Fort Hood Area Rental Market News

Filters:

A clean system runs more efficiently which SAVES YOU MONEY. Dirty HVAC filters will cause the system coils to become clogged, which can restrict airflow to the point where the system actually freezes (ice will form). It will also cause the drain line to become clogged; forcing the normal condensation that should flow out the drain line to overflow into your home. If either of these happens, the Tenant will be billed for the cost of cleaning the system, extracting any water from the property, and the cost of repairing any water damage to the home. These costs are very expensive. So, change your HVAC filters every 30 days! This will prevent dirty coils and clogged drain lines while keeping your energy consumption low. If you notice moisture in/around the HVAC closet, contact us IMMEDIATELY.

All central heat & air conditioning systems have filters. If you cannot locate yours please call our maintenance department. They will be happy to assist you. If the filter is a washable type, clean and reinstall it monthly. If it is disposable, replace it with a new one every month. Whichever type it is, ensure that it fits snugly on all sides and stays down securely. Contact us immediately if the filter that is in place when you move in is dirty, not the right size, missing, damaged, or installed incorrectly.

Keep grass, dirt, and other obstructions away from the outside unit. Be careful when mowing and trimming not to cut electrical or copper lines, and not to throw grass onto the unit. If needed, switch the unit off and clean it with a water hose.

Keep pests away from the outside unit and/or drain. Ants are attracted to the magnetic field generated by the switches in the unit, and can prevent them from functioning properly. Many pests are attracted to the water coming from the drain line of the unit, and can clog the line, causing water to overflow inside your home. Remember, pest control is a Tenant responsibility, and any damage caused by a failure to control pests can be charged to Tenants.

Make sure pets do not chew on lines running to your outside air-conditioner. Animals like to make resting places around the unit and will chew on these. Hair from these animals also gets sucked into the system coils causing a lack of airflow. Finally, make sure the drain line (usually plastic or copper) is exposed and is free to drain. Do not bend or kink this line. Most drains come out somewhere around the outside unit. Some may be tied into a drain system in your house.

As always, contact us immediately if you are experiencing problems with your unit.

1. Make sure your policy has an All Risks Provision.
   Basic landlord policies only cover natural disasters (fire, windstorms, tornadoes, and floods). This may not be sufficient coverage. A policy with an All Risks Provision expands basic coverage to include such things as theft, vandalism, and malicious mischief. If you have this coverage it will cover the damages caused by an angry teenager spray-painting the kitchen black to get back at his parents, or the cost of a tenant taking your refrigerator when they move out. It’s reasonable and it’s a must. Make sure your policy has an All Risks Provision.
    
2. Many landlord policies reduce (or cancel) coverage if the property is vacant more than 30 days.
   Make sure you know what the premium changes to (or what coverage is dropped) during a vacancy.
    
3. Make sure your policy has a Loss of Rents Provision. 
   A Loss of Rents Provision means if the house burns down, the insurance company will continue paying you rent until the house is back in rent-ready condition. Without this provision you will be funding your own mortgage during the restoration period.
    
4. Increase your liability coverage.
   Basic liability coverage on a landlord policy is typically $300,000.00. In today’s world you need more than that. Most companies offer $500,000 or $1,000,000 for pennies in additional premium. Typically it costs $20 to $30 per year to raise your coverage to $500,000. This is too cheap to pass up.
    
5. Make sure your property manager is covered.
   Most management agreements require the manager’s name added as an “additional insured” for the purpose of liability. If a house burns down and a lawsuit develops over wrongful death, your insurance carrier will cover you and your property manager. It costs nothing to add them to the policy. You can add your manager through an endorsement if the language in the policy does not automatically cover them. Bottom line is: make sure your property manager is covered. It is a standard practice in the industry and costs you nothing. 
    
6. Shop around for good coverage.
   Like any other insurance there is good coverage, and not so good coverage. Our experience shows that companies like State Farm and AllState have very good landlord policies.
    
7. Consider a Personal Umbrella Liability policy.
   You should always carry a Personal Umbrella Liability policy. Consider at least $1,000,000 policy. It covers your home, your car, your boat, your RV, your big wheel and your I-POD. It is inexpensive (under $300 a year) and the day may come when you wish you had it.
    
