Business Management

Landlord Insurance: 5 Key Points Property Managers Need to Know

Filed Under: Business Management

Managing property or being a landlord involves numerous duties, and one vital aspect is securing landlord insurance. Understanding what landlord insurance is and why it’s necessary can protect you and your property from unexpected events. This guide will cover the basics of landlord insurance, its key features, and why it’s crucial for property managers.

What is Landlord Insurance?

Landlord insurance is specifically tailored to safeguard property owners who lease their houses, apartments, or commercial properties. Unlike standard homeowner’s insurance, landlord insurance addresses the distinct risks that come with renting out a property. These risks encompass tenant-caused damages, loss of rental income, and liability concerns. Generally, landlord insurance offers three primary types of coverage:

Property Damage: Covers damage to the rental property caused by natural disasters, fire, vandalism, and other events.

Liability Protection: Provides coverage if a tenant is injured on your property and opts to file a lawsuit.

Loss of Rental Income: Provides reimbursement for lost rental income if the property is rendered unlivable due to a covered incident.

Why Do You Need Landlord Insurance?

As a property manager or landlord, having landlord Insurance is crucial as it offers extensive protection against numerous unexpected incidents. Here’s why it’s necessary:

Property Damage

This coverage includes damage to your rental property caused by natural disasters, fire, vandalism, or other covered events. For example, if a storm harms the roof of your rental property, landlord insurance can assist with the repair expenses.

Liability Protection

If a tenant or guest gets an injury on your property, landlord insurance can help cover legal fees and medical expenses. For example, if a tenant slips and falls due to a poorly maintained staircase, the liability protection in your policy can cover the costs associated with the injury.

Rental Income Loss

If your property is rendered uninhabitable because of a covered event, such as a fire, landlord insurance can compensate you for lost rental income. This ensures you can maintain cash flow even when your property is undergoing repairs.

Key Features of Landlord Insurance

When looking for landlord insurance, it’s important to understand its key features. Here are some common coverages included in most policies:

Property Coverage

This protects the physical structure of the rental property, including walls, roof, and other permanent fixtures. Property coverage is essential for safeguarding your investment against various types of damage.

Liability Coverage This covers legal and medical costs if someone is injured on your property and you are found responsible. Liability coverage is vital for safeguarding you against potentially significant legal fees and medical costs.

Loss of Income Coverage This helps replace lost rental income if your property is damaged and can’t be rented out. Loss of income coverage ensures that your revenue stream remains steady even during significant repairs.

Optional Coverages Based on your requirements, you have the option to include additional coverage

  • Flood Insurance: For properties in flood-prone areas.
  • Earthquake Insurance: For properties in earthquake-prone regions.
  • Emergency Coverage: Immediate repairs are needed to prevent further damage.

Choosing the Right Landlord Insurance

When selecting landlord insurance, consider the following tips to ensure you get the right coverage for your needs:

  1. Assess Your Property’s Risk

Take into account the location of your property and the possible risks, such as natural disasters, crime rates, and tenant activities. Recognizing these risks will assist you in selecting the appropriate coverages and limits.

Compare Quotes

Obtain quotes from various insurance providers to secure the best coverage at a competitive rate. By looking at different quotes, you can understand the market better and choose the best value policy.

Understand Policy Details

Read the policy details carefully to know what is covered and what is not. Pay attention to deductibles, coverage limits, and exclusions. Understanding the details of your policy will help you familiarize yourself with your policy’s specifics, which will ensure there are no surprises when you need to make a claim.

Consider Additional Coverage

Based on your property’s risk, you might need additional coverage like flood or earthquake insurance. These coverages are essential for properties in high-risk areas.

SimplifyEm and Steadily Partnership: Your Landlord Insurance and Property Management Solutions

SimplifyEm is a comprehensive property management tool that assists property managers and landlords in optimizing their operations.  Here are some detailed features that make SimplifyEm a must-have tool:

Tenant Management

  • Simplify tenant tracking with complete tenant profiles, lease management, and rent tracking. Stay organized with automated reminders for lease renewals and rent due dates.

