose to live in.

A clean property matters. Residents shouldn’t have to dodge waste in the common areas, and prospects shouldn’t get the impression that nobody is paying attention. A clear policy, DNA testing, and consistent enforcement give responsible pet owners a cleaner place to live and help owners protect the appearance and reputation of their property.

#PooPrints

Investing Outside Your Comfort Zone: A Good Deal Can Come With a Long Wait

Wed, 28 Oct 2026 12:44:52 GMT

Investing Outside Your Comfort Zone: A Good Deal Can Come With a Long Wait

We’ve all had those calls: “I’m looking to buy a property in this area. Will you take over management? Will you manage it?”

You look at the property and think, “Sure, let’s give it a go.” Then you discover the court system is backed up 60 to 90 days.

What does that mean for an investor? If you have a resident who isn’t paying rent, you may have to wait 60, 90, or even 120 days just to get in front of a judge and work toward getting the unit back. The timing depends on the lease and local process, but either way, that’s a lot of lost revenue.

This goes back to an earlier blog and podcast I did about what to check before purchasing a property. Review the delinquency. Make the current owner address the bad debt and deal with problem tenancies through the proper process. Get the units turned before you get to the closing table.

The same principle applies after you buy. If you screen poorly and place an unqualified resident, you may face the same long wait to get in front of a judge. The difference is that at least you know it was a decision made under your ownership. You didn’t inherit the problem from the previous owner.

A deal can look great on paper, but make sure you understand the local court process and the condition of the rent roll before you decide it’s a good investment.

Why I Started Using an Appliance Addendum

Wed, 28 Oct 2026 12:44:15 GMT

Why I Started Using an Appliance Addendum

I started using an appliance addendum after dealing with repeated stove damage that I couldn’t explain. One stove had to be repaired seven times in about six months. In my own properties, I noticed that the repeated stove damage and the moisture problems I was seeing were concentrated in units occupied by Haitian refugee households. I looked for information in property management groups and online discussions and found other landlords describing similar experiences.

The explanations I encountered pointed to differences in cooking routines. Some households were more accustomed to cooking outdoors over charcoal, using large pots, and not monitoring food as closely as people typically do with an electric stove indoors. That can lead to boilovers and damage. Those were the patterns I was trying to address—not a rule about every Haitian resident.

I created an appliance addendum explaining the condition of the appliances and that residents may be responsible for damage caused by misuse or neglect. I also created a Haitian Creole version with a diagram so residents who speak Creole can understand the expectations. I recommend that landlords explain appliance use clearly and apply the same written policy to every resident.

I also noticed moisture problems in some of those units. Residents who are comfortable in warmer temperatures may use the air conditioner less, while cooking large meals and taking hot showers adds moisture indoors. If that moisture isn’t vented, mildew can develop. At my properties, I connected bathroom exhaust fans to the light switches so the fan comes on with the light, helping remove moisture.

These steps came from problems I was seeing in my own properties. Clear appliance expectations, information residents can understand, and better bathroom ventilation helped me address them.

Google Reviews: The Good, the Bad, and the Ugly

Wed, 28 Oct 2026 12:43:40 GMT

Google Reviews: The Good, the Bad, and the Ugly

I am approached almost weekly by companies claiming they can remove my negative Google reviews. I always decline. First, I question whether they can legitimately remove them. Second, I have contracts with property owners requiring me to protect their investments, treat those properties as if they were my own, and safeguard their return on investment. Sometimes doing that means making decisions that upset people.

No, I do not intentionally go around trying to make residents angry. However, as I have mentioned in other blogs, I am very black-and-white. I do not operate in the gray.

If your lease says that no unauthorized occupant over the age of 18 may live in your unit without first completing the required application and screening process, that is exactly what it means. If your boyfriend or girlfriend has been staying in the unit for two weeks, you refuse to have that person apply, and you receive a notice to correct the violation or vacate, you may become angry. You may post a one-star review—or ask friends and family who have never lived at the property to post reviews too.

I will own the decision, and I will respond with the documented truth. A negative review does not automatically mean a management company did something wrong. Sometimes it means the company enforced the lease exactly as it was written.

Residents should also remember that they may need rental verification long before I will ever need a perfect five-star rating. Any rental verification I provide will remain factual, consistent, and based on documented records—the same standard I use when publicly responding to a review.

Many of my negative reviews have been posted by people who have never lived in a property I manage. Others have confused Turn Key Property Management with a similarly named company located in another state where I do not even operate. Unfortunately, even after the mistake is explained, those reviews are not always removed.

That is why I tell investors not to judge a property management company solely by its star rating. Read the reviews. Read the company’s responses. Look at what actually happened. Was the resident upset because legitimate maintenance concerns were ignored, or because the lease was enforced? Those are two entirely different situations.

Yes, there can be a “good” one-star review. A one-star review may show that the management company enforced occupancy rules, addressed lease violations, protected the safety of other residents, pursued unpaid rent, or refused to make exceptions that would expose the property owner to unnecessary risk.

I did not sign a contract promising to protect every resident’s feelings while ignoring lease terms, rules, safety requirements, or the owner’s investment. I signed a contract to manage the property responsibly and consistently.

I welcome honest feedback, including legitimate criticism. If Turn Key makes a mistake, we need to know about it so we can correct it. But I will not purchase a spotless online reputation by hiding truthful reviews from people who are unhappy simply because the rules applied to them.

The good, the bad, and the ugly reviews all tell a story. Smart investors read beyond the number of stars—and that is where the truth usually becomes clear.

Cash for Keys? Not for Me.

Wed, 28 Oct 2026 12:42:44 GMT

Cash for Keys? Not for Me.

Let’s talk about the trending concept in property management called “cash for keys.” It’s probably one of my biggest pet peeves, and I will never offer it.

Parents, let me ask you something: When you tell your kids to clean their room and they deliberately ignore you, do you reward them with a bigger allowance, bake them cookies, or take them to their favorite trampoline park? I have three children, and I don’t reward bad behavior.

I wasn’t rewarded for bad behavior in school, and I don’t promote it in my company. Some companies may reward or promote the wrong behavior. That’s not how I choose to operate.

When an adult signs a legally binding lease for a property I manage, I expect them to follow the terms of that agreement. If they don’t, we have a problem.

We’ve all had nightmare tenants. Sometimes we just want the situation to be over. Some owners and managers offer money to get a tenant to leave. To me, that feels like saying, “I’ll pay you to go away.”

That’s not my approach. I’ll pay an attorney to help enforce the lease and pursue the proper legal process. But I’m not going to pay someone for breaking the agreement. The tenant may still owe money under the lease, subject to the law and the facts of the case. I don’t owe them a reward for leaving.

And here’s another part of the problem: word gets around. A tenant is packing up a U-Haul, and someone walking by asks, “Why are you moving?” The answer is, “This management company is paying me to leave.”

Now you may have put the idea in other residents’ heads that breaking the rules can pay off. Someone else who wants to move may decide to ask for money, too.

I believe leases should be enforced, and residents should be held accountable for the agreements they sign. Cash for keys may work for some owners and managers. It will never be part of how I manage property.

Why I Use Separate Bank Accounts for Each LLC

Wed, 28 Oct 2026 12:39:52 GMT

Why I Use Separate Bank Accounts for Each LLC

Why do I use separate bank accounts for the LLCs I manage? It’s simple: I want to know that one property isn’t using another property’s money.

In my opinion, different owners and different LLCs should have separate bank accounts. I reconcile the accounts every month, but I still don’t want Jim’s property funding Sally’s property—or the other way around.

Here’s why that matters. Suppose Sally’s LLC is short $1,000, one of its units is vacant, and the owner gives me 30 days’ notice to end management. If there’s no rent coming in and no separate account showing where the money went, Sally’s unpaid expenses could leave Jim’s property covering the shortfall. Jim may never get that money back.

Separate accounts make each property’s available funds easier to see. If Sally’s account has only $200 and the property needs a new water heater, I can tell her the account is short and request the needed funds before moving forward. I don’t have to take money from another owner’s account to cover the cost.

