Securing AC condensers

Nothing hurts a landlord’s pocketbook or pride like being the victim of theft or vandalism. The main security issue facing landlords in St. Louis and around the country is copper theft, but there are many other temping targets at any property. One particularly expensive and “easy to steal” component are AC condensers. Read more

Cleaning up your act

Trash is never-relenting enemy in urban areas. Your tenants can be the cleanest on the block, yet trash will find a way into your yard. Those “free” newspapers that seem to appear out of nowhere on your front porch are a particular pet peeve of mine. Regardless of where it comes from, it needs to be taken care of. You’d think people would realize that by now, but I find myself constantly astounded at how many rental property yards are just covered with junk. I don’t know if its dirty tenants or lazy landlords that are to blame, but its a problem that can be found throughout the St. Louis area.

Trash in the yard of your properties or in the basements or on the porch is unsightly and draws household pests. When prospective tenants take a look at your vacancy and see trash all over the place, you’ve just made a bad impression. The same goes for prospective buyers if the property is for sale. Its also bad for tenant retention and tends to get you on the City’s bad side.

This is a never-ending battle, fighting the pileup of this trash, and you need to keep on top of it. When you visit your property to collect rent or fix a sink, you need to pick up the trash. When you cut the lawn, you need to pick up the trash. Even if you have to make a special visit to do it every couple weeks you need to pick up the trash.

Landlords who have their properties professionally managed seem to have the biggest problem with this. For some reason, it seems like all the property managers in town seem to think that keeping their clients properties clean isn’t their responsibility. If you have a manager in place, check up on how they are doing with this issue. If you stop by and the place is filthy, call them out on it. You’re paying for their service, and if they can’t provide something as basic as picking up the trash, you might want to look elsewhere.

Whether you’re doing it yourself or have someone else do it for you, picking up regularly around your properties should be of major importance to you in maximizing th profitability of your investments. Dirty buildings draw bad tenants and we all know how that can turn out.

Getting ahead of the snow

Seeing as it has been sleeting and snowing all day, I figured I’d make mention of the issue of icy sidewalks. Spreading ice melt prior to a storm or getting quickly around to shoveling snow at your properties is not always a realistic option. It’s usually a gray area on who’s responsibility such work is as well.

One way to appease your tenants in this situation is to have some salt or ice melt and a snow shovel on site. This might not be an option for all properties, but if you have caring, attentive tenants, supplying these items will often allow the situation to take care of itself. If you have salt in the basement that the tenants are aware of, they will generally sprinkle it on the sidewalks for their own sake. If you have a cheap snow shovel in the basement someone will often take up the mantle as well. Its a cheap way to help yourself and satisfy your tenants.

Don’t forget to clean out those furnace filters

Its so easy to do, but so many people don’t bother to do it. I can never understand it. When the filters in a furnace get clogged up with dust it lowers the efficiency of the heating and cooling system, by reducing the airflow. The harder the system has to work, the more costly the system is to run and the faster it with break down.

A once a month cleaning of the filter can really keep things running smoothly and save you a lot of hassles. Completely replacing the filter every month might be a bit of an overkill, so I recommend bringing a small vacuum cleaner along. Suck out all the dirt in the filter every month with the vacuum and replace the filter quarterly and you have yourself a happy furnace. If you’ve been slacking on this one the past few months, I suggest you get on it. And the best part is that it gives you a great excuse to pay a monthly visit on your tenants to make sure they aren’t putting holes in the walls. The half an hour it takes each month to do this is well worth it.

Fluorescent light bulbs can save a lot of hassles

*NOTE - This article was originally written in December of 2006 for the newsletter.

Nothing is quite as irritating to a landlord as burnt out light bulbs. Whether replacing them is officially the responsibility of the tenant or the landlord, you will eventually get stuck with replacing that light bulb at some point.

Thankfully, the fluorescent light bulb can held to ease the burden. The price for these bulbs has gradually dropped through the years, making them much more affordable. Not only that, but considering that the bulbs lifespan can last for years, the small difference in price can be well worth it.

Even if you don’t replace all the bulbs throughout your units with fluorescents, it is a great timesaver for exterior and basement lights. Do yourself a favor and go buy a few packs.

Managing your apartments

*NOTE - This article was originally written in July of 2006 for the newsletter.

An often overlooked side of owning investment property, is how to manage the property in the most efficient way. Simply throwing in any tenant and letting the property sit idle could eventually lead to major troubles. Although, some things take time to employ, in the long run they can make your life a lot easier. The following are a few tips to help your investment run a smoothly as possible:

1. Screen tenants
Don’t rent to anyone before checking their credit history, references, background and previous landlords. Haphazard screening and tenant selection too often results in problems — a tenant who pays the rent late or not at all, trashes your place, or lets undesirable friends move in can cause you some major headaches.

2. Get it in writing
Get all the important terms of the tenancy in writing. Beginning with the rental application and lease or rental agreement, be sure to document important facts of your relationship with your tenants — including when and how you handle tenant complaints and repair problems, notice you must give to enter a tenant’s apartment, and the like. Written leases enhance resale value, allow and help to make the property run more smoothly.

3. Handle deposits properly
Establish a system of setting, collecting, holding, and returning security deposits. Inspect and document the condition of the rental unit before the tenant moves in, to avoid disputes over security deposits when the tenant moves out. Documenting the condition and taking pictures of each room and existing damage in the unit ensures legal justification for withholding the security deposit when the tenant vacates.

4. Make repairs
Stay on top of maintenance and repair needs and make repairs when requested. If the property is not kept in good repair, you’ll alienate good tenants, and tenants may gain the right to withhold rent, repair the problem and deduct the cost from the rent, sue for injuries caused by defective conditions, and/or move out without needing to give notice.