Bay Area Real Estate BlogRecently posted or modified blog posts in the category - Managing Rental Propertyhttps://www.tuscanaproperties.com/blog/Copyright TuscanaProperties.com2024-03-27T14:38:35-07:00tag:tuscanaproperties.com,2012-09-20:32925Investing in Vacation Properties in the South Bay Housing Market<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/282024/investing-in-vacation-properties-in-the-south-bay-housing-market.jpg" width="1123" alt="Vacation Properties in South Bay" height="794" /><br />
Why is the South Bay a good place to invest in a vacation property?
Los Angeles County aims for 50 million visitors each year, spending over $18 billion on the economy in 2023. South Bay is one of LA’s top destinations, with iconic beaches and a slew of attractions to entertain travelers.
To make sure you’re investing, and not creating future headaches, we’ve created a short guide. Use it to learn about South Bay and why it's highly investable.
<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/282024/palos-verdes-drive.jpg" alt="Palos Verdes Drive" width="576" height="432" />
Palos Verdes Drive - via <a href="https://flickr.com/photos/dougtone/" target="_blank">Doug Kerr</a><a href="https://flickr.com/photos/dougtone/"></a>
Where is the South Bay?
When someone says “South Bay,” where are they talking about?
South Bay, CA, is in the southwest corner of Los Angeles County, bordered by land and sea.
There are the beach cities of South Bay:
Playa del Ray
El Segundo
Manhattan Beach
Hermosa Beach
Redondo Beach
Torrance
Palos Verdes Estates
Rancho Palos Verdes
Coastal San Pedro
<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/282024/palos-verdes-shore.jpg" alt="Palos Verdes Shore" width="576" height="432" />
Palos Verdes - via <a href="https://flickr.com/photos/sergeigussev/" target="_blank">Sergei Gussev</a><a href="https://flickr.com/photos/sergeigussev/"></a>
Then, there are numerous cities without direct ocean access:
Carson
Gardena
Hawthorne
Inglewood
Lawndale
Lomita
Harbor City
Harbor Gateway
San Pedro and Wilmington
Rolling Hills
Rolling Hills Estates
Westchester
and some unincorporated areas of the County of Los Angeles
<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/282024/South-Bay-Los-Angeles-Map.jpg" alt="South Bay Los Angeles Map" width="568" height="532" />
South Bay, CA is around 2 hours from San Diego and the San Ysidro Border Crossing into Mexico. - via <a href="https://commons.wikimedia.org/wiki/File:South_Bay_Los_Angeles.png" target="_blank">Wikipedia Commons</a>
Is the South Bay, CA a Desirable Vacation Spot?
South Bay, CA is a destination for international travel and it definitely helps tourism to have Los Angeles Airport (LAX) within the city. As the 5th-busiest airport in the world, it brings a lot of people directly into South Bay.
But is South Bay a vacation destination or just a typical Californian city?
The obvious thing to cover first is the stretch of beaches up and down South Bay. Aside from being world-class, they each have their own beachgoer demographic, so to speak. Some beaches are more rugged and less crowded, while others are known for being more tourist-friendly and manicured.
<img src="https://lh7-us.googleusercontent.com/0Zzh3Cu282M0f4F22_26xF097ibiwyLsqBXsDUDZnVJbE2B0FyakJ8xBIehFW8tHGbx8ZyNJFlQtT6Nm05qQvbZGjrFU0_XdTwrI56D1WZ1tx3Uemwhk_oHulS8oG-TnWoN1iRgu96Q1siyZ3h7upjc" alt="Manhattan Beach" width="624" height="468" />
Manhattan Beach - via <a href="https://flickr.com/photos/djrue/" target="_blank">Rubixcuben</a><a href="https://flickr.com/photos/djrue/"></a>
The seafood draws even more spotlights to the beach cities, and scrumptious restaurants dot the coastline.
Then, there are less-edible, pulse-raising activities on the South Bay coast. Most newcomers will love the one-of-a-kind <a href="https://www.alltrails.com/trail/us/california/shipwreck-trail" target="_blank">Shipwreck Hike</a>, which brings you to a 60’s wreck at the end. You can also join the beach volleyball, rent bicycles, go surfing, or play in 100-foot-high dunes on Manhattan Beach.
<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/282024/surfing-in-los-angeles-county-waters.jpg" alt="Surfing in Los Angeles County Waters" width="576" height="324" />
Surfers jockey for position in the Los Angeles county waters - via <a href="https://flickr.com/photos/miguel_discart/" target="_blank">Miguel Discart</a><a href="https://flickr.com/photos/miguel_discart/"></a>
Are Beaches the Only Attraction in South Bay, CA?
The beaches are a big tourism draw to the area, but so are the less sandy attractions. Let’s cover those for a moment.
Historical sites, like the <a href="http://dominguezrancho.org/" target="_blank">Dominguez Rancho Adobe Museum</a> and the <a href="http://www.torrancehistoricalsociety.org/" target="_blank">Torrance Historical Society</a>, give a glimpse into the past. These are just two of the dozens of historical sites and museums around the South Bay, reminding us of the Spanish colonial, Mexican, and Californio periods.
<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/282024/dominguez-rancho-adobe-museum.jpg" alt="Dominguez Rancho Adobe Museum" width="576" height="432" />
Dominguez Rancho Adobe Museum - via <a href="https://flickr.com/photos/hapinachu/" target="_blank">Vanesser III</a><a href="https://flickr.com/photos/hapinachu/"></a>
Families can easily find fun activities in South Bay. The <a href="http://www.lomita-rr.org/" target="_blank">Lomita Railroad Museum</a> has plenty of steam-powered trains and other vehicles on display. Other spots for vacationing families are the Wonder of Dinosaurs exhibition or the Roundhouse Aquarium. There are also several historic theatres around South Bay, like the AMC Dine-In Theatre or the Gardena Cinema from the 40s.
South Bay also has modern attractions, like the <a href="https://www.google.com/maps/place/Falcon+9+First+Stage+B1019/@33.9199483,-118.4586668,12z/data=!4m11!1m3!2m2!1shistoric+site!6e1!3m6!1s0x80c2b5de96cb273f:0x9a426de2b1bb88e!8m2!3d33.919945!4d-118.3268389!15sCg1oaXN0b3JpYyBzaXRlkgELc2NlbmljX3Nwb3TgAQA!16s%2Fg%2F11crzr4bgv?entry=ttu" target="_blank">Falcon 9 First Stage rocket</a> from SpaceX, and the <a href="https://www.torranceca.gov/Home/Components/FacilityDirectory/FacilityDirectory/1028/1094" target="_blank">Los Arboles Rocketship Park</a> in Torrance. Disneyland is just 30 minutes away, a feather in the cap of any vacation property.
The shopping is splendid in South Bay. Manhattan Beach is a top sunset viewpoint, but also one of the best boutique shopping spots in South Bay. <a href="https://www.facebook.com/mbWINEco/" target="_blank">mbWINEco</a> is in the same area, with wine floats, live jazz, and charcuterie boards. There’s a lot of retail up and down the coast, like the famous <a href="https://www.southbaygalleria.com/" target="_blank">South Bay Galleria</a>, The Point, or Plaza El Segundo.
Eventually, visitors might take a break from the beach. South Bay’s beaches are a stone’s throw away, but so are the Santa Monica Mountains, Topanga State Park, and Angeles National Forest. It’s a short car journey to reach any of these enormous green spaces and hike, bike, or stroll to your heart’s content.
<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/282024/topanga-state-park.jpg" alt="Topanga State Park" width="576" height="432" />
Topanga State Park - via <a href="https://flickr.com/photos/rollercoasterphilosophy/" target="_blank">Jeremy Thompson</a><a href="https://flickr.com/photos/rollercoasterphilosophy/"></a>
How to Buy Vacation Properties in South Bay
Vacation homes are all over South Bay, though you’ll want to pay careful attention to a few factors.