I currently maintain around 39 separate bank accounts through Enterprise Bank & Trust,(the best bank for management companies haves down) and I would gladly open 100 if that’s what it takes to keep the accounting clear. Owners can also request a copy of their bank statement. It’s their money, held and used for their property’s benefit. Shouldn’t they be able to see every transaction, down to the penny, if they ask?

Separate accounts, monthly reconciliations, and clear reporting help protect each owner’s funds and make it easier to answer a basic question: What money belongs to this property, and where did it go?

Due Diligence Goes Beyond the Inspection Report

Wed, 28 Oct 2026 12:25:59 GMT

Due Diligence Goes Beyond the Inspection Report

When you’re buying a multifamily property, hiring a qualified inspector is highly recommended. But as a property management company, we also want to look at every individual unit and the details that can turn into expensive problems after closing.

At Turn Key Property Management, I look for issues that may be easy to overlook during a general inspection but can add up quickly across a building.

Start with the electrical panels . If a property has Federal Pacific panels, that deserves further review. Some insurers may decline coverage or require replacement, and upgrading panels across a multifamily property can be a significant expense. Check the panels with a qualified electrician and confirm insurance requirements before you finalize your numbers.

Check the shutoff valves . Look at the valves near water heaters, under sinks, and behind toilets. Are they corroded? Do they work? A valve that won’t shut off can turn a small repair into a much bigger job—and sometimes require shutting off water to the entire property to replace it. Across many units, those costs can add up fast.

Look at the gutters and downspouts . Does the property have properly sized gutters, such as six-inch commercial gutters where appropriate? Are they clear and in good condition? Check where the downspouts release water. Ideally, water should be directed at least 10 feet away from the building where the site allows. If it drains beside the foundation, water can collect around the building, contribute to crawlspace moisture or water intrusion, and potentially damage the structure over time.

Look at smoke and carbon monoxide alarms . Are the alarms present, working, and placed where they’re required? The U.S. Consumer Product Safety Commission recommends smoke alarms on every level, inside bedrooms, and outside sleeping areas. Fuel-burning appliances, including gas furnaces and water heaters, can produce carbon monoxide, so make sure the property has the required CO alarms as well. Placement requirements can vary by building and local code.

Check the utility closets . If a gas furnace or water heater is inside a closet, look at how the appliance gets the air it needs to operate safely. Don’t assume that a louvered or vented door is always the right fix; have the setup checked against the appliance requirements and applicable code.

And, of course, don’t overlook the major systems: HVAC equipment, water heaters, and the roof. Those are obvious items for a qualified inspector to evaluate, but they’re also important to understand when you’re estimating future repairs and operating costs.

These are the kinds of details I want to understand before purchase, while there’s still time to factor them into the decision and the budget. An inspection is an important part of due diligence, and a property manager’s unit-by-unit perspective can help uncover practical operating costs that affect the property after closing.

At Turn Key Property Management, we look beyond the rent roll. We want to understand what it will take to operate the property safely, maintain it well, and protect the investment.

Investors: Make Insurance Compliance Part of Your Property Management System

Wed, 28 Oct 2026 12:24:42 GMT

Investors: Make Insurance Compliance Part of Your Property Management System

When you’re evaluating a property management company, ask how it handles insurance after a unit is occupied. The owner’s building insurance protects the owner’s interests, but it generally does not replace a resident’s personal belongings. Renters insurance can cover a resident’s belongings and may provide personal liability protection, depending on the policy. These coverages do different jobs.

A property management company should be able to explain its process clearly: What proof of coverage is required before move-in? How is that proof tracked? Does the lease require the owner or manager to be listed as an interested party so they receive notice of a cancellation or lapse? What happens when a policy expires or is canceled?

Those details matter. “Additional interest” and “additional insured” are not interchangeable, and an owner should not assume either designation provides coverage without checking the policy requirements.

Some management companies use a landlord liability or tenant legal liability program when a resident does not provide the required renters policy. Investors should ask what the program covers, who it protects, what its limits are, and what it excludes. It should not be treated as a substitute for a resident’s coverage of personal belongings, and its effect on a claim depends on the specific program and policy documents.

I learned how consequential an insurance tracking failure can be. At one 32-unit property, the required proof of insurance or enrollment in the property’s liability program was not completed for 12 days. Twelve days—that’s all it took for a fire to cause a $1 million loss . On the twelfth day, a resident put a cigarette in a kitchen trash can, starting a fire that displaced all 32 families.

Under the particular coverage arrangement involved, we understood that having coverage in place for the unit where the fire began could have made a substantial difference in the funds available for the loss. The exact outcome depended on that program’s terms, but the management failure left a serious gap at the worst possible time.

I’ve also seen how an ordinary accident can spread. A lamp was knocked from a nightstand onto a bed, and the fire damaged both sides of a duplex, displacing both families. Fires can start from everyday situations involving lamps, candles, appliances, or smoking materials.

As an investor, ask your property management company to show you its written procedure—not just tell you that it “requires insurance.” The process should cover move-in verification, policy tracking, lapse notices, follow-up, and any enrollment required by the lease or program. Make sure you understand what each policy or program actually covers.

Insurance compliance may look like a small administrative task, but it is part of protecting the asset. A reliable management company should have a system that makes coverage status visible and addresses lapses promptly.

Why I Started Turn Key Property Management

Wed, 28 Oct 2026 12:23:32 GMT

Why I Started Turn Key Property Management

I began my career working for a man in the property management industry for whom I have the utmost respect. He gave me a chance, and in return, I discovered something I truly love. I often say that I eat, breathe, and sleep property management. There is not a day that goes by when I dread going to work. Every day brings something different, challenging, and exciting.

The first person I worked for managed approximately 350 individual rental homes scattered throughout the tri-state area. The only reason I left was because he viewed me more as a daughter than a potential business partner, and I wanted the opportunity to grow outside my comfort zone. We still speak nearly every week, and there is nothing I would not do for him—and I believe the feeling is mutual.

After leaving, I went to work for a corporation that, to say the least, wanted to look like a large corporation—and I am sure it was. However, it often seemed as though people were simply “finger-painting” their way through the day. Bills were not being paid on time, vendors suffered, and owners and investors were charged late fees they never should have had to pay.

When I submitted my three-week notice and prepared to move to another corporation, I left knowing exactly how I would never treat vendors in the future.

Paying bills promptly can move a property management company to the top of a vendor’s priority list. That becomes extremely important when temperatures are freezing and a property has a burst water pipe. In that situation, you want your plumber to put you first—not number 80 on the list because your company has a reputation for paying slowly.

The corporation frequently had to pay cash on delivery, and vendors regularly placed liens on the properties. There was no excuse for it. Two people in the corporate office were responsible for handling my accounts payable, yet neither could consistently get bills paid on time.

Looking back, I should have recognized the problem during training. Instead of teaching me to enter the payment deadline into the system so we could avoid late fees, they taught me to enter the late-fee amount. Being new to the corporate world, I did not immediately realize how backwards that process was.

I then went to work for another corporation. This company paid its bills on time and treated its vendors well, but it did not always show the same respect for its employees.

The wrong employees were often promoted, and although our employee handbook clearly stated the company’s policies in black and white, I was repeatedly instructed to work in the “gray area.”

If a resident received a legitimate lease-violation notice and complained or cried to the regional manager, I was expected to smooth things over—sometimes practically buying them a plate of cookies and giving them a gift card. To me, that was rewarding bad behavior.

I was required to inspect the properties monthly and use the company’s standard form whenever I observed a lease violation. However, if a resident took offense to that same company-approved notice, I was expected to make it right with a gift card.

I ultimately left because I no longer respected the company’s leadership. I did not believe leadership respected its employees’ professional judgment, and I did not feel that management supported us 100%.

By the time I left, I knew exactly what I wanted—and did not want—for my own company.

