Travelers Insurance

Landlords,property managers and property management companies should be mindful of what’s above, with record snowfalls continuing to accumulate in many parts of the country, there are growing concerns from home and business owners about the possibility that snow and ice buildup may lead to property damage. Interior water damage from ice dams, wind damage from fallen trees, issues resulting from the weight of snow, and frozen pipes are common problems that can occur when snow amounts escalate.

“Record snowfalls are creating problems that typically don’t occur in the average winter,” said Patrick Gee, Senior Vice President of Travelers Auto and Property Claims. “Since mid-January, ice dams and snow on roofs have been common causes of interior water damage for home and business owners. It’s a good idea to consider safely removing the snow and ice that’s left on the roof to help prevent these problems.”

Landlords, property managers and property management companies, the following preventive measures,can be used to alleviate problems from ice dams and snow loads on roofs:

* Safely clearing snow and ice off of the roof is the best way to avoid damage. If your roof is accessible from the ground, a roof rake can be a safe and effective way to remove snow from the edges of the roof where ice dams occur. If your roof is not accessible from the ground, a contractor may be able to help.
* Never attempt to climb on a snowy or icy roof, and never place a ladder on snowy or icy ground if you cannot safely access your roof from the ground.
* Shovel around downspouts so that your gutters can drain freely when the snow starts melting. This will help prevent ice buildup in gutters.
* Closely monitor building conditions by regularly checking the roof and gutters of homes or businesses. If there are signs of damage, contact a qualified structural engineer.

Source: Travelers Insurance, February 11,2011

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Property Management How To Energy Efficient Rental Property

Property Management – Property management companies, landlords and property managers should try to include money in the budget to make energy- efficient upgrades whenever they can. Such upgrades will not only make their rental property less expensive to maintain while they and their tenants live in it, they also will contribute to its market value when they sell it.

Property management companies, landlords and property managers – At the very least, be sure rental property is well insulated and equipped with heating and cooling systems that work properly. If you can afford to buy more energy-efficient appliances or revamp heating and cooling systems to save energy, your investment will pay off. But even less expensive steps, like insulating doors and windows, will save you money and help conserve energy.

In property management, many locations, utility companies, nonprofit organizations, or government agencies provide advice, information, and sometimes even subsidies to help property management companies, landlords and property managers make their properties more energy efficient. In some places, property management companies, landlords and property managers who rent to low- and moderate-income tenants may participate in a site assistance program that includes an energy-efficiency audit and financial help for making a home weather-tight.

A call to your local electric company could be a good start for finding resources of this kind in your area. Some utility companies distribute publications that describe energy conservation products and ideas that can save money. A state or local energy office also may offer other helpful publications on subjects like buying energy-efficient appliances, improving the efficiency of oil and gas heating systems, or insulating homes against cold air.

You also can hire energy-efficiency consultants to inspect your property and suggest long-term energy- saving measures. The fees for their professional advice are tax deductible.

Source: FannieMae.com

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Property Management Protect Rental Properties Emergencies

Property Management – No matter how limited your financial resources are, it’s essential to have a realistic strategy for dealing with emergencies. In some areas, government and nonprofit agencies offer grants or low-interest loans to property management companies, landlords and property managers who are faced with large repair bills as the result of natural disasters or emergencies. But don’t wait until you’re faced with an emergency to find out what resources might be available.

Keep phone numbers for local emergency services, such as the fire department, police precinct, and hospital emergency room, where you can find them easily. If possible, get the names of electricians, plumbers, roofers, and others that have worked on the house for previous owners. Keep all warranties, owner’s manuals, or other documents relating to appliances or utilities in a safe place you can get to easily. Take preventive measures, too. Anything you can do now to prevent an emergency later will ultimately save you money.