Financial Management

  • Easily monitor income and expenses, produce financial reports, and handle budgets efficiently. SimplifyEm helps you stay on top of your finances with features like automatic rent reminders and online rent payments.

Maintenance Management

Monitor maintenance requests and work orders. SimplifyEm enables you to allocate tasks to maintenance staff and track their progress, ensuring issues are resolved promptly.

Document Storage

  • Store important documents like lease agreements, insurance policies, and property photos in one secure place. SimplifyEm offers cloud storage for easy access and retrieval of documents.

Communication Tools

  • Enhance communication with tenants through automated emails and notifications. SimplifyEm communication tools help you stay connected with tenants and keep them informed about essential updates.

Reporting and Analytics

  • Generate reports on various aspects of property management, including financial performance, occupancy rates, and maintenance activities. SimplifyEm provides insights to help you make informed decisions.

User-Friendly Interface

  • SimplifyEm is designed with an intuitive interface that makes it easy to navigate and use. Whether you’re a seasoned property manager or new to the field, SimplifyEm offers a seamless experience.

SimplifyEm not only excels as a property management tool but also enhances your landlord experience through its partnership with Steadily. This collaboration brings you extensive landlord insurance solutions, ensuring that every aspect of your property management needs is covered.

Steadily specializes in providing insurance coverage customized specifically for landlords. Here are some detailed benefits of choosing Steadily for your landlord insurance needs:

Customized Coverage

Steadily offers insurance policies designed to meet the unique requirements of landlords. This means you get protection that covers all the potential risks associated with renting out properties, from property damage to liability issues.

Financial Protection

Protect your investment from unexpected events such as natural disasters, fire, vandalism, and tenant-caused damages. Steadily’s insurance policies are designed to safeguard your financial interests, ensuring that you don’t face significant financial losses due to unforeseen circumstances.

Peace of Mind

With Steadily’s landlord insurance, you can have peace of mind knowing that your properties are protected. This allows you to focus on managing your properties and tenants without worrying about potential risks.

Streamlined Claims Process

Steadily provides a straightforward and efficient claims process, ensuring that you receive timely assistance when you need it most. Their dedicated team is available to help you navigate the claims process, making it as smooth and hassle-free as possible.

Competitive Rates

Steadily offers competitive rates for landlord insurance, providing you with high-quality coverage at an affordable price. This ensures that you can protect your investment without breaking the bank.

Who Needs Landlord Insurance?

Landlord insurance, also known as rental insurance, is designed for property owners who rent their homes. While not mandatory, it offers several benefits:

  • Legal liabilities
  • Fire and water damage
  • Financial protection against natural disasters
  • Protection for furnishings

Property Types Covered

Steadily  cover a wide range of properties, including:

  • Airbnbs and vacation rentals
  • Duplexes
  • Apartment buildings
  • Single-family homes
  • Condo units
  • Multi-family homes
  • Manufactured homes
  • Vacant or properties under restoration

Comprehensive Coverage Options

Choose from a variety of coverage options to suit your needs:

  • Fire: Protect against devastating fires.
  • Water Damage: Cover damages from broken pipes and appliance leaks.
  • Windstorm, Hail, & Lightning: Secure your property from storm damages.
  • Lawsuits: Liability protection for tenant injuries.
  • Riot and Civil Commotion: Coverage for damages from protests.
  • Vandalism & Theft: Protect against malicious mischief.
  • Injury: Coverage for medical bills due to injuries on your property.

Bonus Coverages

Many policies also cover other risks like explosions, volcanic eruptions, and vehicle damage.

Nationwide Service

Steadily offers landlord insurance across all 50 states with expert agents ready to help you find the right coverage.

To sign up for landlord insurance through Steadily and take advantage of these benefits, visit the following link: Steadily Landlord Insurance.

Benefit from Steadily’s expert support team, who are knowledgeable about the specific needs of landlords and can provide you with personalized advice and assistance. Their team is committed to helping you find the best insurance solutions for your properties.

By combining the powerful property management features of SimplifyEm with the extensive insurance solutions from Steadily, you can ensure that your property management experience is efficient, secure, and worry-free.

