By John Triplett
Are you and your property management providing reasonable accommodations for the deaf and hard of hearing to communicate effectively?
In the field of property management, effective communication is not just a courtesy—it’s a mandate under fair housing laws.
Ensuring that every individual, regardless of hearing ability, has equal access to housing information is not only ethical but also legally required.
This commitment to accessibility includes providing reasonable accommodations for the deaf and hard of hearing, a demographic that often faces significant barriers in accessing housing services. Are you and your team ensuring equal access?
How do I stay fair housing compliant?
Fair housing regulations stipulate that property managers must be equipped to communicate effectively with all prospects and residents. This inclusivity explicitly extends to individuals who are deaf or hard of hearing. When a deaf or hard-of-hearing resident requests an interpreter, this is considered a reasonable accommodation.
Interestingly, unlike other accommodation requests that require a more extensive review process, the need for an interpreter is often so apparent that it bypasses the usual procedural requirements. This streamlined approach underscores the importance of immediate and unimpeded communication.
But what if I can’t get an interpreter right away?
Despite the clear mandates, the practicalities of providing on-the-spot interpreter services can be challenging. It’s generally unrealistic to secure a sign language interpreter without prior notice. However, property managers are still obliged to facilitate communication as per fair housing standards.
Creative solutions become essential in these scenarios. Utilizing readily available tools such as whiteboards for written communication or exchanging SMS text messages can provide interim solutions that uphold the standards of accessibility and ensure that critical information is conveyed effectively and promptly.
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How do I prepare for the best-case scenario?
To truly embody the spirit of fair housing, property management teams should proactively prepare to meet the needs of deaf or hard-of-hearing individuals. This preparation involves more than just recognizing the need for accommodation; it requires active and ongoing training of staff. Role-playing scenarios can be an effective method for training, helping staff practice and prepare for real-life interactions.
Additionally, investing in services such as online, on-demand interpreters can significantly enhance a property management company’s ability to provide immediate and effective communication solutions. These investments not only comply with legal requirements but also demonstrate a genuine commitment to inclusivity.
Are you ensuring equal access?
The provision of translation services for the deaf and hard of hearing is a clear example of how property management can and should function under the guiding principles of fair housing.
Property management professionals can ensure that all residents receive the high standard of service they deserve by understanding the legal imperatives, embracing creative problem-solving, and investing in thorough preparation. Ultimately, these efforts reflect a broader commitment to equality and accessibility, pillars upon which the integrity of the property management industry rests.
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By Ryan Squires
While most of us are used to paying rent on a standard schedule due on the 1st of the month, more landlords have recently offered flexible options to suit tenants’ needs. A flexible, or partial rent payment, allows tenants to pay their rent in a way that more closely matches their life or work situation.
In this article, we’ll cover just about everything there is to know about flexible rent payments, from what they are to how to set them up.
Key Insights
- Landlords can set up flexible rent payments on any cadence a landlord, and tenant agrees to. Depending on the specific arrangement, tenants can make payments bi-weekly, weekly, or semimonthly (1st and 15th of the month)
- Offering partial rent payments to tenants can create goodwill between landlords and tenants by providing a customizable arrangement. It can attract new tenants, especially in places with a high number of gig workers or freelancers.
- Many flexible payment apps are on the market, but TurboTenant makes collecting rent payments, partial or not, easy, and the service is free for landlords.
Understanding Flexible Rent Payments
An increasing number of landlords have offered flexible rent payments in recent years, and many tenants find the arrangement more manageable due to increasing housing costs and non-traditional work schedules.
Landlords could arrange a few different types of flexible rent payment options depending on the tenant’s situation. It’s important for both landlords and tenants that the specific payment schedule is laid out clearly in the lease agreement to ensure no misunderstandings or miscommunications.
Typically, a partial rent payment arrangement would look like this:
- Weekly or bi-weekly payments: Smaller, more frequent installments for rent payments can be more manageable for tenants who find budgeting one lump sum every month challenging.
- Split payments or semimonthly: Rent could be split into two or more monthly payments. For instance, tenants could pay half their rent on the 1st and the other half on the 15th.
- Custom schedule: If a tenant’s paycheck follows a non-traditional payment schedule, a custom schedule might be arranged where payments are sent in lump sums at suitable intervals for both parties.
- Pay-as-you-go: The least common flexible rent payment scenario is when tenants only pay for the time they spend using the property.
Benefits of Flexible Rent Payments
There are several ways flexible rent payments can benefit tenants and landlords.
Tenants
A flexible rent payment plan can help tenants who receive bi-weekly or irregular paychecks. Instead of paying one lump sum every month, portioning out rent paid over the month can alleviate a financial burden and make it less likely that they’ll miss a payment or incur late fees.
Many tenants appreciate this flexibility, which can lead to high satisfaction and retention levels.
Landlords
Partial rent payments adhering to a precise schedule can help reduce the risk of late or missed rent payments, allowing landlords to anticipate cash flow more fully and accurately. A consistent cash flow over the month can help cover costs that crop up suddenly.
Offering a flexible rent payment schedule can also attract a broader range of tenants, especially in areas with a high concentration of gig workers or freelancers paid on non-traditional schedules.