I wanted to pay vendors promptly so Turn Key would become a preferred property management company to work with. I wanted to respect and support my employees’ professional decisions. I wanted to provide adequate, well-maintained housing for residents while also requiring everyone to follow the black-and-white terms of the lease—the legally binding agreement they signed.

I do not operate in the gray.

Paying vendors promptly helps keep costs down. I do not believe owners should have to pay unnecessary late fees because those fees affect the property’s operating expenses and reduce the owner distributions I can provide.

I also need happy, dependable vendors. When one of our properties has an emergency, I want Turn Key moved to the top of the list because our vendors know they will not have to wait more than 30 days to be paid.

If you are an investor looking for someone who will treat your property as if it were her own, give 110%, and consistently protect your best interests, call Turn Key Property Management.

I am currently licensed in Indiana and Kentucky. If you own property in another state, I am willing to pursue the licensing required to manage it legally. I can also provide property-management consulting services in all 50 states.

Perhaps you need an experienced outside advisor to take a deeper look at your current management company, review your cash flow, identify unnecessary expenses, find opportunities to increase revenue, and determine whether your investment is reaching its full potential.

If so, give me a call. I would welcome the opportunity to help.

A Property Can Be 100% Occupied—and Still Be in Trouble

Wed, 28 Oct 2026 12:22:24 GMT

A Property Can Be 100% Occupied—and Still Be in Trouble

When reviewing an investment property, investors are usually given a packet prepared by the listing broker. It may include the cash flow, rent roll, contracts, lease expirations, and other important documents. Those are all worth reviewing—but there’s one report I always want to see: the delinquency report.

A rent roll can show that every unit is occupied. That does not mean every resident is paying. A property may appear to be 100% occupied while only 70% of the residents are paying rent. Some residents may be living there without paying, while still using water or other utilities that the owner has to cover.

That gap between occupancy and collections can change the entire picture of a deal. If the delinquency problem is not resolved before closing, the new owner may inherit months of unpaid rent, legal expenses to pursue evictions, and the cost of turning units after residents leave. Those units may need cleaning, repairs, and other work before they are ready to rent again.

That means less income coming in and more money going out—sometimes immediately after purchase. A property can look full on paper while creating a serious cash-flow problem in practice.

Before you buy, look beyond the occupied-unit count. Review the delinquency report and ask how much rent has actually been collected, how long balances have been outstanding, and what steps are being taken to resolve them. Confirm who is responsible for utilities and understand the potential legal and unit-turn costs.

Unless you’re buying a homeless shelter, a property where many residents are not paying is not the opportunity its occupancy percentage may suggest. Know what you’re really buying before you close.

Why Correct GL Coding Matters to Your Property’s Cash Flow

Wed, 28 Oct 2026 12:21:48 GMT

Why Correct GL Coding Matters to Your Property’s Cash Flow

A property’s cash flow report is only as reliable as the transactions behind it. General ledger (GL) accounts sort money coming in and going out into categories, such as rent income, electricity, water, cable, supplies, and flooring materials.

Most property management software comes with standard GL accounts. Those accounts still need to be set up and used correctly for the property and the way it operates. For example, if residents are responsible for reimbursing the owner for utilities, the accounting system should have an appropriate utility reimbursement income account.

A $100 utility example

Let’s say 123 Main Street earns $1,000 per month in rent. The electric company sends the owner a $100 bill.

The manager enters the bill under Electricity Expense :

Rent income: $1,000
Electricity expense: – $100
Amount remaining in this example: $900

Now let’s say Sally Jones is responsible for putting the electric service in her own name, but she forgets. The owner pays the $100 bill and charges Sally for the amount.

If that $100 charge is mistakenly coded to Electricity Expense instead of a reimbursement income account, the report may show:

Rent income: $1,000
Electricity expense: –$200
Amount remaining in this example: $800

The property has now been charged twice in the expense category: once for the electric company’s bill and once for Sally’s charge. The owner’s report makes the property look $100 less profitable than it should.

When Sally pays, her payment should be recorded to the proper utility reimbursement income account. With the correct coding, the report reflects:

Rent income: $1,000
Utility reimbursement income: $100
Electricity expense: –$100
Amount remaining in this example: $1,000

The $100 utility cost has been recovered. Before considering other property expenses, the result is back to the $1,000 in rent income.

What incorrect coding can affect

Misclassified transactions can make expenses look higher, income look lower, and cash flow appear weaker than it really is. That can affect owner statements, decisions about distributions, budgets, and comparisons between properties. If distributions are based on inaccurate reports, an owner may receive less than expected—or be asked to contribute money to cover expenses that were misclassified.

A coding error does not automatically mean anyone acted dishonestly. It can happen because the chart of accounts was not tailored to the property, the software was configured incorrectly, or staff did not receive enough training. But repeated errors should be investigated and corrected. Owners should be able to see how charges, reimbursements, and payments are classified and ask for corrections when the reports do not make sense.

Proper GL accounts and consistent coding help show what the property actually earned, what it actually spent, and what cash is available. A cash flow report is a management tool; if the transactions are coded incorrectly, the report can give the owner the wrong picture.

When each LLC has its own bank account, it can also be easier to follow that property’s cash and see whether funds remain available after expenses are paid. That brings me to my next blog: the pros of separate bank accounts in property management.

Landlord Insurance vs. Renters Insurance

Wed, 28 Oct 2026 12:18:38 GMT

Landlord Insurance vs. Renters Insurance

Whether you’re a fledgling landlord leasing your first house or an experienced property manager overseeing multiple complexes, it’s important to understand the differences between landlord insurance and renters insurance, and how the two work to complement one another. Landlords and tenants have different interests to protect, and so naturally they require different types of coverage, but both parties benefit from learning the ins and outs of each. Generally speaking, landlord insurance covers the property owner, while renters insurance covers the resident. However, there are ways in which the types of coverage overlap, and together they can ensure that both sides of a lease agreement are happy.

Landlord Insurance: What It Is, and What It Isn’t

Landlord insurance, which is also sometimes referred to by the more technical names “rental property insurance” or “dwelling fire insurance,” is purchased by the property owner and covers the rental property itself, including the exterior and the roof of the building. Landlord insurance plans usually cover structural damage, liability, and any furnishings or appliances in the property that belong to the property owner rather than the tenant, and some landlord insurance policies can even cover certain types of damage caused by tenants. Additionally, they can protect against the loss of rent in the event that a property becomes temporarily vacant (due to a covered peril or necessary repair). If you’ve experienced the financial drain of an unoccupied or uninhabitable property, you can readily understand the value of this particular aspect of landlord insurance.

Landlord insurance is different from renters insurance in a number of ways, but it’s also not to be confused with homeowners insurance. The primary difference between landlord insurance and homeowners insurance is that the former covers rental properties and protects a landlord’s financial interests, while the latter only concerns a person’s primary residence and the personal property it contains. For this reason, a homeowners insurance plan simply won’t cut it for someone offering long-term rentals, and the two different types of coverage differ in significant ways. Being a landlord comes with a host of unique and inherent risks, and landlord insurance provides a comprehensive means of protecting yourself against those risks.

Lastly, you will sometimes see the term “landlord liability insurance” tossed around, and this typically just refers to the liability coverage that is usually (but not always) offered as a standard component in many landlord insurance packages. When shopping for insurance, you should make sure that your plan includes landlord liability insurance, as this will help protect you in the event that a tenant or third party sues you over bodily injury or property damage.

Renters Insurance: What It Is, and Why Landlords Should Require It

If a rental property is struck by lightning and the landlord has a landlord insurance policy that covers that particular peril, then the ensuing costs related to damage (and potentially even lost rent due to uninhabitability) are likely covered. But what about the tenant’s personal property? What if their $2,000 flatscreen gets fried? If they don’t already have renters insurance, the tenant will probably wish they had purchased it (and so might the landlord, which I’ll get to later).

