My Tenants Burned Down My House!

Its always on your mind, did I just rent out my home to disastrous tenants? Bad tenants are easily avoided just by taking the necessary steps to always ensure you avoid this. Here are the top 5 ways to get you your way. 1) Credit / history checks should always be on your list of…

Its always on your mind, did I just rent out my home to disastrous tenants?

Bad tenants are easily avoided just by taking the necessary steps to always ensure you avoid this. Here are the top 5 ways to get you your way.

1) Credit / history checks should always be on your list of acceptance. Take the necessary steps to get the credit history of your applicant. The most simple thing is what can throw a red flag. If someone wants to rent they should be more than happy to go through a credit check and all you have to do is make sure everything matches up because there are those out there that use stolen social numbers.

Also, check their bills, you should never accept anyone who shows that they owe on skipped utility bills. They will surly do the same with you. Applicants previous addresses always show up during a credit check so when you go to conduct your interview with the landlord the credit statements should match the landlords information. If not, then of course the applicant is lying.

2) Talk to their employers. Call them directly, do not use any number that they offer for you to call. Mainly because It could have been a friend or family member. once again this would throw up a red flag if they wish for you not to call their employers.

As a side note, You should hire anyone who does not have a means of income.

If you do however decide to use a number they provide, listen to how the employee talks to you. Employer will ALWAYS have a professional tone when talking to a landlord of his or her employee. They will almost always ask for proof that YOU are who you say you are by way of fax most likely.

3) Be-wary of the green. applicants who are “eager” to move in with cash in hand should raise some eye brows. People like this usually may be in a rush because they do not want any bad reports on their credit history due from being evicted or them skipping out on a previous lease.

4) Do-signer. This is mainly for new applicants who are renting for the first time. Always do a complete and through credit history check on the initial applicant and the co-signer. The same rules above applies to the co-signer.

5) FICO credit scores. Never blatantly accept ANYONE off of these numbers. One thing to remember is that a FICO score is man made numbers and are notorious for being very inaccurate. Most do not provide correct information that you need to determine applicable “trustworthiness.”

The Significance Of Property Management In Real Estate

Property management companies are not expensive; rather they help you make your job much easier. The actual goal of real estate investors when they invest in a property, whether it is a nuclear family home, bungalow, or even a villa, is basically cash flow. Cash flow might or might not become a reality considering the…

Property management companies are not expensive; rather they help you make your job much easier. The actual goal of real estate investors when they invest in a property, whether it is a nuclear family home, bungalow, or even a villa, is basically cash flow. Cash flow might or might not become a reality considering the down payment involved and the condition the property is in. Nowadays, people interested in investing in real estate are, mostly want to spend money on a property that has high leverage, generally properties which are greatly deferred in maintenance. The fresh owner then has the challenge of putting it back into a decent looking place.

Decent Property Management

  • A decent property management company can certainly be valuable to the financier or investor who does not have the time for his real-estate. A reliable and strong manager is a blessing for the investor who is faced with an intense amount of problems that include maintenance and a huge fraction of the opportunities.
  • Property management entails much more than just providing apartments for individuals or family investors. A property manager essentially manages all kinds of services and amenities for the proprietor along with providing them with shelter. Shelter is obviously understandable but thats there are so many things to take into consideration such as heat, flooring, plumbing, tile showers, tubs, ceilings, walls, roofs, panes, kitchen appliances, carports, water heaters, garage door openings, fans , landscaping, walkways, cabinets, stucco, siding, brick, fireplaces, etc.
  • Apart from the fact that your manager has the qualities to get your housing unit going, he or she should also be competent enough to cope with people. These people can be your customers or other individuals who keep your building buoyant so your manager should be able enough to handle them in the best possible manner. Best managers are those who know who should be given your unit to be rented and the ones who should not. The manager always does the credit checks, income confirmations and check on previous residence.
  • Before signing a deal with anyone, a successful investor in most cases brings along his property manager so that he can get a full and decent inspection of the investment property. This is done obviously to get another perspective on the investment property as you might be so excited to buy it that you may overlook some flaws that it has. Often, the manager would see particular characteristics and features that a real estate investor may not, so it is better to bring along your manager so that he can take a final look at your investment property before you go around purchasing it, with a feeling of regret later.
  • An experienced manager will help the real estate investor by pointing out their shortcomings, flaws, problems and possible risks that may be involved and go unnoticed otherwise by the investor. The manager helps in making us look at the whole picture, not to discourage us in buying the investment property as it may seem.