Conclusion

Landlord insurance shields you from financial losses arising from damage to the property, liability claims, and loss of rental income. By grasping the fundamentals of landlord insurance and choosing the appropriate policy, you can ensure your property is adequately protected.

SimplifyEm aids in efficient property management, equipping you with the necessary tools to stay organized and informed. Covering everything from tenant management to financial tracking, SimplifyEm provides a complete solution for property managers. For additional information and resources on property management, SimplifyEm is your go-to resource. Management, visit SimplifyEm.

 

Top Benefits of Online Rent Payments for Modern Renters and Property Managers

Filed Under: Business Management, Property Management, Tenant Management Tagged With: , , ,

In today’s digital age, renters increasingly demand the ability to make rent payments online, valuing the convenience, flexibility, and security it offers. For property managers and landlords, providing online rent payment options is not just about meeting tenant expectations; it streamlines operations, improves cash flow, and enhances tenant satisfaction. Let’s explore the rising demand for online rent payments and how they benefit both tenants and property managers.

The Rising Demand for Online Rent Payments

Convenience and Flexibility

Renters highly value the convenience and flexibility that online rent payments provide. Traditionally, tenants were often required to visit the property management office or mail checks to pay rent, which could be inconvenient, especially for those with hectic schedules or who travel often. Online rent payments eliminate these hassles, allowing tenants to make payments anytime and from anywhere. This flexibility is particularly beneficial for:

  • Busy Professionals: Individuals with demanding jobs may not have the time to visit the management office during regular hours. Online payments can be made during breaks, after work, or even late at night.
  • Frequent Travelers: Tenants who travel frequently for work or leisure can pay rent from anywhere in the world, ensuring they never miss a payment due to being out of town.
  • Students and Young Adults: Younger tenants, who are often more tech-savvy, expect digital solutions for everyday tasks, including rent payments. Online platforms meet their expectations for modern, convenient services.

By offering online rent payment options, property managers can cater to these needs, making the rental experience smoother and more convenient for tenants.

Enhanced Security

Security is a major concern when it comes to financial transactions. Traditional payment methods like cash or checks come with risks such as theft, loss, and fraud. Online rent payment systems are designed with advanced security measures to protect sensitive financial information. Key security features include:

  • Encryption: Online payment platforms use encryption technologies to protect data during transmission. This ensures that payment information is safe from interception by unauthorized parties.
  • Secure Storage: Financial data is stored securely using industry-standard practices, reducing the risk of data breaches.
  • Authentication: Multi-factor authentication significantly enhances security by requiring multiple forms of verification, ensuring that only authorized individuals can access their accounts and complete transactions.

These measures give tenants peace of mind, knowing their payments are processed through secure channels, reducing the risk of financial loss.

Automatic Payment Options

One of the significant advantages of online rent payments is the ability to set up automatic payments. This feature ensures that renters never miss a payment deadline, avoiding late fees and fostering better landlord-tenant relationships. Automatic payment options offer several benefits:

  • Consistency: Renters can schedule payments to be made automatically on a specific date each month, ensuring consistent and timely payments.
  • Time-Saving: Automatic payments remove the necessity for tenants to manually remember their monthly payments, saving time and minimizing the chance of missed payments.
  • Budgeting: Tenants can better manage their finances by setting up predictable, recurring payments, helping them budget more effectively.

For property managers, automatic payments mean fewer late payments and reduced administrative work related to chasing late fees.

Easy Record-Keeping

Online rent payments provide both tenants and landlords with an easy-to-access record of all transactions. This transparency helps resolve disputes quickly and ensures that all parties have a clear understanding of payment histories. Key advantages of digital record-keeping include:

  • Accuracy: Automated systems minimize the mistakes that often occur with manual record-keeping.
  • Accessibility: Both tenants and landlords can access transaction histories at any time, providing transparency and accountability.
  • Dispute Resolution: Clear records help resolve disputes over payment dates, amounts, or missed payments quickly and efficiently.

Overall, easy record-keeping simplifies the management of rental payments, benefiting both tenants and property managers.