The primary way in which renters insurance differs from landlord insurance is right there in the name: the renter’s personal property is protected, not the landlord’s. Unless an apartment or house is already furnished, in which case the landlord’s furniture would be covered by landlord insurance, a tenant will need to purchase renters insurance in order to protect their own furniture—as well as electronics, clothing, jewelry and other property—from damage or loss due to covered perils, including theft, vandalism, fire, and even some natural disasters.

Some renters insurance policies even offer the flipside of the uninhabitability coverage included in landlord insurance plans: protection against loss of use. If a tenant is forced to vacate the property because of structural damage and/or significant repairs, renters insurance can help cover the cost of temporary living arrangements such as a hotel stay or interim rental.

Last, but certainly not least important, is liability. In the event that a guest or third party is injured in the rental property, renters insurance can help cover any resulting legal feels, settlements, and judgements. As far as landlords are concerned, this may be the most important aspect of renters insurance, as it provides an added layer of protection that complements whatever liability coverage is included in the landlord insurance plan.

As a landlord, you obviously don’t need to worry about personally acquiring renters insurance for the properties you oversee, but that doesn’t mean you shouldn’t encourage or even require that your tenants obtain coverage.

So, can you require renters insurance? Yes, and you probably should. Landlords usually can’t be held responsible in the event that a tenant’s property is stolen or damaged, but costly disputes can be avoided by requiring tenants to have a renters policy. For this reason, it can be a good idea to stipulate in your lease agreement that the tenant is responsible for obtaining renters insurance.

Even if you aren’t going to require that your tenants purchase renters insurance, you should still strongly encourage it. Some tenants might balk, thinking that it costs a fortune and requires a great deal of research to insure an entire apartment’s worth of property, but in actuality it’s an affordable and easy-to-navigate process. If one of your tenants expresses such concerns, assure them that they likely can insure their property for anywhere from just $12 to $30 per month (or even less, if they bundle it with their auto insurance), and that it doesn’t take very long to get renters insurance: a tenant can get coverage in 24 hours or less, and sometimes even fewer than 30 minutes. Beyond tallying an inventory of the value of all their personal property, all a tenant has to do is enter some basic information into a website, and their personal property is insured.

Are you looking to add to your revenue per unit? Consider offering renters insurance to your residents through a program like Pinata. You can package renters insurance and resident rewards to monitor which residents are up to date on their insurance policies and reward them for paying rent on time. This can add additional revenue to your bottom line while also ensuring your tenants are covered.

Shopping for Landlord Insurance: Where to Begin

So, now you know the primary differences between landlord insurance and renters insurance, but you still need to find the right type of landlord insurance that’s perfect for your particular property (or properties). How do you make an informed decision and pick the right provider and plan?

Start with the basics. In the same way that a tenant needs to compose an inventory of their personal property before purchasing renters insurance, you’ll need to determine the amount of coverage needed for your building (or buildings), personal property (provided furniture, or appliances such as fridges, stoves, and dishwashers), and liability. If you own multiple properties, you’ll need to decide between one single landlord insurance policy to cover all of them, or a patchwork of separate policies to cover each one individually. Landlords who own and operate multiple properties will need to account for a number of factors when shopping for landlord insurance, including the location, size, and value of each of their properties, as well as the different types of tenants and their potentially different rental activities. Whatever policy you end up purchasing, you need to make sure all your bases are covered.

As with any other type of insurance, be it auto or health, before making a decision you’ll want to get a sense of all the different plans out there, paying special attention to perils covered, differences in claims handling processes, exclusions and limitations, and of course the deductibles and premiums on offer. Make a list of specific things to look for, such as whether a particular landlord insurance plan covers tenant damage, or whether flood or earthquake protections are included, and keep this list handy during your research.

Now that you’ve made an exhaustive inventory of your property (or properties), you may be wondering where you can actually buy landlord insurance. It’s important to note that while you can certainly purchase landlord insurance from recognizable names like Progressive, Allstate, and Geico, there are also companies that deal exclusively in landlord insurance. For example, Steadily is a technology-focused insurtech company that offers plans for traditional single-family homes, apartment buildings, and condominium units, and it also has insurance packages catering specifically to property owners operating in the Airbnb and Vrbo sector. Yes, big names like Geico can probably provide most of what you’re looking for, but you may want to look further afield if you’re in search of a more specialized plan. Do your research, take your time, and go with the company and plan that best fit your particular situation, not just whatever pops up first on Google.

Landlord Insurance and Renters Insurance: They Just Go Well Together

There’s one obvious reason that landlord insurance and renters insurance are not the same: the two concerned parties have different interests to protect. But that doesn’t mean that they don’t complement one another. It’s safe to say that if you’re currently leasing a property, you probably already have landlord insurance. The same cannot be said for tenants and renters insurance, as not all landlords require their tenants to purchase renters insurance. If you don’t require it, you should at least encourage your tenants to obtain renters insurance, as it really does benefit both sides of the lease agreement.

Yes, the liability protection aspect of renters insurance is important to landlords, as it adds another layer of security against potential lawsuits, but there is another, perhaps unsung reason to encourage your tenants to purchase renters insurance: it improves landlord-tenant relations. Talk to any property owner who’s spent a significant amount of time in the game, and you’ll learn that soured relations and breakdowns in communication come with the territory, so why not bolster your relationship with your tenant on day one? It costs your tenant very little, and it costs you nothing.

Pet Poop and Apartment Maintenance: Risks of Not Picking Up After Fido

Wed, 28 Oct 2026 12:15:01 GMT

Pet Poop and Apartment Maintenance: Risks of Not Picking Up After Fido

Pets and Apartment Maintenance: Clean Up!

Pets, including dogs, are great friends for people of all ages and backgrounds. They can teach young kids about responsibility by taking care of another living thing. On the other hand, they can offer companionship to adults who are living alone. Moreover, they can even help people with disabilities go through the daily motions by providing aid in accomplishing various tasks, like crossing the street safely.

For these reasons and more, a significant number of home renters have pets. 67% of American households have at least one kind of pet, 53% of which own dogs. With this in mind, it’s crucial to set up policies about managing dog poop as part of your apartment maintenance if you allow pets or plan to allow them on your property.

Addressing problems before they arise is one of the best ways to improve resident retention. For pet poop, in particular, you need to clarify the rules about the areas where your tenants can let their dogs answer the call of nature, how they can dispose of it properly, and whether you’ll be providing pet poop bags.

You should also ensure that these regulations are disseminated effectively. With ExactEstate, our cloud-based property management software includes an online resident portal where tenants can get notified of new policies in an instant. This way, everyone is on the same page and gets started on taking care of the community right away.

Health Risks of Leaving Pet Poop in Public

Health problems are the most significant danger for your apartment community when tenants don’t pick up after their dogs. Pet poop can contain pathogens that carry diseases and make people or other dogs sick.

These are five parasites and bacteria associated with pet poop in public:

1. Hookworms

Hookworms are parasites that attach to your pet’s intestinal wall. Their larvae can hatch from eggs that are deposited in the soil through dog poop.

Hookworms can penetrate human skin and cause an itching sensation. Usually, it can be treated by topical over-the-counter medication. However, there’s a species of hookworm that can develop in the human intestine, so it’s best to have your tenants pick up after their pets right away.

For dogs, this parasite sucks blood and can lead to internal blood loss. Puppies are more at risk because they might not survive after losing a significant amount of blood. Hence, it’s better to keep public places clean and avoid these areas from getting contaminated.

2. Roundworms

Roundworms are another common parasite found in pet poop. A majority of dogs get infected with them at one point or another. Puppies may even have roundworms at birth since they can be passed on by the mother while they’re still in her body.

Similar to hookworms, roundworms live in a dog’s digestive tract, and their eggs can be found in dog feces. When poop isn’t picked up right away, these eggs can hatch and infect the soil. As a result, children and adults who come into contact with the contaminated area might unwittingly become infected.

With dogs, the larvae usually stay in the digestive tract. However, in humans, they behave differently. One particularly scary risk is ocular toxocariasis, which occurs when roundworms migrate to a person’s eye. This can lead to inflammation and, worse, blindness.