Tips In Acquiring Properties To Turn Into A Rental

For every businessman, away from protecting his or her business, another thing that should be on top of their to do list is expansion. Unfortunately, in some businesses, the notion of expansion would mean top dollar investment. For one, if you are an investor in a rental property, expanding your business would mean buying another…

For every businessman, away from protecting his or her business, another thing that should be on top of their to do list is expansion. Unfortunately, in some businesses, the notion of expansion would mean top dollar investment. For one, if you are an investor in a rental property, expanding your business would mean buying another property that you can then turn into a rental.

Buying another real estate property would mean investing plenty of money. Of course, you do not have to pay for the new property in cash as there are lenders out there that can help you acquire a property. No matter where you get financing for the new purchase, you have to be careful with another part of expansion which is picking the next property to buy. Below are some tips that have been proven to be helpful by plenty of investors who have expanded their business.

First off, you should not count on the potential of the property. This means that if you have your sights set on a particular property make sure that you buy it for what it is worth at the present. Do not let the seller sell you into thinking that the property would make a great rental property or it would be worth two or three-fold in couple of years. Remember that in the game of buying a rental property, there are no strikes that can be called against you so you can take hundreds of pitches, looking at plenty of properties to buy that is.

Another thing that you should keep in mind is that you should only look seriously into buying a particular house if you yourself would want to live in it. It is the best way to gauge the market. If you do not trust your own decision, you should seek the help of people you trust like friends and family. If they would not want to live in the house you are looking to buy, then that's a red flag you should heed.

Be aware of the market trends. For example, you might have the financial capacity to buy today but forecasts are stating that in a couple of quarters, the market would swing in favor of buyers you can sit on your money to wait for that swing. Of course, if a really good deal comes around even before the forecast, make sure that you jump on it. Deals in the real estate industry are fleeting. Once the property has been sold, you can not expect it to be back in the market soon especially if it is a good one.

By taking all these things into consideration, you would have a better time looking for that next rental property to add to your portfolio.

Do You And A Neighbor Have Boundary Disputes? Understand The Law!

When you become a homeowner you may find yourself involved in some form of boundary dispute along the way. Issues surrounding boundary lines can be small or big depending on the disagreement and the people involved. In one example of a boundary dispute one neighbor planted some trees that were tall enough to block their…

When you become a homeowner you may find yourself involved in some form of boundary dispute along the way. Issues surrounding boundary lines can be small or big depending on the disagreement and the people involved.

In one example of a boundary dispute one neighbor planted some trees that were tall enough to block their neighbor's water view. In this case there was the issue of the view loss as well as a potential decrease in property value because the view was impaired. When these types of boundary line disputes become contained it can be challenging for both parties to reach an agreement.

Boundary disputes are common and happen each day across the country. Most of the time, these disputes can be resolved if the property owners communicate with one another and are willing to concern some things to reach an agreement.

The most common causes for boundary disputes include:

  • Entering neighbor's property – When you live close to your neighbor there may come a time when you need to cross their property in order to complete repairs on your own home. This action can make people uncomfortable and potentially cause an issue if the neighbor does not want you to access their property to conduct the necessary repairs.
  • Sharing costs – When there is a fence or something shared by the two properties that needs repair it can raise a disagreement about who is responsible for the cost. In this case it is best to consult legal property documents to determine where the liability falls.
  • Walls you share – Some condos and townhouses have shared walls. This means that work you want to do to a wall in your home may involve you disturbing the wall in your neighbor's home.
  • Shared drive – Some homes share one driveway. This means that parking has to be organized and agreed upon. Driveway maintenance such as snow plowing has to be a shared chore or cost to avoid any disagreements.
  • Plants and trees – When the branches of a tree hang onto your neighbor's property or the roots of a tree spread onto their property it can be the start of a boundary dispute. It is within a homeowner's right to request that plants or trees be trimmed at branch level or at the roots if the encroach on a neighbor's property.

Most boundary disputes should be handled privately and reach an agreement both parties are satisfied with. Neighbors are typically here to stay so a big argument should be avoided. However emotions run high where property is involved and there are some cases where a resolution can not be made between the two property owners.

If you can not reach an amicable agreement you may seek the services of a professional dispute resolution method. This is a way to talk through a resolution that is absolutely the best choice for all and avoids further legal action.

