Phoenix Property Management: Planning for Emergencies
Part of dealing with Phoenix property management is having a plan for emergencies. They are more common than you might think, but planning ahead can save you time and money. Check out these tips to help you be ready for what may come your way:
- Not being prepared for an emergency can be devastating. You should try to figure out what to do in an unexpected situation before you even start trying to attract tenants.
- Consider equipping the property with devices that will trigger a call for help automatically (such as fire and burglar alarms) in case the tenant is out of town when an emergency happens.
- Make it mandatory for your tenants to purchase renter’s insurance so that their possessions are protected without you or the Phoenix property management firm that you work for being liable for them.
Preparing for an emergency takes time, but the energy you put into it will pay off if you ever find yourself dealing with a surprising situation on your property.
Arizona Rental Property Companies Use Moving Checklist
When it comes time for tenants to move in or out, many Arizona rental property companies use a checklist in order to evaluate the condition of the property. This helps to eliminate any issues concerning the state the property was left in at move out time. It is also a good idea to take pictures and keep those with each checklist.
Here are some ideas for your checklist:
- Windows: Pay close attention to all windows for cracks and take note of any window shades you currently have on the windows.
- Smaller Issues: Take a look around for spots on the carpet, broken doors on cabinets, or broken toilet seats.
- Items Left Behind: Check for any trash or old furniture left in the house.
After thoroughly inspecting the home, have the tenant sign the checklist so they are aware of any problems found. Although checklists for Arizona rental property companies may take time and effort to fill out, they are worth it when a problem arises.
Top 5 Rental Agreement Issues for Arizona Rental Properties
If you own Arizona rental properties, there are many important issues which should be covered in your rental agreement, besides the obvious due dates and rental amounts. Here are five important subjects to list in your agreement.
- Name All Tenants – Every adult living in the rental should be listed on the agreement. This shows all tenants who are responsible for the rent.
- Limit the Occupancy – Clearly state in the agreement how many tenants are allowed to live in the rental home.
- Security Deposit Amount – In order to avoid legal issues with your Arizona rental properties, always state the amount for the security deposit and how it will be used.
- Pets – Your rental agreement should clearly state whether or not you accept pets to live in your rental home.
- Responsibilities for Repair and Maintenance – State all responsibilities you expect the tenant to take care of when it comes to repairs.
Arizona Rental Management: Tricks for Collecting Rent
Landlords occasionally have a hard time collecting rent from their tenants, and unless you have experience or training in debt collections, it is usually best to leave this process up to an Arizona rental management team. Here are a few tips to keep in mind if trying to handle it on your own:
- Consistency is Key: You should be consistent at calling immediately when the rent is late. This keeps the tenants from feeling you are unconcerned.
- Try Face to Face: If you can’t reach the tenant by phone, then drive to the home. This usually intimidates some tenants.
- Late Fees: Always charge a late fee.
- Partial Rental Payment: Anytime a tenant pays only part of the rent, call them immediately to find out when they will be paying the rest of it. Also send another statement to show the updated balance.
- Eviction Process: One of the first things you will learn with your Arizona rental management is when a tenant does not honor their commitment you should start the eviction process immediately. There is no point in dragging out the evictions and having them own even more money.
Arizona Rental Investors: Organizing Tax Records
It’s never too late for Arizona rental investors to start organizing their records to prepare for their upcoming tax returns. Not only do organized records make filing your returns easier, but they also remind you of important transactions, as well as prepare you for IRS notices or audits. Here are a couple items to keep in mind while managing your records:
- Designated Location – While the IRS does not expect you to keep records in any special way, you should save all documents that may have an impact on your return. Therefore, it’s a good idea to have a special place for all your records and receipts that are easy accessible.
- Three Years – The following records should be kept in a safe place for at least three years.
- Credit Card Transactions
- Bills/Invoices
- Receipts
- Mileage Logs
- Canceled Checks
If Arizona rental investors decide to sell a property, they should keep records for that property for at least three years from the time of the sell. Examples of these include:
- Purchase of the home
- Improvements on the home
- Rental property records
- Real estate closing statements
Fall Projects for Your Arizona Rental Houses
Fall is the perfect time of year to take a closer look at preventative maintenance on your Arizona rental houses. Here are a few ideas that may prevent emergency calls from your clients:
- Turn on the Furnace – Before the first cold spell, it is a good idea to go ahead and turn it on. It’s also a good time to make sure it is going to run correctly.
- Change Furnace Filter – Before turning the furnace on for the winter, change the filter. It’s not a bad idea to leave some filters with your tenants so they can change it out once a month throughout the cold months.
- Turn Off Outside Water – To prevent the spigots from freezing, you should turn all of them off and drain them before cold weather sets in.
- Lawn Mower – Since normally you will not being mowing the lawn during the winter, take the time to add some fuel stabilizer to the tank. It is also a good idea to drain the oil, change the spark plugs, air filter and sharpen all the blades.
All of these maintenance tips may not be necessary for each of your Arizona rentals houses, however, you should always check on your homes twice a year to prevent other maintenance problems.