The nervous system could be another target in humans. Here, roundworms can cause fever, fatigue, respiratory problems, and abdominal pain.

Digestive issues are an indicator that your dog might be infected with roundworms. Symptoms include:

Diarrhea
Vomiting
Unexplained weight loss
Having a potbelly

3. Giardia

Giardia, a single-celled parasite, also infects the digestive system of dogs, and its cysts can be found in feces. In dogs, giardiasis leads to diarrhea and can result in death when left untreated.

Humans also get digestive problems when exposed to this parasite. Getting into contact with contaminated water, grass, or soil can lead to:

Diarrhea
Stomach pain
Nausea
Vomiting
Greasy stool

4. Salmonella

Salmonella is a relatively common bacteria. Most people associate it with eating raw meat and unclean eggs. However, your tenants can also get salmonellosis through pet poop. Symptoms can include:

Fever
Diarrhea
Body malaise
Headaches
Vomiting

Additionally, this type of bacterial infection can also cause digestive problems in dogs and have similar symptoms with humans. More serious infections, though, can lead to sepsis, shock, and even death.

Other Reasons to Dispose of Dog Poop Properly

Aside from the risk of spreading diseases in your apartment complex, there are plenty of other reasons for your tenants to pick up after their dog and throw the waste properly, such as:

It Takes a Long Time To Break Down

Although pet poop is technically biodegradable organic waste, it can take about nine weeks before it fully breaks down. Decomposition largely depends on the climate, the dog’s diet, and the size of the stool.

Knowing this and the health risks that come with infected feces, you must encourage your tenants to dispose of their dog poop properly and promptly. This way, you avoid contaminating the area for a prolonged period.

It Damages Grass And Plants

Moreover, there is a misconception that dog poop can be used as fertilizer. However, as mentioned above, infected feces can actually cause more harm than good.

Imagine a dog doing its business in the community garden and leaving behind parasites and bacteria that can get into the crops and plants. Even if the vegetables are heated while cooking, the process of picking and preparing them can make humans come into contact with these pathogens.

Moreover, dog poop is acidic because of its protein-rich diet. It has high levels of nitrogen and phosphorus, which can singe grass and plants.

It Smells Awful

Lastly, tenants should pick up after their dogs because fresh poop can give off a disturbing odor that can disturb others nearby. Along with this, when someone inadvertently steps on it, it can amplify the unpleasant smell and destroy the ambiance of your public spaces.

Top 10 Fall Maintenance Tips for Landlords and Property Managers

Wed, 28 Oct 2026 12:11:10 GMT

Top 10 Fall Maintenance Tips for Landlords and Property Managers

Top 10 Fall Maintenance Tips for Landlords and Property Managers

When the temperature dips and leaves start to fall, images of cozy evenings by the fire and pumpkin spiced drinks come to mind. As nice as autumn is, however, in many parts of the country it’s also a forewarning that deep freezes and piles of snow are just around the corner.

Start preparing now for winter’s assault on roofs, siding, and walkways by doing these 10 fall maintenance tasks. You'll make sure your rental property is ready for the impending winter weather and that your tenants stay warm, dry, and happy.

1. Clean the roof and gutters

Let’s face it: cleaning the gutters isn’t a fun job. But it is something you need to do every year. While you’re at it, use a rake and a leaf blower to get any fallen leaves off the roof. Clogged gutters and piles of leaves and twigs in roof valleys are the main reasons ice dams and icicles form. In addition to creating extra weight for the roof to support, these freezing weather hazards eventually melt to form pools of standing water that can cause leaks.

If you are considering getting gutter guards, choose wisely. Installing gutter guards can keep leaves and debris out but be wary of wire mesh guards. While these can keep out large debris, pine needles and small leaves can get in and block water flow. Mesh guards prevent you from reaching into the gutters, which can make cleaning that much more difficult. Alternatives include micromesh guards, which keep out pine needles and other small debris, and hinged guards which you can lift out of the way when cleaning.

2. Trim overhanging branches

Let’s face it: during the winter, ice happens. Iced-over branches that overhang the roof can snap off and cause damage. They’re also providers of roof debris that can cause ice dams, and they provide a bridge for rats, squirrels, and other pests looking for a warm place to spend winter to get onto the roof and into your attic.

Branches that could interfere with powerlines also need to go. Working around power lines is dangerous, so you’ll likely want to call in a pro to tackle this job.

While you are cleaning up the branches, don’t forget to prune back ivy and other creeping vines that have reached roof height.

3. Rake the leaves

Autumn wouldn’t be as beautiful without falling leaves. But integral part of the season that they are, these colorful paint splatters on nature’s canvas are also a major headache. Raking leaves is a fall maintenance job every property owner needs to tackle. If you prefer not to do this yourself, assign it to your renters in the lease and offer them a small rent reduction as an incentive. You might also want to consider hiring a professional landscaper to maintain your property. Removing and properly disposing of leaves protects the lawn and gardens, prevents slipping hazards in the rain, and keeps the neighbors — and even the HOA — happy.

4. Check weatherstripping and insulation

Drafts coming through unsealed doors and windows drive up the heating bill and can make tenants uncomfortable. It might even cause them to become ill. Foam weatherstripping lasts from five to 10 years, depending on quality, and should be replaced when it cracks or shrinks. The best time to do this is in the fall, after the harsh, foam-degrading summer sunshine ends but before the cold winds of winter start to blow.

You can control drafts coming through the window and door casings by removing the casings and spraying foam insulation in the gap between the window or door frame and the studs. You can hire someone to do this in a day, and if you’re paying the heating bills, you’ll recover that cost by saving as much as 10 to 15 percent on your energy bill this winter.

5. Clean or replace HVAC filters

Cleaning and replacing HVAC filters is a routine task you’ll want to do every year, so make it part of your fall maintenance regimen. Central heating systems work around the clock during the cold winter months. Clean filters will ensure the system is working efficiently. Replace all the return air filters as well as any filters on the heater housing itself.

6. Patch holes

Just as critters are looking for a way into your warm, cozy home from the roof, they could be mounting a ground assault, as well. Resourceful animals can get through holes as small as ¼ inch in diameter, so patch all holes no matter how small. Caulk or foam spray work great for these smaller holes, while wire mesh, sheet metal, or plywood can cover larger ones.

While you’re at it, check the attic vents for holes or frayed edges. Look for rot in the eaves or foundation. Dig it out and fill with epoxy filer to prevent rodents from eating their way into your property.

7. Drain exterior faucets

One of the most common hazards of winter are burst water pipes. This often occurs in pipes that feed hose bibs on the side of the house or in the garden. To prevent burst pipes, turn off the valve to these faucets, then open them and allow the water to drain. It’s a good idea to leave the faucets slightly open to make sure that any ice that might form in the pipes has room to expand.

8. Turn off and drain the sprinkler system

Most sprinkler systems have a drain valve located at the lowest point in the system. If you can’t find the valve, you might need to have one installed. To use this valve effectively, you first need to turn off the main water supply, then open the valve for each zone while the drain valve is open. This allows the water backed up behind each zone valve to flow out through the drain.

9. Check and clean the chimney

If your property has a wood stove or fireplace, yearly chimney maintenance is a must. Creosote builds up quickly. If a spark from the lit fireplace catches the creosote, it can cause a major fire. It’s best to leave this one to the professionals. Not only do you need special equipment, but creosote is a health risk. It can cause major damage to the liver and kidneys if ingested, and even just coming into contact with it can cause skin rashes and irritation. Don’t forget to check the damper and clean the spark arrestor.

10. Conduct a fall maintenance safety inspection

During the summer, loose decking boards and rotted stair treads are irritating. In the winter, buried under ice and snow, they become a hazard. When you’re replacing popped nails or rotted boards, pay attention to the railings, especially those on outdoor staircases. You want to make sure they can support someone who loses their footing. If you want to help prevent slips from occurring in the first place, consider applying a non-slip coating to the treads.

