What’s The Worst That Could Happen?…

The fears of all rental owners and property managers alike are usually realized in the middle of the night, on a holiday weekend, during a thunderstorm, and while you are out of town.  That’s the way that Murphy’s Law likes it.  Bridgepoint has seen 3 hot water heaters rupture in condo’s in Mt Pleasant in the last six months.  The hard thing about condominiums is that even if you have a safe and functional hot water heater, the neighbor above you may not, and water knows no property lines.  Often times, it’s the expansion tank that ruptures. The expansion tank sits on top of your hot water heater and gives space for water to expand as it is heated.  It has an air filled bladder that pushes the water back in to the tank as needed. This constant compression and decompression eventually wears out the mechanism and fails.  Once that mechanism fails, it can dump 100’s on gallons of water in a matter of minutes.

Things to look for

An ounce of prevention is with a pound of cure.  That is where excellent property management comes in and why regular property inspections are so important.  If you a see any water on the floor or in the pan, don’t just wipe it up. Take action to fix it! Open channels of communication with tenants are important here because we need tenants to feel the freedom to report things like this so they can be dealt with.  Also having the expansion tank air pressure checked regularly is important.  If your hot water heater is over 10 years old… it is time to think about a replacement.  Contact a plumber or give Bridgepoint Property Management a call… we know the best people in town.

 

What happens if the unthinkable happens

If the hot water heater fails, contact your insurance company.  Most of the time this is an insured event and, if properly insured, is little more than a month of additional stress and inconvenience.  That’s what insurance is for.  Document everything by taking pictures and saving everything you are given from insurance documentation to repair quotes to contact information. The more diligent you are the better.  Use this as an opportunity to complete some upgrades you have been thinking about. Often, people use an event like this to upgrade the property… This is a real tenant pleaser.

 

Advice to Charleston Rental Owners

Your property is always occupied by risk.  Although no one can completely remove all of the risk from your investment property, Bridgepoint Property Management often works in productive ways to minimize the risk associated with investment property.  As the lowcountry’s client centered property management company, your concerns are our concerns.  Being a landlord can be trying, but the investment is well worth the risk. If you have any questions, whether a client or not, please give Bridgepoint a call. We love investment property and helping people.

 

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