9 Sneaky Expenses of Owning a Rental Property

Cash Flow - Property Management and Rental Property Expenses.

9 Sneaky Expenses of Owning a Rental Property

Owning an investment property can be a great way to create some additional monthly income and create equity in an investment long term, but something you don’t want to forget are some of the obvious and not so obvious costs of dealing with tenants and the problems that can arise from normal wear and tear on a rental home.  This article points out some common expenses of owning a rental property you would want to consider when estimating your future cash flow.

 

  1. Seasonal Maintenance: No matter where the property is located, there will probably be something you need to do for seasonal maintenance at least a few times a year.  Lawn care, gutter cleaning, snow & leaf removal, and maybe even tree pruning are things you will need to budget for. These budgets can run from $100 to $300 a month depending on your situation and the amount of required maintenance.
  2. Appliance Maintenance: Big ticket items, such as washers, dryers, dishwashers, HVAC systems, stoves, and refrigerators will need to be replaced on occasion. Landlords with lots of experience will tell you to keep these items maintained regularly so that you won’t need to do the big repairs and replacements quite as often. Regular maintenance usually costs a lot less than replacement, but either way, you will want to budget some reserve for when something needs repair or a full replacement.
  3. Pest Control: Preventative maintenance includes spraying around the perimeter of the home to keep pests out. If an infestation does occur, it will need to be remedied immediately to keep your tenants safe and healthy and neither of these is cheap.
  4. Cleaning Costs: Cleaning costs can ramp up quickly after a particularly messy tenant’s departure. In order to keep cleaning costs low, you want to do periodic cleaning checks to ensure the property is being kept in reasonable condition.
  5. Property Damage: Property Damage is more than just being messy or inconsiderate. Replacing a carpet, repainting or even replacing holes in the wall is not something you want to have to do frequently, having regular cleaning checks and inspections can possibly help you avoid some of those expenses. While damage to the actual property can be accidental or intentional – and while much of the repairs should come out of a security deposit – this is another expense to consider.
  6. Flooring: Depending on the type of flooring you purchase for the property – you may have to replace it or repair and clean it every time a tenant turns over. Carpet can be cleaned to keep it maintained, but many other types of flooring will need to be resurfaced or replaced altogether. We recommend sticking to a flooring type you know will last you more than one tenant, and is easy to maintain, such as wood, tile or concrete.
  7. Paint:  A great way to refresh your rental before a new tenant arrives is to paint it. The walls may be scuffed by furniture coming in and out or have holes from nails.  Most tenants will expect the property to be painted before they move in.
  8. Taxes and Insurance:  These are obvious ones that most landlords are used to from having to pay them on their primary homes.   However, they tend to go up each year and can jump up considerably depending on property appreciation and zoning changes that can be unexpected.
  9.  Homeowners Association Fees or Condo Association Fees:  Another typical fee if the home you are planning on renting falls into a neighborhood or area where there are amenities or management that helps manage the area their property is located.  These also have a tendency to go up over time and in some cases can levy additional fees and expenses for various things including where tenants are not keeping the property in the manner agreed to by the HOA rules or breaking other rules like noise or traffic rules.  Since as the landlord you are the legal owner you would – in most cases – be legally responsible for any of those fines or fees.

Rental properties can become amazing investments over time, but before you go into buying up property make sure you know ALL the potential expenses that could come up over the life of the property.

In talking with Dana Anderson, a Philadelphia Property Management expert, he suggests to plan or budget spending about 2-3% of the purchase price of their property on yearly management, maintenance, and reserve allowance expenses.


Six Tips to Manage Recurring Rental Property Maintenance.

Property Maintenance is both the tenant and the landlord’s responsibility. What they’re each responsible for depends on what is outlined in the lease and the extent of the repair/maintenance needed. Typically, tenants are responsible for the regular upkeep of their rented property; This includes things like changing light bulbs and keeping their yard trash-free. Landlords are usually responsible for more big-ticket maintenance, such as HVAC repairs, roof leaks, electrical, and structural issues.

If a property is well-maintained by the tenants and the landlord, it is more likely to attract interest in future renters and will lessen the amount of recurring large-scale maintenance problems.

Here are six tips to manage recurring rental property maintenance that will help to keep your properties well-maintained.

1. Communication is Key.

It will only make things easier for you and your tenants if there are established lines of communication. If tenants know their landlord cares about their maintenance issues, they are more likely to take care of their property too. Now, this is a two-way street.

Make sure to keep tenants informed about how maintenance repairs are going and if there are unexpected roadblocks that may cause it to take longer than you thought to finish the repair. You should respond to tenants’ reports and concerns as quickly as possible, even if you can’t immediately fix the problem, let them know you hear their concern and will take care of the situation promptly.

2. Practice preventative maintenance.

Preventative maintenance is preparing for a maintenance issue before it occurs.
This can be done by creating a schedule of inspections and maintenance. This schedule can be designed by week, month, or even season; depending on your unique set of properties. For example, you may schedule pipe maintenance right before the winter months to make sure they are prepared to sustain colder temperatures and won’t freeze or burst.

Even with a preventative maintenance schedule, always try to expect the unexpected. Maintenance repairs that don’t fall into the predetermined inspection schedule will probably still happen but are less likely to occur if everything is routinely checked.

A maintenance schedule can save you time and money in the long run, and a well-maintained property will only increase property value.

3. Everything has an expiration date.

During these inspections, remember that everything has an expiration date. This includes appliances, paint, and even built-in fixtures like rugs and wood flooring. Be sure to take into consideration the age and condition of what you are repairing, the expected lifespan, how many times it has been fixed previously, and if there are any safety concerns or price disparities involved with repairing it rather than replacing it.

Also, try and make good notes of larger potential projects that are in the medium to long-term future for each property. Items like the removal of large trees that may be creating a hazard on the property or the replacement of decks and porches or the resurfacing of driveways at some point will likely need to be taken care of, and these projects can come with both hefty expenses and inconveniences for the tenants.

These considerations can be help with tenant relationships and retention and can help to spread out expenses over time and manage a more even month to month cash flow situation for you as the investor.

4. Standardization and automation keep things simple.

By using the same maintenance materials, like colors of paint and brands of appliances and hardware, you can save time and money on trying to remember what property needs what. This will also allow you to provide the same, smooth transition to a move-in ready property every time you’re looking for a new tenant for each of your properties.

You can also work at automating some changes in your properties as well like have all of your air and/or water filters changed out the same months or do all of your leaf removals and clean up the same week.

