Trending...
- Taraji P. Henson's Boris Lawrence Henson Foundation (BLHF) Announce 5th Annual Can We Talk? Arts & Wellness Summit and "i AM The Table Benefit Brunch
- RJ Grimshaw Launches "The AI EDGE" A Practical Guide Where Leadership Meets Innovation
- It's Nearly Here! West Loop Contemporary Fine Art Expo Oct. 17-19
LAS VEGAS - illiNews -- 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 illi News
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 illi News
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 illi News
- Multi-Signature Cold Storage: Keyanb Introduces Institutional-Grade Asset Protection for Chilean Crypto Traders
- NKSCX Introduces Zero-Knowledge Proof of Solvency for U.S. Traders Amid $6.5 Billion Fraud Crisis
- New Oasis International Foundation Announces Strategic Partnership Network Across 15 Countries to Advance Community-Led Economic Development
- A Gift for You: Music, Story, and Hope for America: Free Download of The Human Renaissance Album
- New You Smile Dental Implant Center Expands Office
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 illi News
- The Property Tax Crisis: Why Thousands of Homeowners Are Losing Paid-Off Homes
- $8 Billion High-Margin National Gentlemen's Club Market Targeted by Acquisition Strategy Incorporating the Successful Peppermint Hippo™ Brand: $TRWD
- Why Indian Game Development Companies Are Shaping the Future of Global Gaming
- Cold Storage and Proof-of-Reserves: BTXSGG Launches Institutional-Grade Asset Protection for Filipino Traders
- Why FIRE Enthusiasts Are Buying Businesses Instead of Just Saving Their Way to Freedom
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, Real Estate
0 Comments
Latest on illi News
- Bookmakers Review Launches Betting Insights on NBC's "The Voice: Battle of Champions"
- Coming Up this Weekend on CNBC Mike Milligan Joins Tom Hegna on "Financial Freedom with Tom Hegna"
- Chicago: Mayor Brandon Johnson, BACP Announces Request For Proposals For Driver Resource Center
- Mayor Brandon Johnson, Department of Streets and Sanitation, And Chicago Public Library Expand Food Scrap Drop-Off Program To 13 New Library Locations
- Mayor Brandon Johnson Announces the Return Of "Chicago Fall Fest" From Oct. 17-Nov. 2, Featuring Hundreds Of City-Supported Events For Youth and All Residents
- Predatory Refinancing: How Homeowners Fall Into the Equity Trap Without Realizing It
- UK Website Launches "Toy Time Machine" — Find Your Childhood Christmas Toy in One Click
- Stay Safe in Style: The DR. ORGANIZER Personal Purse Alarm Delivers Powerful Protection in a Compact Design
- The Tiny Kitchen Tool That Solves a Big Cooking Headache
- Why Every Dog Deserves a Milo's Choice Towel
- The Secret to Shoes That Actually Fit: Meet the Little Toe Guard
- $73.6M Pipeline, $10M Crypto Play & Legal Firepower: Why Investors Are Watching Cycurion (N A S D A Q: CYCU) Like a Hawk
- Grammy award-winning Cuban-Canadian artist Alex Cuba releases his 11th studio album, "Indole"
- Thread Advisory Group Launches to Help Retailers Turn Strategy Into Lasting Results
- QView Medical and Eve Wellness Announce Partnership to Advance Direct-to-Consumer Breast Cancer Screening With FDA-Approved AI
- New Article Reveals Common Pricing Pitfalls in Flooring Projects — And How to Avoid Them
- Airbus Defence and Space and Omnitronics Sign MoU to Advance Interoperability in Critical Communications
- The Son I Knew Too Late: Turning Grief into Guidance
- BCFoods Announces Expansion to New Warehouse Facility in Bolingbrook, Illinois
- Eagle Lasers USA Launches New Website to Empower American Metal Fabricators with Next-Generation Fiber Laser Cutting Solutions