Property Management – Know your Rental Property
Be familiar with safety features such as smoke alarms and circuit breakers in your rental property. Install smoke detectors outside every bedroom door and in or near the living room and inspect them on a regular basis to make sure that they are in proper working condition. As soon as you move in — if not earlier — take some time to familiarize yourself with your rental property’s  safety features and danger areas. For example, you should know the location of the main cut-off valves for the water and gas supply, and label them. Find and study the fuse or circuit breaker box and make labels or charts to identify particular power sources. And learn where the main electrical switch and the thermostat for the hot water heater are located.

Property Management – Take necessary safety measures
The old saying, “an ounce of prevention is worth a pound of cure” is particularly true for property management companies, landlords and property managers. You could lose not only your property, but also months of rental income in the event of a fire or other avoidable catastrophe.

Purchase fire extinguishers and keep them where they are easily accessible. Identify potential hazards — like frayed electrical cords, loose wires, or ill- placed flammable materials — and take care of them immediately. Make sure nothing is blocking the exits to your house. And let your tenants know what you would expect them to do in the event of a fire.

You also should take precautions against theft. Be sure all windows and doors have secure locks. Replace the cylinders in door locks when tenants leave. Keep the area around your property well lit at night. If you keep important papers or cash at home, store them in a safe place. If you need to rent a safe deposit box for that purpose, the cost may be tax deductible.

Property Management – Abide by local health and safety codes
Most states, counties, cities, and towns have housing and safety codes that property management companies, landlords and property managers must follow. If you maintain your property properly and take the safety precautions discussed earlier, your property will probably meet the standards set forth in those codes. To be sure it does, you should call the appropriate government office to find out what standards you’re required to follow.

In general, housing and health codes require minimum standards for the cleanliness of kitchens, bathrooms, ventilation units, plumbing, water supplies, garbage and sewage disposal systems, and pest control.
They also may set forth when, and at what temperature, heat must be provided for your tenants.

Other housing and safety codes generally set standards for fire prevention, the condition of electrical wiring and equipment, and security. They also frequently require additional precautions with regard to lead paint. In some areas, special laws require property management companies, landlords and property managers to have lead paint removed and replaced. It is especially important to be aware of laws regarding lead paint when children will be living on your property, because paint or plaster containing toxic levels of lead can cause permanent retardation, brain and kidney damage, and even death, if accidentally absorbed into the body. In fact, lead paint removal is itself dangerous. So it is advisable to hire professionals to do it, rather than to try to do it yourself.

You should follow health and safety codes because:
• It’s the right thing to do. Your welfare and that of your tenants is at stake. Even if you’re willing to take chances on your own health and safety, you cannot afford to develop a reputation for keeping rental units below standard. If you do, you will not be able to attract and keep tenants.

• It’s the law. The law holds you responsible for knowing the health and safety standards you must follow — and for making sure the units you rent out meet those standards. You can be fined, or even jailed, for not adhering to these standards (or codes).

In many areas you need certificates or permits showing that certain facilities on your property are up-to-code. In some states, tenants have the right to withhold rent payments if the units they are renting do not meet code requirements. And your tenants can sue you for negligence if they can prove they have been injured or made ill because of substandard conditions in the home they rent from you.

Source: FannieMae.com

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Property Management Handle Repair Requests

Property Management – property management companies, landlords or property managers – When you’re not available by phone, make sure that you have some type of answering or paging service available at all times. You also should provide all tenants with a Maintenance/Repair Request form. Include several copies in the materials provided when tenants move in and make additional forms readily available to your tenants. You should complete the form for all telephone requests. Make sure that the disposition of the problem is indicated on the form, which you should file in the tenant’s records.

Property management companies, landlords or property managers – Respond promptly to all complaints. You may want to verbally follow up and then provide a written response. For personal security and safety problems, you will want to get the repairs completed immediately — it may even require that you use a 24-hour repair service. As a rule of thumb, you should generally attempt to get the work done on problems that are major inconveniences to the tenant within 24 hours, and less serious requests within 48 hours. Because state and local laws may vary from place to place, be sure that you are familiar and comply with the laws and ordinances for your local area.

In property management, it is important that property management companies, landlords or property managers take action promptly to address the tenant’s requests. In some cases the tenant may be entitled to withhold rent and you could be held accountable for personal injuries as well.