Is the home in a great location?
Vacation rentals can’t hit maximum ROI without an ideal location, or at least, nearby access to those locations. This doesn’t necessarily mean you need a vacation property built on the sands of South Bay’s beaches. Plenty of tourists won’t mind being a few minutes away, as long as your property offers something in return.
Does the property need upgrades?
We know about renter expectations because we hold similar expectations of hotels, Airbnb, and long-term rentals. Before profits, you’ll have to factor in the cost of repairing or upgrading the property to acceptable standards.
<img src="https://lh7-us.googleusercontent.com/Q1eyUH16HGNRzTjrrpMPvOApg5qQvAIDNAUfZT9JCex8y3-ofW7wmkY4obY7JAc175pGhRTki2XC7FTpNMROBfzmCkQi-xOhf9W-opz3Ux6t9JGU9K7O7lmjjyYuXA1XvXQfr4r9xvom7oOG47aZe2E" alt="Luxurious Home in Hermosa Beach" width="624" height="468" />
A lavishly-styled home in Hermosa Beach - via <a href="https://flickr.com/photos/h3h/" target="_blank">Bradford Fults</a><a href="https://flickr.com/photos/h3h/"></a>
What is the ROI for the home?
The total purchase price, renovation cost, and annual rental income projections. These are a few things you’ll need to calculate your South Bay vacation property ROI. Once you total the expenses, use the expected rental income to find your ROI.
Divide the vacation property’s net income by the total property cost, then multiply by 100 to find ROI expressed as a percentage.
You must be familiar with utility costs and South Bay property tax to avoid financial surprises down the road. Ask <a href="https://www.tuscanaproperties.com/contact/" target="_blank">local real estate agents</a> about this, as well as the hottest areas to invest in the vacation property market.
What is the South Bay Real Estate Market Like?
South Bay, CA is a seller’s market, although the median sale price has dropped around 2.8% from January 2023 to January 2024. That’s good news for anyone looking to break into the market.
Over the same period, 2, 3, 4, and 5-bedroom homes are selling for less, while 1-bedroom South Bay homes are selling for slightly more.
The median sale price for a South Bay home is around $1.2 million. This is a massive area we’re talking about, so you should check with a realtor about specific cities within it. Some of the coastal cities may have higher medians, though this might not negatively affect ROI.
We’re here to help. The Jamison Team can consult you on finding profitable vacation properties, and then guide you on managing them. Call our local offices and speak with one of our realtors, or go digital by filling out a quick contact form.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2024-02-21T09:30:00-07:002024-02-29T11:35:18-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:28976How Often Can The Property Be Inspected?<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/1042023/how-often-can-the-property-be-inspected.jpg" alt="How often can the property be inspected" width="656" height="438" />
Property inspection is crucial to protect your real estate investment and the safety of its residents. However, a landlord doesn’t always have the right to entry without tenants’ prior knowledge. Although you are the property owner, tenants have the right to privacy and there is a thin line between the rights of the owner and the rights of <a href="https://www.concept360propertymanagement.com/post/how-to-prepare-your-property-for-renters" target="_blank">renters</a>.
Before deciding how often you can inspect your rental property, you need to understand the types of inspections that can be conducted. Afterward, you can determine your rights as the owner to inspect the property.
Property inspections are divided into two categories:
Customary inspections - to protect the safety of your property: move-in and move-out inspections.
Maintenance inspections - routine home inspections and safety and maintenance inspections.
Property owners are often given other reasons to inspect the property, but it’s important to distinguish if there truly is a necessity for inspections, which is why property owners hire property management companies to help them figure out what measurements they need to take in given moments.
Why Do Landlords Inspect Rental Properties?
The purpose of the inspection is a major factor to consider. Routine inspections for maintenance or to assess the property's condition may be subject to different rules than inspections carried out for specific reasons, such as potential lease violations or emergencies.
Routine inspections
Regular inspections allow landlords to identify any maintenance issues or repairs that may be needed on the property. By addressing problems early on, they can prevent further damage and ensure the property remains in good condition.
Safety and compliance inspections help ensure that the property meets safety standards and complies with local building codes and regulations. This includes checking for hazards like faulty wiring, gas leaks, or structural issues that could pose risks to tenants.
This is why property managers advise owners to include routine inspections in the lease agreement. Routine inspections may be conducted yearly, seasonally, or quarterly. The tenant needs to be aware of regular inspections in advance, hence the lease agreement.
Customary inspections
Customary inspections are done <a href="https://www.austinvestorspropertymanagement.com/post/making-good-impression-potential-tenants" target="_blank">before the tenant moves in</a> and after the tenant moves out. Inspectors provide the landlord with the written report of inspections. Therefore, the owner or the property manager can compare the results to ensure that the property is in the same condition as it was before the tenant moved in.
Such inspections are vital so the property owner can <a href="https://www.tuscanaproperties.com/blog/investing-in-real-estate-strategies-for-success/" target="_blank">protect their investment</a>. Without such inspection, you could let another tenant move in after the previous one has moved out and if there are any violations, you could get sued.
There are some specific situations when property managers deem inspections necessary as well.
Tenant Behavior: In some cases, landlords may inspect the property to assess tenant behavior and ensure that they are not engaging in any illegal activities or causing disturbances to neighbors.
Sale or Refinancing: If a landlord is considering selling the property or refinancing their mortgage, inspections may be conducted to determine the property's current condition and value.
Insurance Requirements: Insurance companies may require periodic inspections to assess the property's risk and ensure that it meets certain safety standards.
How Often Can a Landlord Inspect The Property?
If you plan on conducting routine inspections, it’s best if you include the terms in the lease agreement. Sometimes, defining the rights and responsibilities of a property owner can get difficult. Property owners have the right to access their property as often as they need to. However, tenants have the right to privacy and quiet enjoyment.
Property owners can inspect the property as long as inspections don’t become excessive. The right to quiet enjoyment is included in the rent price for residents of your real estate. A property manager is obligated to protect this right.
The frequency with which a landlord can inspect a rental property is generally governed by local and state laws. Landlord-tenant laws vary significantly from one jurisdiction to another, so it's essential to consult the specific laws and regulations in your area.
In many places, landlords are required to give reasonable notice to tenants before conducting an inspection. "Reasonable notice" typically means providing advance notice, often 24 to 48 hours, but this can also depend on local laws.
Final Thoughts
Landlords need to conduct <a href="https://www.tuscanaproperties.com/blog/the-role-of-inspections-in-the-homebuying-process/" target="_blank">inspections</a> with proper notice and respect the privacy of their tenants. Tenants have the right to enjoy their rental unit without undue intrusion, and inspections should be carried out per local laws and the terms outlined in the lease agreement.
To know the exact rules and guidelines about property inspections in your location, it's best to refer to the local housing authority or tenant-landlord association for up-to-date and accurate information. Additionally, you can review your lease agreement, as it may also outline the landlord's rights and responsibilities regarding property inspections.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2023-07-27T09:00:48-07:002023-10-19T15:27:31-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:27717Renting or Buying: Which Option is Better For You?<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10312023/renting-or-buying-which-option-is-better-for-you.jpg" alt="Renting or Buying: Which option is better for you" width="613" height="408" />
Do You Know the Benefits of Buying vs Renting?
“Should I rent or buy a home?” Almost everyone has to ask this question, but it’s not easy to answer.
There are reasons that make both options attractive.
Renting can give you flexibility and carry low financial risk with consistent payments. If you don’t mind moving your personal possessions around, renting can offer freedom because you’re never tied down for too long.
