Annual Rental Maintenance: The Guide to Catching Issues Early

Annual Rental Maintenance: The Guide to Catching Issues Early

Annual Rental Maintenance Header ImageAnnual Rental Maintenance: The Guide to Catching Issues Early

As a rental property owner, it may be easy to adopt the “no news is good news” mindset. If rent is paid and the tenant isn’t complaining, everything must be fine, right?

Unfortunately, that is one of the most common (and costly) misconceptions in property ownership. The reality is, no news doesn’t always mean good news. Small leaks or minor lease violations don’t make noise until they become expensive issues, which is why annual rental maintenance inspections are so important.

Annual rental inspections aren’t about “policing” your tenants; they are about asset preservation and liability reduction. Here is why a yearly/biannual rental inspection is so important as a property owner.

 

The Financial Maintenance Difference

The cost of neglect almost always outweighs the cost of a proactive inspection. When you skip out on checking in on your property, you aren’t saving time. You’re gambling with your ROI.

  • Catching the “Small” Stuff:  Finding a $100 plumbing seal leak today is a minor inconvenience. Ignoring it until you have to replace a $5,000 rotted subfloor is a financial disaster.
  • Preventing Legal Payouts: Ensuring smoke detectors are functional and stair railings are secure isn’t just good maintenance, it’s your best defense against massive legal liabilities and insurance claims.  
  • Staying “Market-Ready”: By addressing wear and tear annually, you keep the property in top shape. This ensures you aren’t hit with a massive, overwhelming renovation bill when you eventually decide to sell or re-rent the unit.

 

The Annual Inspection Checklist

When you step inside a property, you need a plan. Focus your annual rental maintenance inspection on these 3 categories:

1. Structural & Mechanical

These are the “bones” of your investment. Check the HVAC filters (and replace or clean them), look for signs of roof leaks in the ceiling, check the age of the water heater, and scan bathrooms and laundry rooms for any sign of mold.

2. Safety First

The safety of your tenant is your number one responsibility as a landlord. Test every smoke and CO2 detector, check the expiration date on fire extinguishers, and look for tripping hazards like lifted carpeting or uneven floorboards.

3. Lease Compliance

While you are there for the building, keep an eye on the terms of your contract. Look for evidence of subletting, unauthorized animals, or signs of smoking inside the property.

Maintaining the Relationship with your Tennant

A big fear landlords have is that an inspection will feel like an interrogation. However, with the right approach, an annual rental inspection can actually strengthen your relationship with a tenant.

  • Give Proper Notice: Don’t just show up. Provide at least 24–48 hours of notice (or whatever your local laws require). Respecting their privacy and schedule is the first step toward a positive interaction.
  • Frame the Tone: Don’t call it an “inspection.” Frame it as a “wellness check” for the property. Tell the tenant you want to ensure everything is functioning perfectly for their comfort and safety.
  • Positive Feedback: If you walk in and see that the tenant is taking incredible care of the space, tell them! A tenant who feels respected is more likely to stay long-term and continue treating the property like their own.

To summarize, an annual inspection is a small investment of time that protects your largest financial assets. By catching the small issues today, you ensure your cash flow remains steady for years to come.

Have further questions about this subject or looking for someone to handle this for you?

We are here to help! Please reach out to us at 1-800-963-1280 or at contact@arbors.com.

Arbors Management, Inc. Partners with the new Ownership Team of Towne Towers Apartments

Arbors Management, Inc. Partners with the new Ownership Team of Towne Towers Apartments

By: Andrea Faulk

Arbors Management is well-known for its impressive and consistent growth year after year. Recently, they have partnered with the new ownership team of the Towne Towers building in Oil City, Pennsylvania, as part of their latest expansion efforts.

This collaboration aims to implement significant enhancements to the building and the surrounding community. With over 40 years of expertise in property management, Arbors Management is dedicated to preserving and improving Affordable Housing in Pennsylvania, West Virginia, and Ohio.

In July 2022, Arbors Management, Inc. assumed management of Towne Towers. Since then, numerous positive changes have been introduced, including the hiring of full-time office and maintenance staff to better serve residents.

In collaboration with the new ownership team, Arbors Management, Inc. plans to invest more than $2,000,000 in renovations and upgrades for the building. This initiative aims to enhance the living experience for both current and prospective residents.The planned upgrades include:

  • A new roof
  • Modernized elevators
  • An upgraded fire panel
  • New kitchens and bathrooms
  • Full building Wi-Fi
  • A new camera system
  • New HVAC systems
  • Improved accessible units
  • And much more!

Towne Towers is a 100-unit Project-Based Section 8 apartment complex designated for elderly and disabled individuals, conveniently located in the heart of Oil City, Venango County. To learn more about Towne Towers, please visit our website.