If dispute resolution does not work the next step is legal action. Solving the problem in court will focus only on the property line facts and not take personal impressions into consideration.

Taking a boundary line issue to court should be a last resort. It is best to try and reach an agreement with your neighbor especially considering you will have to continue to live next to them after the dispute is resolved.

The Good, The Bad, And The Ugly Tenant Issues

As a landlord, one has to understand that dealing with tenants is one vital part of the job. Even if the landlord hires a property manager to handle the bulk of the responsibilities and obligations, he or she has to deal with the tenants in an indirect way. When dealing with tenants, the landlord has…

As a landlord, one has to understand that dealing with tenants is one vital part of the job. Even if the landlord hires a property manager to handle the bulk of the responsibilities and obligations, he or she has to deal with the tenants in an indirect way. When dealing with tenants, the landlord has to be ready for the good, the bad, and the ugly issues that are bound to crop up.

Knowing some of these issues before they have a chance to return their head head is one way for landlords to ensure that they would be on top of every facet of their business. In connection, we would look at the same instances of the good, bad, and ugly issues in this article.

Starting with the good issues, if you lucked out and got yourself a very good tenant that pays on time and takes care of the rental property then you are in good standing. The only thing that you have to worry about in this case is how to make the tenant feel appreciated to ensure that they would re-up once the current lease is over. You can give them some small gifts in any form. Or, you can do the best you can to attend to any maintenance problem the tenants may report.

There are times though when the landlord would have the bad luck of getting a bad tenant. These are tenants who pay the rent late frequently. They may also be annoying to their neighbors. A chronic complainer can also be considered as a bad tenant.

When dealing with this sort of contracts, it is best to keep documents relating to them. For example, any complaint from neighbors in writing should be compiled. When it comes to late payment of the rent, be sure to document it too. This way, if things take a turn for the worse, you would have supporting documents when you evict them.

The ugly issues would have to include non-payment of rent, rule-breaking, and being a general problem. If things get to the point when nothing you can do or say can make the tenant change, the only option would be to evict the tenant. The process of eviction can be a complicated one too and it is therefore important for the landlord to be aware of it. In cases like this though, having a property manager that can handle the issue for you would be the best case scenario.

Lets Have a Fine Time Landlords – Lets Get Fined!

Landlords letting property in England and Wales are more susceptible to fines than ever before, under the Localism Act 2011 Fail to register or protect your tenants' deposit – fine! Fined up to three times the value of the deposit that is! And fail to provide the prescribed information within 30 days of receipt of…

  • Landlords letting property in England and Wales are more susceptible to fines than ever before, under the Localism Act 2011
  • Fail to register or protect your tenants' deposit – fine! Fined up to three times the value of the deposit that is! And fail to provide the prescribed information within 30 days of receipt of your deposit and you can be sued up to six years later, yes even following your tenants departure. So your ex tenants might find themselves in future history, unable to buy a new car? “I know, now what is my old landlords name from five years ago? I'll get them to pay!” And pay they will. Pay day may take on a new meaning, deposit day.
  • Fail to market a property without attaching an EPC – another fine! And, you may no longer be a, “fit and proper person”, to license a property.
  • Fail to update a gas safety certificate – fine or worse! Go to jail, do not collect £ 200 instead pay many times more in compensation to your victims
  • Fail to License a Licensable property – fine! And, denied use of section 21 Accelerated Notice to Quit!
  • Fail to comply with Council Improvement Notice – fine or worse!
  • Fail to register for Data protection via ICO – fine!
  • Personally this is all just fine by me. As a landlord and letting agent, I am tired of being tarred with the same brush as non-compliant landlords.

Localism Bill 2010 from 15 November 2011 became Localism Act – a five part Act One of these parts – housing affects Deposits:

  • How will new rules affect landlords / agents?
  • Landlords accepting deposits will have tighter rules of compliance or face a minimum fee of 1 times the value of the deposit or up to three times the value for serious breeches. Starting to feel not so fine? There's more!
  • In addition, landlords can be sued for up to 6 years after the tenancy ends where landlords return deposits but, fail to provide the prescribed information and register deposits within 30 days.
  • And that's not all – the section 21 (Accelerated Notice to Quit) is not available to non-compliant landlords, so no sympathy from the courts if your tenants do not pay their rent!
  • This came into effect on 6 April 2012. Letting agents and landlords that do not take deposits are unaffected.
  • Deposits taken prior to the protection scheme was introduced are not regulated ie pre 6 April 2007 UNLESS you have renewed meanime.
  • No renewal means no need to register.
  • So a continuing period tenancy indicating before 2007 is not required to be registered until renewed

