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Preparing Your Rental Property for Winter: Your Official Guide – Keyrenter Main Line

Keyrenter Property Management Blog Main Line Winterizing Rental Properties

Did you know that every year winter storms cause an average of 1.5 billion dollars in property damage?

If you own rental property, you may be curious about finding the best ways to properly winterize your investment homes. Keeping up with the property maintenance for winter can significantly reduce the likelihood of your rental property being damaged by the coming winter storms.

Are you interested in learning about the best rental property maintenance tasks to perform to effectively winterize your property? Keyrenter Main Line created this complete guide to help! Keep reading to learn more!

1. Get the Furnace Serviced

Before you get into the cold season, getting your furnace or your boiler serviced is a good idea. This will ensure your heating system is in perfect working condition before you have to depend on it during the cold weather. Hiring a team of professionals will make certain that the furnace and/or boiler are properly serviced. HVAC professionals will ensure that your heater isn’t cracked in any places and that any filters on the heater are replaced.

2. Test Detectors and Alarms

Before the property gets closed up for the coming winter months, all alarms and detectors must be inspected. Make sure all smoke detectors and alarms have fresh batteries and are working properly.

You should also make sure the carbon monoxide meter is on and performing. If your rental property doesn’t have a carbon monoxide meter, you may want to consider having one installed in the property.

3. Double Check Seals Around Windows and Doors

One of the easiest ways to get your property ready for winter is to check for drafty doors and windows. By having all of the exterior windows, interior windows, and doors inspected, you can make sure that your rental property doesn’t have any flawed sealants.

One way you can inspect and detect flawed or damaged sealants on your property is by carefully looking at each window and door frame. You shouldn’t be able to see any holes or caulk beginning to crumble in the sealants. Another way you can identify poorly sealed windows and doors is by finding any damaged or loose weather stripping. If you’re unable to afford to replace the sealant around the doors or windows, you may want to consider having a door sweep placed at the bottom of your doors. Temporary ones can be found and purchased at most retail stores.

4. Make A Snow Removal Plan

At the beginning of the season, you want to make sure you stock up on enough salt to last you through the entire winter season. If you run out of salt during the middle of the winter, ice can quickly build up on your driveway and sidewalks, creating a dangerous environment.

Winterizing Your Rental Property in These Easy Steps

By taking the necessary steps to winterize your rental property before winter hits, you’ll help to ensure that your rental property is comfortable when winter rolls around. Plus, you’ll help to greatly decrease how much you’re spending on heat and electricity during the cold winter months.

Are you interested in learning more about how to get your property prepared for winter? Keyrenter Main Line is here to help with any questions that you may have. Click here to contact us today to learn more.

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How Property Management Can Streamline Your Rental Business – Keyrenter Main Line

Keyrenter Property Management Blog Main Line Property Management Benefits

When people take their first steps into becoming a landlord, they often expect that it will be a simple way to make a passive income. The dream is clear: find a tenant, put them in your property, then sit back and relax as the rental payments come in.

The reality is not that simple. Landlords have certain legal responsibilities. In addition, not all tenants will pay their rent on time, and chasing payments or pursuing evictions is a time-consuming process. Property management companies save landlords time and stress by handling those jobs.

Property Management Benefits for Landlords

Property management is big business, accounting for $88 billion in revenue every year in the United States. Property managers provide a valuable service for landlords:

  • Increasing revenue by finding new tenants and reducing vacancy rates
  • Increasing tenant satisfaction and reducing tenant turnover
  • Collecting rents and reducing lost revenue by reducing arrears and the need for evictions
  • Pursuing evictions, in accordance with the law, when required
  • Managing repairs and maintenance
  • Keeping records for legal compliance
  • Handle day-to-day grounds maintenance
  • Saving time by handling tenant complaints and inquiries

Property managers know the law and will always follow due process. Many novice landlords are unaware of the law and the rights that their tenants have. This is particularly true of people who have inherited a property or have just purchased their first rental property.

A property manager has the contacts and expertise required to meet a landlord’s day-to-day responsibilities in a cost-effective and time-efficient way. When your overheads are lower, your property returns increase.

Novice landlords are often reluctant to hire a property manager because of the cost. However, as they expand their portfolio they may find that the time demands of servicing their rental properties are too great. Property managers save landlords time and money, allowing the landlord to scale their operations and make more money in the long term.

Keep Your Tenants Happy

A good property manager serves as a buffer between the landlord and the tenants, dealing with issues on both sides. Finding high-quality tenants who look after their home, pay their bills on time, and are happy where they live is a dream for many landlords. A good property manager can help you find those ideal tenants and keep them happy.

At Keyrenter Property Management we offer property management solutions for real estate investors, homeowners, and landlords in Philadelphia. We take care of single-family homes, condos, duplexes, and fourplexes. Whether you are simply looking for help with leasing a property or want someone to shoulder the burden of managing a bigger portfolio, we have a property management solution that will help you.

