5 Ways to Be a Better Owner
Being a landlord is not just about collecting rent and avoiding damage to your property. Sure, these things are important – but with the right approach, you can build lasting relationships with tenants who trust and like you.
Why worry if tenants like you? Well, you entrust them with the day-to-day care of your property, and they have a lot of opportunities to damage it in creative ways, so you want to stay on their good side. More than that, you want them to be good tenants – pay their rent on time and take good care of the property. To get good tenants, you have to be a good landlord. Here’s how.
1. Take Tenant Care Concerns Seriously
Most tenants will not call the landlord for anything unless they feel there is no other way to deal with the situation, so you should take any complaint or concern seriously. You can’t always do anything to address your tenants ’concerns – for example, you can’t ask people in the unit above your tenants to stop walking at 3:00 am unless they’re also your tenants. You can’t get the old lady who owns the house next to your rental unit to take off her ugly lawn moths. But you can mediate disputes between your own tenants, deal with concerns about the property itself, or make exceptions for tenants in unusual circumstances.
2. Respect Tenant Privacy
In many states, you have to give 24 to 48 hours notice before you can enter your tenant’s home outside an emergency situation. Even if you live in a state without such notice period, or your tenants agree to waive it, you should still respect tenants’ privacy. Just because you can to pass unannounced does not mean you should fall unannounced.
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Tenants want privacy in their homes, so try to give prudent notice before entering the unit unless there is an emergency. You do not need to access the property while the tenant lives there unless repairs are required or if you suspect that the tenant has caused damage. You can evict a good tenant from a nice property by being too name.
3. Be A Little More Understandable
Things are happening. If you have tenants long enough, you will have some who will lose their jobs, or experience death in the family, or have a relative who needs someplace to stay for a few weeks. If they need a few extra days to pay rent or need to let someone stay with them a little longer than the rental technically allows, try to be understanding, especially if they were a good tenant otherwise. They will remind you that you are a little relaxed when you want them to renew their rent or pay a little more rent each month.
4. Make Repairs on time
Tenants only want to live in a well-kept home, and they are allowed to do so. Do not try to avoid repairs. Tenants are much more likely to give up rent if they can trust you to perform maintenance and repairs on time. After all, no one wants to live with a broken heater or leaking pipe for weeks.
If your tenant needs an emergency repair, do it right away. In the case of non-emergency repair or routine maintenance, notify the tenant that you intend to inspect the damage, or simply go ahead and set up an appointment with a contractor. Your property will do better if repairs are also done on time. Once you have several properties, you can use HOA and property management accounting software to manage care requests when they come.
5. Know Your Obligations and the Rights of Your Tenants Under the Law
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Check your state’s landlord-tenant laws to ensure that you perform your duties and respect the rights of your tenant. Your state’s landlord-tenant law governs such matters as the use of security deposits, when and how often you can access the property, when and how to evict a tenant, and what you can do with abandoned property in the unit. Laws may change, so try to stay current.
If you want to attract great tenants who will stay on your property for years, take care of it as if it were their own, and always pay their rent on time, you have to be the best landlord you can be. If you are cheerful, fix things right away, and are willing to relax a little good tenants when they need it, you may find yourself developing a relationship with your tenants that goes beyond business and into friendship.
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5 Ways to Be a Better Owner
- Published in International, landlord, Real Estate, Real Estate Guide, Real Estate Investments
Why You Can’t Pay to Skip Tenant Background Checks?
Owning a property is known for being one of the most effective ways to significantly increase your net worth. This is especially true if you choose to rent your property to tenants, as this can be a reliable source of passive income.
However, you can’t hire anyone – you’ll have to research each candidate to determine if they fit or not. Let’s explore why you need to do a background check on tenants.
Establish Security
One of the main ways that arranging a background check on a tenant can benefit you is to establish a safer environment within the neighborhood.
Unfortunately, renting to someone who has an extensive criminal history comes with a handful of risks. Although there is no guarantee that these individuals will be offended again in the future, they are often more likely to cause problems later on.
As you might expect, the same can be said of someone who appears on the national register of sex offenders. As a landlord, it is essential that you do everything you can to ensure that you rent only to people who will become a valuable part of the community.
Protect Yourself From Responsibility
If you do not examine a tenant and then choose to deny them, you may encounter legal issues. U.S. Fair Housing laws dictate that you cannot reject a potential candidate according to a number of different criteria. These include gender, religion, race or disability.
If a background check shows that they have a bad rental history, you still have a concrete reason to deny the application. This will absolve you of any liability as the tenant could never say that they were rejected according to one of the above criteria.