You can also invest in appliances that have longer expected lives, are tamper resistant or automatically turn on or off. Automatic exterior lights or hardwired fire alarms with rechargeable batteries are examples of nice additions that tenants will likely appreciate.

5. Keep a list of repairs made and expenses paid.

Be sure to keep a full list of repairs that were done and the time it took to complete them. Holding on to receipts from every repair will help this process. This information can be used to adjust and optimize your maintenance schedule. If you find recurring maintenance was needed on a particular property or type of appliance, consider increasing the number of inspections accordingly or replacing as needed.

Also, keeping track of what you spend on inspections and repairs will enable you to create a maintenance budget and organized files come in helpful at tax time or for annual reviews of property income performance.

6. Be prepared no matter what the situation.

Be prepared in any situation by noting a few things. Know where your property’s electrical panels, gas, and water shut-offs are located not only to direct whoever is conducting inspections and maintenance but also in case of emergency situations. Making sure your tenants know where the water cut off valve is can save you thousands of dollars in the case of a frozen or broken pipe. It takes virtually no time to flood an entire house with a badly broken pipe.

Know what kind of work is required to be conducted by a licensed professional. This can differ from state to state. Check with your local building authority to ensure you stay on the right side of their guidelines.

Conclusion

Recurring maintenance on any property can be time consuming and expensive. Ignoring maintenance items and you run the risk of having larger more costly and time-consuming issues that may appear unexpectedly while no one wants to purposefully fix things that aren’t 100% necessary for the upkeep of a home.

Professional help and management can typically help in these situations as Property Management Companies will usually have the experience and contact to quickly and affordably take care of exactly what needs to be fixed or maintained without spending more than is necessary.


The 6 Best Websites to Advertise Your Rental Property in 2018

 

Online rental property sites are virtually everywhere nowadays.  You can easily find tiny, local sites that are typically associated with one of the community news publications all the way up to the larger national sites that cater more to real estate professionals.  

To help you sift through all the websites out there, we put together a quick list of the Top 5 (with a bonus site at the end) that we feel like the majority of renters will likely hit on their search for a new rental property.

Craigslist

The “granddaddy” of online classified sites still holds a place in anyone’s top 5 or 10 sites to list your rental property.  On Craigslist you can find anything from a rental property to a used lawn mower ALL on the same site. This is both a blessing and a curse as in some cases you will get way more tenants (of varying qualifications) from Craigslist than any of the other online sites out there.

Zillow

Zillow does cater more to the real estate professionals and arguably more to the home buyer/seller than renter markets, but in most areas, they do have a healthy rental listing pool as well.  Like a few of the others on our list, it will depend somewhat on your area as to how active the rental listing section will be for your specific neighborhood. They allow for high-quality photos with a very easy to use interface for prospective tenants to browse through images and information about each rental property.

HotPads

HotPads focuses on only rental properties.  They have a great follow up system for users who enter their email addresses where they email out listing each day to remind the user of properties they had viewed and new listings that they may be interested.  HotPads does tend to have more apartments and multifamily units and appears to be used actively by professional property management groups and apartment companies.

Realtor.com

Like Zillow, this site leans more towards the buyer and seller’s market than the rental market, but they still have a healthy number of rental listing especially in larger metro areas.   They also send your listing to a few other sites that they own including Moving.com and DoorSteps.com all for free.

Rentals.com

Rental.com is now a group of rental sites that includes Rent.com and Lovely.com, and they now claim over a million searches each month for properties and specialize in only rental properties.  There are costs associated with listing your properties on these sites and as of 2018 range from the low end of $49.99 per property per month to upwards of around $80/month depending on the listing features.

BONUS IDEA

List your property with Bay Management Group, and then you don’t have to worry with all these sites – keeping up with which listing is still posted and which one is generating the best-qualified tenants.  We are confident that we can rent your property in 30 days or less AND if we place a tenant in one of your properties and they get evicted in the first six months we will release your property for FREE – no other company offers this kind of ironclad guarantee.

 

Give us a call today and let us take the marketing and management off your hands.


Top 4 Tips To Smoothly Handle Your Rental’s Emergency Maintenance

How to Handle Rental Maintenance Emergencies

Being a rental property owner leaves very little time for dull moments.

To start, you search out and purchase the “perfect” property, perform upgrades and renovations so your investment becomes a hot commodity, and then interview interested tenants until you find the ideal one.

Once all of that work is done, you may feel ready to rest.

However, after you place tenants in your property and start collecting monthly rent payments, there is always a chance that your tenants are going to call you with an emergency rental maintenance issue. 

In the rental property business, whether you enlist the help of Columbia property management or not, it is your duty to keep your tenants safe, as well as protect your investment.

And, despite your property being in tip-top shape, things can happen when you least expect them to.

Knowing how to handle emergency maintenance issues in your rental property is something all property owners should learn.

Today we are going to outline some of our best property management tips for handling emergency maintenance request so, should the unthinkable happen, you have an idea of what to do.

 

What is Considered a Rental Property Emergency?

What is Considered a Rental Property Emergency

What you consider an emergency situation, and what your tenants consider an emergency situation, are often very different things.

Here is a breakdown of some of the most serious emergency scenarios your tenants can experience while leasing from you:

  • Loss of heat during the cold months, and loss of air during the hot months, depending on where your property is located
  • Gas leaks
  • Water leaks or floods
  • Broken windows
  • Exterior doors that will not lock
  • Fire
  • Loss of power
  • An intruder break-in

 

As you can see, all of these situations are very serious in nature and not only require your help, but the help of professionals as well.

If any one of these situations occurred in your rental property, your investment is at risk for damage, as well as your tenants’ health and safety.

 

How to Handle an Emergency Maintenance Request

If your Columbia tenant contacts you with an emergency maintenance request, there are things you can do to help resolve the situation as quickly and efficiently as possible, no matter how serious it is.

Additionally, there are proactive steps you can take to minimize the occurrence of an emergency maintenance issue at your rental.

 

1. Inform Your Tenants About What to Do During Emergencies

Informing your tenants at move-in about emergencies is one of the best things you can do to reduce the number of emergencies that occur, and resolve them as quickly as possible if they happen anyway.

Here is some key information you should include in your tenant welcome package that will help tenants know what to do in the case of an emergency:

  • Provide a detailed list outlining what a true emergency is
  • Explain the procedures for putting in a general maintenance request versus an emergency request
  • Include any pertinent contact information (e.g. you, your property management company, the after-hours call center, the maintenance crew, and any emergency vendors you have approved to work on your rental)

Prepare Your Tenants for Emergencies in Your Rental Property

In addition, it’s a good idea to give your tenants some emergency tips for things such as

  • Turning off the main water line to your property
  • How to reset breakers
  • Who to call in the case of extreme emergencies such as fires or home intrusions
  • How to get to safety should an emergency threatening their health or safety occur

 

2. Discuss the Issue with Your Tenant Before Taking Action

If you self-manage your Columbia rental property, and you receive an emergency call from your tenant, be sure to discuss the issue in full before jumping into action.