Localism Act re EPCs:

  • A remnant from Hips, EPC rules changed from 6 April 2012
  • For now it is important that landlords and agents provide an EPC with all marketing material or face fines and loss of reputation.
  • From 2018 under the Green Deal any property with a certificate rating below 'E' will be banned from the lettings market. Ie 'F' and 'G' will be un-lettable without additional work to raise the rating. Leydon Lettings have no properties rated as low as this so is unaffected

Eviction Problems Landlords Should Be Aware Of

Once you have invested in a rental property, you are opening up yourself to a host of potential problems. First, you have to make sure that the rental property is in a condition that is required by the rules and regulations in place. You also have to make sure that you screen tenants as a…

Once you have invested in a rental property, you are opening up yourself to a host of potential problems. First, you have to make sure that the rental property is in a condition that is required by the rules and regulations in place. You also have to make sure that you screen tenants as a bad one is never good for the business.

Let us say that even with a strict screening process in place, you still had the misfortune of landing a bad tenant. Simple issues could escalate to the point when you would need to evict the tenant in order to keep your businesses from being run to the ground. What landlords should be aware of about eviction is that there is a procedure that should be followed as it is set by law. Illegal eviction of the tenant is of course a crime and so does harassment. In this article, we will look at evictions problems to prepare the landlord for what could lie ahead.

First, you have to be aware of the process. If you want to evict a tenant, you first have to serve a notice stating that the tenant should leave the property before a certain date. If the tenant chooses to disregard the notice, the landlord should send another document to the tenant, this time a “notice of intention to seek possession”. This is a notice that is essentially a warning that unless the tenant vacates the property, the landlord would be forced to take the matter to the courts. Without the litter notice, you can not apply for a possession order from the court.

If the tenant still does not leave the property and you apply to a court for a possession order, the court would be the one that will decide whether to evict the tenant or not. In case the landlords win, the decision could have been the tenant leave on a specific date or the court can decide to suspend the order. This suspension could go on as long as certain conditions set by the court are adhered to by the tenants.

By knowing the process of eviction, a landlord would be better prepared to handle this situation situation if it arises. It's always great if you only get good tenants but in some days where vacancy rates are high, a landlord could choose to roll the dice just to have a tenant occupying the rental property.

Helpful Tips For Renters Dealing With Property Managers

It is no secret that being a landlord can be a tough task. Many people also talk about being a tenant and how easy it can be. As a renter, you do not have to pay for things like home insurance and repairs to the property that are not sustained because of your fault. But…

It is no secret that being a landlord can be a tough task. Many people also talk about being a tenant and how easy it can be. As a renter, you do not have to pay for things like home insurance and repairs to the property that are not sustained because of your fault. But not everything is smooth sailing for a renter. Sometimes, dealing with an unreasonable landlord could be very stressful.

For renters, it is despite very helpful if you have access to tips and strategies that would help you in dealing with landlords and property managers. We will delve into dealing with property managers to make a renter's life easier.

The largest issue that renters have to face when dealing with property managers is the deposit. Plenty of tenants who moved out complain that the property manager cheated them out of their deposit by claiming that they did not clean the place or have inflated a lot of damage to the property.

The best way to deal with it is to take only pictures and leave only footprints. Basically, fix up the place and document it. Remember that you are going for clean not pristine and it is only obvious that the landlord or property manager should see this. With that said, you have to look at the deposit agreement. They are subject in general and it could be exploited. By going through the terms even before you start the lease would make deposit issues on moving out a lot less complicated.

As a renter, you have the luxury of having most of the repairs to your living space handled by the landlord. You do not have to worry about being a fixer-upper. But you also have to understand that you have responsibilities regarding repairs to the property. For instance you would be tasked to replace light bulbs, smoke detector batteries, and anything that you break of course. If something breaks because of the natural wear and tear though, you do not have to handle the replacement.

Just like landlords can not avoid having bad tenants occupying their rental property, so can renters find themselves trapped in a lease with a landlord or property manager from hell. In that situation, probably the best thing one can do is to be respectful and decent. Disarm them with kindness so to speak but make sure that you let them know that you are aware of your rights and you will not tolerate them overstepping their boundaries.

