Home owners may associate spring with spring cleaning but rental property management companies know the season is for maintenance; specifically, the creation and completion of a detailed spring maintenance schedule. With winter ending, tenants who had been putting off a move will start their searches and students will be ending leases; making this the ideal time to get rental properties in top-notch condition.
With spring quickly approaching it’s time for property owners to get their rental property cleaned up for current and interested tenants. The warmer months bring new considerations to property owners and approaching these concerns promptly keeps current tenants happy. Proper preparation also makes a property inviting for interested movers as people tend not to move during the winter (if they can help it) and are far more active in warmer months. Here are steps property owners can take to ensure that their rental properties are ready for the warmer months.
Condo owners face unique questions about purchasing homeowner’s insurance because of the shared-space reality of their property ownership. Typically, buying a condominium requires membership in the homeowner’s association (HOA), which is governed by an elected but volunteer Board of Directors comprised of condo owners. The HOA often has condo property management help to collect monthly dues, provide contractors for landscaping and create the association budget. With the input of condo property management, the HOA generally purchases a condo master insurance policy that is funded by HOA fees. The master insurance policy often covers many risks to the outside walls and roof of the building but nothing inside the walls. As a result, condominium owners need to know the details of their condo insurance policy coverage or risk not being covered for specific needs. So, if you are wondering whether you need homeowner’s insurance if your HOA is under condo property management, the answer is generally yes.
Most condo owners pay condo property tax divided into 12 equal parts included in their monthly mortgage payment. With tax season around the corner it is a good time to think about collecting any relevant tax documents sent by your mortgage lender so tax can be reported in your Federal income tax return. Condo owners have to collect housing information for their tax returns just like traditional homeowners. However, new condo owners or residents may be unclear on how condo property tax differs from other properties. Below are answers to the five most common condo property tax questions.
Part of effective rental property management is regular inspections of the property. Even the best tenants cannot avoid the regular damage and associated repairs that come with regular wear and tear. By performing regular inspections a rental property manager has the opportunity to list maintenance needs, address issues and keep the property well maintained. Regular property inspections can therefore improve tenant relationships as no tenant wants to live in a property where regular upkeep is ignored. Here are the four types of inspections property managers should perform.
Rental properties are often seen as a sound investment and with proper management, they certainly can be. However, many rental property owners make common and avoidable mistakes that reduce their ability to turn a profit off of their investment. Here are five of the most common rental property errors their owners make.
When an individual or business moves into property as a tenant, they sign a rental or lease agreement. This legally binding document lays out the terms of their tenancy such as how much they will pay and the dates by which rent should be paid. It also lays out the procedure to be followed when the tenant wishes to vacate the property or when the landlord or property manager wishes tenants to vacate.
The property owner is generally responsible for pest control in rental units, including residential buildings and single-family homes. Ideally, the terms of pest control are included in the lease agreement so that expectations are known in advance. Exceptions may be written into the lease for situations where the tenants brought the pests into the home. For example, tenants may be responsible for eradicating bugs such as fleas if they have pets. The lease agreement should specify that pets are to be kept clean and free of fleas and other insects. Another example is when tenants bring bed bugs into the house through infested bedding, luggage or packages. The bottom line is that renters can be required to pay for pest control services if they are responsible for the bug problem.
Just like in so many industries, best practices change over time. Property management best practices for 2017 have been a long time coming. Changes in the way people use technology, for example, have affected best practices in all industries and property management is no exception.
A rental property break-in is a nightmare for rental property owners. It has the potential to scare away tenants, giving them just-cause to exit their lease, and even tarnish your reputation as landlord. A break-in can result in considerable property damage that the property owner will have to pay for out of pocket. It is also possible for the break-in to expose the landlord to liability claims. The end result is lost time, money and energy. The best way to avoid this headache and expense is to protect your rental property from a break-in.