If you are interested in becoming a resident of Towne Towers, feel free to call 814-676-9315 or email TowneTowers@Arbors.com.

Investing in Real Estate? The Case for Professional Property Management

Investing in Real Estate? The Case for Professional Property Management

Investing in Real Estate? The Case for Professional Property Management

By: Andrea Faulk

Real estate investment is often heralded as an excellent avenue for generating passive income. However, the reality of being a landlord can quickly turn that “passive” income into an active and demanding endeavor. Managing properties involves a multitude of tasks that can be both time-consuming and stressful. This is where a professional property management company can become an invaluable asset for investors.

Here’s a deeper look into why experienced investors often choose to partner with property management experts:

1. Expertise and Efficiency for Optimal Returns

  • Tenant Screening and Placement: Finding reliable tenants is crucial. Property management companies use comprehensive screening processes, including background and credit checks, employment verification, and rental history evaluations, to ensure quality residents occupy your property.

  • Optimal Rental Pricing: Setting the right rent requires a delicate balance. Property management companies conduct thorough market analyses to competitively price rentals, maximizing income while minimizing vacancies.

  • Effective Marketing: Ensure that marketing reaches the right audience to successfully fill vacancies with the ideal candidates.

2. Time Savings and Stress Reduction

  • Delegating Day-to-Day Operations: Managing a property can feel like a second full-time job. A property management company handles everything from maintenance calls to rent collection, freeing up your time for other ventures.

  • Streamlined Processes: Property management companies establish efficient systems for rent collection, maintenance requests, and accounting. They often offer online portals for tenant payments and financial reporting.

  • Peace of Mind: Knowing professionals are handling all aspects of your investment offers peace of mind, allowing you to enjoy ownership benefits without the headaches.

3. Protecting Your Investment and Minimizing Risks

  • Legal Compliance: Landlord-tenant laws are complex and ever-changing. Property management companies stay informed on legal requirements, ensuring compliance and reducing the risk of costly lawsuits or penalties.

  • Preventive Maintenance: Regular inspections and proactive maintenance are vital for preserving property value. Property management companies schedule routine maintenance and address repairs promptly, often with access to discounted contractor rates.

  • Dealing with Difficult Situations: Property management companies have the experience to handle challenging situations like late rent payments or evictions, minimizing financial losses and emotional strain.

4. Enhanced Tenant Retention and Satisfaction

  • Prompt Responses to Needs: Quick response to tenant concerns and maintenance requests leads to higher tenant satisfaction and retention, reducing turnover and vacancies.

  • Improved Tenant Relations: Professional and consistent tenant interactions foster positive relationships, leading to longer tenancies and a stable income stream.

In summary, although self-management may seem like a cost-effective option, the time investment, legal liabilities, and risk of expensive errors can outweigh any perceived financial benefits. Engaging a professional property management company enables you to utilize their expertise, enhance operational efficiency, safeguard your investment, and optimize your returns, all while enjoying a more passive income stream. A property management company can truly become your most valuable asset.

If you need help managing your property, that’s what we’re here for! Please reach out to us at 1-800-963-1280 or at monroeville@arbors.com.

4 Affordable Ways to Enhance Your Rental Property’s Curb Appeal

4 Affordable Ways to Enhance Your Rental Property’s Curb Appeal

4 Affordable Ways to Enhance Your Rental Property's Curb Appeal

4 Affordable Ways to Enhance Your Rental Property’s Curb Appeal

By: Nicole Scimio

Whether your rental property has curb appeal or not is incredibly important. 

It can significantly impact how many applicants you draw in, who you attract, and even the amount you can charge for rent.

But with an investment property, it can be hard to keep up with appearances.

Trends change, things wear down – time takes its toll on a place.

Sometimes, a full renovation sounds great but just isn’t within your budget.

Not to worry, though!

There are plenty of ways to kick your property’s curb appeal up a notch – and with Spring finally here, now’s the time!

We’ve gathered up a few inexpensive and minimally involved ways for you to update your rental property without breaking the bank.

 

Tip #1: Replace Old Hardware

Refreshing your hardware doesn’t have to be difficult or expensive!

Is the doorknob or door knocker starting to delaminate from years of use and weathering?

Run to your local hardware store, pick a metallic finish that complements your property’s color scheme, and grab some new hardware in matching finishes.

You can also consider updating the porch light fixture and house/unit numbers in a matching finish!

 

Tip #2: Landscaping Refresh

First thing’s first: cut the lawn, pull weeds, and trim any shrubs you may have.

Add fresh mulch and some beautiful flowers in your landscaping.

You can even plant perennials – flowers that will appear every year. A few examples of perennials include peonies, poppies, black-eyed susans, irises, and more.

You can even consider putting together planters at either side of the entryway to give off a welcoming and homey look.