This will assure both you and your tenant that the situation is indeed an emergency, and make planning your next steps much easier, since you will both be on the same page about how to move forward.

  • Non-Emergency. If you and your tenant decide the situation at hand is not a true emergency, reassure them that the problem will be handled efficiently. Explain what the next steps are, and when they can expect someone to come by and fix the issue. Always ask if there is anything else you can for them – customer service like that is what makes tenants happy, and is what gets you lease renewals.
  • Emergency. If the situation is an emergency, you should immediately make sure your tenant is safe. Advise them to get out of the house immediately if their health or safety is at risk, and get alternate contact information such as a cell phone number so you can keep in touch. You should also remind them to call the authorities, if appropriate. It’s also a good idea to stop by your property to make sure the authorities, maintenance crew, or vendors are handling everything properly.

 

In situations like this, it is more important than ever to have the right insurance in place as well.

Homeowners insurance to protect the structure of your investment property is necessary when you own rental property.

In addition, requiring your tenants to have renters insurance prior to moving in to your rental will help mitigate some of the damages (specifically when it comes to their personal belongings), and will help house your tenant if the property becomes inhabitable.

 

3. Have Your Own Contact List Available

Provide Tenants Your Contact List for Rental Property Emergencies

It’s not enough to provide your tenants with a list of people to contact in the case of an emergency – you too should have your own Rolodex of vendors to call in the case of an emergency.

This is especially true if you don’t enlist the help of a property management company.

If you do employ a property management company, they will either have a maintenance crew for you to contact in the case of an emergency maintenance issue, or a list of approved contractors that you can contact to resolve the emergency.

Either way, having your own contact list readily available will lessen the stress once a call comes in that your property is on fire, flooding, or otherwise falling apart.

 

4. Stay Proactive

Lastly, as yet another way to help reduce the number of rental property emergencies you and your tenants experience, you should stay proactive.

Take a look at some of the easiest ways to do that:

  • Perform thorough move-in and move-out inspections with every new tenant so you always know the condition of your property, and can tend to small maintenance issues before they become emergencies
  • Conduct routine seasonal inspections to ensure your tenants are caring for your rental properly and no major maintenance issues have developed
  • Work with a property management company to help with anything maintenance-related – inspections, maintenance fixes, after-hours calls, tenant complaints, insurance requirements, and even lease drafting so everyone involved understands their role in preventing property emergencies

 

Many property owners struggle with maintenance in general, so emergency situations can feel entirely overwhelming.

That’s why having a property management company such as Bay Management Group on your side is so valuable.

We have a 24/7/365 maintenance crew on hand to take care of all maintenance issues – not just the emergencies. We also have highly qualified professional contractors that we work with on a regular basis that provide timely and affordable workmanship.

So, if you need help managing your Columbia rental property’s maintenance requests, contact Bay Management Group today.


The Top 5 Ways to Collect Rent From Your Bowie Tenants

Top 5 Ways to Collect Rent From Your Bowie Tenant

Collecting rent from your tenants in Bowie, MD is one of the most important tasks assigned to your property management company.

After all, once rent is collected from your tenants, you get paid.

Today, we are going to look at some of the steps required to collect rent from your tenants, as well as some ways to go about collecting rent.

But first, we will review the more traditional ways of collecting rent, for a quick refresher.

 

How to Collect Rent From your Tenants

How to Collect Rent From Your Bowie Tenant

Here is a look at some of the best ways to collect rent from your tenants:

  1. Online. Allowing tenants to access an online portal to pay their monthly rent is typically considered the best way. It is convenient for your tenant, is secure, and it guarantees that the funds submitted are going to be deposited into your bank account.
  2. Check or Money Order. Though some Bowie property managers prefer not to accept personal checks (unless mailed in), a large majority of tenants still prefer to pay with paper checks. If you do not accept paper checks, money orders are a safe and simple alternative.
  3. Direct Deposit. There may be instances where you want your tenant to transfer their rent from their bank account directly into your bank account. Though not very common, it is definitely secure.
  4. Mail-in Payments. You can always go the more traditional route, and allow your tenants to mail their rent to either you or your property management company. However, the risk of your tenant’s check getting lost in the mail exists, and can cause a delay in your getting paid.
  5. In Person. There is also the option of having your tenants drop their rent off in person at your house (which is always risky) or at your property management company’s office. Again, this requires a personal check, a money order, or cash (which is never recommended).

 

As you can see, there are a number of ways to collect rent from your tenants.

But the question still remains: what are the steps to collecting rent from your tenants?

 

The Rent Collection Process

Rent Collection Process in Bowie, Maryland

The process of collecting rent from your tenants is rather simple if you employ Bowie’s top property management company to do it for you.

Here is a rundown of how your property manager should approach collecting rent from your tenants:

  1. Draft an airtight lease agreement outlining the rent rate, due date, and consequences for paying late
  2. Inform the tenant prior to move-in of the rent collection procedures, including the methods for submitting payment
  3. Collect rent each month through the approved methods
  4. Properly document all rent payments collected each month for tenants, property owners, and the IRS to see
  5. If a rent payment is late, begin the eviction process immediately – serve proper notice, file eviction paperwork, and prepare for legal proceedings if necessary

 

Although the process for collecting rent from your tenants is relatively simple, it is critical to not underestimate its importance.

This is especially true when it comes to dealing with late rent payments.

If, by chance, your tenants fail to pay their rent on time, your property management company should step in and handle the situation right away. You should not let your tenants feel that they can get away with paying their rent late.

After all, this is your rental property business, and you should treat it as such.

 

Additional Rent Collection Methods

Pay Rent Online Via ACH

There are several ways you can collect rent from your tenants during the course of their tenancy.

And, while some ways are recommended, such as collecting payments online, there are additional options that you can provide your tenants, if the situation arises.

 

Local Drop Box

This method is similar to allowing your tenants to drop their rent payments off in person to your property management company. However, this method affords both your property manager and tenant some convenience when it comes to the actual time of day that the payment is dropped off.

Rather than hand in a rent payment in person during regular business hours, having a drop box available makes dropping off rent at any time of the day possible.

Many of your tenants may work during the day and may need to drop rent off after-hours. Allowing them this option of a drop box may reduce late or delayed payments.

