Episode 91:When Time Matters As A Landlord
Summary
Most of the time in your Landlord life, time won't matter all that much. Repairs come and go, and most of the time, there is little urgency as a landlord, ....except in a few places. In today's episode, I discuss when to move as landlord in an emergency, how to decipher what to act on from the over-reporting tenant, when to move FAST when you receive an application from a GREAT tenant, and knowing your local tenancy code/act to ensure you know your timing for things like document service and notice of entry.
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This Week’s Blog Post:
Welcome to another insightful episode of My Life as a Landlord, where I help you navigate the intricate world of property management. I'm Dr. Jennifer Salisbury, and today, we're diving into the critical subject of timing in the life of a landlord. Understanding when to act swiftly and when to remain patient can be the difference between smooth operations and unnecessary chaos.
The Urgency of Emergencies
As landlords, we must be prepared to act quickly in emergencies, especially those involving water leaks. I always tell my tenants, if you want to see us run, report a water leak. It's a drop-everything-and-go situation. Emergencies like these demand immediate attention to prevent further damage and ensure tenant safety. However, it's crucial to differentiate between genuine emergencies and over-reporting by tenants, which can often be more about aesthetics than safety.
Managing Tenant Communications
Navigating tenant communications is a significant part of property management. Some tenants, especially new ones, may over-communicate, reporting minor issues that don't require immediate action. It's essential to establish a clear system for communication and repairs in your lease agreement, categorizing issues as emergencies, urgent, or convenient repairs. This helps manage expectations and reduces unnecessary stress.
Understanding Repair Priorities
In our discussion, I emphasized the importance of categorizing repairs. Emergency repairs, like a sewer line break or a fire, require immediate action, even at odd hours. Urgent repairs, such as a refrigerator malfunction, can wait until the next day but still need prompt attention. Convenient repairs, like a squeaky door, can be scheduled without urgency. This categorization helps prioritize tasks and ensures tenant satisfaction without overwhelming the landlord.
The Importance of Timely Tenant Screening
Timing is also crucial when dealing with potential tenants. When a great applicant comes along, speed is of the essence. Quick verification of references, IDs, and pay stubs is necessary to secure good tenants before they choose another property. Efficient screening not only fills vacancies faster but also ensures you have reliable tenants.
Legal Timing and Notices
Lastly, understanding the legal timing for serving notices and making repairs is vital. Each region has specific requirements, and as landlords, we must adhere to these to avoid legal issues. Whether it’s giving notice for inspections or responding to repair requests, knowing your local tenancy laws is crucial. This knowledge helps maintain a professional relationship with tenants and ensures compliance with housing regulations.
Thank you for joining me on this episode of My Life as a Landlord. Timing truly matters in property management, and I hope today's insights help you in your landlord journey. Join me next week for another exciting episode. Remember, education is the key to overcoming fear in real estate. See you next time!