<a href="https://www.tuscanaproperties.com/buyers/resources-for-buyers/" target="_blank">Buying a home</a> comes with the security of ownership and investment potential, plus, your mortgage payments might be cheaper than rent payments. In the next section, we’re going to cover some of the biggest advantages of home ownership.
<img src="https://assets.site-static.com/userfiles/1265/image/blogs_images/Renting_or_Buying_Which_Option_is_Better_For_You/1.jpg" alt="Buying a home is an investment potential too" width="959" height="720" />
Buying a home gives you investment potential too
Benefits of Buying a Home
From the moment we rent our first apartment or house, the thought of buying a home is never far away.
Here are 6 significant benefits of <a href="https://www.tuscanaproperties.com/buyers/resources-for-buyers/">buying a home</a>:
1. Tax Deductions
Thanks to the US Tax Code, U.S. residents can get ‌interest deducted from their mortgage, property taxes, and some other costs.
2. It’s Your Investment
The property you buy might rise in value each year and grow in the future. Of course, this doesn’t apply to every property, and talking to a realtor who knows the market trends should always be a first step.
Even with the recent housing crisis, home values are still up over 5% on a cumulative basis. On top of that, the number of U.S. homes is projected to rise by about 10 to 15% over the next decade, creating more demand for homes.
<img src="https://assets.site-static.com/userfiles/1265/image/blogs_images/Renting_or_Buying_Which_Option_is_Better_For_You/2.jpg" alt="investment properties" width="728" height="404" />
Investment properties need to be in the right communities
3. More Equity with Each Payment
When you make mortgage payments, your equity increases with every successful payment. Rent payments give the tenants no equity in the property they live in.
4. Predictable Mortgage Payments
Fixed-rate mortgages will never surprise you with increases, but it’s not the same for rental properties. Landlords can increase the rent on their units by a certain amount each year. For homebuyers, remember that other things like property taxes and home insurance may increase.
5. Freedom to Personalize
After you sign on the dotted line, you’re free to make alterations and show your creative side. The property is yours, so unlike a rental unit, you can upgrade and alter it as you see fit.
Of course, permits are required for some alterations. Whenever you make major changes to a property, the city must approve them. This ensures that homeowners are using the proper building materials and designs.
6. Stability and Community
<a href="https://www.tuscanaproperties.com/buyers/resources-for-buyers/">Buying a home</a> gives you (and your family) a chance to lay down roots and make connections with other locals. Rental properties see a steady stream of tenants in and out, so you might need more time to make long-term connections.
You can ask <a href="https://www.tuscanaproperties.com/about/the-jamison-team/" target="_blank">local realtors</a> about a neighborhood’s age demographics, average income, and even the best eateries.
If you want to get to know somewhere before you move, agents in the area should be your next step. They know the residents, but can also answer more specific questions, about crime rates, public transportation, upcoming construction, and anything else important to you.
Benefits of Renting Property
For some people, it’s not the right time to buy a home. Renting a property can be done quickly, with consistent payments that rarely (if ever) fluctuate. Let’s look at some more reasons to rent a home, rather than buy one.
1. Flexibility to Move Quickly
Someone who rents can find a range of pricing in any city, but that's not always the case for home buyers. You see, a buyer must find property in the right neighborhoods, where they can afford them. Renters can find apartments and homes to rent in almost any market.
New York is a good example of a city where rentals are abundant but owning property is out of reach.
2. Fixed Monthly Rental Payments
Rental payments are fixed for the entire length of your contract with a landlord. Even though your rent payments are consistent, they won’t give you any equity in the property, but paying a fixed-rate mortgage would.
3. You Don’t Pay to Maintain or Repair the Property
When you rent, plumbing, electrical, and other maintenance issues aren’t your concern. Your landlord is responsible for maintenance, improvements, and repairs. While this doesn’t cover some small things, like lightbulbs, it will remove a large financial burden.
4. Access to Gyms, Swimming Pools, and Other Amenities
Swimming pools and gyms are way outside the budget for most homeowners, unless they <a href="https://www.tuscanaproperties.com/buyers/resources-for-buyers/" target="_blank">buy property</a> like apartments or condominiums with shared amenities.
Renters, however, can easily find places to live with these amenities. It’s going to add to the monthly rent payment, but gyms, swimming pools, saunas, and other amenities will add to your quality of life.
5. No Down Payments
When landlords rent their property to tenants, they always ask for a security deposit. This money is given back to you upon the closure of your rental contract, as long as the property is in the right condition. Landlords sometimes withhold portions of the deposit if the tenant damages the property during their stay.
Typically, a down payment on a home is around 20% of the property’s value. Sometimes, that percentage can fluctuate, depending on the state and circumstances. If you’re wondering how much your down payment should be, <a href="https://www.tuscanaproperties.com/mortgage-calculator/" target="_blank">we’ve got a guide</a>.
We can also help you get the <a href="https://www.tuscanaproperties.com/buyers/best-financing-rates/" target="_blank">best financing rates</a> in Santa Clara County.
There’s More to The Story…
Deciding whether to rent or buy isn’t simple, but once you know what you can afford, the choice may be easier. Once you’ve created a budget, a local realtor can help you browse properties that suit you.
Instead of just helping clients buy and sell homes, realtors also have a network they can use to find lenders, home inspectors, lawyers, and contractors. If you need to apply with lenders in Santa Clara County, there’s a team of realtors you should know about.
<a href="https://www.tuscanaproperties.com/about/the-jamison-team/" target="_blank">The Jamison Team</a> has already helped hundreds of families buy and sell homes from their San Jose offices. <a href="https://www.tuscanaproperties.com/communities/" target="_blank">On their website</a>, you can find hundreds of properties around Santa Clara, in dozens of communities. Each property has been professionally photographed, and many of the homes have virtual tours.
<img src="https://assets.site-static.com/userfiles/1265/image/blogs_images/Renting_or_Buying_Which_Option_is_Better_For_You/4.jpg" alt="Listing from Jamison Team" width="1760" height="835" />
An example of a listing from the Jamison Team
To browse properties in San Jose and Santa Clara County, head to the <a href="https://www.tuscanaproperties.com/communities/" target="_blank">listings page</a> and browse specific communities.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2023-06-19T08:18:16-07:002024-02-28T11:14:00-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:26933Is It Worth It To Have A Property Manager For Under Ten Rentals?<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10182023/is-it-worth-it-to-have-a-property-manager-for-under-ten-rentals.jpg" alt="The Benefits of Property Management: Why You Need Professional Assistance" width="695" height="465" />
Many property investors assume that they can manage their business without the help of a professional. However, there is a reason why property management companies exist and have quite many clients.
Managing several rental properties at once gets complicated, even if you don’t have a full-time job on the side. You need to keep track of tenants, property maintenance issues, rent payments, contracts, finances, data, and different dates. Although you might think that you can save money by managing on your own, you might be failing your investment.
Even if you have fewer than ten tenants, operating a business is stressful. There are legal matters, partnerships with vendors, and financial issues that should be taken into consideration. It is for you to decide whether or not it is worth investing in property management companies. However, you need to know how property managers can help you with your business first and if you can handle completing these duties on your own.
Marketing
Any business needs a smart and effective marketing strategy to attract clients. Property managers are trained professionals who research the marketing field, and various platforms, and create advertising campaigns.
Property managers <a href="https://www.ngbmanagement.com/post/what-qualities-to-look-for-in-a-property-manager" target="_blank">are skilled professionals</a> who have experience in creating marketing plans. These people excel in creating social media accounts, advertisements on popular property management websites, creating professional business websites, etc.
Creating a marketing plan takes a lot of time and you need to know about the psychology of your target audience. To stand out from competitors, you need to come up with fresh ideas and original advertisements. Property managers take care of hiring professional photographers, designers, web designers, etc.
