Trending...
- Madison: Goodman Pool Opens Friday with Limited Capacity
- Fiserv Appoints Wafaa Mamilli to Board of Directors
- Share Your Thoughts on Madison's Street Design
LAS VEGAS - WisconsinEagle -- Action Plan
Probably the number one thing you need to do is to have an action plan, especially if you don't live in Las Vegas. You should have a list of vendors that you can easily contact for all types of repairs, insurance contacts, emergency housing for tenants, and of course funds set aside that you can access so that the rental emergency doesn't turn into "your" personal emergency. As in the case of a fire, or say an accident where a driver lost control of a vehicle and the vehicle ended up inside your dwelling, you might also need all the contact numbers for the police, fire dept, city inspectors, and city emergency response departments. As the old saying goes, if you fail to plan you will be planning to fail.
https://youtu.be/M0HbtqgZrbs
Get A List Of Vendors
First let's discuss the vendors. The key here is to find vendors that are qualified and that will actually respond after hours, because not all vendors do. Emergencies never happen when you want them to, and they almost always seem to happen at night or while you're on vacation. When you have 6 inches of water throughout the property, and it's moving up your walls, the last thing you want to be doing is searching Yelp to determine who can come to the rescue.
Determine Which Vendor Is The Best Fit
More on Wisconsin Eagle
So, how does an owner figure out who the best vendors are that they can rely upon in times of need? An owner needs to have enough experience in each trade in order to conduct an effective interview with a prospective vendor. Owners need to be able to dig deep and ask the right questions to get a clear picture of what each vendor is capable of. In addition, the owner must be able to instantly create a relationship with the vendor so that they'll receive competitive rates and timely responses.
Unfortunately, as an owner, if you only have one or two properties, you're really not that important to a vendor. Being able to create a relationship or get preferred rates after one phone call will be difficult. Here is where an owner has an opportunity to leverage a property managers contacts and size so that they instantly become important in the eyes of any vendor.
Get The Right Insurance Coverage
There are a couple of insurance policy considerations to make as well. The first is to make sure your policy covers mold remediation and temporary relocation for your tenants, and secondly you might consider requiring your tenant to carry renter's insurance. Keep in mind, requiring renter's insurance could potentially interfere in obtaining qualified tenants for your vacant property unless it was something you were going to provide for them.
NRS 118A.260
So, when something like a fire, or a flood from a broken water pipe happens, you need to have a reliable first responder available, 24/7. There needs to be multiple people that a tenant or city official can contact at a moments notice. In fact, Nevada State law, NRS 118A.260, actually requires a landlord to engage or hire someone to handle their rental if the owner lives more than 60 miles from the property. Not having these resources in place to act on your behalf could possibly put you in a variety of unwanted situations.
More on Wisconsin Eagle
Let's take a moment to review. There are your 4 basic steps to take regarding a rental emergency.
1) Set up an emergency fund to cover unexpected expenses
2) Know who you are going to call
3) If it's an emergency perform a quick remedy to stop the bleeding
4) When you put everything back together, do it right the first time by using qualified vendors. If you go for the cheapest price, you will probably end up paying more in the long run.
The Easiest and Best Solution
Nobody expects or wants an emergency. However, owners need to plan for the worst and hope for the best. The easiest way to do that is to engage an experienced, 24/7 property management firm like the Atlas Group LC. Problem solving and helping owners thrive is what we do. Let's discuss your needs… there's no obligation, just give us a call at (702) 916-2222 atlas@property-mgmt.com www.property-mgmt.com
https://youtu.be/qcE7TtDcavQ
Probably the number one thing you need to do is to have an action plan, especially if you don't live in Las Vegas. You should have a list of vendors that you can easily contact for all types of repairs, insurance contacts, emergency housing for tenants, and of course funds set aside that you can access so that the rental emergency doesn't turn into "your" personal emergency. As in the case of a fire, or say an accident where a driver lost control of a vehicle and the vehicle ended up inside your dwelling, you might also need all the contact numbers for the police, fire dept, city inspectors, and city emergency response departments. As the old saying goes, if you fail to plan you will be planning to fail.
https://youtu.be/M0HbtqgZrbs
Get A List Of Vendors
First let's discuss the vendors. The key here is to find vendors that are qualified and that will actually respond after hours, because not all vendors do. Emergencies never happen when you want them to, and they almost always seem to happen at night or while you're on vacation. When you have 6 inches of water throughout the property, and it's moving up your walls, the last thing you want to be doing is searching Yelp to determine who can come to the rescue.