Potential Drawbacks of Flexible Rent Payments
While there’s a lot to be said for a flexible rent payment scenario, it may not be ideal for everyone.
For landlords with a significant number of units, allowing many tenants to pay rent on a flexible schedule can become unwieldy and complicated to track, especially when tenants are on different flexible payment schedules.
Regardless of the number of units, tracking different payment timings can become an administrative challenge, forcing landlords to devote valuable time to bookkeeping and cash flow management compared to a standard rent arrangement.
Additionally, while no federal laws prohibit flexible rent payments, there could be restrictions depending on where the rental property is located or if a governmental housing program subsidizes the property.
For instance, if a rental unit is governed under a Homeowners’ Association (HOA), the HOA guidelines might prohibit non-traditional rent payment schedules.
Landlords should ensure that local guidelines allow for flexible rent payments if there’s tenant interest.
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Setting Up Partial Rent Payments: A Guide for Landlords
Landlords interested in setting up flexible tenant rent payments should evaluate the financial impact before jumping in. Understanding the cash flow rate against weekly or monthly expenses is crucial to satisfying obligations like mortgages, property taxes, and maintenance costs.
Once the financial implications are fully understood, landlords must determine how comfortable they are collecting partial rent payments and by which frequency. Will payment schedules be customized per tenant? Is it better to establish a weekly or bi-monthly cadence? Is it best to use a payment processor to handle rent?
If a landlord feels comfortable with partial payments and can adequately track and account for them, they should make any necessary adjustments to their lease agreements. The language explaining the flexible rent schedule should be clear and concise, and the timing, method of payment, and penalties for missed or late payments should be thoroughly outlined.
Or should a landlord filter everything into a flexible rent payment app, like TurboTenant’s mobile app, to streamline the process and keep all rent and property-related expenses contained in one rental accounting software?
For landlords wishing to switch existing tenants to a flexible plan, addendums can be signed by both parties and added to the lease for all future payments.
Using Flexible Rent Payments: A Guide for Tenants
For tenants who find themselves in or are looking to explore a partial rent payment agreement, it’s crucial to fully understand the terms of the arrangement as outlined in the lease.
If this is a new option tenants are exploring with their landlord, taking stock of your financial situation and paycheck schedule will help to dictate how often it makes sense to make a partial rent payment. Communicate with your landlord about the plan and discuss options that make the most sense for all parties. Landlords are often willing to work with their tenants to make sure that rent is paid on time.
Additionally, tenants can encourage their landlords to use a property management app like TurboTenant to help them track and schedule all upcoming rent payments automatically.
While we’re all familiar with paying rent on the 1st of every month, a bi-monthly or other partial payment schedule could quickly become more complicated. However, using a dedicated rental app makes it easy to set up recurring payments without regularly checking in and updating payment options.
How TurboTenant Supports Flex Rent Payments
TurboTenant is a fully featured landlord software platform designed to make the rental experience easy and painless for landlords and tenants across the United States. While the thought of implementing a potentially complicated partial rent payment scenario might seem overwhelming, TurboTenant streamlines the rent collection process to make it simple to set up and even easier to implement.
Within the platform, landlords can set up a payment schedule for their tenants and send automated reminders each month before the rent is due.
Further, TurboTenant offers granular control over partial rent payments for flexible rent schedules that occur in lump sums throughout the month. All financial information is tracked per unit and tenant to make it easy for landlords to quickly determine who has paid, what rent might be outstanding, and when to expect the next payment.
By offering mobile apps for landlords and tenants, TurboTenant makes communicating directly within the app simple, eliminating missed text messages and phone calls, and creating a paper trail of communication should problems arise.
Regardless of your property management needs, TurboTenant is here to assist you every step of the way. So, sign up for a free account today to see how TurboTenant can make your investment easy and profitable.
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Provided by the Fair Housing Institute
An upsurge of tenants requesting reasonable accommodation due to allergies can create a challenges for rental housing providers.
There has been a noticeable upsurge of residents requesting reasonable accommodations due to allergies. This is likely due to an increase in people suffering from both chemical and environmental sensitivities. A resident requesting accommodation due to allergies can create a challenging situation for the housing provider. This raises two questions:
- Are properties required to offer reasonable accommodations for allergies?
- If yes, what are some best practices to follow?
What Criteria Do Allergies Need to Meet?
In order to determine if an allergy meets the criteria for a reasonable accommodation, we must first determine if the allergy qualifies as a disability. The Fair Housing Act defines a disability as a mental or physical impairment that substantially limits one or more major life activities.
For most of us with allergies, while the reactions may be uncomfortable, it is probably reasonable to state that those reactions do not “substantially limit one or more major life activity,” thereby rising to the level of a disability.
To help you determine whether the allergies meet the criteria, you need to have reasonable-accommodation request and verification forms that can be filled out by a third-party verifier. It is okay for your reasonable-accommodation forms to highlight the difference between a disability and an impairment. Your forms can also include a section for the verifier to provide pertinent information regarding allergy testing to determine what the tenant is allergic to. It is important to note that only a third-party verifier can make the determination if the allergy is in fact a disability and what accommodations need to be met.