 

ACH Payments

ACH stands for Automated Clearing House, and involves the automatic collection of rent payments online.

Using an ACH payment service allows you to collect payments from your tenants electronically either as one-time payments, or as recurring payments by directly debiting your tenant’s savings or checking account.

This method is secure and prevents your tenants from having to use e-checks or credit/debit cards.

In addition, this method can be more cost effective than collecting payments via credit or debit card.

Why is that?

Because accepting credit and debit cards usually involves additional transaction fees in exchange for using the online rent collection service.

Lastly, collecting rent using the ACH payment method is typically faster than any online method, because payment is directly debited from your tenant’s bank account.

Processing this type of transaction is quick and easy.

 

PayNearMe

If your tenant does not have access to a computer, or prefers to pay in person but your property management company does not accept drop-off rent payments or does not have a drop box available, you can always consider offering them a PayNearMe option.

PayNearMe is a way to let your tenants pay their rent in cash to a local 7-Eleven or other business that collaborates with the PayNearMe program.

Using a unique card assigned to them for making rent payments, your tenant simply goes to the local PayNearMe business, pays their rent at the counter, and receives a receipt for payment. In response, you are immediately notified that your tenant has paid their rent in full.

This option is often much easier than getting a money order and delivering it, or mailing a check (complete with envelope, address, and stamp), and is a great solution for those that do not have online payment access.

 

Collecting rent from your tenants is one of the most important things you will do as a property owner.

And, if you enlist the help of Bowie’s best property management company, you will be placing the responsibility of rent collection in your property manager’s hands, which is a big weight off of your back.

If you own rental property and need a reliable property management company to aid you in the collection of rent from your tenants, contact Bay Management Group today.

We can help you with every step of collecting rent – from the drafting of the lease agreement, complete with rent payment details to the eviction process (if need be) – so that you don’t have to worry about any of the stresses involved in collecting money from your tenants.


What Are the Responsibilities of a Property Management Company?

What Are the Responsibilities of Your Gaithersburg Property Management Company?

If you own rental property in Gaithersburg and self-manage your rental property business, you may be finding that there is a lot more to being a landlord than you originally anticipated.

And with that in mind, you may be thinking it is time to enlist the help of one of Gaithersburg’s top property management companies.

You may also be wondering to yourself what exactly a property management company is responsible for when it comes to your investment property. 

For those that are unsure whether investing in a property management company is a good idea, or for those that simply don’t know what a property manager is responsible for, keep reading.

Today we are going to give you the rundown on what an experienced, highly qualified property management company should offer you in terms of services.

 

What a Qualified Gaithersburg Property Management Company Should Do

1. Property Advertising

Property Management Company Should Advertise Property

One of the most important responsibilities your property management company has is advertising your vacant property to a high-quality tenant pool.

They should utilize a diverse set of platforms such as Craigslist, MLS, online classifieds, and even direct mail to expose your property to a wide group of prospects. They should also be available for those reaching out with interest.

 

2. Tenant Screening

All potential tenants should be thoroughly screened by your property manager. This includes background and credit checks to make sure they have no criminal background, previous evictions, or outstanding debts.

Additionally, your property management company is responsible for avoiding any discrimination when it comes to fair housing laws and screening potential tenants.

This is a key reason to enlist the help of a property manager. The last thing you want to do is be sued for unintentionally discriminating against an interested tenant.

 

3. Tenant Move-In

Property Management Company Handles Tenant Move-in

Here are some of the things your Gaithersburg property management company will handle at the time your new tenant moves into your investment property:

  • Legally compliant lease drafting according to your specific needs
  • Evaluation of local rent rates so your rent will generate income
  • Lease term start and end dates
  • Detailed move-in inspection with all parties, complete with photographs
  • Collection of security deposit and first and last month’s rent

Lastly, your property manager will provide your tenants with the keys to your property, as well as a welcome tenant package, complete with pertinent contact information, maintenance responsibilities, local area information, and possibly a small gift welcoming your tenant to their new home.

 

4. Maintenance, Repairs, and Complaints

Anytime your tenant has a maintenance or repair request, your property management company is the one to handle it.

And, if you choose one of the top property management companies in Gaithersburg, your tenants will have access to an on-call maintenance crew that is available 24/7.

Not having to take after-hours calls from tenants is one of the best benefits of enlisting the help of a team of property managers. Not only do they have the resources to handle emergencies, they take the pressure off of you and having to be available all the time.

It is also a good idea to look into a property management company that has a 24-hour hotline for tenants that have complaints or non-emergency issues. Again, not having to field these calls all night long is something you’ll love.

 

5. Rent Collection

Property Management Company Should Collect Rent

Receiving rent payments, tracking down those that haven’t paid, sending out rent reminders, and disbursing payments to you are another huge responsibility you place in the hands of your property management team.

In addition to collecting your rent money and handing it over to you, your property manager is also tasked with the job of initiating eviction proceedings, should your tenant fail to pay rent on time.

This includes filing paperwork to start an eviction, sending out proper notices, representing you in court, and even aiding in the removal of tenants, should the need arise.

 

6. Property Inspections

Making sure your property is being well cared for throughout the lease term takes a lot of effort.

That’s why having a property manager to conduct seasonal inspections is so helpful. Not only can they check to make sure everything is okay with your tenants (which is a great customer service method), your property manager can make sure your tenant is fulfilling their lease obligations.

Finding small maintenance issues and fixing them before they turn into bigger issues, reminding tenants of their tenant responsibilities, and finding out what would make your tenants happier are all things that will ultimately aid you in your quest for success as a property owner.

 

7. Bookkeeping

Bookkeeping Handled by Property Management Company

Property management companies have a duty to maintain all financial documentation as it relates to your rental property business.

Here are some things your property manager will likely handle while managing your rental:

  • Proper accounting of all rent payments collected, including receipts
  • Annual reporting of all financial statements, including a 1099 form
  • Monthly income/expense reports
  • Documentation of any payments made on your behalf (utilities, HOA, insurance premiums)
  • All maintenance estimates, work orders, and invoice/payment receipts
  • Yearly tax information for the property itself and the rental property business

While it can be helpful to hire on a separate accountant to help you with your yearly financials as they relate to your rental property business, know that an experienced property management company can handle most, if not all, of that documentation for you.

In fact, some property managers will even help you file your annual taxes so that you don’t have to hire external services.

 

8. Tenant Move-Out

Just as your property manager helped move your tenant in, they are responsible for helping your tenant move out as well.

When a tenant gives their notice to move out of your property, you property manager will likely inspect the unit as a whole to determine what damages the tenant has incurred.