Minimize Cost
Vacancies are often very expensive for landlords. This is simply due to the fact that they themselves are responsible for paying all ongoing costs, such as their mortgage payment and utilities. Finding a suitable tenant requires extensive examination of tenants, and you sometimes have to pay for a background check on tenants.
However, you should consider this an investment in your long-term career as an owner.
Minimize the Chances of Eviction
Eviction is a long and expensive process.
It should come as no surprise that you will want to do everything you can to avoid this. Finding a suitable tenant who has a history of a tenant star, a high level of income, etc., will ensure that you will not encounter any problems in the future. It is also in your best interest to create a tenant exam checklist so that you can stay on the road.
You Must Always Do a Background Check at Tenants
Otherwise, you could encounter a significant number of complications in the future.
So, make sure you do a background check on tenants who are asking to rent your home. This can easily save you tens of thousands of dollars and a lot of headaches.
Are you looking for more tips that can help you later? Check out the rest of our blog for much more useful information.
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Why You Can’t Pay to Skip Tenant Background Checks?
- Published in International, landlord, Real Estate Guide, Real Estate News, tenants
Water Damage Restoration Master’s Guide
Water damage restoration is the use of professional services to remove water on your property and return it to its normal state. If you leave water on your property for long periods of time, you expose yourself and your tenants to health risks. Stagnant water and moisture are the best conditions for the multiplication of bacteria and the growth of molds.
Common causes of water damage include broken and leaking water heaters, burst pipes, excess toilets, flooding as a result of storms and hurricanes, leaking roof holes and fires that require a lot of water to extinguish.
Types Of Water Damage
- Water from a sanitary source, but good for human use
- Water is relatively polluted, with the possibility of causing illness and discomfort when using it
- Extremely polluted water and full of pathogens and toxic agents.
To be aware of what you need to do if you experience water damage in your home, read the steps described below.
Stop The Stream
More water in your property can cause more damage. If you are not at your property and your tenant calls to inform you of water damage, direct them to turn off the supply of your property. Landlords must inform their tenants where the main water supply is to turn off the valve when necessary.
They may not have to turn it off due to water damage from blast pipes, but because the storage tanks are full and spillage is damaging your property.
Contact Professionals
You should contact experts immediately, as stagnant water around your property is a health hazard for your tenants and your family if you share the same compound. Professionals like Moisture Master Pros LLC will thoroughly inspect the level of damage, determine the type of water damage and identify the areas affected. This step is important to create an effective strategy to begin the restoration process.
Water Removal
In the event that a lot of water is removable, water removal experts will pump the water and drain your home after the water has been removed. If water damage occurs in industrial environments or indoor commercial dwellings, you must use the right dryer immediately to reduce the risk of property damage and endangering the safety of the residents.
Humidification And Drying
The professionals you contact may be able to use commercial air movers, air scrubbers, and humidifiers along with other restoration water equipment. Once much of the water has been extracted, it may be necessary to use more specialized equipment that can remove water from places that are more difficult to access.
Experts use less intrusive drying methods to suck up residual water and moisture from your property through the use of humidifiers and air movers.
Making Necessary Repairs
Broken water pipes need to be replaced or repaired. Damaged toilets and sewers also need to be repaired. Let your contracted professionals repair your leaking roofs.
Healing and Cleansing
Many times when the aftermath of water damage affects things like clothing, furniture and other personal items. Professionals can help you heal them with antimicrobial treatments and remove bad odors with fog equipment and air scrubbers.
Know What The Law Says
After a water damage disaster, it might be hard to tell who should provide the cost of the water removal and the repairs: you as a landlord or your tenants. This must be guided by what the law says. That way you have to be careful not to break the law and risk mitigation. If it requires you to relocate your tenant to another location when the matter is settled, you can go ahead and do so.
Seek Insurance Compensation
If you had landlord insurance covering water damage, inform your insurer of the situation and fill out the documents to claim the compensation. The agent will determine what you need to cover your loss. If you are experiencing challenges from the insurance company, you may want to consider hiring a lawyer to help you get legal justice.
Conclusion
Water damage can range from mild to severe. Whatever the case, you need to follow the above steps to restore your belongings and services. Let professionals do the work for you by pumping the water, drying and dehumidifying your belongings, cleaning and sanitizing household items, and doing minor restoration work, such as replacing wall panels or doing major reconstruction, like building new rooms on your property.
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Water Damage Restoration Master’s Guide
- Published in International, landlord, Real Estate, Real Estate Investments, water leak