Advantages and Disadvantages of Self Managing Your Rental Property

First time landlords are enthusiastic and eager to get started. They usually want to do everything themselves, including the management of the rental property. Although this does have its advantages, it is not necessarily the route you should take. Probably the largest advantage with self management, is saving money. You do not have to pay…

First time landlords are enthusiastic and eager to get started. They usually want to do everything themselves, including the management of the rental property. Although this does have its advantages, it is not necessarily the route you should take.

Probably the largest advantage with self management, is saving money. You do not have to pay a monthly fee to a letting agent, which can sometimes be up to 15 percent for a full management service. In addition to the management fee, you can also save money on maintenance costs. Because you decide who does the work and mows the lawn, you can shop around and be more inclined to look for the best possible price. If you decide to go for self management, it's always a good idea to create a list of good, reliable, local handymen.

The downside of managing your rental real estate, is the precious time it takes up. If you are a part-time landlord, still in full time employment, you need to seriously consider if you have enough time to spare. You may find yourself in situations where you're rushing about juggling the landlord role with your professional job.

Another consideration should be the location of your rental property. If you live far from your property, it may use up even more of your time traveling back and forth, not to mention cost you extra in fuel. The delay it takes for you to arrive may also cause problems. For example a leaking roof or burst pipe requires immediate attention.

Opting for a letting agent solves many of the problems with self management, although does come at a cost. But that's not all. There are additional disadvantages when hiring a letting agent.

Management agents often will not have the same care and consideration for the property as you do. After all, you've invested a lot of money into the real estate and want everything to run as smoothly as possible.

Furthermore, a letting agent may take longer to find tenants for your property, especially during busy times of the year. They are often dealing with dozens of vacant properties at the same time, and may favor competitors if it means they get more commission.

You need to understand that using a management company may result in more late rent payments as they may not be as diligent in collecting late rent as you would be.

Also, remember that letting agents might try to impress you by saving money on essential repair and maintenance of the property. It will look good in the short term, but you may face a large repair bill in the future if your real estate deteriorates due to lack of care.

So remember there is a lot to consider when deciding on the route you'll take. If you do decide to go for a management company, be sure to research them thoroughly and look for a long list of happy landlord testimonials.

(ELECTRONIC) RENT: Smash Hit Now Playing at a Property Near You!

The concept of electronic rent payments is not new to property management. The first rents paid 'on line' (vs. via paper check), were processed in the late 1990's, the Dark Ages for electronic transactions. What's amazing is the amount of transaction yet to be gained by providers of such services, in the area of ​​acceptance…

The concept of electronic rent payments is not new to property management. The first rents paid 'on line' (vs. via paper check), were processed in the late 1990's, the Dark Ages for electronic transactions. What's amazing is the amount of transaction yet to be gained by providers of such services, in the area of ​​acceptance by property managers and tenants.

If a property manager wants to make operations more efficient and cost-effective by offering electronic rent payment to tenants, now is the time. Services offered by vendors include rent payment only (whether using one or multiple methods) as well as modules for maintenance request logging and tracking (no more lost tickets!), Two-way communication between managers and tenants (no more flyer's on doorsteps or posted) by elevators), direct interface with accounting systems, and ability by managers to access data remotely. The ability to have a custom-designed, white-labeled front end covering all the modules exists.

Confused by the choices? No reason to be, as ever the chosen vendor's platform should be what works for the tenants, management company, staff, and the local situation. Here are some expected considerations:

1.Money will be saved due to quicker receipt of rent. Several vendors allow for next day credit of funds.

2.Money will be saved due to the available available audit trail-the best systems allow a manager to see what's coming in or pending, what's overdue and can automatically transmit (or manually arrange reminders for) follow-up emails, snail mail, or phone calls. Individual transaction numbers will generate for each payment and should allow sorting by selected criteria (eg by property, date, payment size, tenant, etc.)

3.Money will be saved due to the cost of paper, envelopes, postage and re-deployment of staff who previously manually processed statements and tracked receipts. Going green is also smart in this environment!

4.Some vendors offer options that almost make it difficult to avoid paying rent electronically. Facebook messages, emails with links to the payment site, payments via text message, automatic deduction from a bank account.

5.Look for secure payment options, where payments are tracked the moment the tenant hits' Send'-no more “I sent it-We did not get it”.

6.Those in my own social networks who have commented on the topic have said that rent is the last recurring payment they do not make electronically, a fact which tends to be annoying.