From there, the following will happen:

  • Provide tenant with a detailed list of estimated damages
  • Return the remaining balance of your tenant’s security deposit
  • Re-key all locks and make any repairs
  • Clean rental property for next tenant that will move in
  • Place vacant property back on the market

 

This is not meant to be an exhaustive list of Gaithersburg property management responsibilities.

Rather, it gives you a good idea of the scope of tasks a high-quality property manager will gladly take on while managing your rental property.

If you own rental property in Gaithersburg and have realized that self-management of your investment property is not right for you, get in touch with Bay Management Group today. We take great pride in our customer service-oriented approach to property management, and strive to provide you and your tenants the best experience possible.


5 Rental Maintenance Tips to Keep Your Property in Top Shape

Rental Maintenance Tips to Keep Your Philadelphia Rental Property in Good Shape

Taking care of your Philadelphia rental home is just as important as caring for the home you actually live in.

Yet, time and again, property owners either fall behind on general maintenance of their rental properties, or expect their tenants to handle everything – both of which are a bad idea.

Keeping your investment property in tiptop shape is one way of extending the life of your property, as well as avoiding any major repairs.

If you want your property to last, despite people of all kinds moving in and out of it over time, you must commit to implementing a routine maintenance plan.

Take a look at some of the very best ways you can handle rental property maintenance, so that your Philadelphia rental property withstands the test of time, and continues to generate a positive cash flow for you each year.

 

Maintenance Tips for Keeping Your Philadelphia Rental Property in Exceptional Shape

 

1. Take Advantage of Pest Control

Take Advantage of The Pest Control For Your Philadelphia Rental Property

There has been a longstanding serious debate as to whether pest control is an issue for property owners or tenants to handle during a lease term.

However, the consensus is that prior to move-in, a property owner is responsible for providing a safe and habitable place for tenants.

This means you must ensure your Philadelphia rental is free of all pests and rodents before a tenant moves in.

From there, it is your tenant’s job to ensure that a pest or rodent infestation does not take over.

 

Seems fair enough, right?

 

Of course it does.

However, just because it is your tenant’s responsibility to make sure pests haven’t overtaken your rental property, does not mean they are being proactive about pest control.

And, when it comes to pests, being ahead of the game is the key to winning.

If you want to avoid dealing with the excessive damage that a major pest or rodent infestation can have on the structure of your rental property, consider having an exterminator regularly visit your property (approximately every two months), regardless of whose job pest control is.

Though with this approach there is a cost involved that eats into your bottom line, it is worthwhile in the long run.

A pest or rodent infestation can not only cause you to lose a tenant come renewal time, thus leading to higher turnover and vacancy rates, the damage pests such as termites can do to your property is astounding.

And, even with the best of intentions, your tenants may not be equipped to handle routine pest control on their own.

By helping them out a little, you provide your tenants extra customer service (which can go a long way with a lease renewal), and provide yourself the peace of mind your property is pest free.

 

2. Perform Routine Inspections

This is a major one.

Routine inspections can have a profound impact on the longevity of your rental property, no matter the time of year you conduct them.

Check for things like water leaks, broken windows, rotting wood, or full gutters while inspecting the exterior of your property.

Tenants are likely to miss these kinds of issues during the course of their tenancy, especially if they are not taking an active role in property maintenance.

After all, many tenants that do participate in property maintenance assume that “maintenance” includes just the interior.

By regularly monitoring the exterior of your investment property, you will be able to spot problem areas before they become major issues.

This will not only help ensure the structure of your property stays sound throughout the year, it will prevent costly repairs down the line that may displace your tenants, and dip into your monthly rent collection.

 

3. Hire a Landscaper

Hire a Landscaper to Care For Your Philadelphia Rental Property

Unless you are absolutely sure the tenant you have placed in your rental property is capable of maintaining both the front and backyard landscaping, consider hiring a professional landscaper to do the job instead.

Look at some of the benefits you reap by having a well-kept yard:

  • A visually appealing space you, your tenants, and neighbors can be proud of
  • Help cool your neighborhood from sweltering summer heat
  • Absorb surrounding noise
  • Improve drainage and prevent sidewalk cracking, foundation slipping, and flooded areas
  • Trap pollutants in the air, and create more oxygen
  • Increase property value
  • Create an inviting “getaway” that tenants can enjoy year round
  • Prevent major pest infestations
  • Create great curb appeal to attract future tenants

The truth is, no one wants to look at a yard full of overgrown shrubs, trees, and weeds.

And, the fact that your tenants would likely love to have a nice backyard they can enjoy throughout the year makes hiring a professional landscaper even more appealing.

 

4. Care for the HVAC System

One of the biggest repairs any Philadelphia income property owner can face is the repair (or replacement!) of an entire HVAC system.

This is why routine care is key.

Look at some things you can do year round to help maintain your property’s HVAC system, and prevent a major financial burden down the road:

  • Professional Servicing. Have the system professionally serviced at least once a year. This includes a full cleaning, and the maintenance of any parts that are outdated or worn. In doing so, you will save your tenants money each month on energy costs, improve the air quality throughout your property, and prevent emergency repair needs.
  • Help Your Tenants. It is not enough to simply tell your tenants they are responsible for maintaining something like the HVAC system. Instead, try providing them with replacement air filters so all they have to do is change them out each month. In addition, giving your tenant a welcome package upon move-in is a great way to slip in a routine maintenance checklist, complete with instructions on how to maintain the HVAC system and what to do in case something breaks.
  • Duct Sealing. Every few years consider having your property’s HVAC ducts re-sealed. This will ensure the system continues to work efficiently and prevent any “backdrafting” that may physically harm your tenants. In addition, it will prevent extreme temperatures from plaguing specific rooms, boost air quality, protect the environment, and of course, save you money in the long run.

 

5. Don’t Forget the Water Heater

Keep Up Maintenance On Your Philadelphia Rental Property Water Heater

Another rental property maintenance issue that is often overlooked is the water heater.

And, if you have ever had to replace the water heater in your Philadelphia rental, you know firsthand how expensive the actual heater is, as well as how damaging a flooded water heater can be to a tenant’s personal belongings, and the structure of your property.

Here are some easy ways to maintain your property’s water heater:

  • Adjust the thermostat to approximately 120 degrees to prevent scalding, and to save your tenant’s money on energy costs
  • Ensure enough clearance around the tank
  • Drain the tank a few times a year to remove sediment build-up and debris
  • Test the temperature-pressure relief valve yearly
  • Inspect the anode rod every few years
  • Insulate the heater, especially if an older model

Just remember, if you are uncomfortable with performing any of the above-mentioned maintenance tasks, call a professional to help service your water heater.

