{"id":254,"date":"2021-06-04T15:44:55","date_gmt":"2021-06-04T23:44:55","guid":{"rendered":"https:\/\/property-mgmt.com\/blog\/?p=254"},"modified":"2021-06-04T15:44:56","modified_gmt":"2021-06-04T23:44:56","slug":"4-steps-landlords-need-to-take-to-prepare-for-a-rental-emergency","status":"publish","type":"post","link":"https:\/\/property-mgmt.com\/blog\/2021\/06\/04\/4-steps-landlords-need-to-take-to-prepare-for-a-rental-emergency\/","title":{"rendered":"4 Steps Landlords Need to Take to Prepare For A Rental Emergency"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"How To Make A Landlord Emergency Action Plan\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/M0HbtqgZrbs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p><strong>Action Plan<\/strong><br>Probably the number one thing you need to do is to have an action plan, especially if you don\u2019t live in Las Vegas.\u00a0 You should have a list of vendors that you can easily contact for all types of repairs, insurance contacts, emergency housing for tenants, and of course funds set aside that you can access so that the rental emergency doesn\u2019t turn into \u201cyour\u201d personal emergency. As in the case of a fire, or say an accident where a driver lost control of a vehicle and the vehicle ended up inside your dwelling, you might also need all the contact numbers for the police, fire dept, city inspectors, and city emergency response departments.\u00a0 As the old saying goes, if you fail to plan you will be planning to fail.\u00a0<\/p>\n\n\n\n<p><strong>Get A List Of Vendors<\/strong><br>First let\u2019s discuss the vendors.\u00a0 The key here is to find vendors that are qualified and that will actually respond after hours, because not all vendors do.\u00a0 Emergencies never happen when you want them to, and they almost always seem to happen at night or while you\u2019re on vacation. \u00a0When you have 6 inches of water throughout the property, and it\u2019s moving up your walls, the last thing you want to be doing is searching Yelp to determine who can come to the rescue.\u00a0<\/p>\n\n\n\n<p><strong>Determine Which Vendor Is The Best Fit<\/strong><br>So, how does an owner figure out who the best vendors are that they can rely upon in times of need?\u00a0\u00a0 An owner needs to have enough experience in each trade in order to conduct an effective interview with a prospective vendor.\u00a0 Owners need to be able to dig deep and ask the right questions to get a clear picture of what each vendor is capable of.\u00a0 In addition, the owner must be able to instantly create a relationship with the vendor so that they\u2019ll receive competitive rates and timely responses.<\/p>\n\n\n\n<p>Unfortunately, as an owner, if you only have one or two properties, you\u2019re really not that important to a vendor.&nbsp; Being able to create a relationship or get preferred rates after one phone call will be difficult.&nbsp; Here is where an owner has an opportunity to leverage a property managers contacts and size so that they instantly become important in the eyes of any vendor.&nbsp;<\/p>\n\n\n\n<p><strong>Get The Right Insurance Coverage<\/strong><br>There are a couple of insurance policy considerations to make as well. The first is to make sure your policy covers mold remediation and temporary relocation for your tenants, and secondly you might consider requiring your tenant to carry renter\u2019s insurance.\u00a0 Keep in mind, requiring renter\u2019s insurance could potentially interfere in obtaining qualified tenants for your vacant property unless it was something you were going to provide for them.<\/p>\n\n\n\n<p><strong>NRS 118A.260<\/strong><\/p>\n\n\n\n<p>So, when something like a fire, or a flood from a broken water pipe happens, you need to have a reliable first responder available, 24\/7.\u00a0 There needs to be multiple people that a tenant or city official can contact at a moments notice.\u00a0 In fact, Nevada State law, NRS 118A.260, actually<strong> <\/strong>requires a landlord to engage or hire someone to handle their rental if the owner lives more than 60 miles from the property.\u00a0 Not having these resources in place to act on your behalf could put you in a variety of unwanted situations.<\/p>\n\n\n\n<p>Let\u2019s take a moment to review. There are your 4 basic steps to take regarding a rental emergency.<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Set up an emergency fund to cover unexpected expenses<\/li><li>Know who you are going to call<\/li><li>If it\u2019s an emergency perform a quick remedy to stop the bleeding<\/li><li>When you put everything back together, do it right the first time by using qualified vendors.\u00a0 If you go for the cheapest price, you will probably end up paying more in the long run.<\/li><\/ol>\n\n\n\n<p><strong>The Easiest and Best Solution<\/strong><br>Nobody expects or wants an emergency.\u00a0 However, owners need to plan for the worst and hope for the best.\u00a0 The easiest way to do that is to engage an experienced, 24\/7 property management firm like the Atlas Group LC.\u00a0 Problem solving and helping owners thrive is what we do.\u00a0 Let\u2019s discuss your needs\u2026 there\u2019s no obligation, just give us a call.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Las Vegas Property Management Repair Costs\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/qcE7TtDcavQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Action PlanProbably the number one thing you need to do is to have an action plan, especially if you don\u2019t live in Las Vegas.\u00a0 You should have a list of vendors that you can easily contact for all types of repairs, insurance contacts, emergency housing for tenants, and of course funds set aside that you [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,4,1],"tags":[],"class_list":["post-254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investors","category-landlord-tips","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/posts\/254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/comments?post=254"}],"version-history":[{"count":2,"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/posts\/254\/revisions"}],"predecessor-version":[{"id":257,"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/posts\/254\/revisions\/257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/media\/255"}],"wp:attachment":[{"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/media?parent=254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/categories?post=254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/property-mgmt.com\/blog\/wp-json\/wp\/v2\/tags?post=254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}