If the allergy is not a disability, then management is not legally required to accommodate the resident. On the other hand, if the allergy results in the resident’s throat closing and hives, these symptoms would probably be considered a fairly substantial limitation to major life activities and would meet the criteria for a reasonable accommodation. Now you are faced with how, and to what extent, modifications can be offered. This can be especially difficult in a multifamily setting.
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Creating a Reasonable Accommodation Plan
Once a reasonable-accommodation request has been verified, it is time to create a plan that addresses the needs of the resident. The housing provider wants to provide reasonable accommodations, while also not limiting the use of chemicals and products by other residents and staff, particularly those that are critical to building maintenance. This is where open communication to discuss alternatives is critical between the resident, the property owner or manager, and the verifier. HUD and the courts now view the “interactive process” as an essential step by housing providers during the reasonable-accommodation process, whether the property plans to deny or offer the resident an alternative accommodation. Documenting the plan is also a critical best practice and ensures that everyone clearly understands the plan.
Fair Housing Training Is a Must
Dealing with reasonable-accommodation requests can be quite dynamic. Regular Fair Housing training is a must for property-management professionals. Property-management professionals are best served when regularly trained to identify the issues and then discuss them as a team. If you are not clear on the legal requirements, reach out to a qualified fair housing attorney. The more you know, the better you will be when dealing with complex reasonable accommodation requests.
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By Daniel Sharabi
There is no question that Ratio Utility Billing Systems are a benefit to housing providers. Regardless, conversations around RUBS among uninformed housing providers can lead to confusion and misconceptions regarding Ratio Utility Billing Systems.
While more traditional methods, such as flat fees or equal splits, offer simplicity, they lack fairness and precision. Enter Ratio Utility Billing Systems (RUBS), an ideal solution for a fair and streamlined billing process. Less-than-seasoned housing providers may share a laundry list of negatives they’ve heard regarding RUBS. Check out these common misconceptions of housing providers surrounding Ratio Utility Billing Systems that we are here to debunk.
MYTH #1: RESIDENTS WILL THINK I’M BEING UNFAIR
A concern among housing providers is that RUBS might not be perfectly fair. Residents who conserve utilities like water might end up subsidizing those who use more. This can lead to frustration and disputes. Explaining the logic behind the formula can be an uphill battle in the eyes of a housing provider.
Residents in well-maintained units with newer, more efficient dishwashers and low-flow showerheads might feel they’re subsidizing those who use more water, creating tension between residents and potentially leading to finger pointing and resentment toward the housing provider.
MYTH BUSTED
The right RUBS system can factor in square footage, occupancy and more so that billing is both
transparent and fair. Residents should be able to see how their bills are calculated and why the bill is what it is. Housing providers can also offer a “goodwill deduction” for any reason, including for a resident who has concerns about subsidizing other residents unfairly.
MYTH #2: COMPLIANCE WILL BE A HEADACHE
RUBS regulations can vary by location. Housing providers need to be sure they are following all the rules to avoid legal issues and many don’t want to take on that headache. Maintaining accurate records of occupancy changes, appliance upgrades, and historical usage data is crucial for a fair RUBS system. Housing providers may fear finding themselves dealing with the burden of meticulous record keeping to avoid legal trouble.
MYTH BUSTED
The right RUBS platform has compliance assistance built in. “At Livable, we provide a lease addendum for our housing providers so they are covered legally,” Sharabi explains. “Of course, housing providers need to make sure that they are in compliance with all local ordinances and regulations, but the lease addendum goes a long way toward achieving that.”
“We do always recommend that you check with your attorney before implementing RUBS for your residents, but our system is designed to aid with compliance for housing providers.”
“Livable Pro is so easy you can do it yourself,” Sharabi says. “We designed a user-friendly interface that makes it simple to set up RUBS. Just plug in the information as asked and you’re all set!”
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MYTH #3: IMPLEMENTING RUBS IS MORE TROUBLE THAN IT’S WORTH
Setting up RUBS properly requires choosing a fair formula, clearly communicating it to residents, and handling disputes fairly. This can take time and effort and many housing providers are reluctant to try.
MYTH BUSTED
“Livable Pro is so easy you can do it yourself,” Sharabi says. “We designed a user-friendly
interface that makes it simple to set up RUBS. Just plug in the information as asked and you’re all set!”
MYTH #4: RUBS IS ONLY FOR BIG COMPLEXES OR HIGH-RISES, NOT SMALL OWNERS LIKE ME
Some housing providers may believe that ratio utility billing only works or makes financial sense if you have a lot of units to bill.
MYTH BUSTED
“We created Livable Pro for the independent rental owner,” says Dan Sharabi, CEO of Livable. “Livable has never had unit minimums or a required commitment. We want housing providers to be able to hold residents accountable for their use, driving conservation, whether they have one rental unit or 1,000.”