Source: FannieMae.com

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Property managers, landlords and tenants – Teams established to make sure receives advice on dealing with damaged properties

Jan 18, 2011 – The Residential Tenancies Authority will establish a special flood recovery assistance team to ensure property managers, landlords and tenants in affected areas receive correct advice on how to deal with flood damaged rental properties.

Housing Minister Karen Struthers today said the team would be established immediately to make sure everyone understands the rules.

“The RTA can provide advice on issues like ending a tenancy due to flood damage and how to appeal excessive increases in rent,” Ms Struthers said.

“While I expect most landlords are doing the right thing, we’re hearing about some instances where landlords are increasing rents near flood affected areas and that’s not on.

“The Department of Communities is also assessing housing needs of flood affected people and at recovery centres around the state.

“We’re sending out extra RentConnect officers to help people with bond loans where necessary so they can secure a new tenancy.”

RTA General Manager Fergus Smith reminded tenants and landlords there were strict rules around dealing with tenancies agreements for flood affected properties and advertising a rental property.

“The practice of rental bidding is not permitted so tenants know that when they see a property advertised at a particular price, that’s what it will rent for,” Mr Smith said.

He said there were rules around dealing with properties affected by natural disasters.

“In circumstances where a property becomes unliveable following a natural disaster, either the tenant or landlord can end the agreement by lodging the appropriate paper work. Tenants and landlords can also negotiate reduced rent if a property is damaged,” Mr Smith said.

“I encourage all parties to talk to each other about what needs to be done and put any agreement in writing.”

Landlords, property managers and tenants in affected areas can also contact the RTA to ensure they are receiving correct advice on how to deal with a flood-damaged property.

To find more information about tenancy rights and responsibilities, visit www.rta.qld.gov.au or phone 1300 366 311.

Source: Residential Tenancies Authority

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Property Management Establish Maintenance Repair System

Property management – Property management companies, landlords or property managers should establish firm policies and procedures related to repair and maintenance. In addition to providing a process for tenants to report repair and maintenance problems to them, the procedures should include steps for property management companies, landlords or property managers to perform frequent maintenance inspections and track requests made by tenants. A good repair and maintenance system allows property management companies, landlords or property managers to prevent potential problems by identifying and fixing them before they become major, maintaining effective communication with tenants, and reducing potential legal liability.

Property Management – The following steps should be part of property management companies, landlords or property managers repair and maintenance process:
• Clearly set out the responsibilities for both you and your tenant for repair and maintenance in your lease or rental agreement. Remind tenants of your policies and procedures to keep your building in good repair in every written communication by printing it at the bottom of all routine notices, rent increases, and other communications.
• Use a written Landlord-Tenant Checklist, inspect rental units, and fix problems before new tenants move in. Once a year, inspect all rental units and keep copies of the completed checklist in your file.
• Don’t assume your tenants know how to handle routine maintenance problems, such as changing light bulbs or blown-out fuses, or unclogging a sink drain.
• Make it a point to explain the basics when the tenant moves into the unit. Include a brief list of maintenance “dos and don’ts” as part of your move-in materials.
• Encourage tenants to immediately report plumb- ing, heating, weatherproofing, or other defects, or safety or security problems. Handle repairs as soon as possible but definitely within the time required by state law. Keep the tenant informed.
• Keep a written log of all complaints. This should include a space to indicate your follow-up. Keep a file for each rental unit with copies of all com- plaints and repair requests from your tenants, and your response.
• Twice a year, give your tenants a checklist on which to report any potential safety hazards or mainte- nance problems that might have been overlooked. Respond promptly and in writing to all requests, keeping copies in your file.
• Especially for multi-unit buildings, place notices in several places around your property about your determination to operate a safe, well-maintained building and list phone numbers for tenants to call with maintenance requests.

Source: FannieMae.com

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Property Management Hiring Contractor Tips

Property management – property management companies, landlords and property managers can use the following three tips to help get such a project done right for a fair price.