Determine Which Vendor Is The Best Fit
More on Wisconsin Eagle
- St Pete Talk joins the Canadian Snowbird Association talking Taxes | Snowbirds
- Wisconsin Dairy is 'Leap' Worthy
- APX Founder Terri Ross Returns as a Featured Speaker at the 2021 AmSpa Medical Spa & Aesthetic Bootcamps
- OpenSSL 3.0 Release Candidate now available
- Protopia and University of Michigan Host Webinar on AI-Powered Networking in the Classroom
So, how does an owner figure out who the best vendors are that they can rely upon in times of need? An owner needs to have enough experience in each trade in order to conduct an effective interview with a prospective vendor. Owners need to be able to dig deep and ask the right questions to get a clear picture of what each vendor is capable of. In addition, the owner must be able to instantly create a relationship with the vendor so that they'll receive competitive rates and timely responses.
Unfortunately, as an owner, if you only have one or two properties, you're really not that important to a vendor. Being able to create a relationship or get preferred rates after one phone call will be difficult. Here is where an owner has an opportunity to leverage a property managers contacts and size so that they instantly become important in the eyes of any vendor.
Get The Right Insurance Coverage
There are a couple of insurance policy considerations to make as well. The first is to make sure your policy covers mold remediation and temporary relocation for your tenants, and secondly you might consider requiring your tenant to carry renter's insurance. Keep in mind, requiring renter's insurance could potentially interfere in obtaining qualified tenants for your vacant property unless it was something you were going to provide for them.
NRS 118A.260
So, when something like a fire, or a flood from a broken water pipe happens, you need to have a reliable first responder available, 24/7. There needs to be multiple people that a tenant or city official can contact at a moments notice. In fact, Nevada State law, NRS 118A.260, actually requires a landlord to engage or hire someone to handle their rental if the owner lives more than 60 miles from the property. Not having these resources in place to act on your behalf could possibly put you in a variety of unwanted situations.
More on Wisconsin Eagle
- Lineus Medical Expands US Distribution with CoMedical
- Ismail Sirdah's Tips for Finding the Perfect concert Venue
- Madison: In-Person Wellness Series "Live Well @ Your Library" Begins June 27 at Pinney Library
- PEI Named Top Managed Services Provider in the United States
- Insulated Pet Doors for Hot and Cold Climates!
Let's take a moment to review. There are your 4 basic steps to take regarding a rental emergency.
1) Set up an emergency fund to cover unexpected expenses
2) Know who you are going to call
3) If it's an emergency perform a quick remedy to stop the bleeding
4) When you put everything back together, do it right the first time by using qualified vendors. If you go for the cheapest price, you will probably end up paying more in the long run.
The Easiest and Best Solution
Nobody expects or wants an emergency. However, owners need to plan for the worst and hope for the best. The easiest way to do that is to engage an experienced, 24/7 property management firm like the Atlas Group LC. Problem solving and helping owners thrive is what we do. Let's discuss your needs… there's no obligation, just give us a call at (702) 916-2222 atlas@property-mgmt.com www.property-mgmt.com
https://youtu.be/qcE7TtDcavQ
Source: Atlas Group LC
Filed Under: Business
0 Comments
Latest on Wisconsin Eagle
- Madison Senior Center Begins to Welcome Back Participants
- Mary Ellen Stanek Nominated for 2021 Morningstar Outstanding Portfolio Manager Award
- WDTC provides access to drug testing centers nationwide
- Robinson moves into the top 10 on "The Fabricator" FAB 40 list
- As the World Returns to Normal, Liquid Core® Gum Company Marks the Comeback of Air Travel with "Live Life & FLY" Campaign
- Prism Continues to Innovate to Help Live Music Industry Pros Bounce Back from a Devastating Year
- Let Freedom (and the Baking Timer) Ring
- MECA's print sleeves enhance flexographic printing for packaging
- Century Fasteners Corp. – Joseph P. Brock, Hired
- Infosec Collaborates with CISA to Provide Free Tools to Fight Ransomware Attacks
- Children Rising Launches Free Online Tutoring to Boost COVID Recovery for Elementary School Children
- Solar Project with City of Madison and Madison Metropolitan School District Approved
- RealTrends Ranks Jennifer Young Homes #58 in the Nation
- Abstract Published in Neuro-Oncology Demonstrates Curtana Pharmaceuticals' CT-179 Prolonged Event-free Survival in an Animal Model of Medulloblastoma
- EclecticIQ Joins Health-ISAC Navigator™ Program
- IPSO Announces New Products & Technologies
- Docusign stock sees large unusual options activity
- Madison Public Library Celebrates Pride Month
- Temporary Patio Pet Doors Requiring NO Tools
- Ameriprise Financial Relocates Middleton, Wis., Office