Once a provider is selected, expect to pay the vendor fees for monthly maintenance and per transaction. No consensus exists as to whether fees should be paid by the manager or tenant and this article will not suggest which is preferable. Accountants (and the tenants' association, if there is one) should be able to help decide. Transaction fees are nominal, at any rate. As for monthly fees (Software developers do not work pro bono.), Confirm what's provided (such as regularity and notification of updates) for the money. Fee levels should not necessarily be the deciding factor, especially if a productive, co-operative relationship with the vendor has developed, having the desired salutary effect on your operations.

Inquire about what vendors provide in terms of a service level agreement. What's guaranteed in terms of performance, what their previous experience has been, what their DR contingencies are, and know what the property's plans should be the system be unavailable all need to be clearly outlined. By which properties is the software currently used? Request references and do not strictly solely on online reviews.

Ok, time for implementation of the new online payment system (and other modules, mentioned above, if chosen) has come. What's next? Training, education, webinars, PR, for starters. Every property will have tenants who 'll seamlessly switch to e-payment. They are ready for it. The next group will be amenable to the idea but will need hand-holding. There'll be a third group who are sticks-in-the-mud and, in addition to training, will need some incentive to switch to electronic rent payment.

Incentives could include an amount or percent off the first month's rent, free or reduced parking, drawing for a gift card. Creativity and persistence will be the best way to get the effort noticed. If a system is deployed and resident response is lagging, create a feedback loop so efforts to increase acceptance are not done in a vacuum.

Finally, once up and running, share experiences with the industry and be available to answer questions from peers. Realize that a property can be distinguished as forward thinking by providing a service which makes tenants' lives easier and allows them to feel more connected with goings-on in the building, on the grounds, and in the neighborhood.

Understanding The Necessity Of a Security Deposit For Rental Properties

Any businessman should have a plan to protect an investment. Without these defensive measures, an entrepreneur could end up losing a chunk of money in the process, something that should be avoided by any investor. For people who invest in rental properties, there are plenty of things to be on guard against. For one, it…

Any businessman should have a plan to protect an investment. Without these defensive measures, an entrepreneur could end up losing a chunk of money in the process, something that should be avoided by any investor. For people who invest in rental properties, there are plenty of things to be on guard against.

For one, it is the duty of the landlord to make sure that the property for rent follows the guidelines set forth by the concerned government agency. By not following the laws of the land, the investor can find himself locked in a legal battle that could prove to be very costy and stressful. Another thing that a landlord should be on the lookout for is the probability of getting bad tenants that could lead to damages to the property.

One way that an investor can protect his or her business from this is by requiring tenants to have a security deposit. Keep in mind that the deposit is not the last-month's rent. It is also not a form of a leaseage to use against a tenant for not dusting the blinds after moving out or such trivial things. It is there to protect the landlord from any damages that the tenant may have inflicted on the property. While regulations about the security deposit could change from state to state, the framework is still the same.

If you are a landlord and you want to deduct anything from the security deposit, it should be reasonable and should be documented. You can not deduct from it because you feel like it. Being dishonest could also lead to big troubles. For instance, many landlords have been taken to small claims court by their deputies for deducting from the security deposit without any good reason. One landlord might fabricate a story that would allow him to deduct $ 400 from the security deposit but if the tenant can prove through valid documentation that the deduction was unreasonable, the court could order the landlord to pay off the deduction threefold.

Understanding the basics of the security deposit is not only a topic for the landlord. Tenants should also learn about it as there are plenty of cases when the tenant would just walk away because they are not aware of their rights. Tenants should also make sure that they read the terms of agreement carefully before affixing their signature. This way, they can avoid dealing with shady landlords.

Property Management Maintenance Tips

Any property requires good management and regular maintenance to keep it in good shape for a long time. A landlord who overlooks minor maintenance issues runs the risk of not only losing the value of the property, but also having to deal with expensive repair costs when the problems blow up into big ones that…

Any property requires good management and regular maintenance to keep it in good shape for a long time. A landlord who overlooks minor maintenance issues runs the risk of not only losing the value of the property, but also having to deal with expensive repair costs when the problems blow up into big ones that can not be ignored. With the maintenance tips provided by Tampa property management, landlords can effectively and cheaply run their properties.