CONCLUSION
Even with well-defined guidelines, disputes about RUBS bills may occur. Housing providers often fear being caught in the middle, mediating between residents who feel unfairly charged and the need to maintain a fair system for everyone. Housing providers considering RUBS should be prepared to navigate these potential resident concerns and ensure they have fully accessed the resources RUBS provides to effectively implement and manage the system. The reality is that the benefits of RUBS far outweigh the effort required for it to revolutionize your
billing. Ratio Utility Billing is a cost-effective way to allocate utilities, save you money and practice good conservation. Housing providers should explore the benefits of RUBS for themselves before listening to outside misconceptions.
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By Jonathan Forisha
Renting a Section 8 home can be a tricky situation to navigate. Also known as the Housing Choice Voucher Program, Section 8 is a federal initiative to help low-income families, older adults, and people with disabilities rent homes. There are rules for tenants and landlords to be aware of, and deciding to enter the program could be a complicated proposition.
In this Section 8 rental guide, we’ll dive deep into the ins and outs of this federal assistance program so you can decide if it’s right for you.
Key Insights
- Section 8, otherwise known as the Housing Choice Voucher Program, has existed since 1974 and provides affordable housing options to low-income individuals and families across the United States.
- Section 8 evaluates applicants based on income, the amount of which varies based on where the tenant lives. The government will pay 30%-80% of the rent depending on the tenant’s income level.
- Any landlord can apply to offer Section 8 housing with single-family or multi-family units by contacting the local PHA office and following the application process.
Understanding Section 8 Housing
The Section 8 program was created by Congress in 1974 and is run by the U.S. Department of Housing and Urban Development (HUD). The goal is to make housing more affordable for individuals and families via federal subsidies.
Section 8 eligibility is determined by the total annual income and family size of U.S. citizens and some immigrants based on their status. There are two types of Section 8 housing programs: “project-based” programs, where eligible properties are linked to specific apartment complexes, and voucher programs, where tenants can choose a unit in the private sector and a public housing agency (PHA) pays Section 8 funds directly to the landlord.
Local PHAs — either by state, county, or city — have some flexibility in implementing a Section 8 program, but generally, if an applicant makes less than the median income for the area, they can qualify for the subsidy. The tenant must pay a percentage of their median income as rent, while the Section 8 funds cover the rest.
There are three categories that the program considers:
- Extremely low income: income doesn’t exceed the federal poverty level or 30% of the area’s median income.
- Very low income: income equates to 50% of the area’s median income.
- Low income: income represents 80% of the area’s median income
Median income can vary significantly by location, so check with your local PHA to identify the income level that they recognize.
For landlords, offering Section 8 housing is not required. Landlords can opt into the program for a number of reasons. However, there are some states and counties in which you cannot refuse to accept a Housing Choice Voucher.
In the next section, we’ll review the Section 8 application process for landlords.
How to Become a Section 8 Landlord: Step-by-Step Guide
Interested landlords can visit their local PHA to gather the necessary paperwork and understand the guidelines specific to the community. Generally speaking, Section 8 landlords will need to do the following:
-
- Complete an application, providing personal identification, property details, and the asking rent price.
- Complete a property inspection. The government requires specific property standards to qualify as a Section 8 home, which might be more stringent than if the property were available on the regular housing market.
You can view a complete list of these requirements on the HUD website, but a few areas of focus are:
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- Working plumbing and sanitary facilities
- No lead-based paint
- A safe and adequate heating system
- No evidence of roach or vermin infestation
If your property passes the inspection and the application is approved, landlords can start accepting tenants who qualify for Section 8 assistance.
Advantages and Disadvantages of Renting a Section 8 Home
For tenants, there are a lot of advantages to Section 8 housing if you qualify. Section 8 benefits provide access to affordable and safe housing for lower-income individuals and families, which would otherwise be unavailable. Renting a Section 8 home allows families to live in safe and desirable neighborhoods that might otherwise be unaffordable.
However, in many areas, the waitlist for Section 8 vouchers can be quite long — as long as 2-3 years in some places due to high demand.
For landlords, becoming a part of the Section 8 housing program can provide a steady and reliable source of qualified applicants vetted by their respective PHA. Not only is the pool of applicants readily available, but tenants often stay for longer periods of time when they’ve found stable and reliable housing.
Additionally, the chances of late or unpaid rent are significantly reduced as the government covers a portion of the rent payment. On the other hand, the inspection process can be burdensome in some cases since it’s significantly more strict than the landlord-tenant laws typically dictate, and correcting issues flagged by a government inspection can be lengthy and expensive.
Also, it’s typical for your first rent payment from the government to be late as you enter the system — but once you’re established in the system, the money you’re owed will come through, and future payments should arrive on time.
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Navigating Section 8 Inspections and Regulations
All Section 8 homes must pass a rigorous inspection to qualify for the program. The U.S. Department of Housing and Urban Development has set a baseline for the Housing Quality Standards (HQS) to ensure all properties are safe, sanitary, and decent.
There are 13 key aspects of housing quality covered by the HQS:
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- Sanitary facilities
- Food preparation and refuse disposal
- Space and security
- Thermal environment
- Illumination and electricity
- Structure and materials
- Interior air quality
- Water supply
- Lead-based paint
- Access
- Site and neighborhood
- Sanitary condition
- Smoke detectors
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After the initial inspection, annual inspections are also required to ensure that landlords and tenants maintain the property in accordance with HQS regulations. Special inspections may also be scheduled if there are complaints from tenants or landlords about the condition of a Section 8 property.
