As owners of rental property will vouch for, property maintenance is a time-consuming 24 x 7 job. A burst pipe, a broken washer or non-functioning dryer, or any other problem may strike your place. If, you don’t have the time or the skills to fix these problems, it would be a good idea to hire a professional for rental property maintenance.
Having specialised plumbers, electricians, etc. do repair jobs can prove to be far too expensive, and their exorbitant charges will quickly devour into your profit margin. For a property that has continual, on-going problems, it is far better to hire a full or part-time maintenance person.Before advertising, it would be a good idea to check if any one of your tenants is qualified to carry out necessary maintenance tasks. In a barter agreement, you could trade work for a knock-down in rent or offer free accommodation, in case you own apartment units. This arrangement, you will find saves considerably on repair costs, over the course of time.
Whether, you hire a tenant or outsource maintenance, be mindful of the following, if you wish to find the most qualified person, who will not only save you trouble, but also extra expense down the road. Look for an experienced handyman. There is a big difference between fixing a dripping tap and maintaining a large property. The complexity and frequency of problems for big apartment complexes may prove too much for the average handyman to handle. Before hiring, ensure the new recruit is competent and capable of handling the most demanding tasks that may come their way. Ascertain their skill level. Determine their skill level by checking out, whether the worker is able to handle a wide variety of problems, if he / she is qualified to work as an electrician, or does he / she have certain limitations.
Most experienced landlords will tell you it's better to have no tenant than a bad tenant. Screen each tenant with the same objective standards to ensure sensible business-based decisions – and to keep from violating Fair Housing Act (FHA)/Fair Credit Reporting Act (FCRA).When screening commercial applicants, you'll focus on the company's history and information; when screening residential applicants, focus on the individual's info. To effectively screen tenants.Access credit reports with the applicant's name, address and social security number. For a commercial applicant, you'll need a business license/Federal Tax ID number to search. The more information you have, the more you can discover. Public records, accessible by anyone, include real estate, bankruptcies, tax liens and criminal histories.
Find a reputable tenant-screening company, and leave the in-depth assessments to them. Companies can screen by sexual offender registry, criminal records, SSN verification, and more.Under the USA Patriot Act, the Office of Foreign Assets Control (OFAC), a government watch-list/database of terrorists/criminals around the world, was created. This law requires landlords to conduct the OFAC Patriot Act search on individuals (by name) and businesses (by biz name).
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