8. Consider a Commercial Umbrella Liability policy.
   Here is the problem. After you buy your fourth or fifth rental property your personal umbrella policy becomes void. The company just stops covering you the day you buy your next property (every company has their own formula). A Commercial Umbrella Policy is reasonable and covers everything you own without limits. 

 
Why you should add your property manager to your Landlord Policy as an “Additional Insured”

1. Property managers take on liability to manage your property …
   If a tenant gets hurt on the property by falling off the roof, or hurting their hand in the garbage disposal, or getting injured in a fire, their attorney will find a reason to sue you, your manager, and the last three contractors that worked on the house. They name anyone they can think of in the action. We have had all these things happen and it just works that way. Your insurance company will come to everyone’s defense if the manager is named on the policy. It costs you nothing and it is standard practice with your insurer.
    
2. Management Agreements require it …           
   There is language in the management agreement you sign with your property manager requiring that you add them as an additional insured.  Every company does it.
    
3. It is standard practice …
   Most landlord policies “automatically include the management company” as an additional insured (State Farm is one example). Some insurers require that you ask the agent to add the manager (like AllState).
    
4. It costs you nothing …                                                         
   There is no additional premium charged to add your property manager to your policy. It is standard practice.

We are not insurance agents.
You must talk to a competent insurance agent for reliable information on this subject. These notes are simply guidelines to get you started in the right direction and asking the right questions.

Although we no longer accept credit cards for rent payments, tenants can now pay rent through the tenant portal using our Automated Clearing House (ACH) system. Simply log into the tenant portal, click “Setup Payment Account”, and follow the onscreen instructions. The system will only allow one time payments and there is a $3.50 processing fee per transaction. If you would like to set up monthly recurring ACH payments, that must be done manually in our office. We strongly encourage tenants to take advantage of our recurring ACH payment system as there are many advantages.

For a discussion on the benefits of ACH payments over paper checks, see:

Have you ever spent hours, or even days cleaning a house or apartment when moving, only to have your landlord come in behind you and point out all the stuff you missed? Moving is hectic, and there are many, more important issues to remember other than "Did I clean the ceiling fan blades in the guest bedroom?" As professional property managers, we have experienced this scenario from our side way more than we like. We find ourselves constantly having to hire outside cleaning companies to come in behind tenants after they move out and get a property back up to the state it was in when that tenant moved took possession. In many cases, it isn't that the tenant left a place filthy. It's just that they may have forgotten a few items, or didn't get quite clean enough. Streaks, water spots, and residue from cleaning compounds are some of the usual culprits.

Unfortunately for the tenants, a cleaning team usually incurs a minimum charge, and this service is always billed to the tenant. Even more unfortunately for us, it sometimes results in a complaint or bad online review of our business; often charging that we are just looking for ways to cheat tenants out of their security deposits. Nothing could be further from the truth. Contrary to what most tenants believe, we do not make a single penny in these situations. What the vendor charges us to clean the unit is exactly what the tenant is billed. Not a penny more.

When we hire outside cleaning companies, our sole purpose is to get the property back up to our standards for the next tenant who comes along. We have taken great measures to assist our tenants in meeting those standards, including providing a detailed move out cleaning checklist, move out cleaning tips in our Landlord's Rules and Regulations booklet, and our How to Protect Your Security Deposit blog which details ways to ensure a tenant gets a full refund.

We are excited to announce our latest effort to save our tenants time and money: our guaranteed, hassle free move out cleaning service. Tenants can now get a free estimate when they give their move out notice. If they choose to hire our cleaning team, all they have to do at move out is turn in the keys and we take care of the rest; allowing tenants to concentrate on more important things.* We offer this service to the general public as well, so no matter who your landlord is, we can help make your move-out process a little less stressful. Give us a call today for your free estimate!

(254) 547-0505

* Cleaning does not include removal of trash or personal items, nor does it include carpet cleaning. Other terms and restrictions may apply. Contact us for details.