Please visit the HUD website for more information and specific details on the HQS and inspections.
Common Misconceptions About Section 8 Rentals
There are a number of aspects that the public, landlords, and tenants often misunderstand about what Section 8 is and how it works. In this section, we’ll debunk some of the most common misconceptions about renting a Section 8 home.
Section 8 Housing Is Not the Same as Public Housing
Participants in the Section 8 program lease private units, and tenants receive government assistance to pay rent costs. However, the units are privately owned and not owned and operated by the government, unlike public housing.
Section 8 Tenants Must Contribute to a Portion of Their Rent
Tenants who apply for Section 8 housing must be employed and pay a percentage of the rent, depending on income level. The government voucher will cover the remaining 30-80% of the rent, depending on how much the tenant makes.
Section 8 Housing Is Easy to Get
Due to increasing housing costs and stagnant wages in many areas of the country, waiting lists for Section 8 can be incredibly long and slow-moving. Contact your local PHA to check on the waitlist status and for guidance on navigating the process as smoothly as possible.
How TurboTenant Can Help with Section 8 Rentals
For landlords renting their units to Section 8 tenants, TurboTenant is an incredibly powerful tool. TurboTenant is an advanced property management software that can help landlords and tenants stay connected through an easy-to-use platform, complete with messaging capabilities.
While PHA’s handle income verification for Section 8 tenants, TurboTenant features comprehensive tenant screening services to help ensure landlords rent to the most qualified tenants. Once your tenants are moved in, TurboTenant’s maintenance tracking features simplify renter requests, empowering you to tackle everything from routine work to critical repairs. This makes passing the program’s annual inspections a breeze.
Finally, TurboTenant’s financial management and reporting tools uncomplicate tracking payments from your tenants and the government so that you can understand how your investments are performing at a glance.
There are so many ways that TurboTenant can help landlords and tenants for all Section 8 and non-Section 8 rental situations, so sign up for a free account today!
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By David Pickron
When it comes time to perform a move-out inspection, it’s critical to engage your four senses, especially smells, to ensure that you don’t miss something that could end up costing you thousands down the line.
“Oh, I had a friend bring her little dog over maybe once or twice while I lived there.” That’s a direct quote from a recently moved-out tenant. Funny thing is, I went to the property the day after she moved out and all of the windows were open … in August … in Phoenix.
As I walked in, I caught the overwhelming odor of what seemed skunky, but I just could not put my finger on it. No wonder she wanted the windows open to air out the place and somehow save her security deposit.
When I asked her if she had been smoking or vaping marijuana, she adamantly denied it. “Did you ever have any pets in the property?” I asked. Refer to the first sentence of this article to see her answer.
I shut the property up and a few days later returned to start the rehab for my next tenants. Sure enough, when I opened the property that had been sealed shut for just a few days, the smell of urine overwhelmed me.
Turns out it was a combination of the urine smell and the smells from a nearby dairy that made me think it was initially marijuana. And just this week I met the carpet guys at the property and to no one’s surprise, when the carpets were pulled up, there were urine stains over every square inch of the carpet and pad. That little dog must have had some kind of bladder for just being there once or twice.
Now before you think I am anti-pet, I’m not. I have three adult Bernedoodles — Wellington, Winston, and Aspen — that bring me pure joy. And I’m not anti-tenant either, as I have multiple short-, mid-, and long-term rental properties that produce a great income and are valued assets. My challenge here lies in the fact that tenants will go to great lengths to avoid any extra expense that comes after they vacate a property.
When it comes time to perform a move-out inspection, it’s critical to engage your senses to ensure that you don’t miss something that could end up costing you thousands down the line. Here’s what I recommend:
No. 1 – SIGHT
If you have copies of photos from the initial move-in inspection, compare those with the current condition of the property. Things like holes in walls are obvious, but do you remember the paint color that was in the property at time of move-in? Or what appliances were there when the tenants took possession? (Was that room really pink with stars on the ceiling?)
If you own multiple properties or if a tenant has been in a home a long time, you may not remember exactly what was in place. I’ve seen tenants break my nicer appliances or fixtures and replace them with cheap ones, hoping I wouldn’t notice. Always, always take pictures of the property before a tenant takes possession so you don’t have to rely on memory.
No. 2 – SMELL
As my story above illustrates, the nose always knows. What I didn’t tell you is a week prior to the tenants moving out, I visited the property and it smelled great. The tenant asked specifically when I would be arriving and dolled the place up with air fresheners.
Quite literally, if it doesn’t pass the smell test, something is likely wrong at the property. To get the best results, turn off the HVAC system for a couple of days and seal the house up. Smells such as cigarette or marijuana smoke, mildew, or pet urine will become more pronounced once the air stops moving.
INSPECTIONS ARE IMPORTANT!