 

In the end, maintaining the shape of your Philadelphia rental property largely relies on your ability to work with your tenants when it comes to routine maintenance tasks.

There are also several things you can do on your own to guarantee your property lasts a long time without needing any major improvements or repairs.

If you own property in the Philadelphia area, and want help with routine maintenance of your rental, contact Bay Management Group today and have our professional, qualified, and affordable handymen and contractors help you out.

Not only can we handle any maintenance or repair requests your tenants make during their lease term, day or night, we can help you with maintaining your property in between tenants so that your property stays in great shape year round.


Month-to-Month vs. Yearlong Leases: The Pros and Cons

Philadelphia Property Managers Offer Month-to-Month Leases

Have you ever wondered why your Philadelphia tenants sign 12-month lease agreements? 

While most property owners have tenants sign a yearlong lease agreement that can be renewed for another 12 months come the end of the lease term, there are those that prefer month-to-month lease agreements instead.

If you are curious about the pros and cons of month-to-month lease agreements, and wonder whether yearlong leases are a better option, keep reading.

First, we are going to discuss what it means to offer month-to-month lease agreements. Then, we will examine both the positives and negatives to offering month-to month lease agreements, and instances where a yearlong lease may be your best bet.

 

What is a Month-to-Month Lease Agreement?

Philadelphia Rental Property on Month-to-Month Lease

Unlike yearlong lease agreements that allow tenants to reside in your rental property for 12 months at a time, a month-to-month lease agreement is a agreement that lasts just one month.

Typically, this kind of lease agreement automatically renews month after month, until the tenant or property owner provides a notice breaking the month-to-month cycle. The amount of notice given (if required) is usually 30 or 60 days, and is outlined specifically in one of the lease provisions.

The Pros of Having Month-to-Month Lease Agreements

Many landlords find month-to-month lease agreements suitable for their rental property business.

In fact, there are several benefits to offering tenants the opportunity to sign a month-to-month lease agreement, rather than the more traditional yearlong lease.

1. Flexibility

One of the biggest reasons property owners like to offer month-to-month lease agreements is because of the flexibility this type of lease offers both themselves and their tenants.

Rather than locking a tenant into a 12-month contracted lease term, month-to-month leases give both landlords and tenants the chance to break the lease in a moment’s notice, without having to find a subletter to finish the lease term.

For tenants seeking a new job in another city, this type of arrangement works perfectly. A tenant that is new to Philadelphia may sign a month-to-month lease while getting familiar with the area, and deciding exactly where to settle down.

There is also an element of flexibility for property owners. If you want to move into your rental property at some point in the near future, leasing on a month-to-month basis provides income until you are ready to do so.

 

2. No More Stress About Bad Tenants

Property Management Philadelphia Helps Reduce Landlord Stress

There is nothing worse than placing a bad tenant in your rental property. You know − the kind that mostly pays on time, complains a lot, disrupts the neighbors, and yet never quite breaches the lease agreement enough to warrant an eviction.

Imagine having to deal with them for 12 months.

Now, if you happen to place a bad tenant in a property that you only offer month-to-month leases on, you can easily get rid of them by providing them with a 30 or 60-day non-renewal notice.

 

3. Premium Rent

Tenants looking to lease a property on a month-to month basis are aware that the asking rent rate is going to surpass that of neighboring properties with 12-month lease terms. This premium pricing can help offset any vacancies you experience.

And, if you don’t experience many vacancies, you simply generate more annual income, which is always welcomed.

In addition, since month-to-month leases have tenants coming and going more regularly, you can increase your rent at will once one tenant leaves and another enters. Unlike 12-month leases that lock in yearlong rent rates, you have the flexibility to reap more income, should the market demand it.

 

4. Vacation Home Ready

Property Management Company in Philadelphia with Rental on Month-to-Month Lease

If you intend for your rental property to be a vacation home, offering month-to-month leases is ideal. You can garner higher rental rates, supplement your income throughout the year during peak traveling seasons, and even enjoy your own property when it is not occupied.

 

The Cons of Having Month-to-Month Lease Agreements

On the other hand, offering tenants month-to-month lease agreements does not come without its risks.

In fact, for many property owners, month-to-month lease agreements are too risky and are not worth the benefits.

 

1. Higher Turnover Rate

People who lease month-to-month usually have plans to live elsewhere within a short period of time.

After all, why would they pay premium rent rates if they wanted to stay long term?

That said, finding tenants to lease on a month-to-month basis is not always easy.

If your property stays vacant for long times, you begin to lose a lot of money. And, since your tenant has every right to terminate the lease agreement at any moment, just as you do, the risk of vacancy only increases.

This is why offering year long lease agreements can be more beneficial than month-to-month ones.

Having a tenant agree to stay for 12 months guarantees that you will receive rent income for an entire year. And, if your tenant decides to break the lease early, as long as you’ve got a strict lease agreement in place, you will receive financial compensation for the lost income.

 

2. Difficulty Placing New Tenants

property management philadelphia month-to-month lease

Offering month-to month lease agreements can create a stressful situation when it comes to placing new tenants in a freshly vacated property.

Since most month-to-month lease agreements only require a 30-day notice to vacate, property owners find themselves facing a loss of income, unless they find a new tenant to move into the property within the 30 days.

Tenant screening and placement not only takes time, but is also a strenuous process if done correctly.

By having a tenant in your rental for 12 months, rather than a few months here and there, you reduce the costs of tenant screening, and reduce the stress of finding a high quality tenant that will pay on time or the stress of having to stage your property for the next set of new tenants on a regular basis.

 

3. More Wear and Tear

If you are constantly moving new tenants in and out of your rental, your property is bound to experience more than the average amount of wear and tear.

Tenants leasing your property for a few months may not care for your property as well as if they planned to stay for the year. Plus, the physical act of moving can cause damage to your property’s floors, doors, and walls.

Unfortunately, normal wear and tear repairs fall upon property owners to fix. This type of property maintenance can quickly erode any positive cash flow you earned for the year, depending on the extent of the damage and how many tenants flow through your property in a given year.

 

In the end, owning rental property is not for the faint of heart. Drafting, adhering to, and enforcing a lease agreement can be challenging for even the most experienced property owner, regardless of whether you opt for a month-to-month or yearlong lease agreement.

There are pros and cons to both a month-to-month and a 12-month long lease agreement for your Philadelphia rental property, and what will work best truly depends on your needs as a property owner. However, self-managing your property does not have to be an added stress to leasing your rental.