Monthly Extermination

Whether or not you are experiencing insect or rodent problems, it is advisable to override your property either monthly or twice a month to keep such issues from occurring. Extermination should not be limited to one apartment, since the pests will simply move to a different section of the property. Effective termination is best done by a professional, and although this preventive maintenance may be costly, it is a cheaper alternative to losing tenants because of pest problems or dealing with a complete pest infestation. The latter case will require your tenants to temporarily vacate from your property with ceilings having to be opened up in order to effectively eliminate the problem.

Electrical Inspection

Before a new tenant moves into your property, you need to make sure that all the electric components such as wiring and appliance hookups are safe, in good condition, and with with building regulations. Electrical inspection should only be performed by an NICEIC certified electrician. To ensure safety, this Tampa property management tip should be done every ten years, since poor wiring and short circuits are the main causes of domestic fires.

Water Heater Maintenance

It is advisable to drain your water heater yearly or after every six moths. By doing so, you will be flushing out the built-up sediments in the system caused by Tampa water supply. Excess sediments can block the drain valve or reduce your unit's efficiency, which can result in expensive replacements.

Water Leaks

Regularly check for water leaks particularly after a storm or when snow and ice begin to melt. Another good time for this maintenance tip to be done is during humid and hot weather when pipes are likely to sweat. It is important to spot a water leak early before it causes adverse damage to ceilings, walls, or a tenant's belongings. Ongoing water leaks can also encourage the growth of dangerous molds, which can be very expensive and wearisome to get rid ofpecially if they cover more than 10 square feet. In such a case, you will need to follow strict EPA guidelines when getting rid of the problem.

Air or Heating Conditioning Unit Maintenance

Effective Tampa property management requires that the filters of the air or heating conditioning unit be changed twice a year. Dirty filters can lead to system malfunctions or an increase in utility bills, since the unit is forced to work harder than it should. An example of a malfunction is when the cooling unit freezes up. By changing the filters regularly, you will keep the air ducts from being contaminated, which will save you maintenance costs since clogged ducts are expensive to clean. Also, by keeping up with this maintenance tip, you will lower your chances of losing tenants when they have to pay high utility bills caused by such malfunctioning.

Wichita Property Management Statistics

With the current state of the housing industry, Wichita property management and land-lording is more important than ever. Current estimates find that the average price per square foot for housing in Wichita is at $ 68 per square foot, which is a slight increase over the previous year. This shows that the industry is recovering…

With the current state of the housing industry, Wichita property management and land-lording is more important than ever. Current estimates find that the average price per square foot for housing in Wichita is at $ 68 per square foot, which is a slight increase over the previous year. This shows that the industry is recovering within Wichita, meaning that it's a prime opportunity to get involved in property management.

Wichita, KS has a current population of just over 372,000, which has increased by eight percent since 2000. Wichita is becoming a more popular destination for many to live because of its great schools and job opportunities. Kansas has a much lower unemployment rate than the rest of the country. It is currently set at 6.1 percent, as of January 2012. In addition to these factors, Wichita has a strong midwestern lifestyle that is filled with entertainment for both individuals and families. The city has the Orpheum Theater, which brings many Broadway-quality shows to the city. Furthermore, restaurants like River City Brewery offer great dining options for residents and visitors alike.

All of these contribute to the value of property in the Wichita area. As the area becomes more appealing, the cost of property returns to its previous prices because of the increased demand. Wichita, fortunately, was not affected as much as other cities in the economic downturn. Unlike California and Florida, Kansas did not have an overpriced housing market that affected the overall economy of the state and its cities.

Within Wichita, there are several different options for where people can live. Like many cities, there are different neighborhoods that are more appealing than others. For instance, College Hill and North Riverside have quickly become favorite neighborhoods, which is reflected in the prices. The current housing market has significantly impacted the prices in some neighborhoods in Wichita, such as Indian Hills and New Salem.

As more people move to Wichita, Wichita property management has become more popular as people are trying to find places to live that meet their needs. Property managers in Wichita have the opportunity to work with a variety of people to help them find their ideal location. Most property managers work with apartment building complexes and, in addition to helping people find the best living location, provide support while people live there. In reality, they are responsible for creating a comfortable and enjoyable living situation for residents.

Wichita property management will continue to be a popular resource as more people choose to move to this city because of its employment opportunities and affordable housing options. Property management is important to ensure that people have a positive living experience and enjoy their lifestyle in Wichita. Because of this, there may be an opportunity for more people to break into the field of working in property management within Wichita as the demand for support continues to increase. With this in mind, as well as the attractive economic climate in Wichita, the value of housing within the city will most likely continue its minor yet steady increase in value, until it stabilizes once again.