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No. 3 – SOUND
When I walk into a vacated home, I listen for all types of sounds. Is there an unreported leak somewhere that I can hear, as in the toilet? When the HVAC system turns on, does it sound right? Maybe I should inspect the filter to see why the A/C is struggling. Same goes for dishwashers and washers and dryers. Run all the faucets in the home and listen for any issues that might be related to the plumbing.
No. 4 – TOUCH
During the move-out inspection, I like to feel for things like drywall repairs the homeowner may have completed. Open the cupboards and make sure they glide smoothly. A lot of homes now have stone countertops, and depending on the stone, it may visually hide gouges or cracks caused by homeowner behavior. I also feel with my feet as I walk the property, as unreported water leaks can lead to warped or loose floors that I may not see but can definitely feel.
I teach new landlords all the time about the importance of finding the right tenant to be their “business partner” in maintaining and caring for a property. But even the best tenants can and do create problems for us as housing providers when they move out of our properties. Little things are expected, but when it comes to professionally and effectively managing our portfolios, we have to use everything in our arsenals to protect our assets. Using your senses to sense scents (and other issues) just makes sense.
Speaking of making sense, require a security deposit big enough to cover carpet replacement, as that is usually the biggest replacement item that holds those offending odors.
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By Emily Koelsch
California passed two bills in 2024 that impact Landlords and Tenants. We’ve updated our site with the necessary changes. To help Landlords comply with these new requirements, here’s a summary of the 2024 changes to California Landlord-Tenant laws.
Assembly Bill 12 – Changes to Security Deposit Regulations
Assembly Bill 12 went into effect on July 1, 2024. It limits security deposits to one month’s rent for furnished and unfurnished rental units. This is a significant change from the previous limit of 2 months’ rent for unfurnished rental units and 3 months’ rent for furnished rental units.
Bill 12 provides a notable exemption for “Small Landlords.” A “Small Landlord” is defined as a Landlord who:
- Owns no more than 2 residential rental properties that include no more than 4 dwelling units; and
- Holds the properties as a natural person, an LLC where all members are natural persons, or as a family trust.
Landlords who meet this qualification may charge up to 2 months’ rent for the security deposit.
Any Landlord who qualifies for this exemption and charges 2 months’ rent should provide Tenants with this Exemption Disclosure documenting that they fall into the category of Small Landlord.
California Senate Bill 567 – Changes to No-Fault Evictions
California Bill 567 went into on April 1, 2024. Here are the notable impacts it has for Landlords:
No-Fault Just Cause Evictions
Bill 567 changes the requirements for terminating a Tenancy due to the Landlord moving in and substantial remodels.
Under California Civil Code § 1946.2, Landlords may not terminate a Tenancy if Tenants have been in a property for at least 12 months without “just cause.” Landlords may terminate a Tenancy for no-fault just cause if:
- The Landlord or the Landlord’s spouse, domestic partner, children, grandchildren, parents, and/or grandparents intend to occupy the property;
- The Landlord plans to withdraw the property from the rental market;
- A government order requiring the Landlord to remove Tenants from the property; or
- Intent to demolish or substantially remodel the property.
Landlord or Family Member Moving Into the Rental Unit
As of April 1, 2024, Landlords may only terminate a Tenancy for the owner moving in if:
- The individual moving in is the owner or the owner’s spouse, domestic partner, child, grandchild, parent, or grandparent.
- The family member moves in within 90 days of the end of the Tenancy.
- The family member resides in the rental unit for at least 12 months as a primary residence.
Landlords who meet these requirements must provide Tenants with a 60-day Notice to Vacate that includes the name and familial relationship of the person moving into the property.
Landlords who violate this requirement can be subject to monetary damages including treble damages and punitive damages.
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Substantial Renovations
Bill 567 also sets out new requirements for Landlords who terminate a Tenancy for substantial renovations.
As of April 1, 2024, to terminate a Tenancy for substantial renovations, Landlords must provide Tenants with a Notice to Vacate that:
- Includes details about the work being completed, including when it’s starting and how long it will last;
- Attaches all applicable permits;
- Notifies the Tenants of their right to reoccupy the property if the work isn’t started or completed; and
- Advises Tenants that they should give the owner their contact information if they’re interested in re-occupying the property after renovations.
Government authorities can seek injunctive relief and monetary damages against Landlords who violate these provisions.
Limits on Rent Increases
Bill 567 also states that the current limits on rent increases will be in effect until January 1, 2030. The current statewide rent control limits rent increases in a 12-month period to not more than 5% plus the percentage change in the cost of living, or 10%, whichever is lower.
Owners who violate the rent control laws are liable to Tenants for damages up to three times the amount that rent payments exceed these limitations.
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Provided by Bigger Pockets
Selecting, validating, renovating, and managing a successful rental property requires specific skills, local knowledge, processes, and resources. The only source for what you need is a local investment team. Without it, you are merely guessing.
The Most Important Team Member Is the Investment Agent
Investment agents are entirely different from regular residential agents. Here’s how.
Residential agents
Residential agents help clients buy or sell homes. The process is simple: Clients scan real estate sites or drip feeds and choose the properties they want to see. The agent provides access to these properties.
If the buyer wishes to submit an offer, the agent facilitates the offer. If the offer is accepted, the agent facilitates closing.
