Managing Property and Liability Risks When Renters Move – Winston Rowe & Associates

Tenants move every month of the year; peak rental season typically runs from April through September.
By: Winston Rowe and Associates
 
 
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* Real Estate Investing

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* Investment

Location:
* Ann Arbor - Michigan - US

ANN ARBOR, Mich. - March 24, 2019 - PRLog -- To lessen your chances of property damage or injury, you must cultivate a loss prevention mindset. First, you need to educate yourself on the circumstances which could put your property at risk.

Then you can plan ways to minimize that risk and finally, put your mitigation plan into action.

To help you apply this loss prevention mindset to your own REI business, we will explore three specific examples of heightened risk when between renters:

Increased foot traffic at your property:

Assess your risks: Is there anything needing repair that could cause someone to be injured during a property showing?

Hazard examples:

Sinkholes in lawns, uneven driveways and walkways, deteriorating stairs and loose handrails. Unhealthy trees can drop dead limbs unexpectedly.

Potential losses:

Slip-and-fall injuries. Falling tree limbs can cause physical injuries or damage neighboring homes or cars.

Weather concerns:

Rain can make surfaces slippery on exterior walkways and in entryways. Wind or lightning during storms can bring down dying trees or cause damaged limbs to fall.

Repair any uneven or deteriorating areas of the driveway, walkways or stairs. Secure handrails. Have your trees' health assessed by an arborist.

Secure contractor(s) and schedule repairs to be made as soon as possible. Keep a log of repairs made to the property.

Allowing potential renters to view the property by themselves via an entry code or lock box:

If you allow rental applicants to access the property without oversight, what are the risks?

Potential losses:

Prospective renters you have not vetted who are unsupervised in your asset may damage the property or even commit theft. Someone could injure themselves and not have help getting critical first aid. A thief or vandal could dismantle the lock box and seriously damage your property.

Make your mitigation plan:

Plan for your property manager, yourself or another person to be present for all property visits. Eliminate slip-and-fall hazards prior to showing the property and anything else that may cause unexpected injury. Make sure nothing of value (like a lawn mower, furnishings or other valuables) is accessible to any visitors to the property.

Make ample space in your schedule so you can be present during all property showing appointments. Instruct your property manager to always have a representative present for any showings. Make neighbors aware that you are showing the property so they can report anything unusual that occurs during this phase.

Vacant Properties:

Are there ways a trespasser could easily access the property? Are there weather conditions that could affect the property while it is unoccupied?

Benefits of the Loss Prevention Mindset:

After walking through the above examples, you should have an easier time getting into a loss prevention mindset.

Take a few minutes to think about a specific property and how you would protect it from physical damage and keep prospective tenants' injury-free. A loss prevention mindset will bring you residual returns well into the future if you continue to practice it.

Published by Winston Rowe and Associates https://www.winstonrowe.com

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Tags:Real Estate Investing
Industry:Investment
Location:Ann Arbor - Michigan - United States
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