First Tip – Interview several contractors. Begin by asking other landlords, property managers, friends, neighbors, or a local landlord association to recommend companies or individuals that have provided them with good service. You should get an idea of which contractors are doing work in a particular area, the quality of their work, and the amount charged.

Second Tip – Ask for references and check them. If your county or city has a licensing process for home improvement contractors, are the contractors licensed? Also ask for a copy of their insurance and license. Contact the Better Business Bureau to find out about possible outstanding complaints.

Third Tip – Get cost estimates and find out whether these are estimates or a firm bid. Often, especially on older houses, contractors will not give a firm bid because it’s impossible for them to know until they start the work what they’ll find and how difficult the work will be to complete. You should ask at least three contractors to provide bids for a home improvement project and give all of them the same information about the job. The more definite the specifications, the more realistic the bid will be — and the less likely that you or the contractor will run into unexpected problems.

Be sure that each bid includes a work write-up and specifications that describe all of the work that will be done and how much it will cost. Make sure that the contractors specify which type, brand, and/or grade of material they plan to use so that you’ll know if you’re receiving the quality you requested.

As a protection, especially for a larger job, be sure the contract specifies exactly what work is to be performed and when payments are due. Your contract also may include a dollar limitation that caps the amount you will pay the contractor. Your contract also should include start and completion dates, and possibly some remedy in the event the contractor fails to perform on time. If the job is extensive, the contract should also include a schedule for payments to the contractor. You should always hold back part of the payment, usually 30 percent, until after the job is finished.

Obtain answers to the following critical questions:
• Does the job require building permits?
• If so, who is responsible for obtaining them?
• Will the work need to be inspected and by whom?
• Is the contractor insured and bonded?

Also, request copies of the contractor’s liability insurance coverage, worker’s compensation, and if required in the area, licenses or certifications.

Source: FannieMae.com

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Property Managers Rental Property Owners Discounts Offered ARPOLA

ARPOLA is a landlord association providing big discounts to Lowe’s and other national companies to property managers and rental property owners.

ARPOLA’s national buying power has attracted Lowe’s Home Improvement stores and provides discounts up to 30% or more depending on the product. Property managers and rental property owners can save hundreds or thousands per month depending on their current spending patterns. As importantly, property managers can use ARPOLA’s services to enhance their offerings to rental property owners and reduce cost in their business.

HomeLovers property management has recently joined ARPOLA for all of their members and will roll out the incredible discounts and other membership benefits beginning in January 2011. HomeLovers clients will have individual access to the Lowe’s discount, commercial grade insurance coverage, asset protection, estate planning and many other included landlord resources, services and benefits of joining ARPOLA.

ARPOLA is especially proud of their relationship with Lowe’s and the exceptional benefits their partnership brings to members.  The Lowe’s benefits are exclusive to the ARPOLA residential landlords association. Members who use their Lowe’s Accounts Receivable (LAR) Card can enjoy a 2% prompt-pay rebate on all Lowe’s purchase and a low delivery charge of only $20 within a 20-mile radius of their local store.

The American Rental Property Owners & Landlords Association (ARPOLA) is a professional association representing independent rental property owners, landlords of single family homes and property managers of small apartment complexes.  ARPOLA boasts the best landlord services available at association pricing.

Founded in 2009, ARPOLA’s inception was based on the premise that 94% of the rental property in the United States is owned by individuals. Many of these independent owners have only a few properties and would benefit from a national landlord association with a substantial presence in rental owner legislation, information on landlord rights, retail discounts for members, a rental owner insurance program, asset protection services, estate planning and education/training for improving the profitability of their rentals.

The ARPOLA residential landlords association offers many other benefits to members including free residential rental forms, an insurance program, real estate tax services, estate planning and many more valuable resources for landlords.  Visit http://www.arpola.org to learn more.

Source: Right Now Marketing Group

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Property Management Guide Making Repairs Improvements

Property Management – As a property management company, landlord or property manager in property management business, you are responsible for ensuring that your property is maintained in accordance with safety and health standards. To ensure that your property continuously meets standards, you should perform periodic and seasonal inspections of the property. Mark the calendar at the beginning of each year to schedule maintenance and improvements.