How SimplifyEm Facilitates Online Rent Payments

User-Friendly Interface

SimplifyEm offers an intuitive and user-friendly platform that makes it easy for tenants to make payments online. The user-friendly platform simplifies online payments for tenants. Its intuitive design ensures that even non-tech-savvy users can navigate it effortlessly. Key features include:

  • Simple Navigation: The platform is designed with user-friendliness in mind, featuring straightforward instructions and intuitive navigation.
  • Responsive Design: SimplifyEm interface is optimized for both desktop and mobile devices, allowing tenants to make payments from any device.
  • Guided Assistance: For those who need extra help, SimplifyEm offers customer support to ensure a smooth payment experience.

By prioritizing usability, SimplifyEm ensures that all tenants can easily adopt and benefit from online rent payments.

Multiple Payment Methods

SimplifyEm provides tenants with multiple payment options, such as credit cards, debit cards, and ACH.  This flexibility allows renters to select the payment method that best fits their preferences. Key benefits include:

  • Flexibility: Offering multiple payment options accommodates tenants’ diverse financial preferences and needs.
  • Convenience: Tenants can choose the most convenient payment method for them, whether it’s using a credit card for points or a bank transfer for simplicity.
  • Inclusivity: By accepting various payment methods, SimplifyEm ensures that no tenant is excluded from using the online payment system.

Providing multiple payment methods enhances tenant satisfaction and encourages timely rent payments.

Automated Payment Reminders

With SimplifyEm, property managers can set up automated rent reminders to notify tenants of upcoming due dates. These reminders help reduce late payments and improve cash flow for property managers. Key features of automated reminders include:

  • Customization: Property managers can customize reminder messages and schedules to suit their needs and those of their tenants.
  • Multi-Channel Notifications: Reminders can be sent via email or text, ensuring tenants receive timely alerts.
  • Efficiency: Automated reminders reduce the administrative burden on property managers and ensure tenants are consistently informed about payment deadlines.

Automated reminders help maintain consistent payment schedules, benefiting both tenants and property managers.

Secure Transactions

SimplifyEm prioritizes the security of financial transactions. The platform uses advanced security methods to ensure that all payment information is securely processed and stored, giving both tenants and landlords peace of mind. Security features include:

  • Data Encryption: All transactions are secured to protect sensitive financial information during transmission.
  • Secure Storage: Payment data is stored securely using industry-standard security practices, reducing the risk of data breaches.
  • Compliance: SimplifyEm complies with relevant financial regulations and standards, ensuring that all transactions are handled in a secure and legally compliant manner.

By prioritizing security, SimplifyEm provides a reliable and trustworthy platform for online rent payments.

The Benefits for Property Managers

Streamlined Operations

Property managers can save time and reduce administrative burdens by automating rent collection. SimplifyEm online payment system simplifies the entire process, from sending reminders to recording payments. Benefits include:

  • Efficiency: Automated systems streamline rent collection, reducing the need for manual processing and paperwork.
  • Accuracy: Digital records reduce the probability of errors that often occur with manual record-keeping.
  • Focus: Property managers can concentrate on crucial tasks like property maintenance and tenant relations instead of pursuing late payments.

Overall, streamlined operations lead to increased efficiency and productivity for property managers.

Improved Cash Flow

Automated and timely rent payments lead to a more predictable cash flow, enabling property managers to plan and allocate resources more effectively. Benefits include:

  • Consistency: Regular, on-time payments improve cash flow predictability, allowing for better financial planning.
  • Resource Allocation: Reliable cash flow enables property managers to allocate resources more effectively, from maintenance budgets to future investments.
  • Financial Stability: Improved cash flow contributes to the financial stability of property management businesses, reducing the risk of financial shortfalls.

By improving cash flow, online rent payments contribute to the overall financial health of property management businesses.

Enhanced Tenant Satisfaction

Meeting tenant expectations with convenient online payment options can significantly enhance tenant satisfaction and retention. Benefits include:

  • Retention: Satisfied tenants are more inclined to renew their leases, which helps lower turnover rates and shorten vacancy periods.
  • Referrals: Happy tenants are more likely to recommend friends and family, expanding the pool of potential tenants for property managers.
  • Reputation: Offering modern, convenient services like online rent payments enhances the reputation of property managers and their properties.

