If you have a shed or even an underutilized basement, you could allow one or more of your tenants to use the space as storage for a nominal fee. Even a few dollars every month eventually adds up!
Sponsored by Feeder
Instead of just settling for a standard credit and background check when screening applicants, take the extra step of contacting employers to confirm pay stubs and former landlords. This will ensure you're covering all your bases.
Tenants will often try to use their security deposit as last month's rent. Be sure to include language in your leases and lease renewals that this will not be accepted. When a tenant gives you notice of non-renewal, remind them you will be collecting last month's rent and if they attempt to use their security deposit instead, you will assess late fees and send them to a collection agency. No tenant wants to be on the tenant blacklist!
Always take photographs of a unit before a tenant moves in. They can be used as proof should a dispute over "normal wear and tear" arise when the tenant moves out.
Sponsored by Securent
Before purchasing a property, make sure to pull the Certificate of Occupancy. If it doesn't match the way the building is being used, it could cause you a lot of legal headaches down the road.
Always make certain that a contract has been signed by all parties involved in a transaction. Without a signature, the contract is meaningless.
Safety and security are very important to tenants. By situating a laundry room in well-lit and highly visible location, you can ensure they always feel safe and sound on the property.
All individual solar cells on a module must receive full sunlight for the module to properly produce. In the past, if any portion of the module is shaded, the entire module power output, even those sections exposed to sunlight, is lowered as well as the other panels in the string. With today’s technology this had changed tremendously.
Sponsored by Best Energy Power
Install mirrors in every elevator. Failure to do so may result in fines.
All elevators in New York City will have to be inspected to ensure compliance with Code "K3" by January 1, 2020. The code states that all elevators need to have devices installed that will prevent the automatic operation of elevators with damaged door contact circuits. There is no grandfathering or getting around this code.
Sponsored by Consolidated Elevator Services Corp.
Today's Tip is sponsored by Maxons Restorations, LNY Certified Vendor:
For insurance claims in the event of a fire, do NOT disturb the fire scene in ANY way until AFTER the cause and origin investigation by your insurance company has been completed. Be sure to keep the area cordoned off so tenants and passersby do not enter and disturb the area and evidence within.
Make sure your laundry room has a sign that is easy to read and that states the rules and regulations to help keep it running.
Always return the balance of the security deposit after all the proper deductions have been made within a fixed time, typically 30 days after termination of tenancy.
Sponsored by Securent
You should leave a basket or two in your laundry room, provided you have one. This way, if one tenant accidentally leaves his or her clothing in one of the machines, another tenant can remove it without being disrespectful. By fostering good tenant relations, you will save yourself from innumerable headaches.
Sponsored by ACES Laundry.
Though carpet tiles are usually more expensive than broadloom carpeting, you don't need a professional to install them. This may end up saving you in the long haul.
Distressed properties can oftentimes be purchased at below-market values, but they're difficult to find. One of the signs of a distressed property is delinquent taxes. Properties with delinquent taxes are not difficult to find. One just needs to pull the most recent certificate of tax lien sale, a public record. The document will contain a list of thousands of properties with delinquent taxes. These properties may not necessarily be distressed, but there is a relatively good chance that they could be.
Sponsored by Feeder.
Though one usually thinks of cars when thinking about window tints, tints or films can also be used to trap heat in apartments, which can cut down on energy expenses.
Film is a particularly good idea if you have units with skylights.
Pest control cannot always be in the hands of your exterminator. Be sure to seal holes and gaps in your units' walls. Even small cracks can easily allow pests access and create infestations.
Sponsored Tip by Best Energy Power:
When going solar, there are definite advantages to installing a new roof at the same time. Be sure to keep the existing roof MFR warranty in place. Please contact Best Energy Power, LNY's Solar Expert, to learn more.
When considering hiring a contractor, ask for proof of completed work. This should be readily available to them through their smartphones or other electronic devices they may carry such as a tablet. Make this part of your requests to your property management company as well, should you use one. Reliable contractors will be able to describe in detail the work done, before and after.
When preparing for an appeal of an assessed value, you must have detailed records of your monthly revenue. Be certain to track vacancies throughout the year, as any circumstances that result in a loss of revenue to the taxpayer must be documented and explained at the hearing.
Sponsored by MGNY Consulting
The Dept of Sanitation can fine you for not having a garbage can with a lid that is "tight fitting" enough under §27-2021. To avoid potential fines, get lids that securely snap into place.
Convert your coin machines to machines that use credit cards, as they will help track which tenants are using the laundry room, as well as anyone who is not a tenant and using the laundry room.
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