What’s up, “homeslice”? Looking for a Property Manager?
If you own an investment property, you’ll understand how important it is to get everything you can out of it.
But when was the last time you reviewed your investment property?
It turns out, you could be overlooking details that could help give you a greater return.
Here’s three tips that can help you make the most of your investment property.
Managing your own property can take up a lot of your time, and if time is money, then it might be more beneficial for you to pay a real estate agent to manage your rental. Sure, a property manager’s fees could be 5 to 10% of the income from your rental, but for that $20, $30 or even $50 a week you can have somebody that will deal with tenants for you and help you maximize your rental income.
2. Attract and maintain the best tenants you can find
Chances are if your property is attractive and well-maintained, you’re likely to attract more quality tenants. Keeping a quality tenant can save you money in the long run, especially because you won’t have to worry about trying to re-advertise a property when tenants leave. Keeping your tenants happy will make your job easier, they’ll be less likely to complain and they’ll stay longer. If you’ve got loyal tenants, try to keep the rent at a steady level and don’t set unreasonable conditions on them – sure an extra $20 or $50 a week in rent would be good – but it won’t be beneficial if you have a high turnover or vacancy rate in your rental.
3. Claim deductions while you renovate
Renovations can not only boost the value of your investment property and save you money on repairs and maintenance, they can also save you money at tax times. That’s right, renovating your investment property means you can claim valuable deductions on your tax returns. Not only can you claim the depreciation of items such as appliances, carpets and blinds, you can also claim 40 years worth of deductions on any construction costs. According to realestate.com.au if you invest $15,000 in a new kitchen and appliances, you could enjoy up to $5000 worth of deductions in the first five years alone. Before you renovate, it might pay to have a chat with a surveyor or another property expert about what can you can claim and estimate the value of your renovations. Don’t forget there’s also a thing call scrapping deductions, which allow you to claim an instant deduction on the value of household items you throw away while renovating – such as an old kitchen.
Know the rules when residents seek accommodation for emotional support or companion animals
While the multifamily housing industry has become pet friendly, some furry friends are catching the ire of property managers. Residents who attempt to bring their pets on property under the guise of them being companion animals are leaving some apartment operators fearing fair housing issues if they don’t comply.
In a spirited conversation recently on Property Management Insider’s LinkedIn group, some said it’s not worth the risk of legal action to fight a tenant who appears to be purposely abusing fair housing protections in order to avoid paying pet deposits, fees or skirt no-pet policies. Others disagreed, saying that if such situations are handled in accordance with the laws, properties can minimize the threat of a fair housing claim.
“It is important to ask the prospective resident what type of service the animal provides” said Billy Rosenberg, President of Infinity Residential Inc. “If the only service provided is companionship without any additional medical services, the application for request of a service animal can be denied and fees/deposits can be administered.”
Companion or emotional support animals fall within the definition of assistance animals under the Housing and Urban Development’s guidelines, “Service Animals and Assistance Animals for People with Disabilities in Housing and HUD-Funded Programs.” While service animals are generally animals that work and provide disability-related functions (such as guiding persons with vision impairments) other animals can be considered to assist somebody who has a mental or psychological disability by providing emotional support and companionship to help alleviate the symptoms of the disability.
Neither type of assistance animal is required by law to be specially trained, and reliable verification of disability and disability-related need for an assistance animal (unless both are readily apparent or known to the provider) is proof enough. By law, housing providers cannot charge extra deposits, fees, impose type, size or breed restrictions or prohibit the animal from living on premises, even if a “no-pet” policy is in place.
When confronted by a resident who doesn’t appear to have a disability but wants accommodation, legal experts say know and follow the HUD guidelines.
Lynn Dover, an attorney for Kimball, Tirey & St. John who specializes in fair housing law, said companion animals are getting a lot of attention these days. She and the firm have handled a number of complaints from property managers wanting to know what they should do when a resident says his or her pet is a companion or emotional support animal − and may even provide documentation − but it appears the animal is a pet.
“We get a lot calls from owners and managers about people who appear to be using the laws to get around the no-pet rules or the restrictions on the type, size or breed of pets that they are allowed to have, or to get around paying a security deposit or pet rent,” Dover said. “The difficulty is if they provide verification of the disability and disability-related need for the animal, there isn’t much the housing provider can do without subjecting themselves to potential liability.”