Do yourself a favor and tackle these maintenance projects now, when the days are crisp and the skies are blue. Save yourself from having to make that late-night trek in snow and ice for emergency repairs this winter. Not only are emergency repairs a headache, but they’re often quite costly. If you can spend some time and a little bit of money now, you can prevent more expensive repairs later on and protect your investment.

How to Improve Credit Fast

Wed, 28 Oct 2026 12:06:23 GMT

How to Improve Credit Fast

If your credit score is lower than you'd like, there may be fast ways to bring it up. Depending on what's holding it down, you may be able to tack on as many as 100 points relatively quickly.

Scores in the "fair" and "bad" areas of the credit score ranges could see dramatic results.

Is 100 points realistic?

If you’re struggling with a low score, you’re better positioned to make gains quickly than someone with a strong credit history.

Is a 100-point increase realistic? Rod Griffin, senior director of public education and advocacy for credit bureau Experian, says yes. “The lower a person’s score, the more likely they are to achieve a 100-point increase,” he says. “That’s simply because there is much more upside, and small changes can result in greater score increases.”

Here are some strategies to quickly improve your credit:

1. Pay credit card balances strategically

2. Ask for higher credit limits

3. Become an authorized user

4. Pay bills on time

5. Dispute credit report errors

6. Deal with collections accounts

7. Use a secured credit card

8. Get credit for rent and utility payments

9. Add to your credit mix

10. pay your credit card payments on the due date and again 15 days later make a payment of at least 1/2 the amount that is due on the due date.

11. don't close out unused credit cards

12. always pay balances down to between 10-30% of your statement monthly. example pay down to 100-300 on a 1000 credit card limit.

1. Pay credit card balances strategically

The portion of your credit limits you're using at any given time is called your credit utilization. A good guideline: Use less than 30% of your limit on any card, and lower is better. The highest scorers use less than 7%. (You can track your credit utilization on each card and overall by viewing your credit score profile with NerdWallet.)

You want to make sure your balance is low when the card issuer reports it to the credit bureaus, because that's what is used in calculating your score. A simple way to do that is to pay down the balance before the billing cycle ends or to pay several times throughout the month to always keep your balance low.

Impact: Highly influential. Your credit utilization is the second-biggest factor in your credit score; the biggest factor is paying on time.

Time commitment: Low to medium. Set calendar reminders to log in and make payments. You may also be able to add alerts on your credit card accounts to let you know when your balance hits a set amount.

How fast it could work: Fast. As soon as your credit card reports a lower balance to the credit bureaus, that lower utilization will be used in calculating your score.

2. Ask for higher credit limits

When your credit limit goes up and your balance stays the same, it instantly lowers your overall credit utilization, which can improve your credit. If your income has gone up or you've added more years of positive credit experience, you have a decent shot at getting a higher limit.

Impact: Highly influential, because utilization is a large factor in credit scores.

Time commitment: Low. Contact your credit card issuer to ask about getting a higher limit. See if it's possible to avoid a “hard” credit inquiry, which can temporarily drop your score a few points.

How fast it could work: Fast. Once the higher limit is reported to credit bureaus, it will lower your overall credit utilization — as long as you don't use up the extra "room" on the card.

3. Become an authorized user

If a relative or friend has a credit card account with a high credit limit and a good history of on-time payments, ask to be added as an authorized user. That adds the account to your credit reports, so its credit limit can help your utilization. Also called "credit piggybacking," authorized user status allows you to benefit from the primary user's positive payment history. The account holder doesn’t have to let you use the card — or even give you the account number — for your credit to improve.

Make sure the account reports to all three major credit bureaus (Equifax, Experian and TransUnion) to get the best effect; most credit cards do.

Impact: Potentially high, especially if you are a credit newbie with a thin credit file. The impact will be smaller for those with established credit who are trying to offset missteps or lower credit utilization.

Time commitment: Low to medium. You'll need to have a conversation with the accountholder you're asking for this favor, and agree on whether you will have access to the card and account or simply be listed as an authorized user.

How fast it could work: Fast. As soon as you're added and that credit account reports to the bureaus, the account can benefit your profile

4. Pay bills on time

No strategy to improve your credit will be effective if you pay late. Worse, late payments can stay on your credit reports for 7½ years.

If you miss a payment by 30 days or more, call the creditor immediately. Pay up as soon as you can and ask if the creditor will consider no longer reporting the missed payment to the credit bureaus. Even if the creditor won’t do that, it’s worth getting current on the account ASAP. Every month an account is marked delinquent hurts your score.

Impact: Highly influential. Your record of paying bills on time is the largest scoring factor in both FICO and VantageScore credit scoring systems.

Time commitment: Low. Prevent missed payments by setting up account reminders and considering automatic payments to cover at least the minimum.

How fast it could work: This varies, depending on how many payments you've missed and how recently. It also matters how late a payment was (30, 60, 90 or more days past due). Fortunately, the impact of delinquent payments fades over time, and adding more positive credit accounts can help to speed that up.

5. Dispute credit report errors

A mistake on one of your credit reports could be pulling down your score. Disputing credit report errors can help you quickly improve your credit.

You're entitled to free reports from each of the three major credit bureaus. Use AnnualCreditReport.com to request them and then check for mistakes, such as payments marked late when you paid on time, someone else's credit activity mixed with yours, or negative information that’s too old to be listed anymore.

Once you've identified them, dispute those errors.

Impact: Varies, but could be high if a creditor is reporting that you missed a payment when you didn't.

Time commitment: Medium to high. It takes some time to request and read your free credit reports, file disputes about errors and track the follow-up. But the process is worthwhile, especially if you're trying to build your credit ahead of a milestone such as applying for a large loan. If you're planning to apply for a mortgage, get disputes done with plenty of time to spare.

How fast it could work: Varies. The credit bureaus have 30 days to investigate and respond. Some companies offer to dispute errors and quickly improve your credit, but proceed with caution.

6. Deal with collections accounts

Paying off a collections account removes the threat that you will be sued over the debt, and you may be able to persuade the collection agency to stop reporting the debt once you pay it. You can also remove collections accounts from your credit reports if they aren't accurate or are too old to be listed.

Impact: Varies. An account in collections is a serious negative mark on your credit report, so if the collector agrees to stop reporting the account it could help a great deal.

If the collector keeps reporting the account, the effect depends on the scoring model used to create your score. The FICO 8 model, which is most widely used for credit decisions, still takes paid collections into account. However, more recent FICO models and VantageScores ignore paid-off collections.

Time commitment: Medium. You'll need to request and read your credit reports, then make a plan to handle collections accounts that are listed.

How fast it could work: Moderately quickly. On credit scores that ignore paid collections, such as VantageScore and newer FICOs, as soon as the paid-off status is reported to credit bureaus it can benefit your scores. In other cases, such as disputing a collection account or asking for a goodwill deletion, the process could take a few months.

7. Use a secured credit card

Another way to build or rebuild your credit is with a secured credit card. This type of card is backed by a cash deposit; you pay it upfront and the deposit amount is usually the same as your credit limit. You use it like a normal credit card, and your on-time payments help build your credit.

Impact: Varies. This is likeliest to help someone new to credit with accounts or someone with dented credit wanting a way to add more positive credit history and dilute past missteps.

Time commitment: Medium. Look for a secured card that reports your credit activity to all three major credit bureaus. You may also consider looking into alternative credit cards that don't require a security deposit.

How fast it could work: Several months. The goal here is not just having another card, although that can help your score a bit by improving your depth of credit. Rather, your aim is to build a record of keeping balances low and paying on time.

8. Get credit for rent and utility payments

Rent reporting services can add your on-time rent payments to your credit reports. Rent payments are not considered by every scoring model — VantageScores include them but FICO 8 does not, for example. Even so, if a would-be creditor looks at your reports, rent records will be there, and a long record of consistent payments can only help.

Experian Boost also can help. You link bank accounts to the free Boost service, which then scans for payments to streaming services, phone and utility bills as well as eligible rent payments. You choose which payments you want added to your Experian credit report. If a creditor pulls your FICO 8 using Experian data, you get the benefit of that additional payment history.