Property Management – “Do-it-yourself” repairs
Expensive tools or lots of experience aren’t always required to make many basic home repairs. Taking care of small repairs before they become big projects can save you both time and aggravation. Preventive maintenance can actually extend the life of appliances and systems and avoid expensive repairs. Some hard- ware or home improvement stores also offer basic repair courses.

You may be able to obtain information and tips on how to make some of the basic repairs from various resources in your area. Before getting started you may want to determine if:
• the local community college or Cooperative Extension Service office offers home repair courses;
• your local utility company offers courses in basic plumbing or other repairs;
• any local nonprofit groups offer training in making basic repairs; or
• your public library or local bookstore stock home maintenance books.

There are many Web sites devoted to home maintenance and repair topics. Here are several to try:
1.Home Depot
www.homedepot.com

2.Lowe’s
www.lowes.com

3.U.S. Government sites
www.access.gpo.gov
www.pueblo.gsa.gov

4.American Society of Home Inspectors
www.ashi.org

Property Management – Major repairs/home improvements
Sooner or later, you’ll need an expert to address one or more major repairs. Perhaps the washing machine is broken or the hot water heater stops working. Or maybe you want to make some major home improvements to one or more of your units prior to renting them.

Source: FannieMae.Com

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Property Management Build Market Value Rental Property

Property Management – The “market value” of rental property is essentially the price an independent buyer will pay for it. This sounds simple on the surface. But there are many factors that can influence what a buyer believes a property is worth — the architectural style, the landscaping, the school district, the convenience to shopping and transportation, and the prices that comparable properties sell for in the neighborhood.

In property management, for a property that includes rental units, additional factors also can affect market value. Among these are the number of rental units, the amount of rent the tenants do and are willing to pay, the occupancy rate, and maintenance expenses.

In the best of circumstances, the market value of the rental property will increase by the time landlords or property owners are ready to sell it. While it is never sure that this will happen, landlords, property owners can increase the likelihood by maintaining the rental property property properly while you and your tenants live in it.

Although careful maintenance will generally contribute to the value of the property, there sometimes may be factors outside  control that also influence its market value.

Sometimes landlords, property management companies and property managers also can add value to the property by improving it. For example, they can make the property more attractive to both buyers and tenants by building an addition, replacing an old roof, putting up a fence, or repaving the driveway.

Improvements are not guaranteed to bring a higher price for the property. Many different factors come into play and professional appraisers make their living by observing and evaluating these factors to determine what a property is worth.

Property Management – Understand what appraisers are looking for
When a landlord or property owner sells the property, the buyer’s lender will ask for a new appraisal because many factors that affect market value can change since the property was last appraised. The outcome of the new appraisal is likely to be favorable if the economy in the area has remained stable and property has been taken care of. The more one knows about the factors that appraisers consider, the more control they will have over the market value of the property.

Essentially, an appraiser’s job is to determine whether there is an active market in the neighborhood for properties and to estimate what the rental property is worth in that market. To accomplish this, the appraiser assigned to the property will compare the sale prices of properties in the neighborhood of comparable age, type, and design. The appraiser will examine the outside of the property and possibly the inside, including such features as windows, screens, insulation, heating and cooling systems, kitchen appliances, attic space, and car storage facilities. Also, the appraiser may check the materials used to construct floors, walls, bathrooms, fireplaces, and doors to see if they are safe, durable, and common within the neighborhood. For a home with rental property, the appraiser also will assess how  rental units compare with others in the neighborhood.

Property Management – Think of your property as part of the neighborhood
In many instances, properties maintain their value best when they are similar to other properties in the neighborhood. For example, if you build a swimming pool or install designer skylights and similar proper- ties in the neighborhood do not have these features, buyers looking for properties in the neighborhood may not necessarily be willing to pay extra for them.

Source: FannieMae.com

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