Rental Property Repairs: Who’s Responsible For What?

One of the many duties that landlords have to face is making sure that the rental property is livable before they rent it out. There are also rules and regulations regarding the condition of the property that should be followed to the letter. It is also the responsibility of the landlord to make sure that…

One of the many duties that landlords have to face is making sure that the rental property is livable before they rent it out. There are also rules and regulations regarding the condition of the property that should be followed to the letter. It is also the responsibility of the landlord to make sure that any major issues with the property should be repaired as soon as it has been made known to them by tenants. The tenants though also play a big role in keeping the property in good condition.

Since tenants can also be responsible to make repairs to the property, it could be quite challenging for the uninitiated landlord to determine what repairs needs to be done by the tenant and which ones would the landlord be responsible for. We will look at these things in depth in this article.

Normally, the bigger and more important things would be the duty of the property owner. For instance, if the structure of the property would need repair, it is only important that the landlord should move as swiftly as possible to have it corrected. Without a structural problem being prepared as soon as possible, it could lead to even bigger problems.

Heating and hot water system problems, especially in cold places also fall within the circle of duties of the landlord. Any problem with the heating system not correct as soon as possible could be used as a reason by the tenant to demand reduced rent for the days when the heating was off after the problem has been made known to the tenant. When trying repairs, something could go wrong that could result in damage to the property. It would be the duty of the landlord to make amend to the additional damage sustained.

On the other hand, it is also the responsibility of the landlord to make sure that the tenants would understand that they too have their own responsibilities where repairs to the property are concerned. Any repairs to the property that the tenant should be liable for is always included in the rental agreement so make sure that yours has a clause which would cover this issue.

Every small problem can lead to bigger and costlier problems if not repaired as soon as possible. For the landlord, it is important as it is a form of protecting their investment. On the other hand, where tenants are concerned, it is important that they make necessary repairs to make their stay very convenient.

Some of the Things You Should Consider When Choosing a Property Maintenance Company

All types of buildings require maintenance. Whether residential or commercial, it is very important to take care of the property so as to have it in shape for many years to come. You therefore need a professional service provider so as to guarantee quality at all times. The company can conduct routine cleaning, emergency repairs,…

All types of buildings require maintenance. Whether residential or commercial, it is very important to take care of the property so as to have it in shape for many years to come. You therefore need a professional service provider so as to guarantee quality at all times. The company can conduct routine cleaning, emergency repairs, and so on. You need to be careful when making a choice to avoid unnecessary damages.

When making a choice, you should ensure that you end up with the plan that suits you best. In many cases, you can enter into a contract with the company in question. You also need to choose between the short term and the long term kind of contracts. In some cases, there are some benefits that may be associated with the long term kind of contracts and you may find that they are much gentler to your pocket. A reliable company should eliminate your worry and do a satisfactory job.

Some of the things worth considering include:

Experience

It is important to check just how long a company has been in operation. While the duration does not always give the whole picture, it is highly unlikely that a company will still be up and standing for a long time if they offer substandard services. If you are looking for a long term contract, it is essential to find out how the company recruits its workers so as to be certain that they are indeed most suitable for maintenance.

Having a company that has been in the industry for quite some time may mean that they are indeed the perfect option for you. They will know most of the problems that face buildings and there before will deal with them effectively as they arise.

Client portfolio

A good company should have a client portfolio in existence. Such clients will help you decide what kind of company you are actually dealing with. You can tell whether they are professional or not and whether they can handle your kind of building. Where there are a great number of clients, it means that the company is indeed a favorite among many and therefore is a reliable option.

Reviews

This is one of the most effective methods that you can apply. Customer reviews are available online. Going through the reviews can help you choose the perfect company before you hire. You can gauge whether they can meet all the requirements that you may have.

Proximity

Some of the repairs and maintenance that you may need can be urgent and there may may need immediate attention. As such, you need to find a company that is near you and one that can respond in the shortest time possible even with short notice. This can only work out of the company you select is close to you. Consider this too.

Terms of the Agreement

You need to consider quot; duration of service, number of times the maintenance will be carried out, as well as the kind of services that are included. You should also know the obligations that you have to the company. These are terms that need to be clearly understood so as to ensure that your contract runs smoothly.