Property Management News

Tip #110: Tax Implications and Other Warnings for Rent Credits by James Safonov Occasionally it is necessary to give rent credits to tenants. Random rent credits by themselves are not necessarily a bad thing. The context surrounding the credit and the amount of the credit(s) can be troublesome. First it is important to distinguish what should be credited and what shouldn’t. Anything that requires a professional contractor should not be credited. Replacing a toilet seat or a refrigerator water filter is probably harmless–just have the tenant provide a receipt. Some owners have negotiated a recurring credit for landscaping or for owner access to a storage shed. For example: the... Read more

Tip #109: You Never Notice It Until It’s Broken The garage door is the largest moving part on your property and perhaps the hardest working, being raised and lowered an average of four times per day. And, like any other area of a rental property, it requires regular maintenance and repair to keep it in good working order. June has been designated Garage Door Safety Month, and garage door manufacturer Clopay Building Products wants to spread the word that summer is a good time to perform safety inspections and tune-ups on garage doors. A professional should inspect and make any repairs, but here are a few things that property owners should watch for: ¢ Check that the door opens and... Read more