I frequently hear frustrated landlords complain that “I’ll never see that money, so why even bother trying to go after a tenant who owes me?” Sometimes that is true, but not always. It is almost always worthwhile to make an attempt to collect what is owed to you. By following the simple steps and procedures outlined below you can begin to reduce the amount of money that tenants owe you and ensure that your business becomes even more profitable. The best way to get nothing is to do nothing The only way to guarantee that you won’t get anything is to do nothing. Far too..
Consider Renter’s Insurance
Did you know that your landlord’s homeowner’s insurance policy does not cover any of your personal belongings in case of an emergency? If your fridge goes out, the basement floods or someone breaks in and steals your TV, the landlord most likely won’t be the one paying for your stuff. This is a great reason to have renter’s insurance, which can cover all of your personal belongings depending on your coverage. We often don’t think of having renter’s insurance because as non-permanent residents, it just doesn’t seem like we have that much or that what we have is even worth the money. What to consider..
Tuesday Tenant Tip: Rental Listing Scams
Don’t send that deposit check! New and experienced renters alike are often victims to rental listing scams. It happens like this: you search online for that perfect rental. You find it and contact the manager/owner about renting. They message you back and tell you to email all your personal info for an “application” or ask you to mail them a deposit check with certified funds. Next thing you know, they have your money and you have no keys. When searching for rentals online, it is very easier for scammers to steal pictures and details about a house to create their own rental listings. If in..
Legislative Update
As February draws to a close, here are the bills that we are tracking that will have an impact on the Rental Housing industry. HB 376: Landlord-Tenant Rights This bill was passed out of committee by an 8-4 vote in the House with some small modifications requested by the courts. The tenant’s attorneys showed up at the hearing to oppose the bill, but when they admitted that the loopholes they were using were only delaying tactics which ultimately made evictions more expensive for both tenants and landlords, the committee declined to support their position. This bill will give all evictions the same process – regardless..
FSBO vs. Agent?
While many of us like to DIY things to save a little money, there are many areas where this can work out well, and somewhere it’s better to hire a professional, like plumbing, electrical, law, and real estate. There are people all over that have gotten lucky and will claim that the professionals aren’t needed, but it’s the little things that come up later that often cause them to regret their decision; the leaky pipe, the shorting wire behind the wall, the lawsuit they didn’t see coming, and the unhappy realization that what they “saved” is often less than what they could have made. Also..
How to Spot a Rental Scam
In recent years, the numbers of rental scams have increased exponentially. With so many rental listings out there, how do you know a scam from a valid rental listing? The majority of rental scams actually start as a valid rental listing. Scammers will peruse websites for available rentals, and “steal” the listing by re-posting it with their contact information and changing a few items. Usually, the price. If you see a rental listing for an unbelievable price it could be a scam. Others, will create “made up” addresses, be sure to check the address on listings that you find by searching the address online...
Holiday Lights in Utah
The beauty of the holiday season can be found in abundance with the holiday lights and decorations. Here are some of our favorites: Salt Lake County Temple Square (Salt Lake City) City Creek (Salt Lake City) This is the Place Heritage Park (Salt Lake City) HERE Zoo Lights at Hogle Zoo (Salt Lake City) HERE Christmas Street (Taylorsville – 5400 S 3200 W) Tree of Life (Draper) HERE Christmas in Color (Kearns) HERE Utah State Capitol Christmas Trees (Salt Lake City) INSIDE! Holly Days (Riverton) HERE Utah County Thanksgiving Point (Lehi) HERE Festival of Lights (Spanish Fork) HERE The Shops at Riverwoods Christmas in..
Keeping Warm without Spending a Ton
Tis the season when the cold weather takes over, and here in Utah, it can get downright frigid! So how can you stay warm without skyrocketing your heating bill? Here are a few ways to keep warm: Make a hot drink: Bundle up and make yourself a hot or warm drink! Drinks are a great way to start your day and a great way to wind down for the evening. This will help raise your core temperature, but keep those layers on if you start sweating. When sweat evaporates it can make you a lot colder. Bubble Wrap It’s not just for popping anymore and..
Time to Winterize
Although it has been a mellow fall so far, It is time to start thinking about winterizing your property. Whether you live there, rent it out or are looking to sell, these are important steps to take to minimize damage caused by the cold weather that is coming. Landscaping and Roofs: Be sure to turn off sprinklers and blow out the lines with compressed air if at all possible. This will help to to decrease freezing and cracking in the lines. Clean out the gutters and ground spouts so they won’t get clogged and overflow. Clean off fallen leaves on the sidewalks/grass to reduce hazards and this..
Why do inspections?
Why should you conduct rental inspections? No matter how thoroughly you screen tenants, routine inspections are a must for a professional property management company. Inspections are done to protect the property and the rental owners investment, not necessarily because you don’t trust the tenant. Regular inspections benefit both the tenant and the owner/management. These inspections can help to identify any maintenance or issues that need fixing prior to becoming major expenses and/or damages. You can also follow up on your residents to make sure they are complying with the lease agreement and conducting their maintenance responsibilities. And of course, if any damage is being done..