Finances
As a business owner, you need to <a href="https://www.landlordstudio.com/blog/best-property-accounting-software" target="_blank">keep track of expenses and profits</a> and stay on top of financial assets at all times. You should always be on top of expenses and profits. You must know where each cent goes and where each cent comes from. There are maintenance costs, advertisement expenses, and taxes that you need to pay.
Property managers take care of any financial issues your business deals with. By hiring a property management company, you won’t have to worry about missing details. A property manager can act as your business accountant and take care of every financial aspect.
Legal Issues
Every state has its property law. You must have a good knowledge of <a href="https://www.tuscanaproperties.com/blog/8-legal-procedures-for-buying-a-new-property/" target="_blank">legal systems in your region</a> to successfully operate a rental property business. No matter how few tenants you have, there will always be contracts and leases to sign. There may be a misunderstanding between you as a landlord and your tenant. Therefore, you will need some professional legal advice.
A property manager can help you avoid legal issues and big problems from escalating. This way, you won’t have to hire an attorney and face court. A property manager can be your legal advisor and act as a median <a href="https://www.comblepm.com/post/ten-questions-to-ask-potential-tenants" target="_blank">between you and the tenants</a>. If there are any complaints from your tenants, the property manager will take care of everything in a professional manner.
If your tenants are negligent, fail to pay rent on time, bother neighbors and other tenants, etc. your property manager will take every necessary action to negotiate terms with them to avoid eviction proceedings. However, if the worst happens and eviction is unavoidable, your property manager will make sure that every legal step is taken to conduct eviction proceedings without chaos.
Maintenance
Maintenance issues are bound to arise with time no matter how well you take care of the property. You are responsible for the maintenance problems, even if your tenants have been living on the property for over a year.
Taking care of maintenance problems can be a headache. You have to find trustworthy contractors to fix damages and you have to make payments and oversee the working process.
A property manager will be able to find the best contractors on a budget. Moreover, property management companies often have partnerships with vendors. Therefore, a property manager will be quick to help you fix maintenance issues at low costs.
Conclusion
In conclusion, you have to decide whether or not you can handle all of these responsibilities on your own without the help of a property manager. You might think that you will be saving money by doing everything singlehandedly. However, you might have to spend much more money on other problems that a property manager would help you avoid. Remember that these problems will arise at some point in time even if you have fewer than 10 tenants.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2023-05-19T06:42:38-07:002024-03-26T19:06:15-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:26931Pets And Rentals: Should You Allow Them?<img src="https://assets.site-static.com/userfiles/1265/image/blogs_updated/12_11.jpg" alt="Pets and Rentals: Should you allow them?" width="4375" height="2917" />
Pets are not always welcome on rental properties for many reasons. However, some property owners have no issues with pets living in rentals. As a property owner, you might have a hard time deciding whether or not you should allow pets in your real estate. It takes time and consideration to define your policies.
On one hand, pets may end up damaging your renovations and furniture, and not every tenant can be trusted to take care of everything. On the other hand, allowing pets can increase the demand on your property and you could even raise the property value.
Some several advantages and disadvantages that come with your choices. So which way should you go? The best way to determine the right choice is by weighing your options and going over the factors that could affect your decision.
Is Your Property Fit For Pets?
Firstly, you need to decide if your property could even handle the pets. Some homes are not designed for dogs and cats. If your furniture is too delicate and if your home does not have a backyard, it would be unwise to let a pet owner rent it.
The Cons of Allowing Pets on Your Rental Property
Some issues could arise when you allow pets on your <a href="https://bridgehauspropertymanagers.com/how-to-prepare-your-property-for-new-tenants/">rental properties</a>, and although you could work through these problems, you would be putting your investment at risk.
1. Property Damage
Pets cause a lot of damage to your property if they are not properly trained. Although your tenant might state otherwise, pets might not be well-trained and could be dangerous. When you allow a tenant to move in with a pet you are taking a risk by trusting them with your possessions.
Pets often chew on the furniture, leave scratches on the flooring, and can also leave an unpleasant scent in the house if the owner is careless. Even if your property comes with a backyard, pets tend to dig holes and damage the landscaping.
2. Noise
As a homeowner, you have to uphold a reputation among the neighbors. Your investment is a source of income and it should not become a menace. If your neighbors are bothered by the noise that your tenants’ pets will make, you would have to face a lot of issues. Neighbors could vote to start a lawsuit against you and you might have to go through a lot of paperwork to evict the current tenants.
3. Unpleasant Scent
As mentioned above, pets can leave a lot of unpleasant odors on a property if the tenant doesn’t take good care of them. This scent could root in the walls or if it’s outside, it could bother the neighbors. If the latter does happen, you would have to go through the same issues as you would with the noise.
When there is an unpleasant scent stuck in the walls of your home, its <a href="https://www.tuscanaproperties.com/sellers/preparing-your-home-to-sell/">resale value</a> will drop and you won’t be able to rent it out at a high price either.
4. Injuries
You don’t have a guarantee that the tenants take care of their pets well. If the pets are not trained well, they could cause harm to the neighbors. When pets are left unattended, they might scratch or bite neighbors, and children, they could scratch cars, or damage others’ properties.
The Pros of Allowing Pets on Your Rental Property
Although many problems follow allowing pets on your rental property, some business-related advantages could give you an upper hand on the market.
1. Higher Income
You can increase your property value by allowing pets on the property. Most of the property managers <a href="https://www.beaconpropertymanagement.com/post/could-your-pet-policy-keep-tenants-away" target="_blank">have a no-pet policy</a>, so it’s hard for tenants to find properties where they can move with their pets. This factor allows you to increase the rent price for your rental. By allowing pets on your property you would be standing out of the competition.
2. Long-Term Leases
Pet owners are more likely to renew a lease. When a tenant wants to adopt an animal, but they are not allowed to have one on a rental property, they will try to get out of the lease quickly and move to a new home. However, when a tenant feels at home with their four-legged friends, it’s more likely that they will stay longer on the property.
3. Responsible Tenants
Pet owners are more likely to be responsible residents. Taking care of an animal has taught pet owners to be better caregivers. Although it’s a risk, the chances are higher that the pet-owning tenants will take care of the property better than a tenant without one.
4. More Applicants
By allowing pets on your property you are opening up an opportunity for a large number of applicants. Nearly 70% of homeowners own a pet in the US, therefore, you have a bigger pool of applicants to choose from. The demand on your property will increase by allowing pets.
Final Thoughts
Allowing pets on your property might give you bigger opportunities for your business, but it’s also a gamble. You might be able to increase the rent price for now, but the property damage could increase your expenses as well if the pet owners are reckless. On the other hand, if the pet owner tenants turn out to be responsible and caring, you could only have to face the benefits of allowing pets on your property. It’s up to you to decide if the risk is worth taking.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2023-05-19T06:32:42-07:002023-11-01T14:16:27-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:24343Four Ways to Boost the Value of Your Long-Term Rental <img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10182023/four-ways-to-boost-the-value-of-your-long-term-rental.jpg" alt="4 Ways to Boost the Value of Your Long-term Rental" width="674" height="476" style="display: block; margin-left: auto; margin-right: auto;" />
If you’re no longer living in a house that you own, it may seem logical to simply sell it. Turning it into a long-term rental, however, has the potential to offer greater financial rewards — and it’s not as complicated as you may assume. According to iProperty Management, <a href="https://ipropertymanagement.com/research/renters-vs-homeowners-statistics" target="_blank">over 44% of people</a> in the U.S. are renters. Indeed, when you take the time to research your options, you’ll likely find that collecting rent over an extended period offers greater profit than the lump sum of a sale.
Check out these four tips from The Jamison Team at Tuscana Properties for increasing your potential revenue even further.
