It might seem entirely impossible for tenants in short term apartment rentals to create a hoarding situation, but it is far more common than you might know. One organization has determined that hoarding disorders affect up to 15 million people, and that it is an endless behavior. This means that property managers of short term apartments must take the matter seriously and make plans to address the issue if it arises.
How? There are some obvious warning signs for longer term rentals, such as a year without a single maintenance call, but even short-term apartment rentals can provide a few clues that a problem is present.
As a property manager, you will want to pay attention to the amount of garbage each tenant tosses on a weekly or bi-weekly basis. If you notice almost no trash from a renter, it may be a sign of hoarding. Odd odors are another indicator that a hoarding situation is present, and ignored efforts to get in touch is also another red flag.
If you are in charge of short term apartments, you can address the situation with diplomacy as this usually creates the best results. Because it is a disorder, you want to hold off on immediate eviction if you discover it has occurred. Instead, consult with an attorney, insert clauses that allow for spot inspections in all rentals and train any staff to be alert to this risk with any and all rentals. Remember that regular inspections as part of a rental arrangement can be the best approach to preventing hoarding in the first place.
In an inspiring story from 2013, property owners can learn just how short-term rentals in Seattle might pay off, even if you (as an owner) don’t see your home as a potential rental. It was back in 2013 that a homeowner in the Seattle area encountered upscale furnished housing for the first time. Visiting a friend staying in Seattle corporate housing, she realized that her own home could become one of those profitable short-term rentals in Seattle, too.
She realized that she had to make some investments to get the home to the same level of the Seattle corporate housing she had experienced, but it was not a substantial amount. Creating a business plan, doing a bit of market research and crunching the numbers let her see she could soon offer furnished housing comparable to that stunning location she had visited with her friend.
She did some basic upgrades and even added a small apartment for herself in another part of the house. Listing it as corporate housing, due to its premium design and décor, enabled the woman to earn her monthly mortgage and utility payments, as well as a bit of additional income. She now lives for free right on the premises and has fully monetized her Seattle home.
Are you a homeowner in Seattle or another urban area with a lot of different industries? If so, you should take this woman’s example and explore your options for boosting income, living in your home for free and even helping those who want a home-like setting while traveling for business, pleasure, medical treatment and many other reasons.
As a property owner, you already know that insurance is a must have item. It is what guarantees you will not suffer a financial loss on your property, but it can also offer you a great deal more. This is particularly true if you offer fully furnished apartments for rent and if you work with a property management company.
Why? To begin with, furnished housing opens up a few liabilities. There is the risk that the items you supply are damaged, destroyed or lost and you need coverage that prevents your profit margin from evaporating should you need to refurnish after a particularly destructive tenant or a problem they cause (think flooding, fire, stains, and so on).
There is also your liability should the furnishings lead to a problem. Mold and allergies are just two issues that your furnishings could cause (or said to have caused).
And why would the manager of your fully furnished apartments for rent be a subject that also relates to insurance? It has to do with any mistakes the manager might make in operating the furnished housing. As a simple example, they might wrongfully evict someone, opening you up to legal issues.
The coverage is often described as “Errors and Omissions” coverage, and it protects you and the manager from any mistakes the manager makes. Should you supply it? You can, but you might insist that the manager offer proof of such coverage. Should you also add managers to the policies you have in place? In a word: Yes. It just makes sense to erase liability whenever and wherever possible with furnished housing, and that is one simple way to accomplish it.