Call us today to learn how the team of real estate experts at Keyrenter Main Line can help you maximize the returns on your property portfolio.

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The Importance of Regular House Inspections

As a property owner, regular house inspections are a proactive way to protect the overall value of your investment. While it is important to respect your tenants’ right to privacy, inspecting the rental home serves both you and them. In this article, we highlight the importance of rental home inspections and how to go about them professionally.

house inspections

Regular Maintenance

Repair and maintenance work is an essential part of property ownership. Not only do routine repairs keep your house in habitable condition, but they also save you money on expensive cumulative repairs. For example, fixing a leaking kitchen sink in time can help avoid long-term water damage to the floors and cabinets. Since tenants may not always notice or report these smaller issues, carrying out house inspections ensures you catch the problems on time.

Lease Agreement Enforcement

The landlord tenancy relationship is laid out in the lease agreement, with each party having certain rights and obligations. Inspections help establish whether your tenant is keeping their end of the bargain. For example, if the agreement requires that they carry out landscaping on the property, or that they should not keep pets, inspections will help you assess the same.

Additionally, a house inspection needs to be carried out on the day the client moves in, and the day they move out. A checklist of the property’s condition should be created and signed by both parties at the beginning. When the tenant is moving out, another inspection helps to assess the property damage and determine how much of the security deposit you will refund.

Reducing Tenant Turnover

Keeping your rental property in good condition can earn you loyalty from the tenants and ensure that they stay long term. Tenants do not even need to have complained about the house’s condition. By inspecting the house, you may find areas that could use some renovation to boost the property’s value and appeal.

Maintaining Property Value

A well-maintained home depreciates at a slower rate. Should you choose to sell the house in future, you are guaranteed to attract better offers if the house is in good condition. Also, in a competitive rental market, keeping your house well maintained can get you better rental rates. Inspecting your rental property, therefore, helps you keep up with the repair and maintenance work needed to keep your property value competitive.

Projecting Future Maintenance Needs

Because maintenance and repairs can be expensive, it is important to plan and project them in advance. When you inspect the property, you can anticipate the repairs that will be needed in the future and plan your finances accordingly. Planning ensures that your rental business is profitable and you can meet your other expenses even if huge repairs pop up.

Calculating Tax Returns

Keeping proper records of your repair and maintenance work helps maximize your rental income by deducting these expenses. Regular house inspections ensure that necessary repairs are done in time to file your tax returns in any given year. Additionally, inspections can form the basis for your depreciation projections. Depreciation is tax deductible, so this could also help minimize your taxes.

Avoiding Legal Issues

Despite paying rent on time and keeping your rental house in good condition, some tenants may still endanger your investment by conducting illegal activities in it. A house inspection is the only way to know if your tenant is abiding by the law in relations to your house. Inspections also act as a deterrent for prospective tenants with sinister intentions.

On the other hand, you could be the one on the wrong side of the law. Carrying out tenant evictions for lease violations or withholding security deposits for damages can be messy if you do not have adequate evidence to support your claims. Taking photographs during inspections can form the basis of your claims if the tenant takes legal action against you.

Building Client Relations

As with any other business, maintaining good client relations is part of the job. If you want to keep your tenants happy, your landlord-tenant relationship should stretch beyond rent collection. By carrying out a scheduled house inspection and spending some time with the tenant, you offer them a chance to express their grievances and feel valued. It may be difficult to build friendships with each of your tenants if you have a multi-unit property. However, cordial relationships with yourself or property managers enhance client satisfaction and retention.

Upholding Safety Regulations

Abiding by state health and safety regulations for landlords is important to keep your tenants safe and avoid hefty violation fines. Regular inspection of HVAC filters, smoke alarms, asbestos containing building materials e.t.c. ensures you repair or replace any potential health and safety hazards on your property. You can also avoid lawsuits from tenants and workers getting injured on your property by regularly inspecting and repairing the property.

Property Manager Accountability

If you have hired property managers in Devon, you need to be sure that they are routinely maintaining your property. Have them inspect the property every four months and write you a full report to increase accountability. You could even opt for an independent house inspection to ascertain their report. This audit ensures you get your money’s worth from their services.

A house inspection does not have to inconvenience the tenant. The best way to ensure that they comply is by including mandatory house inspections in the lease agreement. When an inspection is due, notify the tenant in advance and stipulate the exact time and duration they should expect you. Also, if you suspect lease violations, carrying out drive-by inspections can help you support your claims.

If you live far from your rental home or are unable to carry out a regular house inspection, a property management company in Devon can be of use. They can ensure that your property is protected from damage and retains its value through regular repair and maintenance. As a bonus, property managers fees are tax deductible, so you stand to gain a tax deduction.

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