Get the Most Out of Your Rental
1. Beautify the Exterior
One of the best ways to boost the potential rent you can collect is <a href="https://www.moving.com/tips/16-easy-ways-to-boost-homes-curb-appeal/" target="_blank">to beautify the exterior</a> of your home. Curb appeal is a big deal to many prospective tenants, and you can improve it by investing in landscaping services. Read reviews and look for contractors offering deals before you schedule a quote and consultation.
You should also ensure that the exterior of the building is in good condition. Powerwash it and check for loose or damaged boards. You’ll likely need to repaint if there are any issues with the facade. Then, add an elegant touch <a href="https://esignsunlimited.com/metal-signs/?utm_source=google-ads&utm_campaign=&gad_source=1&gclid=Cj0KCQiAr8eqBhD3ARIsAIe-buMP8zfvCL1a-q49BVnkpnOoqm0yh7sysyZu5cIoNeKReE2FJf2cgtcaAsQBEALw_wcB" target="_blank">with metal letters for outdoor signs</a>. You can choose from a variety of metals to update the house number and add the finishing touch to your curb appeal project.
2. Screen Tenants Carefully
You need to ensure that your rental income will be consistent, and to do so, <a href="https://rentalchoice.com/how-to-find-tenants/" target="_blank">you’ll need reliable tenants</a>. To ensure that you’re renting to trustworthy people, you should pay for a background check and a credit check. You may also ask for references from previous landlords.
3. Complete Any Necessary Repairs
When you lived in your home, minor issues like a leaky faucet might not have bothered you. These same problems might be an issue for a tenant, though. Be sure to <a href="https://www.goodlifemgmt.com/blog/5-things-to-replace-before-renting-your-home" target="_blank">complete any necessary repairs</a> before you make your home available for rent.
4. Add Luxury Features
<a href="https://www.screenmobile.com/blog/4-ways-a-screened-in-porch-changes-your-life/" target="_blank">Luxury features like a screened enclosure</a> can set your rental apart from other properties on the market — and allow you to demand a higher rental price, too. These spaces can provide extra room during temperate months. Other potential upgrades include an outdoor kitchen, a fitness room, and smart appliances.
Set Up a Company for Management
You’ll need to decide how much of a role you want to <a href="https://belonghome.com/blog/owning-rental-property-pros-and-cons-of-rental-property" target="_blank">play in managing your property</a>. You can outsource management to another company, or you can retain control and manage it yourself. There are pros and cons to both options, but regardless of which you choose, you should establish an LLC to collect your rent payments. Be sure to check state laws to ensure you’re in compliance and consult a formation service to save money on lawyer’s fees.
Showcase Your Rental to Prospective Tenants
Once you’ve completed repairs and installed upgrades, it’s <a href="https://www.upkeepmedia.com/websites-advertise-rental-property/" target="_blank">time to list your property</a> on the market and start looking for prospective tenants. To do so, you’ll need to create a video that lets tenants preview the property online. <a href="https://geekflare.com/tools-to-merge-videos/" target="_blank">A merge video tool</a> allows you to combine video online, edit them, and choose unique moments to showcase. In no time, you’ll have a combined video file that’s easy to share.
Get Ready to Make Rental Money
Converting a house <a href="https://www.dohardmoney.com/long-term-rental-vs-short-term-rental/" target="_blank">into a long-term rental</a> is a great way to monetize your property and turn it into an asset. The more you invest in your home, the more rent you’ll likely be able to garner, too. This makes improvements such as landscaping and a beautiful metal house number are worthwhile investments. Create a beautiful video that will allow you to showcase these improvements so that prospective tenants are drawn to the property. With the right property management strategy and an LLC, you’ll soon see revenue flow from your rental.
If you’re looking for help finding the perfect property to rent, then contact The Jamison Team at Tuscana Properties. We will help you to find the right home for your real estate investment needs.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around Santa Clara county, don’t be afraid to reach out to us today. Our experts are experienced in this region, and we can help you to find what you need to know today.2023-01-23T18:46:39-07:002024-01-18T13:35:50-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:24187Rental Property Maintenance and Upkeep<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10242023/rental-property-maintenance-and-upkeep.jpg" alt="Rental property maintenance and upkeep" width="606" height="428" />
As a landlord or property owner, it is essential to maintain and upkeep your rental property to keep it in good condition and to ensure that it is safe and comfortable for your tenants. This may include regular cleaning, repairing any damages or malfunctions, and making necessary upgrades or improvements.
Follow all relevant laws and regulations, such as those related to health and safety, and adequately maintain any amenities or appliances provided to your tenants. By keeping your rental property well-maintained, you can help to reduce the risk of costly repairs or legal issues, and you can also help to create a positive living experience for your tenants.
Rental Property Maintenance Responsibilities: Landlord vs. Tenant
The maintenance responsibilities of landlords and tenants can vary depending on the terms of the lease agreement and the laws of the state where the property is located. For example, multifamily<a href="https://myelisting.com/properties/for-sale/new-york-city-ny/multifamily/" target="_blank"> properties in New York City</a> will have different rules and regulations than<a href="https://myelisting.com/properties/for-sale/los-angeles-ca/multifamily/"> Los Angeles</a>. In general, landlords are responsible for maintaining the overall structure and systems of the rental property, including the roof, foundation, plumbing, and electrical systems. Landlords may also be responsible for maintaining any common areas, such as hallways or laundry facilities.
On the other hand, tenants are generally responsible for maintaining their rental unit's cleanliness and upkeep and ensuring they do not damage the property. This may include taking out the trash, keeping it clean, and fixing any damages they cause. Tenants may also be responsible for minor repairs or maintenance tasks, such as replacing light bulbs or smoke detector batteries. In some cases, the terms of the lease agreement may outline specific maintenance responsibilities for both landlords and tenants. Therefore, both parties must review the lease agreement's words carefully and communicate any maintenance needs or issues that may arise.
Maintenance Expenses for Your Rental Property
As a landlord or property owner, you will likely incur expenses related to maintaining and repairing your rental property. These expenses can include things like:
Regular cleaning and upkeep: This may include hiring a cleaning service, replacing light bulbs and other minor repairs, and taking care of landscaping and yard work.
Major repairs and renovations can include fixing a leaky roof, replacing outdated appliances, or updating the bathroom or kitchen.
Health and safety repairs: You may need to make repairs to meet local health and safety regulations, such as installing smoke detectors or handrails.
Appliance repairs: If you provide appliances such as a refrigerator or stove to your tenants, you will be responsible for repairing them if they break down.
Pest control: You may need to hire a pest control company to eliminate pests like rats or ants.
Budget for these expenses and set aside money for unexpected repairs or maintenance needs that may arise. Some landlords charge their tenants a monthly fee for maintenance and repairs, while others handle these expenses independently. Understand the laws and regulations in your area related to maintenance expenses and communicate clearly with your tenants about any costs that may be passed on to them.
Budgeting for Property Maintenance
Here are a few tips for budgeting maintenance for your rental property:
Create a list of expected expenses: Make a list of the regular maintenance tasks you will need to complete and any major repairs or renovations you anticipate. This can help you understand the costs you will need to budget.
Set aside a reserve fund: Set aside a reserve fund to cover unexpected maintenance expenses. This fund should be large enough to cover any major repairs that may be needed, such as a new roof or significant appliance replacement.
Consider setting up a monthly fee for maintenance: Some landlords charge their tenants a monthly fee to cover the cost of regular maintenance and repairs. This helps ensure that you have a consistent source of funding for these expenses.
Shop around for contractors: When you need to hire a significant repair or renovation contractor, shop for the best price. Be sure to get multiple estimates and carefully review the terms of any contracts before hiring a contractor.
Communicate with your tenants: Keep your tenants informed about any maintenance tasks or repairs that will be done on the property. This can help to reduce the risk of misunderstandings and can also help to ensure that your tenants can plan around any disruptions.