Impact: Varies.

Time commitment: Low. After initial setup, no additional time is needed.

How fast it could work: Boost works instantly, but the rent reporting aspect of it, as with rent reporting services, will vary based on a consumer's history. For example, some services offer an instant "lookback" of the past two years of payments, but without that, it could take some months to build a record of on-time payments.(www.turnkeyprop.com does this)

9. Add to your credit mix

An additional credit account in good standing may help your credit, particularly if it is a type of credit you don't already have.

If you have only credit cards, consider getting a loan; a credit-builder loan can be a low-cost option. Check that the loan you're considering adding reports to all three credit bureaus.

If you have only loans or have few credit cards, a new credit card may help. In addition to improving credit mix, it can reduce your overall credit utilization by providing more available credit.

Impact: Varies. Opening a loan account is likeliest to help someone with only credit cards and vice versa. And there's more potential gain for people with few accounts or short credit histories.

Time commitment: Medium. Consider whether the time spent researching providers and applying is worth the potential lift to your score. Weigh what you'd pay in interest and fees, too, if you're getting a loan or card strictly to improve your credit.

How fast it could work: Fast. As soon as the new account's activity is reported to the credit bureaus, it can start to benefit you.

Frequently asked questions

How fast can you raise your credit?

Someone with a low score is better positioned to quickly make gains than someone with a strong credit history. Paying bills on time and using less of your available credit limit on cards can raise your credit in as little as 30 days.

How can I raise my credit in 30 days?

Paying bills on time and paying down balances on your credit cards are the most powerful steps you can take to raise your credit. Issuers report your payment behavior to the credit bureaus every 30 days, so positive steps can help your credit quickly.

How do I get my credit score up 100 points in one month?

If you have a low score, you’re better positioned to make gains than someone with a good credit score. Depending on what's holding it down, you may be able to add as many as 100 points through positive credit habits like paying on time or using less of your available credit.

Is a Credit Privacy Number (CPN) a legitimate way to build credit?

No, a CPN is a scam. You could unwittingly become involved in identity theft, or you could simply lose your money. It sounds like a great shortcut or new start, but it's an attempt to lure victims with false promises..

What's next?

* Sign up to get your free credit score and report from NerdWallet. Information is updated weekly, and the factors affecting your score are broken out to make them easier to understand.

* Learn how you can manage your credit with NerdWallet or credit karma

"Is It Cheaper to Rent or Buy with Interest Rates so High?"

Wed, 28 Oct 2026 12:04:15 GMT

"Is It Cheaper to Rent or Buy with Interest Rates so High?"

With Interest Rates so High, Is it Cheaper to Rent or Buy a Home?

As of November 2022, mortgage rates have hit their high since they were at 8% in 2000, housing prices are beginning to stabilize, but weary potential homebuyers still have to account for the 7% interest rate that we’re currently seeing.

With this in mind, it’s easy to think that renting may be the cheaper route, but as you’ll find out in this article, interest rates and inflation affect rent prices as well as home prices. So, which is cheaper: Renting or buying?

To determine the answer, we must look at how both home prices and rents are affected by interest rates and different factors that determine the best housing decision for your particular situation.

Why are interest rates rising?

This is a complicated question to answer, but it’s important to understand the cause of the rate increases. The Federal Reserve ideally wants the inflation rate — the rate that prices go up each year — to hover around 2% year-over-year (YoY).

April 2021 saw inflation jump from 2.6% YoY in March to 4.2% YoY, and it continued to rise until its peak in June 2022 of 9.1%. The economy and inflation are complicated, but the rise in inflation according to Fortune has been attributed to “nearly everything.”

Beginning with the pandemic, we’ve seen supply chain issues, which has led to decreased access to certain goods. The Fed lowered interest rates to encourage spending during the pandemic recession. Consumer spending rose when the government sent out stimulus checks to ease the impact of the pandemic.

While wage gains haven’t kept up with rising inflation, wages are going up, consumers are still spending, and the job market is still strong. Without intervention from the Fed, there’s no way to know when, or if, inflation will level out or begin to go down on its own.

Enter rate hikes.

According to John Taylor, a Stanford economist, “the most effective monetary policy is to increase the interest rate by a sufficient amount when inflation rises. This will tend to reduce the rate of inflation and bring it back down to the 2% per year target of the Fed.”

And the Fed has done just that, raising rates six times in 2022, taking the Federal Funds Rate from 0.25% to 4%. This rise in the Federal Funds Rate directly impacts interest rates which increases the cost of borrowing money, therefore slowing spending and reducing employment with the goal of curbing inflation.

So how does this impact whether renting or buying a home is cheaper?

How are home prices affected by interest rates?

When the Fed lowered interest rates in March 2020, mortgage rates fell to their low point during the pandemic—with the national average falling below 3% on a 30-year fixed mortgage—buyers could afford to take out a larger mortgage, which, among other factors like high demand and low inventory, kept driving home prices up.

Today’s mortgage rate—at a national average of just above 7% on a 30-year fixed mortgage—means that buyers aren’t getting as much home for the money they’re spending.

Let’s take a look at an example:

Mortgage Amount Interest Rate on a 30-Year Fixed Rate Mortgage Monthly Payment (Principal + Interest)

$400,000 3% $1,686

$400,000 7% $2,661

The goal of raising interest rates is to slow the demand for housing, encouraging people who would otherwise be in the home buying market to stay in their current home or rent instead. This decrease in demand should then help to lower, or at least level out, home prices.

But it makes owning a home more expensive.

How are rent prices affected by interest rates?

It’s easy to think that because you’re not taking out a mortgage, interest rates don’t affect how much you’ll pay in rent. But on the contrary, interest rates, inflation, and high demand have contributed to a rise in rent.

Landlords and building owners have to cope with the rise in price of goods and services, and if they’ve taken out a recent mortgage on the building, they’re also dealing with high mortgage rates.

These costs get passed to their renters.

According to a Freddie Mac survey conducted in June 2022, 58% of renters saw their rent increase in the past 12 months, with 6% of those seeing an increase of more than 30%.

Higher interest rates on mortgages can discourage would-be homeowners from buying, so they jump into the rental pool—which is already a little full at the moment. And higher number of renters increases demand which, in turn, increases rent prices.

What to consider when deciding whether it’s cheaper to buy or rent

1. Take potential rent increases into account

Rents typically go up around 3-5% per year, but in recent years rent increases have regularly gone up by double digits year-over-year. This is beginning to cool, but there’s no way to know what the future holds. Regardless of the actual amount, you can be sure that your rent will increase at some point during yourresidence.

2. Take interest rates into account

Interest rates have a large impact on mortgage payments, but they also impact the rental market. And interest rates fluctuate over time, so if you buy a home, you may have the option to refinance your home purchase at a lower interest rate down the road which would lower your monthly payment.

Even if interest rates drop, it isn’t likely that your rent will go down, though it may not go up as quickly.

3. Look at the entire picture

It’s easy to look at the monthly payment on a home vs. rent payment and jump to a quick decision based on which one lookscheaper on paper. But there are a lot of other factors to consider:

Maintenance costs

Home maintenance costs are typically about $1 per square foot of livable space or about 1% of the total purchase price. So if you buy a 2,500 sq. ft. home for $300,000, you can estimate the maintenance costs will be $2,500-$3,000.

Maintenance for rental properties is typically covered by the landlord or property management company, so you won’t have to account for these costs in your monthly or yearly budget, but they are accounted for in the rent.

Quality of life

Everyone’s needs are different, so considering how renting vs. buying will impact your quality of life is an important consideration. It may be cheaper to rent, but if you really want to be a homeowner, buying may be the way to go. It’s hard to put a price on living the life you want.

The area where you want to live

Where you want to live will also impact whether it’s cheaper to rent or buy. For instance, if you want to live near the ocean, buying might be out of reach, but renting a home with ocean access might be doable.

It can also be more cost prohibitive to buy a home or condo in a large city, and if renting near your work means you’re spending less on your commute, that might be the way to go.

