I attended the bi-annual renewal of my Good Landlord certification. Paul Smith from the Utah Apartment Association presented.
Here are a couple interesting tid bits to come out of today's meeting:
Participation - 90% of Ogden rental units are participants in the Good Landlord Program. Crime among those units is down 30% compared to non-GLP rental units. Still, 10% of Ogden rental units are available to felons and other high risk tenant groups. It's good for Ogden to have such a high percentage of participation in the program.
Collections - Somewhere during last year's legislative session at the capitol, a law was passed that allows landlords to increase their outstanding balances due by the amount that collections agencies typically charge for the collection. For example, if a tenant absconds and leaves $1000 in damages after the deposit is absorbed, and a collections agency charges 40% of outstanding balance in fees, Utah's new law allows the outstanding balance to be increased to $1,400 to help landlords recoup the majority of their loss. However, this change needs to be stipulated in your lease agreement.
Daily Late Fees - The UAA is recommending that landlords begin to wean daily late fees from their leases. Courts have typically frowned on them when challenged but they do smile upon lump sum late fees up to 10% of the monthly rent amount.
These are some helpful business tips. I also strongly recommend that you become a member of the UAA. My membership has been a priceless resource.
A Weber County, Utah based blog that keeps you informed on real estate and related subjects. For all your real estate needs contact Jeremy Peterson ~ Owner/Broker of Vesta Real Estate ~ 801-390-1480
The good landlord idea is great. We should also not allow a felon to purchase a car, go into a private business, or even step foot into the City of Ogden. They should lose all the rights of a normal citizen and be treated like animals. Once they have committed a felony they are hopeless and should be put to death.
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