Except for adding the buyer to a drip feed, providing access to the properties, and handling paperwork, residential agents provide little value to an investor.
Investment agents
Investment agents assist clients in purchasing income streams, not homes. They need to understand finance, market trends, ROI, and tenant demographics, and they are always part of a team.
The process is entirely different. Here’s a high-level overview of our process:
- Define the client’s financial goals.
- Develop a property profile that supports the client’s goals.
- Find conforming properties and generate analytics.
- Perform an on-site evaluation for properties of interest, including sending annotated walk-through videos to the client and property manager.
- Obtain the property manager’s evaluation of the property based on the video, including estimated rent, time to rent, and recommended renovation items.
- Estimate the renovation cost based on the property manager’s recommendation.
- Recommend offer price and terms.
- Manage due diligence, including inspections and in-person walk-throughs for property managers.
- Obtain quotes for all renovation items.
- Overwatch renovation after the close of escrow.
- Facilitate property manager take-over and rental listing.
The takeaway
Investment agents and their team members provide a wide range of services, including property selection, property analytics (not MLS data sheets), validation, renovation management, and more. These are highly valuable services for investors.
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Qualifying an Investment Agent
Finding a (good) investment agent can be challenging. The problem is that while there may be thousands of residential agents, there may be only one or two investment agents in a market.
Some residential agents will occasionally sell real estate that becomes rental properties. However, the client selects the properties and provides all the investment skills. The residential agent usually provides no services beyond those needed for homebuyers.
Interview questions
How can you tell an investment agent from others? By asking the right interview questions.
Before interviewing candidates, compose a list of 10 or fewer questions; you will not have time for more. Ask each candidate the same questions, and note each response for later comparison.
Here are sample questions, along with acceptable responses. Will you find a candidate with the “right” answer to every question? Probably not, but make sure they provide reasonable answers.
- Tell me about your investment team: You’re looking for a response like, “I’ve worked with X property manager for years. We’ve completed X properties,” or “I work with several renovation companies…” They have no value to you if they are not part of an investment team. Move on to the next candidate.
- Do you own investment properties? I would reject the candidate if they have not personally owned investment properties.
- How many investment properties did you close in the last 12 months? Some agents only sell two or three properties per year. Even if all were investment properties, there is insufficient repetition for the needed processes, experience, and resources. A minimum of 12 investment properties per year is necessary to be proficient.
- Did you or your client select the properties? This is an important question. Residential and investment-friendly agents do not pick properties. They send MLS data sheets for the properties the client requests. The client evaluates the properties and selects one or more to make an offer. The agent adds almost no value if you do all the work. Investment agents select potential properties and provide analytics. Reject the candidate if the client selected the property.
- What were your primary selection criteria? It could be the initial return, appreciation, tenant pool, or something else. You’re looking for a plausible answer based on analytics, not opinion or “feelings.”
- Tell me about the tenant pool segment you target: Understanding the existence of tenant pool segments and their characteristics is not common knowledge. It requires a person with investment experience. If they do not have a plausible answer or do not understand the question, go to the next candidate.
- How did you estimate rent and time to rent? They should be able to describe a process like, “I look at recently rented comparable rentals.” Another good answer is that they work with a property manager who supplies this information. If they answer that they use Zillow, Redfin, Rentometer, etc., they do not know how to evaluate investment properties. No real estate sites I’ve seen provide usable estimates of rent or time to rent for specific properties. This is critical information when you are evaluating investment properties.
- Tell me about your renovation process: You are looking for an answer like, “I work with the property manager to determine a list of renovation items. Next, I work with XXX company to get a quote. Once escrow closes, the renovation company does the work, and the property manager does final acceptance.” Renovation is a critical success factor.
- What else should I have asked you? This is an absolute golden question. I’ve learned a lot by asking this question at the end of interviews.
For example, I was checking out a neighborhood I did not know. Nothing looked unusual or concerning. While walking around, I saw a woman sitting on her front porch. I talked to her about the neighborhood for a while. I was about to leave when I asked her, “Is there anything else I should have asked you?” Her response blew me away.
She told me that when two drug dealers lived on the street, and they would occasionally shoot at each other. One was sent to prison about a year ago, and the remaining drug dealer keeps things quiet. I saw nothing to indicate the presence of drug dealing, and would not have known if I did not ask the “what else?” question.
If the candidate answered all questions satisfactorily, you are reasonably assured they know what they are doing.
Final Thoughts
Ask the right interview questions to determine whether an agent has the skills you need. Once you find and vet an investor agent, that person will bring the team of people and resources you need.
However, much like in any company, the investment team will only function as well as the leader, which is you. You are still responsible for directing the team and making all major decisions.
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By Bradley Barth
Estate planning is a crucial aspect of managing your assets, especially if you’re heavily invested in real estate. As a real estate investor, you’ve likely put significant time, effort, and money into building your portfolio. Ensuring that your investments are protected and managed according to your wishes beyond your lifetime is essential. In this article, we’ll delve into some essential estate planning tools that every real estate investor should have in place.