If you’re looking to take your outdoor revamp even further, add small solar-powered lanterns along the walkway. These are low maintenance and don’t require upkeep or constant battery changes, but add ambience and better sight of the walkway in the dark.

Landscaping can get expensive, but these tips are a fairly quick and low-cost way to revamp your property’s curb appeal.

 

Tip #3: Add a Fresh Coat of Paint or Stain

Sometimes a fresh coat of paint is all it takes! 

Adding a fresh coat of paint or stain on your property’s front door, shudders, and decking if applicable. This small change can make your property look brand new without needing to paint the entire exterior!

Repaint or resurface your mailbox. Sometimes something as small as updating the mailbox you already have can make a world of a difference!

While painting or staining can be time consuming if you opt to do it yourself, the difference it makes is significant! The few hours or days you’ll spend on it will certainly be worth it.

 

Tip #4: Clean!

Don’t underestimate the power of a good deep cleaning!

Declutter the outdoor area, removing any unnecessary items, picking up any garbage that could have blown through, etc.

You can also powerwash your property’s walkways and driveway. This simple step will make any concrete surface look brand new, and is incredibly satisfying!

Algae growing on your property’s roof or siding? Consider hiring a professional to wash the surface of your investment property and bring it back to life – the difference is massive.

 

Curb Appeal Can Be Simple

Updating your property’s curb appeal doesn’t have to be intimidating or expensive!

These few tips can help you refresh your property and attract wonderful residents in no time.

If you need help managing your property, that’s what we’re here for! Please reach out to us at 1-800-963-1280 or at monroeville@arbors.com.

Is Renters Insurance Worth It? Why or Why Not?

Is Renters Insurance Worth It? Why or Why Not?

Is Renters Insurance Worth It? Why or Why Not?

By: Trisha Jester

Blog cover photo asking the question "Is Renters Insurance Really Worth It? Why or Why Not?"

What Is Renters Insurance?

If you’ve ever rented an apartment or home before, you’ve likely run into the phrase “renters insurance.” Renters insurance is often required when renting a dwelling place; what exactly is it, though? 

Renters insurance is an affordable way for you to protect your personal belongings in the event that there should be some type of emergency in your unit or building. Just like any other type of insurance (medical, car, homeowners, etc.), it is designed to protect and benefit the policyholder, should any emergency under the umbrella of coverage occur.

 

Is It Required When Renting an Apartment or House?

Here at Arbors Management, yes, renters insurance is required. Our market-rate units require that you obtain a policy for the safety of both the resident and their belongings as well as sometimes insuring the property. As mentioned in the definition, in the event that there is an emergency in the building or the resident’s unit, the resident’s renters insurance policy will cover the cost of personal items lost in said emergency.

What about for residents in Section 8 or Affordable Housing? The United States Department of Housing and Urban Development (HUD) does not permit us to make renters insurance mandatory on our Section 8 side, but it is highly recommended. Unfortunately, emergencies can happen at any property at any time. Because of this, it’s strongly encouraged to secure protection of your personal belongings, even in Affordable Housing.

While we can’t speak for other landlords, you will likely find that most landlords require renters insurance across the board. No matter who you rent from, be sure to inquire with your property manager about their policies on the matter.

 

Am I Responsible for Securing the Policy Myself?

Yes, you are responsible for securing it yourself. This is a personal policy that the resident is responsible for, not the landlord. While it may feel like a hassle, these policies are generally inexpensive. Oftentimes, policies cost less than $150 per year! The great thing, though, is that this relatively low expense can cover thousands of dollars of loss. 

In order to obtain renters insurance, you can reach out to your current insurance agent that handles any other policies you may have. If they are unable to obtain a policy for you, they will likely be able to put you in contact with someone who can. You can also reach out to your landlord, as they may already have an agent that you can work with.

It also is important to note that your policy goes with you! If you move out of the apartment you originally purchased insurance for, you can transfer it to your new address. Be sure to reach out to your agent during your move to have your policy updated!

 

What are the Risks of Not Having Renters Insurance?

While securing a policy for your rental may seem unnecessary, there are risks in not doing so. Unfortunately, if your landlord has a fire or water break in the building that leaks into your unit and your belongings get damaged, the landlord’s insurance will not cover your personal losses. The landlord’s insurance will only cover the building structure itself.

Along with loss, you could potentially face fees for not securing a renters insurance policy. As mentioned above, Arbors Management, along with the majority of other property management companies and landlords, require residents to obtain a policy. If residents fail to do so, they could incur penalty fees, eviction, or even a lawsuit from management.

 

So, Is Renters Insurance Worth It?

Absolutely – renters insurance is worth much more than the small annual fee you pay. Depending on the policy, you could also have coverage for a hotel stay if there is damage to your unit that leaves you displaced. Most landlords won’t pay for your displaced housing, so having that backup is crucial.

