Friday, April 28, 2017

RENT CREDIT-WORTHY



Top Notch has been selected and approved as an agency who can report rental payments to Experian RentBureau Credit Agency. 
This is a big deal! 

I am excited that Top Notch is being recognized as a key player in the property management industry. 

What does this mean for Us, Owners and for Tenants?

Owner Benefits:
 - Reduces tenants who skip out on their obligations
 - Improves any bad-debt recovery
 - More steady cash flow
 - Creates a better Tenant obligation to pay on time

Property Manager Benefits (also owner benefits):
 - Helps Identify highest quality residents
 - Stops repeat late payers and NSF payments
 - Avoid renting to serial skippers
 - Reducing Manual Verifications

Tenant Benefits:
 - Build credit history
 - Keeps Tenant accountable
 - Improves Credit Scores for Favorable payments

HOW DOES THIS GET REPORTED?

Rental Payments History Data Reporting:
1)  On time as well as late payments
2)  Bad Checks and/or insufficient funds (NSF)
3)  Lease Terms (beginning, end, move in and move out dates)
4)  Outstanding Balances and/or write-offs
5)  Rental Collection Activity

Why does this matter?
 - 108 Million of 308 Million US residents rent
 - Increasing number of life long renters
 - Many credit consumers who have no score also are renters
 - 64 million US consumers have insufficient or no credit history


Top Notch Property Management & Sales will continue to strive to better serve our clients and customers.   Call us today! 928-772-4801 or email at TopNotchPrescott@gmail.com. We will share other benefits to having our company manage your investment property.

www.TopNotchPrescott.com





Friday, April 7, 2017

WHY INSPECT?


WHY DO INSPECTIONS DURING A TENANCY? 
This is an age-old question.  Why do property management companies inspect the homes you entrust to them to take care of?  It's easy...we have an obligation to take care of your asset in your absence. 

Fair enough, but what type of things are you looking for?  Well, I'm glad you asked....

Not only is your property manager contractually obligated to check the property, they have to keep an eye on the tenant.  If you are with a company that does not do inspections...RUN!  How can they protect your investment if they have no idea how the tenant is taking care of the home, who is actually living there, do you unknown pets living there and what kind of condition the home is in? 

Here is a simple outline of the items we look for when we do inspections on behalf of the owner:

1)  Overall condition of the home.  We are looking to be sure the tenant is maintaining the home, picking up after themselves and not damaging the home but we also are looking at your roof, fascia board/trim, yard, trees, settlement, possible leaks inside and more.   We want to keep you informed of deferred maintenance items on your home.   This can help you budget for these items and when the time comes to have those items addressed you are not surprised when it needs to be done.

2)  Hazards on the property.  Do the tenants have a propane tank in their bedroom?  What about those gasoline cans?  Is there "black" areas in the bathroom that could potentially be a hazard?  Is a dead tree threatening to fall on the home or a person?   The list is endless when looking for hazards that can affect the tenant or their guests but also the longevity of the home.

3)  Unauthorized Room-mates.  This could be a family member or a friend or acquaintance, that is staying on the couch or now occupying the home.  It is imperative that we know who is living at the home.  There are several reasons for this, but one of them is for safety and security of the tenants and neighbors. Each person 18 years and older must be screened and approved to live there.   If a incident occurs and it was "Joe" and you do not know who "Joe" is, how can that situation get resolved? Also, what if you have a 2 bedroom apartment and 5-6 people living there.  The more people the more wear and tear on the home and the higher the chance the home could get damaged. 

4)  Unauthorized Pets.  We all love our critters, but what if your homeowner has allergies and no pets are permitted?  What if the dog bites a neighbor and we do not know what type of dog or whose dog it is?  Animals also cause damage which is why an additional deposit is collected to help cover the expense of any damage.   Owner must agree to allow pets on the property, either by what type, size, breed etc..  The only exception to this rule is assistive animals however; tenants must disclose and provide proper documentation. 

5)  Maintenance Items.  Tenants sometimes do not report issues with the home.  An inspection gives you a look into the home to see if there are maintenance items that have not been completed, items that have been neglected and items that are seen and have not been reported. 

6)  Keeping open communication with tenants.  We go the home also to let the tenant's know we care about the home they are renting.  Some tenants feel as though the owners or property managers to not care about their needs.  Inspections are a great time to see how they are feeling about things, a time for them to point out items of concern and just keep the flow of communication going. 

OTHER TYPES OF INSPECTIONS
Other inspections that a property manager should be conducting is an initial baseline inspection prior to placing a tenant and move out inspections in between tenants.  This keeps an accurate and thorough record of the condition of the home.  This will help alleviate your liability should there be an issue over security deposit charges.

Don't wonder if your property manager is doing inspections....know for sure!

Call Top Notch today. 
We would be happy to outline our inspection process.


928-772-4801 or email at TopNotchPrescott@gmail.com
Our website is full of great information www.TopNotchPrescott.com