Landords: Planning to take a holiday break? Here’s how!

We know that working in the property management industry it’s almost impossible to “disconnect” and break away for a vacation. But, perhaps this year you can no longer put off that trip to see Grandma for Christmas, OR you’re finally taking a long weekend to go skiing. After all, landlords deserve vacation, too! 

 

Before you take a holiday vaca, make sure your interim landlord is prepared!

So, assuming there is someone that you trust implicitly being left at the helm, here’s our advice on ways to ensure things go smoothly in your absence:

 

1.      Make sure your stand-in has the names, phone numbers and and addresses every single one of your current tenants.

2.      Provide your sub with an extra set of keys that are PROPERLY LABELED for each unit.

3.      Leave behind a credit card or some signed blank checks in the event theirs a major event (i.e. costly repair) that is needed while you’re away

4.      Send your tenants a letter or email informing them of your vacation plans, and the name of your substitute landlord, and all of their important emergency contact info.

 

Just taking a few extra precautions can ensure you get a restful break from the daily grind of landlording.

 

For this and more tips on managing your properties over the holidays, please visit our website.

Landlords Can Discriminate Against Dog Breeds

The Fair Housing Act prohibits landlords from discriminating any tenant based on race, color, sex, national origin, disability or familial status. However, it is within your rights as a landlord to decide what breed of pet is allowed to live on your property. 

Why should landlords be concerned with the breed of dog a tenant owns? The Insurance Information Institute says about $479 million was paid by all insurance companies for dog bite claims in 2011. As a result, insurance companies are getting stricter about the terms of their coverage with homeowners and renters. Rates are increasing, and in some cases, coverage is being denied if certain breeds of dogs reside on a property.

Eleven dogs make up the list of “riskiest” by insurance standards: They are: Pitt bulls, Dobermans, Rottweilers, German Shepherds, Chows, Great Danes, Presa Canaries, Akitas, Alaskan Malamutes, Siberian Huskies, and Wolf-hybrids. Knowing that insurance companies are taking certain breeds more seriously than others, perhaps you should, too.

While some landlords and property managers make vague references to their pet rules, such as stipulating a “50lbs-and-under” rule, it might be in your best interest to include verbiage in your lease agreement about specific dog breeds. A pet deposit or weight restriction might not be enough to protect you from the difference in rising insurance costs, or even worse,  the liability costs should the actions of the pet result in a claim.

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Service animals are an important exception to the “No pets” rule

Any intelligent landlord who’s been around the tenant block a few times understands the importance of treading lightly when it comes to allowing any and all pets to live in one’s rental property. It’s not discriminatory to prohibit pets of a certain kind – or all kinds – from living on your property, as “cat owners” or “dog owners” are not a protected class. There is, however, one very important exception to this rule, and that is the service animal.

Service animals and their owners are protected by the federal Fair Housing Act, which prohibits housing providers from discriminating against applicants or tenants because of a disability. The law requires owners and landlords to make reasonable accommodations to allow those with disabilities equal opportunity to live there. This includes adjusting rules or policies, such as allowing dogs on the premises, or increasing the usual weight limit for a pet for a person who requires the assistance of an animal for a disability-related need.

Having said that, it’s important to note that a tenant with a service animal doesn’t get a free pass, exempt from all of the rules other tenants must follow. For example, they must keep their animal under control at all times and the animal must not become a nuisance or a threat to other tenants or neighbors.

The best way to handle such a situation is to keep lines of communication open with the tenant, and to review the law to make sure you are and remain in compliance.

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How to decide between two great potential tenants

All landlords dream about finding that perfect tenant. But what happens when you find two?

It might sound like a pipe dream, but there are lots of good quality renters out there, and if you find yourself in the company of more than one tenant who makes a good first impression, has a stable monthly income, and passes the tenant screening process with flying colors, it can be difficult to decide which one should get the keys and the lease.

What you don’t want to do is let your personal biases become discriminatory, thereby violating Fair Housing laws. The first thing to do is to compare their tenant screening reports side by side and see whether one rises to the top based on cold hard facts (including the credit rating and background check). If not, think about other factors, like the stability of their respective employers, the length of time they’ve worked there, and how long you expect them to live there.

Make the decision based on who is the better risk, not on which one you think you like better or which one you are personally more comfortable with. And when you think you’ve made your decision, justify it to yourself on paper so that you are sure there are no illegal biases at play. 

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Rent Control in NYC

Rent control has long been a contentious issue between landlords and tenants, and in New York City where thousands live in rent-controlled buildings, the issue is a huge one. That’s why last week’s ruling by New York state’s highest court is so important: It has ruled against rent-stabilized tenants who were fighting to prevent landlords from raising the rent by $45. It is said that the decision will affect more than 300,000 apartments in the city with rents under $1,000.

Splitting 5-2, the New York State Court of Appeals ruled in favor of a 2008 Rent Guidelines Board move to allow small dollar increases on rent for apartments with one-year leases that have been occupied for at least six years. In doing so, the court overturned lower court rulings on the issue. Rent regulation legislation in the state already allows landlords to raise rents on some regulated apartments by 4.5 percent, but landlords have argued that the proportional increase doesn’t allow them to keep up with the cost of repairs.

Tenant advocates say the decision might help rally support behind the claim that rent laws need to be strengthened to properly protect tenants.

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How to Find Tenant Buyers

If you are thinking of selling your investment property, a good way to go might be to find an interested, qualified tenant to sign a lease option purchase.

Of course finding the right tenant for such an agreement is the hard part. Tenant buyers are people who consider buying a home with a lease option as the best bet for them to own real estate.

There are many reasons tenants rent property instead of buy, but one of the biggest is the inability to obtain financing for a mortgage. Finding them isn’t as hard as it might seem, you just have to make your intentions known.

First, take a closer look at the current tenants. Are they financially secure? Do they have stable employment, pay rent on time, and take care of the property? If so, it might be a good idea to present a lease option purchase to them. They may not know that you would like to sell the house, and giving them first crack at it could be the perfect solution for both of you. (You’ll want to go ahead and run a current credit check on them if they are interested.)

Another way to go is to list your property as a rent-to-own or lease purchase option on websites and in a classified ad. Potential tenant buyers will come out of the woodwork, particularly if the property is in great shape and ready for new tenants who dream of one day owning their own home.

Credit reports can tell a lot about a potential tenant, but they do not show whether someone has a previous eviction notice. Fill in the blanks on a prospective tenant’s background by using a tenant screening service to see important details about their rental history.