If you are looking to take a load off your plate, and need help drafting the perfect lease agreements for your month-to-month tenants or yearlong ones, contact Bay Management Group today to help.

We have the knowledge to help guide you when it comes to the length of your lease terms. We also have friendly and experienced Philadelphia property managers that can handle all aspects of renting out your income property.

 


Should You Offer Move-In Specials to Entice Tenants?

should-you-offer-move-in-specials-tenants-annapolis-property-management

Staying ahead of the competition is tough when you are a property owner in Annapolis. As the capital of Maryland, and home to the United States Naval Academy, there are plenty of tenants looking for a great place to live here.

And other property owners know it.

If you are wondering how to stand out from the crowd of property owners looking to capitalize on the appeal Annapolis provides tenants from all around – think rich cultural history, beautiful architecture, and perfectly maintained landscapes – it is time you consider offering move-in specials to entice renters to lease from you.

Move-in specials have the potential to attract a lot of attention to your vacant property, making sure that you have the largest tenant pool to choose from.

In addition, a good move-in special may convince a tenant deciding between two properties to choose yours over the alternative.

Today, we are going to look at several types of move-in specials to help you decide whether you should consider offering them to your Annapolis tenants.

 

When a Move-in Special is a Good Idea

when-move-in-special-good-idea-annapolis-tenants

Before looking at the various move-in specials you might want to offer your Annapolis tenants, let’s take a look at some of the conditions that, according to RentPrep, affect whether you should offer a move-in special or not:

  • Market Conditions. When the competition is tough, and property owners in the same area are racing for the same tenants, consider offering a move-in incentive. This way you can attract the largest tenant pool possible, and be pickier when it comes to tenant placement.
  • Less people tend to move during the winter season. Not only is it cold and less desirable to move, the holidays play a role in people’s financial decisions, and school is still in session. All these things cause many people to avoid moving, which means filling your vacant property will be more challenging. Offering an enticing move-in special can help.
  • Nearby Construction. If your investment property’s area is experiencing a boom in construction, this will be a good thing for your tenants – after the fact. However, during construction it will be harder to find tenants willing to deal with noise, blocked off areas, increases in traffic, and unfinished buildings near their home. Try offering them a move-in special and convincing them that the construction will be worthwhile.

These are just some of the most common reasons a property owner might consider offering prospective tenants a move-in special.

If this sounds like something you are dealing with right now, keep reading to find out what kind of move-in specials you can offer to boost tenant placement.

 

Top 7 Move-in Specials You Can Offer Your Prospective Annapolis Tenants

1. Flexible Lease Terms

It is important you draft airtight lease agreements that your tenants understand from the day they move in.

However, if you and your Anne Arundel County property management company work together, there are surefire ways to bend the lease terms just enough to entice prospective tenants, without sacrificing your rental property business.

Here are some great examples of lease provisions you can change to encourage an interested tenant to sign a lease with you:

  • Include an early lease termination clause, with a 30-day notice
  • Allow tenants to have pets
  • Permit tenants to temporarily decorate your property
  • Provide the ability to sublet the property under your direct approval
  • Make room for roommates to add themselves onto the lease agreement
  • Allow for a cosigner

If you can be slightly flexible when it comes to lease terms you are normally very strict about, you will open up the tenant pool significantly, and find someone to lease from you much quicker.

 

2. Waive the Application Fee

waive-application-fee-annapolis-tenants-rental-property

Moving is an expensive endeavor. From moving trucks to security deposits, and application fees to utility deposits, your tenant is going to be spending a great deal of money from the get go.

Try lessening the financial burden by waiving simple things like the application fee. This is especially helpful if your property management company requires every adult in the property to submit an application.

The money you will be saving the interested tenant may be just enough to convince them to go with your property, rather than a nearby competitor’s property.

 

3. Give Tenants the First Month Free

This is one of the most popular move-in specials you can offer tenants, and is also one of the most appealing.

As mentioned above, moving is expensive. If a tenant knows that they do not have to pay for the first’s month rent, they may feel less stressed about leasing from you.

Although you lose one month’s rent by offering this incentive, the tradeoff can be worth it. Eleven months of rent payments on a one-year lease is far better than a vacant property generating zero rent payments.

 

4. Online Rent Collection

online-rent-collection-great-move-in-special-annapolis-tenants

Though an increasingly popular method for collecting rent payments among experienced Anne Arundel County property management teams, offering online rent collection is still considered a special incentive.

Many people will jump at the convenience of being able to pay their rent online. By saving time, checks, and the headaches that come with mailed rent payments, your potential tenants may be more willing to rent from you if you offer them the chance to pay their rent online.

 

5. Property Upgrades

Sometimes all it takes to get an interested tenant to move into your rental property is the promise of an upgrade.

Tenants move into rented properties in hopes of making them feel as close to home as possible. This means many will be excited to learn that a permanent and beneficial change will be made to the property upon move-in.

Here are some things you might consider upgrading in order to get a high quality tenant moved in as soon as possible:

  • New, modern, or matching appliances
  • A fresh coat of paint
  • Upgraded flooring
  • Additional parking spaces
  • Bathroom remodels
  • Paid landscaping services

These are just some of the many things you can offer potential tenants in hopes of convincing them to sign a lease agreement with you. And remember, upgrades don’t always have to break the bank.

Oftentimes even small changes are enough to make a tenant feel special.

 

6. Rent Decrease

offer-rent-decrease-annapolis-tenants

If you are in a tight spot and need to place a tenant quickly, one great move-in special you might offer is a decrease on the asking rent.

Again, you will lose some positive cash flow by lowering your asking rent; however, a leased property is always going to make you more money than a vacant one.

 

7. Offer a Welcome Package

Offering your tenants a welcome package is a great way to build a better relationship, make your tenant feel special, and even encourage them to renew their lease come the end of their term.

In your welcome package, you can offer some generous and thoughtful things such as:

  • Gift cards to nearby restaurants
  • Bathroom staples
  • Kitchen baskets with goodies
  • Tickets to a local sports game
  • Plants to decorate their home
  • Coupons to nearby attractions

Encouraging tenants to move into your Annapolis rental property can sometimes prove challenging. However, whether you’re faced with stiff competition, the wrong time of year, or nearby construction, there are ways around all of it to secure a tenant in your property.

Try offering your potential tenants some of the above-mentioned move-in specials and see how that changes their tune.

And be sure to get Bay Management Group on your side to help advertise your property via multiple channels, to draft flexible lease agreements that satisfy both you and your tenant, and even to collect rent payment online.

 

Contact us today, and see how we can get your Annapolis property leased in under 30 days on average.