Your ideal area might offer lower home prices and the opportunity to pay less to buy a home than you would to rent one.

Access to amenities

Access to amenities will also impact whether it’s cheaper to buy or rent a home with high interest rates. Apartment buildings often offer amenities like a fitness center, pool, rooftop terrace, and more.

So, weighing what it would cost to have some of these amenities at your home rather than a rental should factor in as well.

Resale value on a home

Owning a home is widely regarded as a good investment, so make sure to consider the potential resale value when you decide to sell down the road. If you’re in a neighborhood where home values are rising, that’s a good sign that when you sell your home in the future, you could make a profit.

But be sure to factor in the total cost of the home (sale price + interest + maintenance) when you’re running the numbers.

How much you’ll pay over the life of the loan vs. years of rental payments

Other than quality of life and resale value of a home, this is probably the most important factor in determining whether it’s cheaper to buy or rent.

When you buy a home, you should take into account the interest you’ll pay over the life of the loan as well as any maintenance and improvement costs — you should also factor in the potential resale value.

To determine how much you’ll pay in rent, multiply the monthly rent payment by the amount of time you plan to rent and include rate increase estimates. A 2-5% increase yearly is a good place to start.

Bottom line: Is it cheaper to rent or buy?

The answer to this is highly dependent on each person’s individual circumstances. Choosing to rent rather than purchase a home can mean you’re not covering the cost of sky-high interest rates, but rents also tend to go up when interest rates are high.

Demand, supply, and market conditions in your area will vary, and the cheaper decision today may not end up being the cheaper decision in a few months.

The best way to determine if it’s cheaper to rent or buy is to take stock of current interest rates, home prices, and rent prices and do some math to figure out how each one will affect you in the long term.

10 Ways Online Rent Payments Benefit Property Management Companies and Residents

Wed, 28 Oct 2026 11:59:45 GMT

10 Ways Online Rent Payments Benefit Property Management Companies and Residents

If you’re still collecting paper rent checks and spending valuable time on manual data entry, then now is the time to implement a paperless system. In addition to being an expected and standard part of doing business today, online rent payments are essential for improving your resident and employee experience.

Keep reading to uncover 10 ways online rent payments can help streamline processes, eliminate inefficiencies, and benefit everyone.

1.) Save time and money

Manually collecting rent, preparing deposit slips, and making trips to the bank to deposit funds can take up valuable team time. Once the checks clear, employees spend even more time manually posting receipts and updating resident records. With online rent payments, however, your residents can pay their rent digitally, which can help reduce operating expenses that would otherwise be spent on manual entry and follow-ups.

The team at Centana Property Management has been able to do just that by switching to online rent payments. Since implementing an online payment system, they have been able to streamline their workflows and drive efficiency.

”We have 91% of our renters activated on the online portal, and almost all of them pay that way every single month. So just the foot traffic — not having to be in the office for people to make their rent payments and then having to enter them in and run to the bank to make deposits — has saved us about 10 hours a week.” – Cora Langel-Person, Office Manager and Property Manager at Centana Property Management

2.) Eliminate time-consuming accounting processes and reduce errors

Manual accounting errors can quickly and easily become costly mistakes for your business. Fortunately, online rent payment services prevent the most common accounting errors property managers face with paper-based record-keeping systems, including:

Double-posting

Making data entry errors, such as mistyping or transposing numbers

Improperly coding transactions

Failing or forgetting to post a payment

All of these common accounting errors can create a worst-case scenario of inaccuracies in balance sheets and financial statements, but a paperless system can eliminate or minimize them. Ultimately, you’ll save your organization time, money, and frustration while boosting your team’s overall productivity and efficiency.

3.) Protect sensitive resident information with more secure systems

Considering that PWC’s 2022 Global Digital Trust Insights Survey revealed “one in four companies (27%) globally have suffered a data breach that cost them USD $1–$20 million or more in the past three years,” securing your residents’ information should be among your most urgent priorities.

A well-designed online rent payment system will have security safeguards built into every step for residents. With a personal, password-protected payment portal that safeguards both in-transit and at-rest data, residents can pay rent online without worrying about identity theft — and property managers can be confident that sensitive data is shielded from unauthorized views.

4.) Make more informed business decisions

Accurate records are undeniably essential to your company’s success. Depending on the vendor, many online rent payment systems include real-time analytics that can enable you and your team to make better, more informed business decisions.

You can also gain a clearer, more complete snapshot of your organization’s financial health by having owners receive monthly disbursements and pay assessments online. In addition, resident payment data allows you to identify trends such as late payment frequency, non-rent assessments, and payment type preferences that may change over time, all of which can help you better pivot and implement future financial strategies.

5.) Streamline communication and transparency

Paying rent online via a fully integrated, self-service system allows residents to access their full payment history, review any fees and assessments, and modify payment choices, all at their convenience.

From the business side, that same fully integrated system can help streamline your communication with residents thanks to automated communication features such as text and email alerts when rent or one-time fees are due.

6.) Promote rent payment accountability

When rent payments are made manually in person or by mail or drop box, it’s much harder to keep track of who has paid and when payments were submitted. As a result, it can be difficult to hold residents accountable and protect your business. However, with an online rental payment system, you have a more accurate digital record that allows your teams to instantly verify if and when a payment was made.

Along with offering multiple ways to pay, consider offering flexible payment plans, too. For example, setting up a payment plan to convert outstanding charges into a series of smaller payments can provide relief for your residents and give organization-wide visibility into when those payments will be complete.

7.) Boost efficiency with automated payments

A 2022 McKinsey & Company report found that “nearly 9 in 10 Americans are now using some form of digital payments,” so processing rent with your property management business shouldn’t be an exception.

In addition, many consumers are accustomed to using automatic bill pay systems that let them pay without manually re-entering their information every month. By enrolling in online payments, your residents will save time, and you have reassurance rents will be paid on time and in full. You can also encourage prospects to submit the initial application fee online to promote early online payment adoption.

8.) Give residents more payment flexibility

In addition to almost 90% of Americans using some form of online payment, the same McKinsey & Company report also showed those “using two or more forms of digital payments has grown even more rapidly — from 51% in 2021 to 62%” in 2022.

With an online payment system that offers flexible payment options — such as eCheck (ACH), credit cards, debit cards, electronic cash/money orders, and bank drafts — you’re not only catering to your residents’ payment preferences, you’re also making it easier for them to adopt online systems and processes faster. In short, the more ways residents can pay, the better chance you have of collecting rent payments on time.

9.) Improve resident satisfaction

As revealed by the 2022 AppFolio U.S. Resident Motivations Report, 70% of renters say they’re satisfied with their property management company, but only 24% said that they’re likely to recommend their property management company.

Offering more streamlined processes and self-service offerings, such as online rent payments, can help increase overall resident satisfaction. And the happier your residents are, the more likely they are to refer you to others.

Jessica Watts, Owner and Property Manager of Blue Key Property Management, has seen firsthand the positive effect her organization’s adoption of online rent payments had with residents. As she explains,

“All of my residents get set up and pay online. Once they start using the online portal, I think they come to appreciate it. I know they all love getting their deposit back electronically and quickly.”

10.) Increase online portal adoption

By getting residents to adopt online rent payments, you can also increase the likelihood they’ll use other property features available in their online resident portals, such as online maintenance requests and lease renewals. The more features your residents adopt, the more empowered they will feel with self-service tools. Having satisfied residents means you’ll also see a greater return on your technology investment in the form of streamlined processes and improved team bandwidth.

Ultimately, the ability to pay rent online is not only preferred, but expected, by the overwhelming majority of your residents. Providing modern, flexible ways to pay enhances the entire customer experience, boosts efficiency, eliminates accounting errors, saves money, and gives your team more time to focus on growing your business.

Want to uncover even more ways to meet the needs of your residents and help grow your business at the same time? Download our customer experience guide now: [LINK TBD]

Want to uncover even more ways to streamline your accounting operations, download our free guide below.