How to Prepare for Severe Weather
As weather conditions continue to become more severe, with 2020 on course to being the warmest year on record so far, it’s becoming increasingly important to consider the financial impact climate will have on your investments and how to prepare your rental home for extreme weather events.
Do Your Homework
First things first – research the area your property is in. TYou should already be conducting area market research to figure out neighborhood characteristics, competitive amenities and appropriate rent price points – double down and do the work to learn about the common (and future) weather risks in that area. Check out resources like FEMA’s Flood Map and the National Weather Service’s Storm Prediction Center to get familiar with the risk factors of your property’s location.
Prevention is going to be the key in protecting your property and the investment it represents. Ensuring that the roof does not need repair, and that the pipes and HVAC are maintained will reduce risk. Take further precautions if your property is in a flood-zone or high-risk area for tropical storms and the high winds that come with them, whether that is bolstering the siding, installing drainage, or acquiring additional insurance.
Recruit Your Tenants
You are not always at your property. (If you are, Frontline would love to take that burden off your hands! Your spare time should be spare.)
Your tenants, however, call your property home. As such, it’s in everyone’s best interest to keep them up to date and reminded about seasonal weather conditions, severe weather conditions, and what they can do to protect themselves and the property they live in. We recommend sending out a seasonal letter to give quick tips about what they should be doing to be prepare for the upcoming weather. In Spring there are last-minute cold snaps and showers, in Summer there’s either blistering heat or thunderstorms, in Fall there will be leaves clogging up gutters and heaters being turned on for the first time in months, in Winter there are hard freezes. Your tenants know this, but they may not automatically be aware of what that means in terms of conditioning the property, whether that’s reminding them to water the foundation during a drought, not to forget that a last-minute freeze can burst a pipe, or that it’s normal for the heat to smell slightly when it’s first turned on.
While you can’t predict the weather, you can certainly put safeguards in place that will make it easier to prevent any losses! Frontline prides ourselves on helping property owners weather any storm by protecting your frontline so that you can focus on your bottom line.
Start the conversation with us today about the DFW market and how we can help you meet your property management goals!