WILL
A will is the cornerstone of any estate plan. It outlines how you want your assets, including real estate properties, to be distributed after your passing. Without a will, state laws will determine how your assets are divided, which may not align with your wishes. When drafting your will, be specific about which properties you want to leave to whom and consider contingencies for any unforeseen circumstances.
TRUSTS
Trusts offer more flexibility and control over the distribution of your assets compared to wills. For real estate investors, a revocable living trust is particularly valuable. By transferring ownership of your properties to the trust, you retain control during your lifetime while
ensuring a smooth transition of ownership upon your death or incapacitation. Additionally, trusts can help avoid probate, which can be time-consuming and costly.
DURABLE POWER OF ATTORNEY
A durable power of attorney allows you to appoint someone to make financial and legal decisions on your behalf if you become incapacitated. This is crucial for real estate investors, as it ensures that someone can manage your properties and investments if you’re unable to do so yourself. Make sure to choose a trustworthy individual who understands your investment strategy and preferences.
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HEALTHCARE PROXY
In addition to financial matters, it’s essential to plan for healthcare decisions in the event of incapacity. A healthcare proxy, also known as a medical power of attorney, designates someone to make medical decisions on your behalf if you’re unable to do so. This includes
decisions about medical treatment, long-term care, and end-of-life care.
BENEFICIARY DESIGNATIONS
Many real estate investors overlook the importance of beneficiary designations on assets such as retirement accounts, life insurance policies, and even certain types of real estate holdings. By designating beneficiaries, you can ensure that these assets pass directly to your chosen
recipients without going through probate. Regularly review and update your beneficiary designations to reflect any changes in your personal or financial circumstances.
LETTER OF INTENT
While not a legally binding document, a letter of intent can provide guidance to your loved ones and beneficiaries regarding your wishes for your real estate investments.
This document can include instructions on property management, maintenance, and any specific goals or objectives you have for your properties. While it may not have the same legal weight as a will or trust, a letter of intent can offer clarity and peace of mind to your heirs.
Estate planning is a vital aspect of managing your real estate investments and ensuring that your assets are preserved and distributed according to your wishes. By implementing these essential estate planning tools, you can protect your properties, minimize taxes and probate costs, and provide for your loved ones in the future.
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By David Pickron
Think of your rental criteria as frequently asked questions for those applying to rent your property and are they written down?
Early on in my investing career I flew by the seat of my pants. I had no real policies or guidelines; I relied on gut reactions to situations as they surfaced. As I travel and meet with different real estate groups across the country, I always ask this critically important question; who here uses a detailed criteria? Rarely do I get many hands raised.
In fact, you may be asking right now, what is criteria and more importantly, how do I make one?
Like any business, your rental criteria can function as your rental policy, lining out your rules and regulations. It covers questions like:
- Can I smoke on the property?
- Do you rent to people with criminal history? If yes, what kind of history would disqualify me?
- How high does my credit need to be in order to qualify?
Think of your criteria as an FAQ for those applying for your property. I love the fact that I have all my requirements written down for the world to see. No surprises! And best of all this helps me treat everyone the same and avoid even a hint of a fair housing violation.
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One other important note is I always have a unique criteria for each property in my portfolio. Factors like location, square footage, and age or condition of the home all go into the creation of the criteria. I may require a lower credit score, less down payment, the inclusion of pets, or other things that are unique to that property. With that being said, I give every person that views that property the same criteria for that unique property.
While having your criteria is crucial, sharing it is even more important. I like to share with my potential tenants throughout our interactions in the following three ways.
- Share your criteria on your listing. Isn’t it a waste of everyone’s time to look at the listing, consider, schedule, and show a property when the applicant doesn’t even meet the criteria? Though I would encourage you to let everyone apply, giving them your criteria in advance allows them to read it before they reach out or see the property. If an individual reviewing your listing has three dogs and is able to see that this property doesn’t accept pets, chances are they will move on to the next listing. This saves you time from responding to someone who will never qualify under that properties criteria.
- Provide and review a copy of the criteria at the time of showing the property. Once again, if you do not allow smoking on that property, your applicant will have heard and acknowledged that, so even if you forget to mention that in the walk through, you’re still covered. A detailed criteria lets them know you are a professional and those trying to get away with something will move on. On the other hand, if they still apply and you have to deny them for something on the criteria, you know they took the chance, hoping you would not find out or they flat out lied to you. Either way, this is not an individual you want to enter into business with anyway.
- Before you invite them to apply, the Rent Perfect system I use will attach the specific criteria for that property to the link I send them. It’s just one more chance for them to see the rules of that specific property in advance. Simply put, if they cannot pass my rules, they will be declined, and I’ll move to the next applicant.
As a landlord, I give them three separate times to acknowledge and understand my rules before they pay the application fee.
I would rather have the tough conversations before they apply and become my tenant.
Catching a renter smoking after the fact while they are living on the property is a much more difficult (and far more expensive) situation. By being open and sharing your criteria, you can treat everyone the same with a well-documented process if there is ever a fair housing complaint against you. Remember, you are hoping to make this individual your business partner for the next few years. Taking this small but critical step is just one way to help you get the right tenant the first time.
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