Why would a property manager require additional insurance?
Well the big reason is to protect you the landlord client. There are many risks when managing and owning rental property. If you are sued for any reason we will most likely be sued. Yet when you agree to work with our company and most any other manager we are indemnified by our clients for these risks. The main problem is that if we are not named on your insurance policy the attorney your insurance policy appoints will only represent you and not us and we will have to incur a separate attorney to represent us. Those attorneys may then fight or might work together. Either way we end up no longer being in the same corner and our clients could find themselves in the positions of paying not just the insurance deductible but also our attorneys fees. Our clients don’t want that to happen nor do we.
Why do we have to have your insurance information as an owner?
Winters alone in Northeastern Ohio have been fairly difficult this year for landlords. Between ice dams, water backups and freezes in 2015, I’ve seen damages from just a few hundred dollars all the way to $30,000 PLUS! When an emergency arises property managers need to be able to contact the contractors covered, we need to know what is covered, and what can we actually pay for. You don’t want to call an owner in the middle of the night or an insurance agent for that matter asking a million questions. That would just delay the whole process and possibly cause more damages to the property. To be prepared for an emergency you need to have a copy of the owner’s insurance policy. Make this a requirement and add the copy to the property file.
Do you know what your policy covers?
Many homeowners don’t. I suggest calling your insurance company and asking what your coverage is. Somethings you want to try to purchase is the loss of rent coverage. It is a little more expensive to purchase but definitely worth it. If a tenant moves out a few months before their lease is up then your policy covers those months of rent that you would lose. You also want to make sure your policy covers water back up, for when the sewer gets backed up. We all know this is just something that happens.Another requirement we have added is tenant insurance.
Why do we require your tenants to purchase tenant insurance?
It is very affordable ranging from $9-$15 a month. We are able to ensure the landlord’s name is included on the policy. Require your tenants to purchase a policy through you. You will be able to ensure the landlord’s name is included on the policy. Requiring this will add double coverage to the home. As well as take care of a lot of issues when you have an insurance claim. For example, if your tenant has to stay in a hotel for a night due to a water leak Who doesn’t want that? Your home should also be covered if there is damage caused by tenant negligence. It will also help you take care of several issues when tenants do have a claim. Hotel stays, for example, are one of the coverages that many tenant insurance policies include. Many insurance companies will give a discount on your policy when you require tenants to purchase insurance. This is one way we help landlords when they need it most!
Our experienced investment property management team can relieve you of the burden of managing your rental property while saving you some serious money!
Call us today at (440) 220-7300 to see how we can help you!
Let’s face it, property management tends to be a backwards industry. Both in the USA and even mores so in Cleveland Ohio. In fact there maybe one or two property management companies that have been in business more than 5 years in this area.
At Realty Trust Services we are constantly looking at ways to be more effective and innovative.
In the last 30 years major innovations in manufacturing have been coming to united states from Japan, which incidentally got its start from the leading united states statistician Edward Demings. Toyota innovated Deming’s teachings into the Toyota Production System (TPS) and as American companies have adopted techniques from the Toyota Production System this series of ideas and techniques has been called “Lean” because of the obsessive focus on eliminating inefficiencies / waste or any financial or energy expenditure that doesn’t directly provide value to the end customer.
As business becomes more competitive and transparent and consumers more demanding, service companies are also starting to look at the techniques and philosophies from Lean Manufacturing to bring Lean Service offerings.
At Realty Trust Services we have begun a journey towards improvement using lean techniques. All though any mode of improvement is a never instant we wanted to talk about some of the things we are working on to improve.
What allows lean to take hold in a company is that it is part of the culture. To that end it is something that we talk about daily we study it together in daily meetings.
According to Paul Akers, author or “2 Second Lean” the highest pillar of lean is the ability to “see waste.” Lean systems all are designed so that waste and inefficiencies are immediately visually apparent company wide. This then allows the workers within the company to immediately respond and keep processes running smoothly and allows us to make full use of the “human resources” of the company. Examples of how we are exposing the business processes in a visual way is that have 4 LCD’s displays on our main office walls as dashboards for essential company processes. Data connectors to display tenant charges, maintenance work orders, indicators of email backlog for each employee, and rental market times are all being created so that the entire team is up to date on every part of the business
Lean companies use cross functional teams arranged together in work groups to increase efficiency in communication and we too have adopted this in our work force.
Let Us Help Your Grow Your Portfolio
As a Real Estate investor your goal is to grow your portfolio of income producing Ohio Rental Property and generate more monthly cash flow.
Realty Trust Services is continually improving ourselves so that we can help improve your business and profitability. We are not comfortable simply being better than the very low standard this industry has set.
Doing all of this means that you (landlord) can count on us to help you efficiently grow your portfolio of rental properties in Westlake Ohio and generate more cash flow from those properties than you may have in the past.
From our innovations we have even created an alpha version of a program that we are releasing here which we believe could change the way businesses use the internet. See the video on this below and a link to the website for this product here: http://Snapextual.com
We aren’t perfect and we have plenty of “waste” to eliminate. However if you’re not satisfied with your current property management company, or are frustrated with managing your Ohio Rental Property yourself, consider joining a company that will continue to grow and improve with you and consider your suggestions.
Get Ohio Property Management
To learn more about Realty Trust Services, or how we can help you contact us today by CLICKING HERE to connect with us through our website or by calling (440) 220-7300.