Depending on your policy, other structures you have may also be covered such as a storage unit that you rent. For example, my son lived in New York City and had renters insurance. A storage unit he rented in Pennsylvania was broken into and had many items stolen; his renters insurance cut him a check for his lost items. With that, it’s also important to take photos of your personal items. These photos will provide you with evidence and an inventory of your items in case you suffer a loss. 

If you have any questions about renters insurance or if you’re an investor looking for a reliable property management company in Southwestern Pennsylvania and surrounding areas, we’re here to help. Reach out to us at monroeville@arbors.com, 1-800-963-1280, or through this contact form to book a free consultation today!

How To Create a Solid Rental Application Process

How To Create a Solid Rental Application Process

How To Create a Solid Rental Application Process

How to Create a Solid Rental Application Process as a Landlord of Property Investor

The Importance of a Great Application Process for Potential Residents

If you’re a rental property owner / investor and have great residents who treat your property as their own, you really can’t ask for anything more.

But how do some landlords seem to have wonderful residents while others only seem to attract trouble?

The key: a solid, dependable rental application process to thoroughly and efficiently screen potential residents.

 

What is the Application Process for Rental Properties?

A good application process is essential to running your rental property management business.

This initial step can be what sets you (and your residents) up for success, or if you’re not careful – failure. 

The application process varies from company to company, but generally it can be described as:

The time in which a potential resident fills out an application provided by you (or your property management company), gives references from prior landlords, proof of income and employment, credit information, and an application fee if appropriate.

We’ll go ahead and cover a couple of key things that your application process should include. 

 

Tip #1: Make it Easy to Apply to Live at Your Property

While you want your application to provide insight and value for you, you don’t want it to be so cumbersome that it hinders quality residents from actually just applying.

If your application is 20 pages long and takes hours to complete, chances are that no one will want to complete your application. 

The applicant will likely get too frustrated half way in, abandon the application, and forget to come back to it. 

They’ll find another place to live with an easier application process. 

Here at Arbors Management, we accomplish this by making our process completely online and digital. 

With the online application process, we set up a portal for each applicant where they can monitor the progress of their application any time they’d like. 

No more daily phone calls from applicants asking if they’ve been approved – that’s a win-win!

Prospective residents can apply through any device that’s connected to the internet, whether that’s a computer, tablet, phone, etc. 

We also allow applicants to attach their paystubs and photo ID directly to the application. 

Once an application is received, we should have all the information required to process that application in a timely manner. 

We are able to process the credit and criminal history rather quickly (typically within minutes) after receiving that application. We can then approve or deny that applicant and move to the next steps.

Goal: to make your application process quick, easy, and convenient, but without compromising quality.

 

Tip #2: Make Sure You Get the Full Picture

The application you provide should give you a complete picture of the applicant once filled out and returned. 

It should ask all the right questions, helping you understand who this prospective resident really is.

A few example questions that we would suggest including are:

  • Have you ever been evicted?
  • Have you ever been convicted of a criminal offense?
  • Have you ever filed suit against a landlord?
  • Are you a smoker?
  • Have you ever filed for bankruptcy?
  • Are there any judgments or legal actions against you?
  • Have you spoken with a Leasing Specialist regarding this property?

Goal: gather all of the information you need in order to make the decision to approve or deny an application.

 

Tip #3: Consistent Screening Criteria

Your application should incorporate all of your screening criteria that you’ve determined prior to accepting applications. 

Along with this, your application should allow you to consistently apply the same screening criteria across multiple applicants. 

Goal: consistency that will help to keep you legally safe within the confines of fair housing law. 

 

Tip #4: Convert Applicants to Residents Efficiently

Your application process should help you convert qualified individuals into residents efficiently.

The way we do this here at Arbors Management is through our property management software. 

With the software we utilize, we can take an approved application and convert it directly into a new resident account. 

After an applicant is approved, we can directly send them a lease online through the portal that was set up for them at the beginning of the application process.

The prospect can then sign the lease and pay their security deposit and first month’s rent all through that same portal! 

After moving in, the resident will continue to use their portal to pay their rent and submit maintenance requests in the future.

Goal: quickly & efficiently turn approved applicants into new resident accounts.

 

In Conclusion…

All in all, it’s super important to have a good application process! 

In this article, we explained the importance of this process and how to create a successful application process through four different tips: 

  1. Make sure it’s easy for prospective residents to apply
  2. Your application should give you a complete picture of the applicant(s) 
  3. Apply screening criteria consistently across all applicants
  4. Convert applicants to residents efficiently

We hope that you’ve found this information helpful. If you’re interested in finding out how Arbors can help you easily convert applicants into residents, please contact us!