Things to Remember About Rental Property Maintenance
Here are a few essential things to remember about rental property maintenance:
Stay on top of regular maintenance tasks: Regular maintenance tasks, such as cleaning and minor repairs, can help to prevent more significant issues from developing.
Keep good records: Keep good records of all maintenance tasks, including the date they were completed, the cost, and any relevant details. This helps you track expenses and identify any patterns or issues that need to be addressed.
Follow all relevant laws and regulations: Be sure to follow all local laws and regulations related to rental property maintenance, including health and safety.
Communicate with your tenants: Communicate clearly with your tenants about any maintenance tasks or repairs that will be done on the property. This can help to reduce the risk of misunderstandings and can also help to ensure that your tenants can plan around any disruptions.
Plan for unexpected expenses: It is a good idea to set aside a reserve fund to cover unexpected maintenance expenses. This can help you to be prepared for any unexpected repairs or issues that may arise.
Plan for Major Projects a Few Years Ahead
Planning for significant projects a few years ahead can be a good strategy for managing maintenance expenses for your rental property. By planning, you can identify potential projects and set aside money for them in advance. This can help you to spread out the costs over a more extended period, rather than having to come up with a large sum of money all at once.
For example, if you know that the roof on your rental property will need to be replaced in the next five years, you can start setting aside money for that project now. This way, you can avoid scrambling to find the funds when replacing the roof.
It is a good idea to create a long-term maintenance plan for your rental property and to review it regularly. This can help you to anticipate future expenses and to budget for them accordingly. Be sure to consider the age and condition of your property and any local laws and regulations that may impact your maintenance plans.
Identify Which Repairs You Can Handle
As a landlord or property owner, identify which repairs you can handle yourself and which ones will require the help of a professional. You may save money on labor costs by doing some repairs. However, be realistic about your skills and experience, and only take on tasks that you are confident you can handle safely and effectively.
Here are a few things to consider when deciding which repairs you can handle:
Your skills and experience: If you have experience with home repairs or have specific skills, such as plumbing or electrical work, you may be able to tackle more complex tasks. However, if you are not comfortable with a particular type of repair, it is best to hire a professional.
The complexity of the repair: Some repairs may be relatively simple, while others may be more complex and require specialized knowledge or equipment. Assess the repair's complexity before deciding whether you can handle it yourself.
The safety of the repair: Some repairs can be dangerous if not done correctly. If you are not confident in your ability to safely complete a repair, it is best to hire a professional.
The repair cost: In some cases, hiring a professional to complete a repair may be more cost-effective, even if you can do it yourself. Consider the cost of materials and the time it will take to complete the repair, and compare this to the cost of hiring a professional.
Why a Professional Property Manager Makes Good Business Sense
Hiring a professional property manager can be a good business decision for landlords and property owners. A property manager can handle a variety of tasks related to managing a rental property, including:
Marketing and advertising the property
Showing the property to prospective tenants
Screening tenants and completing background checks
Drafting and enforcing lease agreements
Collecting rent and security deposits
Handling maintenance and repair requests
Responding to tenant complaints or concerns
Enforcing rules and regulations
Handling evictions
Having a property manager can help to save you time and energy, and it can also help to ensure that your property is well-maintained and your tenants are satisfied. A property manager can also help to reduce the risk of legal issues, as they are familiar with relevant laws and regulations. In addition, a property manager can often negotiate better rates with contractors and vendors, which can help to save you money on maintenance and repair expenses. Overall, hiring a professional property manager can be a good investment that can help you to manage your rental property effectively and to achieve your business goals.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2023-01-16T15:37:27-07:002023-10-30T14:04:09-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:20761 How to Set Your New Project Up For Success With Property Management<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10122023/property-management-business.jpg" alt="Property Management" width="1123" height="794" />
Are you sick of your 9-to-5 job and want to pursue your goal of owning a <a href="https://www.priorityonesd.com/" target="_blank">property management business</a>? Many people want to start a real estate business, but the lack of information in this field may be holding them back. One mistake could risk your entire investment going to waste, so it is understandable why many individuals may feel anxious about pursuing this dream. This is where property managers come to the rescue; they are highly skilled and experienced experts who handle every aspect of property management for their clients. So, let's look at how you can succeed in a new project with property management.
How to Succeed In a New Project with Property Management?
Here are a few ways that property management can help you succeed in your new real estate venture.
Implement Successful Marketing Strategies
Marketing has assisted numerous businesses in growing and reaching new heights of success. A property manager can help you implement successful marketing strategies that may help attract buyers or tenants depending on whether you want to sell or rent out your property.
Here are a few ways <a href="https://www.lockhavenapartmentrentals.com/blog/how-to-find-an-honest-property-manager" target="_blank">an honest property managers</a> will assist you with marketing strategies that you may otherwise have not been aware of:<br />⦁ Create SEO optimized website and social media platforms<br />⦁ Create a positive online presence<br />⦁ Implement content marketing strategies<br />⦁ Hire professionals to click high-quality photographs of your property<br />⦁ Focus on user experience and create easy-to-navigate websites<br />⦁ Keep track of competition and study their social media platforms to find out what is making them stand out.
All of the points mentioned above are essential marketing methods that can substantially aid the growth of your real estate business. However, they require a significant amount of time and effort, which you may not have if you attempt to establish a real estate business, as this endeavor involves numerous responsibilities. You can delegate all these responsibilities to property management and expect them to complete them successfully and efficiently.
Understanding of Landlord-Tenant Laws and Other Property-Related Laws
Falling into legal trouble because of a lack of documentation or understanding of landlord-tenant laws can be detrimental for your real estate firm. According to these <a href="https://propertymanagerjacksonville.com/" target="_blank">Jacksonville property managers</a>, understanding and keeping track of landlord-tenant rules and other property-related documentation is daunting for new real estate business owners. Property managers have a comprehensive knowledge of the landlord-tenant rules in your area and will know how to keep important documentation up to date to avoid legal difficulties.
Screen Tenants
If you want to rent out your property, you must first conduct a thorough tenant screening process. Tenants can make or break your business because difficult tenants can destroy your career and generate significant financial losses. Property managers have the skills and equipment to do extensive background checks on each tenant to guarantee you are receiving eligible tenants. They look into the tenant's background and run their data through criminal databases to guarantee that you are not renting your property to a criminal. Therefore, property managers can save you a significant amount of time and money by identifying acceptable tenants for your property.
Handle Tenant-Related Issues
Your property manager is in charge of timely rent collection and checks clearance. Some property management businesses can further speed up the payment process by letting tenants pay online and depositing the money to your account electronically. This streamlines the procedure for you and your tenants, lowering the likelihood of tenant turnover.
Additionally, managing tenants may be a 24/7 commitment, as you can expect to get calls from them in the middle of the night regarding emergencies or problems with the house. Hence, you will have less time to focus on other growth opportunities.<br /> If you hire a property manager, they will be in charge of any matters relating to the tenants and will be the ones the tenant's contact with any concerns. Property managers will make your life much easier for a small fee, and all you have to do is sit back and relax while they do the heavy work.
Our Final Thoughts
With the assistance of a property manager, your new <a href="https://www.losangelespropertymanagementgroup.com/the-importance-of-property-management-to-real-estate-investment/" target="_blank">real estate project</a> has a very high chance of success. Your property manager will teach you a lot about the real estate market that will assist you in making other key decisions for the growth of your business. <br />A property manager will be in charge of marketing your property, managing tenants, and dealing with legal requirements. So what are you waiting for? Begin working on your dream of launching a real estate venture to succeed in a new project with property management.<br /><a href="https://www.tuscanaproperties.com/contact/" target="_blank"></a>
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2022-07-13T09:20:00-07:002024-03-01T12:47:25-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:18838Home Staging Tips for Rental Properties<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10252023/home-staging-tips-for-rental-properties.jpg" alt="Home Staging Tips for Rental Properties" width="1123" height="794" />
Home staging has several benefits for landlords who are hoping to rent out their properties (and secure their asking price). In fact, property managers agree that home staging may be as important for rental units as it is for selling a home. Home staging can be challenging for landlords, especially as they try to figure out where to make improvements without breaking the bank. Let’s look at these home staging ideas for <a href="https://www.hawkeyemanagementinc.com/" target="_blank">property managers</a> that spruce up your rental unit.