Enhanced tenant satisfaction leads to better tenant retention and a positive reputation in the rental market.

Conclusion

In today’s fast-paced world, online rent payments are not just a convenience; they are a necessity. Renters want the ease, security, and flexibility that online payments provide, and property managers who offer this service can enjoy streamlined operations and improved tenant relationships. SimplifyEm is here to help property managers meet these demands with a secure, user-friendly online rent payment platform. Don’t miss out on the opportunity to enhance your property management experience. Join SimplifyEm today and start your journey toward a more streamlined and productive property management experience. Request a demo  https://www.simplifyem.com/request-demo/  now to see how SimplifyEm can revolutionize your rent collection process and improve tenant satisfaction.

FAQs

How can online rent payments improve tenant satisfaction? 

Online rent payments provide convenience, flexibility, and security, making the payment process easier for tenants. This enhances their overall satisfaction and likelihood of renewing leases.

What are the security features of online rent payment platforms?

 Online rent payment platforms use encryption, secure storage, and multi-factor authentication (MFA) to safeguard sensitive financial information and ensure secure transactions.

Can tenants use multiple payment methods with online rent payment systems? 

Yes, platforms like SimplifyEm offer multiple payment methods, including credit cards, debit cards, and ACH allowing tenants to choose their preferred method.

How do automated rent reminders benefit property managers?

 Automated rent reminders reduce late payments, improve cash flow, and lessen the administrative burden on property managers by ensuring tenants are consistently informed about payment deadlines.

What are the advantages of automatic rent payments for tenants? 

Automatic rent payments ensure timely payments, help tenants manage their finances better, and save time by eliminating the need to remember payment deadlines.

Why is SimplifyEm a good choice for online rent payments? 

SimplifyEm offers a user-friendly interface, multiple payment methods, automated reminders, and secure transactions, making it an excellent choice for property managers and tenants.

 

Managing Multi-Family Properties: Overcoming Unique Challenges with SimplifyEm Software

Filed Under: Business Management, Property Management, Tenant Management, Uncategorized Tagged With: , ,

Managing multi-family properties can be complex. Unlike single-family homes, multi-family properties have multiple units and tenants, bringing unique challenges.As a property manager, you are responsible for ensuring tenant satisfaction, promptly addressing maintenance issues, and collecting rent on time. Balancing these responsibilities while maintaining the overall condition and profitability of the property can be overwhelming. However, the right tools and strategies can significantly simplify this process.

SimplifyEm property management software is designed to address the specific challenges of managing multi-family properties. This powerful software offers a complete solution to simplify all aspects of property management, including tenant coordination, rent collection, maintenance tracking, and vendor management. By leveraging SimplifyEm, property managers can greatly improve their productivity, reduce stress, and provide a superior experience for both themselves and their tenants.

Dealing with Multiple Tenants – Tenant Coordination

Challenge: Managing multiple tenants means dealing with different people, needs, and problems. Keeping track of all the Tenants can be difficult, especially if you have a Multi-unit property. 

Solution: SimplifyEm Tenant Management

SimplifyEm property management software allows you to keep detailed records of all your tenants in one place. You can easily see who is renting which unit, track lease dates, and manage tenant communication. This makes it easier to handle tenant issues and ensures that you don’t miss important details.

Collecting Rent Payments – Rent Collection

Challenge: Managing rent collection with multiple tenants can be challenging.  Delayed or missed payments can hinder your cash flow and complicate financial management.

Solution: Online Rent Payments with SimplifyEm

SimplifyEm software allows tenants to pay their rent online using credit cards,debit cards, and ACH . This makes it easier for tenants to pay on time and ensures that you receive your payments quickly. You can also set up automatic reminders for rent payments to reduce the risk of late payments.

Handling Maintenance Requests – Maintenance Coordination

Challenge: Multi-family properties often have more maintenance issues due to the higher number of occupants. Keeping track of maintenance requests and ensuring that they are addressed promptly can be overwhelming.

Solution: SimplifyEm Maintenance Tracking

SimplifyEm software includes a maintenance tracking feature that allows you to log maintenance requests, assign tasks to vendors, and keep a track of the repairs. You can also schedule regular maintenance to prevent issues before they become major problems. This helps to ensure that your property stays in good condition and keeps your tenants happy.

