Making sure your rental property is save from carbon monoxide poisoning is something that many landlords neglect. There are stories about landlords who provide space heaters for tenants who for one reason or another have had their electricity turned off, or who have not yet had it turned on, only to find out someone has died from carbon monoxide poisoning. Such kindly landlords may find themselves up on charges for their good will. Simply making sure that all apartments have been equipped with carbon monoxide detectors will in most cases relieve them of the legal burden of their acts. It is also a good idea to periodically remind tenants to check the batteries in their carbon monoxide detectors when they check their smoke detectors.
Criminal Activity on Your Property
When it comes to criminal activity in your building, liability is very similar to iced sidewalks or broken elevators: you are responsible for keeping your property safe. If you find out you building is vulnerable to assailants, you must take action, because awards to plaintiffs when landlords do not secure their property can run into the hundreds of thousands of dollars. If you find that crime in on the upswing in your neighborhood, talk to the police and ask them what measures you can take. You can also get involved–and get your tenants involved–in crime watch programs. If you find out a tenant is involved with criminal activity, take immediate legal steps put a stop to it by talking to a lawyer.
Tenant Referrals
Property owners know that finding good tenants is a big job, so why not have your current tenants find them for you? Tenant referrals are an efficient way to take the legwork and advertising cost out of the repetitive task of combing over tons of applications. One very good reason it works is that solid people know other solid people. It’s not true in every case, but it’s a pretty reliable rule of thumb. No one would refer someone who was not on the up and up, because it will look bad for them. It not only gets you a tenant, but it creates a good bond between you and the person who referred them. You might sweeten the pot by offering a finder’s fee.
How to make sure your rents are competitive
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Making sure your rents are competitive is the single greatest factor that will determine your success as a property owner. The most obvious thing you can is do some comparison shopping for units in your area. You used to have to call real estate agents for prices back in the old days, but thankfully the Internet makes this step easy. First you can simply check out Craigslist as this is one of the biggest places people rent. You need to be careful though, because a lot of online renters list prices that are below market rate to get people to show at the real estate broker’s office, then they show them something more expensive. A great tool currently is Zillow, which lists not only property values, but gives rent estimates on a variety of properties give standard factors like square footage.
Why hire a property management company?
You hire a property management company for the same reason a restaurant owner hires a restaurant manager: because the job is too big for one person. Unless the landlord is an on site landlord, he usually won’t be able to handle all the issues that arise in his building. Even if he is on site, there are so many things that can go wrong, that he will almost always need help Property managers, in essence, are hired to handle problems. What happens if the basement of the building is flooded? Or the heating in the building goes out. The property manager is paid to make sure those things get fixed, so the owner of the building can spend time doing what he does best, invest in properties.
Choosing a property management firm
Choosing a property management firm can be trying, because a lot of the time you don’t know what to look for. One thing to look for is whether the firm does property management professionally and full time. A lot of property management are just real estate firms who hire someone to handle a client’s properties. Property management is a business and it’s not a side project. You should only choose one that has a proven track record.
Property Management Agreements
Finding the right property management company can be as difficult as finding a good tenant. Before you sign the agreement, make sure that you put in the contract exactly what responsibilities you want them to have. Sometimes landlords want to retain the responsibility for evictions; if this is what you want, put it in the agreement. A lot of people just sign the first thing that gets put in front of their face. Signing up for a property management agreement is not unlike signing a lease with a tenant. The main difference is that you only have to sign one.
Letting the property management handle the property
If you’re the owner of a rental property, it’s understandable that you want to be heavily involved in the management of your property. But it’s important that you allow your property management company handle the details for you; that’s what you hired them for. Some of the things that can make their job difficult is retaining the security deposit for illegal reasons, or taking on some of the property management responsibilities without telling them. For instance, some landlords will go to a tenant’s dwelling without warning them. In some cases, this can be a violation of the tenant’s peaceable use of the property and can be a violation of the lease.
Military Clauses in Leases
Federal law allows active service members to terminate their lease if they receive change-of-station orders or is deployed. This applies whether they joined the military after signing the lease or if they were already enlisted. However, the applicant must make sure that he or she has a military clause put in the lease. Some property owners in Colorado, which has a large military presence, cater specifically to the military rental market. Also note that military clauses do not allow personnel to break a lease for any reason; they must specifically receive a change of station order.
Unsafe Properties
Unsafe properties can lead to lawsuits if someone is seriously injured. A common grounds for legal action in snowy Denver is slip and fall, and if you are a property owner, you must make sure you adequately remove snow from sidewalks and parking areas. Of course, it’s impossible to removal every last flake of snow, but if you are sued, the court will ask: would who was better able to assess the conditions and take precautions against the accident? As you might think, this is rarely clear cut, and that’s why if you take as many precautions as possible, you can avoid most problems.