Rearrange the Furniture
Try to rearrange the furniture and expand the walking area. This allows renters to navigate the space and visualize their own furniture in the room. Clear out any unneeded furniture, especially if they are damaged or don’t align with the . Rearrange any remaining items to make the rooms look as spacious as possible.
Prioritize Neutral Colors
In one of their interviews <a href="https://www.avalongroupus.com/" target="_blank">Avalon Group</a> are saying that one of the primary goals of home staging is to let potential tenants visualize themselves in the area. The easiest way to do this is to prioritize neutral colors. You want a house that has neutral colors, although it may be okay to sprinkle in some color here and there. But having too many statement pieces with varying colors can contribute to the color clutter, so pay attention. In the same vein, try to take down any personal artifacts such as framed photos and personal photos on the walls. This also applies to anything hanging on your refrigerators.
Clear out the Clutter
Clutter takes up precious real estate - and the crowded housing market is all about space. Try to minimize the number of items in your rental unit to only the essentials that make it look more appealing. You don’t have to get rid of everything, but you should pack unneeded items.
Clear Out any Lingering Odors
Empty rental units that have been vacant for a long tend to have a very characteristic musty smell. And if your last tenant used to smoke inside, then contribute to that nasty odor.
There are things you can do to clear out the odor. Start by airing it properly and give the carpets a thorough cleaning. Carpets are a big culprit when it comes to storing terrible odors. In some cases, you may have to repaint the walls to remove any lingering odors and smells (especially odors from cigarette smoke).
Pro tip: Light up some scented candles before a scheduled showing to leave a pleasant smell and make your rental unit feel more ‘lived in’. Bonus points if you can leave the air conditioner on.
Deep Clean the Rental Unit
Cleaning the property and making it spotless is an easy and affordable step in the home staging process. A spotless rental unit signals to potential tenants that previous tenants took good care of it and that there are checks and balances to ensure ongoing property maintenance.
Boost up the Curb Appeal
Curb appeal plays an important role in creating a good first impression. This means having to stage the outdoor area too. Hire a landscaping expert to pull out the weed, trim the hedges, clean the exteriors, and <a href="https://www.worthingtonflowers.com/flowers/cat1000006" target="_blank">plant some flowers</a>. If your rental unit has a spacious patio or balcony, choose furniture and accessories to provide more entertainment opportunities to renters. If nothing else, placing a fresh wreath on the front door is a great way of welcoming tenants into your property.
Wrapping Up
As you can imagine, staging a rental unit for a showing does require a few additional steps. Consider hiring property managers because they have successfully used staging to attract more tenants and singing them for long-term leases. Successful home staging means more rental income, less turnover, and less vacancy.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2022-04-15T07:46:00-07:002023-10-25T15:30:34-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:16662How to Evaluate a Self-Employed Tenant<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10232023/how-to-evaluate-a-self-employed-tenant.jpg" alt="How to evaluate a self-employed tenant" width="1123" height="794" />
Landlords prefer to get paid like everyone else, so when they hear the word ‘self-employed’ or ‘freelancer,’ it makes them more than a little nervous. Sure, we all admire an up-and-coming entrepreneur, but does it help to pay the bills? What about the ups and downs of a business? How can the tenant ensure that a dry spell won’t leave them months behind on the rent?
The same applies to gig workers, freelancers, and <a href="https://www.indeed.com/career-advice/finding-a-job/jobs-that-are-not-9-5" target="_blank">other professionals</a> who don’t have a typical 9 to 5 job. Renting your apartment to these professionals does require a leap of faith. However, there are things you can do to evaluate a self-employed tenant’s ability to pay the rent on time and ensure they are a good fit for your rental unit.
Request Bank Statements
In the case of employees, the easiest way to verify their income is to request a pay stub, W2 tax form, or call their employer to confirm their employment status and salary. But things become slightly more challenging in the case of self-employed individuals.
A fool-proof strategy to check their income is by going through their bank statement. Simply ask the prospective tenant to provide you with a three-month record of bank statements to establish income history. It’s worth noting that some applicants may be a little squeamish about divulging their bank statements because it can also reveal information about personal purchases.
Pro tip: Set up recurring rent payments
<br />If you’re still not convinced about the renter’s ability to pay on time, you can set up recurring rent payments. <a href="https://www.comblepm.com/" target="_blank">Your property manager</a> should help you set up automatic rent payments designed to deduct rent from the tenant’s account every month. You can also incentivize your tenant to choose this option; for instance, you can give them a 2% discount.
Look up their Business
Time to put up your detective hat and investigate what their business is all about. Ask your tenant to provide you with information related to their business. Do they have a website? Do they have any licenses and insurances? Are they registered with your state? What are their customer reviews like? These are all indications that a self-employed person’s business is legitimate.
Pro tip: Run their business name on Google to see if it shows a Google My Business page. A non-legitimate business person would not go through the difficulty of setting a GMB page.
Talk to Their Past Landlords
Since you can’t verify their income through pay stubs or talk to their employer, a better approach is to get in touch with their past landlords. Self-employed applicants should have no problem giving you this information. Call those landlords and ask them if they would be comfortable renting to this person again. If the landlord says ‘no’, you should move to the next applicant.
Tenant screening is best done by a property manager because they have the <a href="http://www.cmreg.com/property-management/" target="_blank">tools and experience needed</a> to ask the right questions.
Credit Check
A credit check will provide you with all the information you need to verify the prospective tenant’s ability to pay their bills on time. Key pieces of information include debt amounts, prior evictions, liens and judgments, and in rare cases, prior evictions. A credit check can also reveal any false information on the rental application and provide a clear idea about a person’s ability to pay rent.
What if the Person has Insufficient Income?
You can cut your losses and move to the next candidate. Or, if you don’t have other options, you can ask for a co-signer. A co-signer agrees to take responsibility for missed payments should the tenant fail to do so. A co-signer does not occupy the property and simply takes financial responsibility should the need arise. Just make sure to screen the co-signer to determine their income level.
Wrapping Up
Tenant income verification is an important step in the screening process. Property managers can save you time and effort by analyzing a self-employed applicant’s income to determine whether they are suited to your property or not.
More Questions? Follow-up With Us!
If you have more <a href="https://www.tuscanaproperties.com/sellers/10-questions-agents-hate/" target="_blank">questions about what to expect</a> from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-12-10T10:57:00-07:002024-02-07T10:20:10-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:16530Short-Term Rentals Trend Upward, But At What Cost to Neighborhoods<img src="https://assets.site-static.com/userfiles/1265/image/default50.jpg" alt="Short-term rentals" width="1277" height="125" />
Accessory dwelling units (ADUs) have resurfaced as a popular trend among homeowners over the past several years. While the majority of ADUs are used to home ederly parents or adult children, some are used as rentals. The addition of ADU rentals in cities and towns across the country has brought about a new challenge to home buying and selling. While short-term rentals are a positive factor in the growth and success of an area they may not be as welcomed by home buyers.