How to Determine Tenant Damages Vs. Wear and Tear

how-determine-tenant-damages-versus-wear-tear

Every rental property owner in the Philadelphia region has had to contend with the term “normal wear and tear” at some point.

While seemingly self-explanatory, the truth is that understanding what constitutes normal wear and tear in your rental property, and what equates to actual damage, is much more difficult than you likely anticipated. And, chances are, the line that exists between normal wear and tear and damage will result in some pushback from your tenants.

In fact, most landlord-tenant disputes arise at the end of the lease term, immediately after move-out.

Why is this?

Because at the time of move-out, your Philadelphia property management company combs through your property, documenting every instance where the tenant has “damaged” your rental property, all in hopes of providing you compensation for the damage.

However, many tenants become furious over claims of damage and refuse to pay up, thus creating a huge financial dispute.

Because this is such a sensitive issue amongst both property owners and tenants, today we are going to:

  • Review the differences between normal wear and tear, and tenant damages
  • See what role your tenant’s security deposit plays in the grand scheme of things
  • Offer some ways you can help prevent damage disputes in the future

 

What is Normal Wear and Tear in Your Philadelphia Rental Property?

normal-wear-philadelphia-rental-property-nail-holes-hanging-art

Unfortunately, there is not one definitive definition of what constitutes “normal wear and tear” in rental properties in the United States. In fact, it is the multiple definitions floating around that cause much of the confusion.

The following have been noted as true definitions of “normal wear and tear:”

  • “…unavoidable deterioration in the dwelling and its fixtures resulting from normal use,” as defined by uslegal.com
  • “The inevitable physical decline of the condition of a property from time and usage,” as seen here on Investopedia

Though most definitions appear very similar to the two mentioned above, there is no doubt that the term “normal” is highly subjective, and thus, becomes the point of contention in many security deposit disputes.

Examples of Normal Wear and Tear

All rental properties will experience some deterioration as tenants reside in them. This is the nature of living in a property for a period of time.

Here are some commonly accepted instances of normal wear and tear you might notice during your rental property’s move-out inspection:

  • Worn flooring, whether carpet, tile, linoleum, or hardwood
  • Faded or cracked paint
  • Warping of doors and windows
  • Cracked light switch plates
  • Worn or loose door hinges
  • Loose grout or tiles on countertops
  • Partially clogged sinks
  • Dusty blinds
  • Nail holes in the wall from hanging pictures/art
  • Loose faucets

As you can see, these issues can easily attribute to the normal, everyday use of your rental property by high quality tenants who maintain the property as though it is their own.

 

So, What Is Considered “Tenant Damages?”

tenant-damages-include-carpet-stains-philadelphia-rental-property

Just as with “normal wear and tear,” defining the term “tenant damages” can be equally as frustrating and challenging.

Here are the definitions most often provided to property owners, as clearly stated by All Property Management. “Tenant Damage” is:

  • The loss or harm to property caused by excessive abuse or misuse
  • Misuse or neglect that results in reduced value, usefulness, etc. of the property

The problem with these definitions is this: it is nearly impossible to prove whether your tenant excessively misused or abused your property to the point that their neglect actually reduced your property value, overall profits, or usability of the property.

Examples of Tenant Damages

However, as a property owner, you can make the argument that the following are obvious misuses of the property, and, are in fact, damages caused by the residing tenant:

  • Stained or burned carpeting
  • Tears in the linoleum
  • Unauthorized painting
  • Torn or missing curtains or blinds
  • Broken windows or missing screens
  • Clogged or damaged toilets
  • Smoke marks from smoking or candle burning
  • Broken cabinet doors
  • Large holes or dents in the walls
  • Neglected landscaping that requires complete replacement

Here, you will notice that the severity of damage has increased dramatically from normal wear and tear with these examples. Therefore, as a property owner, you can make a solid case that these scenarios are tenant damages, as opposed to simple wear and tear.

 

When Can You Deduct From Your Tenant’s Security Deposit?

what-can-deduct-from-security-deposit-philadelphia-rental-property

There are strict rules in place that your Philadelphia property manager should know and understand when it comes to the collection, management, and use of your tenant’s security deposit. If you are self-managing your rental properties, it is crucial you become familiar with the rules and regulations regarding security deposits.

However, in general, if you can make the case that your tenants actually damaged your rental property, you can deduct from their security deposit the amount required to repair the damages that exceeded normal wear and tear of the property.

 

How to Prevent the Normal Wear and Tear versus Tenant Damages Dispute

Prevention is usually the key to avoiding most issues with your rental property. Here are some critical things you can do as a property owner to prevent facing contention with a tenant disputing your damages claim.

Conduct Thorough Move-in and Move-Out Inspections

Thoroughly documenting the state of your rental property when your tenant moves in and out will help best determine whether there was damage done to the property.

You should keep written and photographic documentation, if possible, so that if a dispute finds its way to court, you have ample evidence to make your case.

Additionally, giving your tenant the opportunity to fix any damages at the end of their lease term can save everyone involved a lot of money and hassle.

Maintain Your Property at All Times

Throughout the lease term, help your tenant maintain your property. Here are some great tips for doing just that:

  • Provide your tenant with a welcome packet at the start of the lease term that includes ways they can keep up on property maintenance issues
  • Encourage maintenance and repair requests to prevent small issues from turning serious
  • Make sure your tenants know who to contact for all minor and major maintenance issues
  • Conduct routine inspections of both the interior and exterior of your property throughout the lease term, and address any issues right away
  • Make sure to outline in the signed lease agreement your tenant’s maintenance responsibilities

By doing any (or better yet, all) of the above-mentioned tips, you will save yourself a lot of trouble when your tenant moves out of your property. Not only will your property be in better condition, there is also less likely to be a dispute, thanks to the positive relationship you forged with your tenant during their stay.

There is bound to be some wear and tear on your Philadelphia rental property after a tenant moves out. This is the nature of living in a home. However, understanding the difference between normal wear and tear, and actual tenant damage is what is going to help you guide through the move-out process without a hitch.

 

If you do not want to deal with matters related to wear and tear on your Philadelphia rental property, contact Bay Management Group today and have us deal with them for you. Focusing on serving property owners, Bay Management Group has the knowledge, experience, and customer service skills to handle all wear and tear versus damage issues. Moreover, we also manage everything else related to your property such as tenant screening, rent collection, 24-hour maintenance issues, and even legal disputes, if it gets to that point.

Entrust Bay Management Group with your Philadelphia investment property, and save yourself the headache of having to decide whether your tenant has actually damaged your property.