3 Ways for Landlords to Prevent Summertime Liabilities
Summer isn’t the only time landlords face liabilities, but it can create the perfect storm through increased stress on the rental property at a time when there could be decreased supervision.
It’s important to plan ahead and avoid any risk to your profits:
Remodeling and Repairs Can Increase Liability
Many remodeling and repair jobs are performed in the summer when the weather is more predictable or accommodating. But contractors quickly become over-scheduled. To stay on task, some landlords or property managers will be forced to hire unknown or untested workers.
Make sure you vet your contractors to avoid summertime disasters. Anyone working on the property should be checked for criminal history. Check references from previous clients to avoid substandard repairs. Make sure the contractor is aware of building codes and what standards have to be maintained. Avoid using unskilled workers — it may not be worth the cost savings if something goes wrong.
Longer Days, Better Grounds Patrol
The simple fact that more tenants are out and about enjoying the property increases the need to inspect the grounds. Everything from added foot traffic and more visitors, to increases in trash or animal waste can cause premise liability to increase. Make sure you or your staff are kicking it up a notch when it comes to monitoring the property.
Vacations Leave Landlords Vulnerable
Summer vacation schedules can cause disruption in property management service. Repairs may be delayed until the maintenance supervisor is back. Tenant complaints may go unanswered while the landlord or manager is on vacation. Make sure you have the coverage you need to do the job at all times because you can’t put the property on hold.
Of course, summer isn’t the only time these liabilities creep up, but it may be the costliest season for your property. With proper planning, you can avoid losing money during the summer months — and throughout the year.
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