As our company grows and evolves we often sit back and evaluate the way our business runs and the systems that are put in place to ensure things are done correctly. Over the past couple of weeks we’ve been taking a look at the past year and identifying our weaknesses and the points of our business where there is an opportunity for things to go wrong.

We have identified some key tasks that require new or updated written procedure. In the next couple of weeks we will be releasing the following new policy:

• Maintenance Policy – This policy will outline how maintenance, renovations and emergency services are carried out by our sub-contractors. It will define a clear policy for payment in regards to regular maintenance, renovations and emergency services.
• Rent Policy – Our current rent policy is being revised and will now include policy related to the remittance of rent, deductions from rent as well as new policy related to our accepted methods of payment.
• Collections Policy (Tenant & Owner) – Will outline late fees and Insufficient Funds charges.

By laying out a clear policy we hope to avoid errors and misunderstandings in our day to day operations. Property owners can review our policy online at any time. Please contact us to request login information.

Water issues are a fact of home ownership. There are two types of water issues we can talk about, problems with drinking water and water coming into the home. Today I’m only going to touch on water coming into the home.

For anyone buying a home, water and moisture problems are often one of the biggest (scariest) issues. Nobody wants to buy a home that has water problems or past water problems that haven’t been resolved. When buying a home it’s important to request a Property Condition Statement. A PCS is a two page questionnaire that’s often filled out by home owners when selling their home. In the PCS there is a question regarding water and moisture problems. It’s a requirement for the Vendor’s to disclose any known issues addressed on this form. The owner can only disclose what they know.

If you get back a PCS and there is an indication that there was a water or moisture problem in the home, you’ll want to find out some more information about the problem. Just because there was a problem at one time, doesn’t mean that there still is. Many real estate companies have a Schedule “A” that they’ll have the Vendor fill out, but here is a list of what you want to find out.

• Is there still a water/moisture problem?
• When is the last time the problem occurred?
• What is the frequency of the problem?
• If it was resolved, who completed the work and what did they do?

These four questions will help you to find out if there there will be problems down the road. Take steps to verify that work has been done and done properly. If the water or moisture problem hasn’t been resolved, have a reputable contractor prepare an estimate to correct the problem. Once you’re armed with an estimate, ask your agent to help you negotiate to either have the problem fixed, or to be compensated for it (and fix it your self).

If you’re selling a home with a water or moisture problem, the best thing to do is to get it fixed…fast! The longer water and moisture gets into your home the more complications you may encounter. When words like mold and mildew pop up, it could significantly hurt the sale of your home. Hire a professional to give you direction on what needs to be done, as well as a quote. If you’re not in a position to have the work completed, be sure to disclose the problem, present the solution as recommended by your professional and factor that cost into your list price.

I hope that this has been helpful, stay tuned for more information for home owners and investors alike.

Luther Harrity, REALTOR®

Royal LePage Atlantic