Greater Baltimore Property Management Blog

June 2023 Newsletter

System - Thursday, June 1, 2023

The Right Tenant is Worth the Wait

The success of a rental property highly depends on finding the right tenant. Disregarding an applicant's poor credentials and rental history just to rent your property immediately will surely cause more headache and financial loss in the long run. At PropertyWize, we follow a strict guideline on assessing an application to make sure we vet the best tenant for you. Click here to learn more about our screening process.

How We Determine Market Rent

Listing your property at an excessive rental price will increase the vacancy period. PropertyWize considers a combination of the following to determine the market rent: comps, recent rent collected, and current conditions of the property. We also pull data from our Rental Analysis Reports to determine the best rate for your investment. We are here to protect your investment and find the right tenant for you by determining the best market rent as we see fit. 

Avoiding Court and Other Liabilities by Being Safe

A plan for minimizing property owners' liability and adhering to building guidelines is to provide tenants with safety. A residence needs to have a safe environment on both the inside and outside of the building.

A significant key for decreasing liability is to "think preventative." Repair costs can be reduced or avoided by paying for maintenance. Courts have a negative view of property owners who do not pay attention to dangerous maintenance. It might also be beneficial to encourage tenants to stay with the tenancy. If a tenant's home is safe and comfortable, they are less likely to move. This reduces rental income loss.

Interior Safety

  1. Fix flooring problems such as exposed carpet tacks, loose tiles, ripped linoleum, and stretching carpeting when necessary.

  2. Replace any flooring when it becomes a trip hazard as soon as possible.

  3. Repair any unsafe electrical problems, such as broken receptacles, unsafe wiring, or faulty stove/oven and dishwasher units immediately.

  4. Maintain or replace smoke alarms so that they work properly in the event of a fire.

  5. Install carbon dioxide detectors on the property. This is a relatively inexpensive item to promote tenant safety and is now required by law.

  6. Provide and install a fire extinguisher. This may also reduce your property insurance rates.

  7. Replace or fix window locks, ensuring that the tenant can easily open all moving windows to provide escape routes in the event of a fire or to prevent burglary.

  8. If neighborhood problems require bars on windows and doors, install the type easily opened from all moving windows and doors. Then, to be on the safe side, have the fire department check them.

  9. Installing double-cylinder deadbolts with thumb throws is a big safety item.

  10. Replace inside keyed deadbolts. These can trap a tenant if a fire occurs and the key is missing.

  11. Remove or fix any problem that could promote mold problems, such as leaking or dripping faucets, broken bathroom fans, etc. If necessary, have the property evaluated by an experienced mold expert. This is one of the highest liability areas for landlords today.

  12. Always have asbestos or lead-based paint removed properly. This is mandated federal law and the fines are huge if there are violations.

Exterior Safety Issues

  1. Install proper lighting around the property to help deter or expose waiting for predators of all kinds.

  2. Keep bushes and trees trimmed to not only assist with exterior lighting but also avoid areas where tenants can trip and injure themselves.

  3. Removing large tree branches can also prevent damage to roofs, people, and tenant vehicles.

  4. Repair large cracks that cause uneven sidewalks and driveways - another trip hazard.

  5. Remove dangerous tree roots - this can cause large cracks in sidewalks and driveways.

  6. Have hanging wiring, falling gutters, and falling roof tiles, removed immediately.

  7. Remove high grasses or debris that could promote fire danger.

  8. Repair, replace, or take out unsafe patio covers, sheds, fences, or structures that could cause a hazard.

  9. Repair or remove dangerous potholes, rocks, or toxic waste.

  10. Fix the source of any standing water. This not only eliminates potential pest problems but can also reduce water bills.

  11. If there is a pool or spa, be sure there is proper maintenance of the water and that it complies with all safety codes.

Be a Hero! PropertyWize Referral Program

Pick anyone and we’ll manage their property for 1 month for free and yours for free, too.

For Referrals
Only applicable to first time customers. Property also must minimum standards and fully compliant of all state and local laws.

For Current Clients
To qualify, your account must be in good standing. Also only 1 property management fee credit is applicable up to a maximum of $150.00

Owner Benefit Package

Minimize Your Exposure... and Headaches:
When a tenant defaults on the rent, it can take months to regain your property and get another tenant in place. Meanwhile, you're continuing to make mortgage payments and incurring additional expenses on the property, all the while losing rental income. Enter the Owner Benefit Package.

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PropertyWize Realty | Invest Secured By Real Estate

We buy houses using private investors as our banks and share the profits with them. Our private investors get a fixed return on a note and mortgage secured by real estate. They can use funds from savings or even retirement accounts (IRA’s, 401(k), etc).
How is Your Loan Secured?

FAQ

PropertyWize Realty

From Now until Labor Day SPECIAL OFFER!

4.5% Commission on sales price and 50% rebate towards staging on any new listings for any properties valued over 150K for current or former Property Management clients only.
Interested in Selling Your Property? Contact us now at Sales@PropertyWizeRealty.com!