Stockton Property Management Blog

There are many reasons to obtain renters insurance that some tenants are not aware of. Even though its is not required to rent from us it is still something you should think about getting. Its also probably a lot cheaper then you would think to have renters insurance, and often people might think that the owners property insurance will cover them but that might not be the case.

1. In case of a break in: If someone breaks into your home and takes some of your things such as jewelry or electronics your renters insurance could help to replace some stolen items.


2. In case of a fire: If you leave a candle burning or if you live in an apartment complex and another tenant leaves the stove on the owners insurance will only cover the building itself. Any of your personal items that are damaged would only be covered by your renters insurance policy.


3. In case of a burst pipe: Old or weak pipes could burst or start leaking and some people might not know that the owners insurance does not cover the items but renters insurance will.


4. In case of vandalization: If someone throws are rock at your window and it hits something in your home such as a tv and breaks it renters insurance can cover the items. 5. In case of negligence: If you accidentally run the bathtub or sink too long and it floods the property your renters insurance can cover you and your belongings.

Stockton has second fastest growing rents in nation

 

The 10 Rules of Rental Decor

There are times when owning a rental property can feel like pouring silver dollars into a big bottomless hole with no chance of recovering them. After a vacancy and repairs, the property successfully rents and then the tenant wants the property owner to spend more money on repairs. It could be a big property tax bill is due or the mortgage is adjustable and the payment is more. The property owner's attitude is - when is it going to end and why should I spend more?

There are times when it may seem never ending but it is important to stop and consider the tenant request; even if there have been recent expenditures. It may be logical to turn down the tenant's request but before doing so, it is important to ask a series of questions before automatically saying "no." Here are questions with appropriate examples.

• Is the request a habitability issue? Example: there are large holes in the carpet that cannot be repaired and this could cause residents to trip and fall; if this happens, the insurance will probably not cover the accident if there is known neglect; it would have been cheaper to replace the flooring.
• Is this request reasonable? It may be that the kitchen curtains are torn and dirty; the only solution is replacement and it reduces complaints from the tenant. Would you want to live with this condition?
• Will refusing the request increase the chance of a shorter tenancy and increased possibility of a vacancy? Example: the request is reasonable but the owner turns it down and subsequent other reasonable requests; the tenant is not happy and there are many properties on the market; at the first opportunity, the tenant gives notice so they can find a better rental property.
• Can the property owner delay this request for a reasonable period? Example: the tenant wants a new dishwasher installed because the current one is rusting and does not wash well; because of many recent repairs, the owner agrees to install a new one in six months and the tenant is satisfied with this compromise.
• Is it appropriate to ask the tenant to share in the cost? Example: the carpet is serviceable but an outdated color. The property owner proposed they would put in new carpeting but that the tenant pays forty percent of the cost; the tenant agrees because it is cheaper than moving and they like the location.

Ultimately, will the tenant request provide any return on investment (ROI)? If you look at any of the previous questions and examples, you will recognize that any of them will increase a return on the investment for one or all of the following reasons.

• By keeping the tenants happy and reducing the vacancy factor
• By improving the property
• By reducing liability and costly litigation

When should you turn down a tenant request? There are times when a tenant request is definitely unreasonable and is definitely unnecessary. Just take the time to consider the request and discuss the request with us to seek any possible solutions. We want the best for your investment.

Responding to Residents for after hour maintenance emergencies:

Are we available for your residents 24-7? Please realize that this does not mean following up on minor issues that can be easily addressed in the light of day. It does mean that when you have a legitimate concern, are we easily reachable, even if just for some reassurance?

If you’re a little confused on what constitutes a legitimate emergency, here are some issues that we should respond to as quickly as possible. And remember, if you’re not sure, err on the side of the emergency being important and pick up the phone and call.

• Major leaks, which can not be contained or issues such as a toilet or sink overflowing from an upstairs units.

• A fire causing major damage.

• A clogged toilet when you only have one toilet

• A break in, leaving your home unsecured.

• Any structural issues. This can include anything from collapsing balconies, stairways, carports, or ceilings.

• Any gas smells. While hopefully residents have been instructed to call the local gas company in the event of a gas smell, this is an issue that managers need to address promptly.

While we do not to respond to every issue that arises after hours, it’s important for residents to know that should an emergency arise outside normal business hours, we are only a phone call away.