Property Management Alternatives News
As I reconcile all of your accounts over the months and reflect on the last year or so, a couple of things are really apparent.
Lose $600 or a month and a half of rent? It’s your choice.
Those of you who are lucky enough to have long term tenants are showing the lowest vacancy rate at a time when it is taking 3 to 6 weeks to find a new tenant, so if you are keeping a lid on the rent, don’t despair. Losing those 3 to 6 weeks of rent is far more costly than $50 per month over a year’s time ($600). The time is coming when we’ll be able to have modest increases again; it’s just that even though values in most areas have dropped 40 to 60%, the rents have remained stable. There is always something to be grateful for.
Carbon Monoxide Detectors
As of 7/1/11, it is REQUIRED that all single family homes have a carbon monoxide detector. It should be centrally located outside of each separate sleeping area in the immediate vicinity of the bedrooms. It should be at least 6 inches from all exterior walls and at least 3 feet from supply or return vents. It also must be installed on every level including basements within which fuel-fired appliances are installed and in dwelling units that have attached garages.
If this is a requirement for all of our rentals, it’s also prudent for us to install them in our homes as well. This is your reminder to get your carbon monoxide detectors and install them for your own health and safety. The cost is approximately $25. We will purchase battery units that we can install on the walls in hallways, etc., rather than the plug in type which tenants can more easily unplug. There are monetary penalties for non-compliance and if the unit malfunctions the tenant is to notify the landlord’s property manager and the unit will be replaced. No question.
For your rental properties, unless you have otherwise contacted me, I will purchase the units and will have them installed prior to the deadline. It will be deducted from the rent in the month of the installation.
Home Warranty Successes
I can site many, many stories of money saved and items replaced the past couple of years by the home warranty company. The cost of the Platinum Plus comprehensive plan of $425 has paid for itself over and over. Just in the past 2 years; new furnace, new air conditioners, new water heaters, oven and microwave combos, microwaves, cook tops, dishwashers, toilets, disposals, countless leak repairs and electrical repairs, roto rooter services, sewer clean outs… that’s about it… the money saved in most cases is $500-$2,500. Seriously. I guess as the properties age, there is more likelihood that something could go wrong, but don’t hesitate when I remind you that we have a premium coming up, it’s money well spent. If you want to review the current policy I am recommending, visit http://www.orhp.com/index.cfm?go=realEstatePros.viewPlanPDF&file=CA%5F4%2E0%5FBrochure%2EPDF.
Thank you for your continued support!
Terrylynn