Keeping Records Organized – Document Management

Challenge: Managing a multi-family property involves a lot of paperwork, including leases, contracts, and inspection reports. Keeping these documents organized and accessible can be challenging.

Solution: Document Storage with SimplifyEm

SimplifyEm software provides unlimited storage for digital documents, allowing you to keep all your important paperwork in one secure location. You can easily access leases, contracts, and other documents when needed, reducing the risk of losing important information.

Ensuring Effective Communication – Communication with Tenants, Owners and Vendors

Challenge: Clear and effective communication is crucial in property management. Miscommunication can lead to misunderstandings, tenant dissatisfaction, and even legal issues.

Solution: SimplifyEm Communication Tools

SimplifyEm property management software includes communication tools that allow you to send messages and reports to tenants, owners and vendors through email, text message & live phone support.  You can also check the history of all communications, ensuring that you have a record of all interactions. This helps avoid misunderstandings and ensures everyone remains aligned.

Screening Tenants – Finding Reliable Tenants

Challenge: Finding good tenants to pay rent on time and maintaining the property is crucial.

However, screening tenants can be time-consuming and challenging.

Solution: Tenant Screening with SimplifyEm

SimplifyEm software offers tenant screening features that allow you to check the background and credit history of potential tenants. This helps you find dependable tenants who are likely to pay rent promptly and maintain your property.  You can also verify their income to ensure they can afford the rent.

Managing Vendors – Vendor Coordination

Challenge: Managing vendors for maintenance and repairs can be difficult, particularly when managing multiple properties and coordinating various vendors.

Solution: Vendor Management with SimplifyEm

SimplifyEm software allows you to keep track of vendors and their balances. You can easily see which vendors have been paid and which ones still need to be paid. This helps ensure that vendors are paid on time and improves your relationships with them. You can also track the costs of maintenance and repairs, helping you stay within budget.

Managing multi-family properties comes with unique challenges, but SimplifyEm property management software can help make the process easier and more efficient. From handling tenant relations and collecting rent to tracking maintenance and coordinating vendors, SimplifyEm provides the tools necessary to manage your property effectively. By using SimplifyEm, you can save time, reduce stress, and ensure that your property runs smoothly.

If you want to see how SimplifyEm can significantly impact your property management business, schedule a free demo by clicking here. 

 

Tax Time: Get Your Property Data Organized & Generate Schedule E with One Click

Filed Under: Business Management

Are you ready for tax season?

Some people are and others dread it. The average business spends 23 hours and $470 on tax preparation every year.

The reason it’s so expensive and time consuming is because businesses are still following manual methods and continuing to stay unorganized.  Usually keeping all receipts in a box or binder then handing it over to their accountant to figure it out.  Then going back and forth with their accountant for weeks or months.  This is a stressful process, yet people follow it year after year.  Luckily, it doesn’t have to be that way.  SimplifyEm Property Management Software can help reduce money and time on tax preparation.

First, SimplifyEm has a built-in Schedule E form.  When income and expenses are entered in, they are automatically categorized according to the IRS categories.  When it’s tax time, SimplifyEm automatically populates the Schedule E based on the data that is entered in.  This means you no longer have to manually calculate everything yourself and in seconds you can simply print the Schedule E.  Adjustments can be made on the Schedule E that include insurance, mortgage interest, other interest and property taxes.  SimplifyEm also includes unlimited document storage so receipts, invoices and files can be uploaded with ease making tax time easier.  SimplifyEm can also track property ownership by an owner’s name or by a company entity.  Either way, each owner or entity is tracked separately and the system generates a Schedule E for each one.  SimplifyEm erases frustation and walks you through the process step-by-step.

SimplifyEm not only has the Schedule E form, but has 1099s too.  This includes the 1099-MISC form and the 1099-NEC form.  If you’re managing properties for other owners, the 1099-MISC are for your clients who received income on their properties.  The 1099-NEC forms are for contractors who completed any work and were paid $600 or more in a year.  This includes painters, plumbers, gardeners, and other professionals.  Both forms are automatically populated and you can print, e-mail, and e-file both 1099 forms.  A 1096 form is also required as a cover sheet for the 1099s.  SimplifyEm can generate the 1096 form for you, saving you time.

