Benefits of Property Management Companies

 Why You Should switch to a Property Management Company Before Winter Starts

Snow, ice, water, low temperatures, and other factors are some of the things to deal with during winter. You have not invested a lot of money in your rentals to start making losses in winter, which can easily negate all the gains you have made this far this year. Property management ensures that your rental property remains both profitable and valuable throughout the unpredictable fall/winter.

Keep reading to discover these top 4 reasons hiring property management makes all sense now than ever.

1. Maintenance and Repair Works

Tenants have to deal with low temperatures during winter. Essentially, they're mostly indoors because of the harsh weather outside. This basically means that the HVAC system will be working harder. If it's included in the rent, then it's your responsibility to ensure the heating equipment is in good condition. Managing this can be hectic, especially if you have a couple of properties. Rental management companies have created relationships with the best HVAC contractors and got the team to deal with all those repairs and maintenance. The result is happy tenants, which keeps your property occupied. 

2. Cut Costs

The harsh weather plus the long hours spent at home means high electricity usage. During the winter, you want to reduce expenses as much as possible if utility is part of the rent. Property managers can improve the property's energy efficiency by sealing windows or cracks to prevent heat loss. Besides, they ensure the heating appliances are in good shape and energy-efficient, as well as installing energy-saving bulbs.

3. Accidents and Fire Prevention Precautions

It's no surprise that most property fires and accidents are reported during winter. Such can mean costly litigation and unrecoverable property damage. Hiring professionals ensures that neither has to happen to you. This is done by ensuring fire/carbon monoxide alarms are working and eliminating any appliance that may cause fire beforehand.

4. Preparing the Rental for Winter

The reason you own rentals is to make an income. But that depends on whether you have tenants all through. Property management makes it easy for tenants to stay put when winter approaches by making the area safe through:

• Cutting down branches or trees that may pose a danger during winter.
• Cleaning and clearing drains and gutters.
• Checking roof and water pipes for leakages
• Measures to clear ice and snow off the rentals

Hire Leaf Management for Quality Services

Our business is to make yours profitable and long-lasting. Years of experience give us an edge to better manage your property. We protect your tenants and investment with our state-of-the-art tenant screening and market know-how. Contact us today to learn more about our services, including private financing options.

Remodeling Budgets

 How to Change Your Rental Remodel Budget Taking Into Account Material Shortages and High Prices

With so many people working and learning from home over the last year and a half and completing their own DIY projects, the demand for renovation supplies has caused a rise in material prices. This makes prioritizing or staggering repairs and remodels based on need and impact on your bottom line rental price very important for property owners. In a Good Morning America interview in May 2021  with the President of the National Association of the Remodeling Industry, the estimates are that remodeling costs are 25-40% higher than last year.  Appliances and lumber have seen a sharp rise in costs. However, experts expect that prices will begin to decline in the fall. So putting larger, big ticket items on the back burner may be best for now.

If you are still in need of remodeling, here are some alternative ways and ideas to get the job done. 

• Painting. This is a great way to make any space feel new again.  According to HomeServe.com, a gallon of paint can cost between, $15-30, with the average-sized bedroom needing 2-3 gallons. The cost to have a space professionally painted can range from $500-$3000 for 1,000 square feet and a gallon of paint can cover 400 square feet.
• Refinish Cabinets. Looking to spruce up the kitchen or bathroom without a high renovation cost? The cost to refinish cabinets is far less than replacing them, up to $4,000. This is a great alternative to buying them since materials and labor are still in short supply.
• Upcycled Materials. If you are in desperate need to replace furniture after a hard year of renter use or the kitchen cabinets won't make it through the next renter, consider upcycled materials. Places like Habitat for Humanity sell  new and reclaimed cabinets, appliances and building materials. 

Before you embark on a remodel or renovation project, do some homework and determine where the greatest need lies. Once you have done that, you may be able to find a less expensive alternative if you just take the time to think outside the box. 

 

Signs it's Time to Rewrite Rental Agreements

 6 Signs It's Time to Rewrite Your Rental Agreements for Future Tenants

The rental agreement is among the most crucial document every landlord ought to be mindful of. A clear and well stipulated rental contract ensures smooth living among tenants as well as protects your property from damage. An incomplete/outdated document puts you at greater liability, which can sometimes lead to pricey lawsuits. It's therefore paramount to ensure that every tenant gets an updated contract before occupying your space.

While this is mostly the case, you might have been overlooking some tell-tale signs to know when exactly you need to redraft your rental agreement. Below are some of them.

1. The Current Lease is Old

Old here is relative. But it all boils down to the same thing – time changes things. When last did you review your lease agreement? You might be making losses either because the market fluctuated and the rentals are damned as expensive, or you're charging the same price for 5 years. Modify your agreement to reflect the current market environment.

2. Just Finished a Remodeling Project

After revamping your rentals, it's essential to revise the agreement to reflect these changes before enlisting new tenants. For example, you'd want to charge more because the rentals are more hospitable. Besides, it's vital to alter rules to ensure the property is protected from damage so that your effort and money don't go down the drain.

3. Laws Changed

Property laws both at state and county levels keep changing. The last thing you want is to get on the wrong side of the law just because you failed to update the rental agreement on time. That can cause fines and losses that you could otherwise avoid.

4. Tenants Experience

This can be good or bad. For instance, if your previous tenants kept complaining about their neighbors' pets, you'd want to include a pet's clause detailing rules concerning keeping pets before people can start searching for somewhere else.

5. More Occupants

If someone is coming to stay with one of the renters as a roommate (this happens mostly for colleges/university students), then your lease agreement should be up for review. If there is no clause on how many roommates can be allowed or procedures for enlisting additional occupants, include it before another tenant faces the same issue.

6. You have a New Rental(s)

It's not surprising that many landlords might see no problem with using the same lease template for their newly acquired property. This is not recommended because every property is uniquely different. Learn to draft a new agreement for every rental property so that the specifics of each one are perfectly reflected.

Today's Key Takeaway

Rewriting your rental agreement between tenants is a must-to-do thing if you're to remain at the top of the game in this ever-changing industry. This is because it's impossible to change terms midway the lease without first getting the tenant's approval. Hiring a property manager like Leaf Management can also be of great help to enact the above efficiently.