But landlords can cover themselves and put the onus back on the resident.
She reminds that residents must make a request for a reasonable accommodation and housing providers cannot ask the nature of the resident’s disability. Verification that the resident has a disability and that the animal is related to and needed because of the disability, unless both are readily apparent, can be requested. She also said that a certificate or other document indicating the animal is a registered service or emotional support animal isn’t enough because these documents can be acquired on the internet without any proof of disability or disability-related need for an assistance animal.
Dover said it’s okay for housing providers to set reasonable rules of conduct that residents with assistance animals must follow, but the rules cannot always be as restrictive as some of the normal “house” pet guidelines (for example, residents with assistance animals must have access to all common areas, etc.). If the animal poses a threat to the health or safety of others or damages property, the resident can be held to the same standards as any pet, according to HUD. However, breed, size, and weight limitations may not be applied.
“We recommend having separate rules of conduct, rather than using pet rules,” Dover said. “The reason is that there are often things in the pet rules that wouldn’t be appropriate for assistance animals. Pet rules usually talk about pet deposits, pet rent, restrictions on type, size and breed and restrictions on where a person can take their pets in the common areas.”
Pet rules may not permit a pet in a community room or the pool area but someone with an assistance (including a companion animal) would need to be allowed to bring the animal with them. The animal probably wouldn’t be allowed in the pool, but the pool area is fine, Dover said.
When asked about the most common issues her firm sees regarding assistance animal rule violations, Dover said, “We see people not picking up after their animals, or not keeping them on a leash or other restraint when they’re outside of the unit, letting them run free in the common areas. Those types of things are fairly common.”
Property managers can take action against residents who violate the assistance animal rules but should do so with a little extra care, Dover said. For example, warning letters recognizing that the animal is an assistance animal, but reminding the resident that they still must follow reasonable rules of conduct, should generally be issued, rather than serving a legal notice that might be used in the case of a pet rules violation. The landlord can state that if the problem persists, the animal may have to be removed.
One exception might be that if an animal has attacked a person or other animal on the property, it may need to be removed immediately to avoid potential liability issues. In any event, the landlord should state that if removal of the animal is required, alternative accommodations will be explored. That, Dover said, can include a request to replace the animal with another.
“If one particular dog barks all the time and disturbs other residents and they can get a different dog that doesn’t have that trait, then that might be a reasonable alternative,” she said. “Similarly if they have a dog showing aggressive behavior, then they may need to replace it with one that doesn’t have aggressive behavior. On the other hand, if the resident isn’t keeping a dog leashed or isn’t picking up after it, allowing them to get a different dog won’t solve the problem. The resident may have to look at getting a different type of animal that can be kept indoors, such as a cat, bird or other animal.” said Dover.
“Trained assistance animals, such as guide or alert animals, usually aren’t the ones that create the problems. It’s more often the companion animals,” said Dover.
When it comes to assistance animals, property managers should know the rules and shouldn’t just roll over. And when in doubt, reach out to a legal beagle.
General rules to follow for an efficient and fire hazard free dryer:
1. Clean the lint trap screen after each dryer cycle.
2. Wash the lint trap screen after 20-30 loads. Let it air dry before replacing.
3. Use a vacuum hose to suck out any remaining lint inside the dryer where the lint trap is stored.
Although few outside the profession may understand what we do and how we do it, the basic facts remain unchanged: Property Managers play a critical role in a landlord’s success. As the rental market grows increasingly tumultuous, property managers toil quietly and efficiently behind the scenes to come up with solutions to problems that the average landlord doesn’t understand or even know he has.
Hello tenants, we have a new contest for you to get excited about! The Bev Roberts Rentals family is bringing to you a chance to embrace your creativity with the Festive Decorating Contest!
What’s the first thing that comes to your mind when you think of fall? Is it spooky spiders for Halloween, is it pumpkins and falling leaves for Autumn, or is team spirit for football season? Whatever that is, send us your photo portraying your festive indoor or outdoor decorating! The winning resident receives a $50 Visa Gift Card! Please read the above flyer for more details.
The contest officially starts October 1, 2016. Winner will be chosen on November 30, 2016!