SimplifyEm streamlines every part of the property management business online.  Features include rental listings, online applications and leases, tenant screening, notices, texting, online payments, print checks, bank reconciliation, maintenance requests and work orders, over twenty reports and automation.  Automation includes the system automatically emailing the tenant rent reminders, rent receipts, late rent notices and adding late fees to the tenants’ balances.

SimplifyEm has been in business since 2006 and has helped over 150,000+ real estate investors and property managers all over the U.S.  As a SimplifyEm user, you will get free training and free unlimited customer support for yourself and tenants and vendors via phone, email and text.  SimplifyEm is passionate about helping businesses stay better organized and keeping everything in one system.  Finally have some peace of mind and make tax time easier on yourself this year and get SimplifyEm Property Management Software.  Get a free 15 day trial here.

Landlords and Tenants in Arizona – Guide on Accepting Partial Payments

Filed Under: Business Management

Landlords and Tenants in Arizona – A landlord is not required to accept a partial payment of rent or other charges. A landlord accepting a partial payment of rent or other charges retains the right to proceed against a tenant only if the tenant agrees in a contemporaneous writing to the terms and conditions of the partial payment with regard to continuation of the tenancy. The written agreement shall contain a date on which the balance of the rent is due. The landlord may proceed as provided in article 4 of this chapter and in title 12, chapter 8 against a tenant in breach of this agreement or any other breach of the original rental agreement. If the landlord has provided the tenant with a notice of failure to pay rent as specified in section 33-1368, subsection B prior to the completion of the agreement for partial payment, no additional notice under section 33-1368, subsection B is required in case of a breach of the partial payment agreement.

Except as specified in subsection A of this section, acceptance of rent, or any portion thereof, with knowledge of a default by tenant or acceptance of performance by the tenant that varied from the terms of the rental agreement or rules or regulations subsequently adopted by the landlord constitutes a waiver of the right to terminate the rental agreement for that breach.

Source: www.azsos.gov/public_services/…landlord_tenant_act/residential.pdf

Related posts:

  1. Landlords and Tenants in Arizona – How Rental Property Utilities are Charged in Tenancy
  2. Landlords and Tenants in Arizona – What are the Parts of Written Rental Agreements
  3. Landlords and Tenants in Arizona – Guidelines to Maintain Rental Property
  4. Landlords and Tenants in Arizona -How to Implement Rules and Regulations During Tenancy

Simple Steps Which Can Help You in Attracting New Property Owners

Filed Under: Business Management

Simple Steps Which Can Help You in Attracting New Property Owners

For any property management company to stand out from the rest of the competitors in the market it is essential to have a solid reputation. Below are some simple steps which can help any property management company in gaining new property owners.

Show the Uniqueness of the Property Management Company

Surely, property owners are looking for someone who can take care of their properties but they are also looking for some bonus so it is essential to show them the unique features that the company offers.

Below are some ideas which can act as a magnet in attracting new owners.

  • Help owners in finding investment properties and you can do this by creating a list of properties in which your owners might want to invest.
  • Advertise owner’s rental properties in innovative ways by displaying all the outstanding features of it. Use internet marketing strategies in order to post high resolution pictures and description of the properties across various platforms.
  • Take a look at your business processes and if not up to the mark then improve them immediately

Show that the Company is Committed to Growth

Show them that the company understands that, does not remain the same and the cutting edge knowledge of yesterday is no longer big news today. Show them that everyone in the company understands this and works hard to keep themselves ahead of the latest trends of the field.

  • Use data management and analytics to understand the challenges which properties face in your area or region as this will make it easy for you to manage the properties of the owners.
  • Study your process and policies to see if any improvement in them can make the lives of your owners and tenants better. For example, generally move-ins and move-outs are hectic and it will be of immense help to the tenants and owners if these could be simplified.

Owners not only want to know but want to see if you care for their properties like it is your own. It’s their investment and they are looking for someone very responsible who can take care of it.

       

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