AOA Consultants get calls daily from our members with a variety of problems; some unfortunately after our owners are already in trouble. Please use the below as a guide to easier management, money-saving ideas and to avoid potential legal problems in the New Year. Our goal is your continued success!
- Have AOA search credit, eviction and criminal reports on all of your prospective renters.
- Have a written and legal Resident Manager’s agreement.
- Be sure to have your resident manager report their hours in writing to you on a weekly basis. AOA’s form #119A is designed for this purpose.
- If you’re not already a member, JOIN AOA TODAY – get the help you need with your property – up-to-date rental forms, FREE advice, FREE seminars, FREE monthly magazine, low-cost, instant credit, eviction and criminal reports, AOA’s collection services and you may save money with AOA’s Group Insurance Plan.
- Have your smoke and carbon monoxide detectors checked every six months. Inspect your units regularly for plumbing leaks; preventative maintenance saves you money.
- Always conduct enter and exit checklist inspections – use AOA’s form #131.
- Serve 3-Day Notices to Pay Rent in a timely fashion – immediately- the day after rent is due.
- Be diligent in collecting your late fees.
- Call your AOA advisor BEFORE you make that mistake. We’re here to help.
- Make a copy of proper IDs (license,SSN) on all prospective tenants.
- Check rental applications thoroughly – speak with previous landlords, verify employment, etc.
- When rejecting applicants, you must do so in writing. Use the legally required Adverse Action “rejection notice” – form #140, available at www.aoausa.com.
- Standardize and write down your rental criteria requirements to avoid discrimination lawsuits. This should be given to each new applicant with your application to rent. A sample copy of a criteria list may be found under the forms section of AOA’s website – http://www.aoausa.com/forms
- Keep rejected applicant files for five years and shred when tossing.
- Do not advertise for resident managers as “Couple Needed” or “Husband & Wife Team” – this is discrimination.
- Hire AOA’s Advertisers who are dedicated to serving our industry. Always obtain competitive bids to cut expenses.
- Educate yourself – attend AOA’s FREE Trade Show and Landlording Conferences. Our next scheduled Trade Show is April 15, 2015 at the Long Beach Convention Center.
- Consider accepting pets – many responsible pet owners make great tenants.
- Use the most updated, current AOA rental forms – toss your old ones.
- Call AOA Commercial Brokerage BEFORE you buy or sell an apartment building. Our professional agents have been serving our members’ needs for over 30 years.
- Be sure to offer your vacating tenant the required AB2330 Walk-Through “pre-inspection” no sooner than two weeks prior to the move-out date.
- Send back security deposits within the 21 day legal time frame, including the necessary receipts/invoices for each item costing over $125.00.
- Update your tenants’ information (current employment) (emergency phone numbers).
The staff at AOA wishes you a happy, healthy and prosperous 2015!
Patricia A. Harris is Senior Editor of the Apartment Owners News & Buyers Guide. . This article is a general guide and has no legal representation. It is suggested that you contact an attorney for legal advice should the need present itself.