From The Balance:
Performing regular maintenance on your property can help you catch a small problem before it turns into a large expense. Here are some property maintenance tips that can help you save money in the long run.
Have you ever had a resident fall WAY behind on the rent?
We occasionally hear stories about people falling behind on rent by hundreds and even thousands of dollars. Some landlords allow a few months to go by, and then demand payment or otherwise eviction will happen.
This can happen for a number of reasons. Some falsely expect that a government or subsidy program will step in to help the renter catch up. While other landlords may get busy, overwhelmed, or have some disorganization that leads to poor tracking of rent payments.
Regardless of the reason, it is important to understand a few things about unpaid rent:
1. Subsidy programs or emergency assistance often will not come to the rescue, especially if the renter falls behind by more than a month.
2. It is in everyone's best interest to address unpaid rent right away. Options include setting up a payment plan that helps the renter get caught up over time, negotiating a joint termination of the tenancy, or filing an eviction, if necessary.
3. Have a system in place (even if it is just a spreadsheet) to track rent payments and a standard process to communicate when the rent is late (create templates of letters you can use regularly to increase efficiency.
The lease is ending and your renter is moving out. Now you want to handle the security deposit process correctly. Getting it right starts on move-in day, not just when they move out.
Use this helpful security deposit checklist:
1. On move-in day, together with the renter, fill out a move-in inspection form to document the condition of the unit. Make a copy for both parties.
2. Before move-out, provide instructions to the renter on their responsibilities for cleaning the unit (e.g. oven, stove, refrigerator, how to handle nail holes in the wall, etc).
4. On move-out day, fill out a move-out inspection form. Compare it to the move-in form.
5. Note things damaged beyond ordinary wear and tear and additional cleaning that is needed.
6. Create a detailed, itemized list of charges of what will get deducted from the security deposit, if anything.
7. Return the security deposit to the renter within 21 days with the itemized list of charges/deductions.
Having a good documentation process with clear communication is a landlord's best friend!
No matter what type of building you own, it is important to inform your renters where to go during a weather emergency.
We recently heard the story of a young woman who lived on the top floor of a duplex. A tornado tore through town, but she stayed upstairs frightened, not knowing what to do. She survived, but it highlights an important point about emergency preparedness in rental properties.
In anticipation of the severe weather season, send a message to your renters that lets them know the safest place to go in the building if a tornado or other natural disaster hits. We also recommend that you post these instructions in a common area of the building, so renters have regular access to the information.
It can be challenging as a tenant to be upfront and honest when facing questionable living conditions. While you don’t want to step on your landlord’s toes, you also don’t want to compromise your own health and well-being in the process. Upon moving in, it’s important to be aware that your landlord is required to ensure the home is habitable and safe. This means the property should have adequate heat, electricity, water, and a sustainable foundation. Although you may think small problems are harmless, simple issues like damaged walls and minor leaks can potentially lead to long-term health problems.
The Importance of a Strong Foundation