Short-term rentals have risen in popularity over the past few years due to websites like VRBO, AirBNB, and HomeAway. These platforms make it easy for renters to find and book rentals across the country while at the same time providing an efficient way for owners to bring in a profit on their property with little hassle. Across the country agents are reporting more properties being listed on rental platforms; however, the regions with the highest percentage are South Central (61%), Mountain (58%), and South Atlantic (56%) regions. Along with more access to short term rentals, there is also more opportunity for individuals to use rentals due to the increase in remote work. Remote workers can complete their work anywhere they choose, just as long as they have access to a computer and the internet. While most areas of the nation are seeing a rise in remote work from home renters, several areas seem to be gaining traction with remote workers much faster than others. “Longer” short-term rentals (i.e. months, not days or weeks) are reported at the highest rates in the Pacific (28%), Mountain (27%), and South Atlantic (25%) regions. The national percentage of agents report seeing an increase in longer short-term rentals is 23%.
Not surprisingly, the areas of the country where the highest number of agents say ADUs are legal to rent in their market are also the areas with the highest growth in long and short term ADU renters. The Pacific region leads the way with 90% of agents saying renting ADUs is legal and is followed closely by the Mountain region at 81% and the South Central region at 72%. All three of these areas offer some form of tourist attraction whether that be the beach in the Pacific and South Central regions or the ski slopes in the Mountain region. While these areas may be the most open to ADU rentals, the Mountain region is taking on the largest number of short-term renters. In the region, 48% of agents say short-term renters are likely to inhabit ADUs in their markets. This is much higher than the national average of just 32%. The Pacific region may have a large amount of rentals, however their renters tend to be longer-term, staying in a property for months or sometimes years.
With such a high rate of short-term renters, the Mountain region is also the area where agents are more likely to report growing concern from buyers over the high number of short-term rentals. One-third of agents that represent the Mountain region report the growing concern from buyers. The South Central, South Atlantic, and Pacific regions run just behind the Mountain region with 21% of agents reporting the same buyer concern over short-term rental influx. These percentages are well above the national number, of which only 19% of agents reported buyers in their market expressed concern over high numbers of short-term rentals.
So will the influx of short-term rentals wreak havoc on neighborhoods? Possibly, depending on the area they are located. Buyer and homeowner concerns over week to week renters are completely justified when property value is taken into consideration. It is true that areas with a high number of short-term rentals can decrease property value of an owner-occupied property. Nationally, agents report that owner-occupied properties surrounded by high volumes of short-term rentals are worth up to 13.8% less. The reduction in property worth increases to 15.5% in the Northeast, followed by 14.1% in the Midwest. Areas with the largest increase in short-term rentals, the Pacific and the Mountain region, estimate closer to 13.6% and 9.1%. However, short-term rentals are a necessary addition to any city or town that wishes to thrive economically. Short-term rentals provide housing for guests who dine out at local restaurants, shop at local markets, and pay to attend local activities that in the end will add to the area's financial profitability.
Collectively, it appears that the manner in which short-term rentals are maintained and monitored are the most important factors in how home buyers and sellers are affected. Homeowners who have seen short-term rentals in their area scooped up by investors who are looking to rent out as much as possible during the summer beach season or winter ski season may become frustrated by the noise and congestion that vacationers bring. This is especially true for homeowners or buyers who live near a city center, a college campus, or a body of water such as a lake, river, or ocean as these are the three types of areas that the majority of agents say increase the value of an ADU in their market. In order to combat this many towns may require a minimum rental period to deter from high rental turnovers. Even with regulations in place, homeowners and potential buyers may still be turned-off by the rentals in their area. Should this continue, buyers and current homeowners may choose to move out of the busier sections of a city or town and relocate to smaller neighborhoods without rental properties nearby.
Short-term rentals are an overall boost to local economies, however too much of anything can spoil an area. Buyers should check with the town or city to see what regulations they have in place for rental properties before they commit to purchasing a property. Likewise, anyone selling their home should consider the amount of short-term rentals in their area and factor that into their asking price. Overall short-term rentals and ADUs will most likely remain popular and will require local government and community members to decide on how best to find a happy medium for everyone.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-12-02T15:42:00-07:002023-10-24T11:55:18-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:16293Essential Tips for Investing in Your First Vacation Rental <img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10232023/essential-tips-for-investing-in-your-first-vacation-rental.jpg" alt="Essential Tips for Investing in Your First Vacation Rental" width="1123" height="794" />
So, you are thinking about starting a vacation rental business. For hundreds of years, real estate investment has remained one of the most reliable methods of building wealth. And the vacation rental market, in particular, continues to thrive. That said, purchasing a rental property can be complex, and it’s essential to know what you are getting into. That’s why <a href="https://www.tuscanaproperties.com/" target="_blank">The Jamison Team</a> has provided this practical list of tips and resources to get you started!
Know the Advantages and Disadvantages
As with any other type of investment, there are pros and cons to purchasing a vacation rental. Make sure you weigh them before diving in.
⦁ Buying a vacation rental can provide you with lucrative monthly income, but it also requires a <a href="https://www.millionacres.com/real-estate-investing/rental-properties/can-you-afford-buy-rental-property/" target="_blank">significant investment upfront</a>.<br />⦁ A vacation rental can be an excellent opportunity to earn passive income. Just be sure to work with a knowledgeable and experienced agent through <a href="https://www.tuscanaproperties.com/" target="_blank">The Jamison Team</a>.<br />⦁ The vacation rental industry as a whole consistently does well, but there is a risk of having issues <a href="https://www.military.com/money/home-ownership/rental-property/10-ways-to-find-a-good-renter-for-your-home.html" target="_blank">finding good tenants</a> in a down market.
Choose the Right Property
Many different factors go into determining whether a property is a good or bad investment. Here are a few critical tips to consider:
⦁ Make sure the location you’re considering provides access to plenty of <a href="https://www.busytourist.com/fun-things-to-do-in-san-jose-california/" target="_blank">amenities</a> (e.g., activities, dining, shopping, etc.).<br />⦁ Have any property you are interested in thoroughly inspected for safety, <a href="https://homeia.com/real-estate-investing/how-to-maintain-your-investment-property/" target="_blank">repairs needed</a>, and other issues. <br />⦁ Conduct a <a href="https://learn.roofstock.com/blog/rental-property-cash-flow-analysis" target="_blank">cash flow analysis</a> on the property to estimate what you stand to make each month after the purchase.<br />⦁ Also, estimate your <a href="https://www.homeunion.com/roi-on-rental-property-investments/" target="_blank">long-term</a> return on investment once all expenses are considered.
Make Your Property Unique
A lot of investors have caught on to the booming vacation rental industry. You will want to do everything you can to make your property shine among the others!
⦁ Make any upgrades necessary to provide the ultimate convenience and <a href="https://www.bhg.com/home-improvement/advice/expert-advice/must-have-home-upgrades/" target="_blank">comfort for your guests</a>.<br />⦁ Create a top-notch listing with professional photos and descriptions of your property. You can also use a <a href="https://www.adobe.com/express/create/logo" target="_blank">logo maker app</a> to create a custom logo for your fledgling rental business.<br />⦁ Develop an outstanding <a href="https://www.puretravel.com/blog/2020/09/02/7-professional-tips-to-effectively-promote-your-vacation-rental-listing/" target="_blank">strategy for marketing your property</a> on social media and rental sites. <br />⦁ Provide a <a href="https://www.lodgify.com/blog/vacation-rental-welcome-book/" target="_blank">welcome book</a> that explains where guests can enjoy nearby restaurants, coffee shops, events, and activities.
If you want to supplement your income and have a second home to which you can retreat here and there, buying a vacation rental might be the ideal move for you. Before you dive in, however, factor in the benefits and risks, know how to distinguish a good property from a bad one, and work hard to make your property stand out!
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-11-15T18:11:00-07:002023-10-24T10:19:35-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:16259Things to do Before Renting Your Property<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10232023/things-to-do-before-renting-your-property.jpg" alt="Things to do before renting your property" width="1123" height="794" />
As a landlord, <a href="https://www.tuscanaproperties.com/blog/getting-your-home-ready-to-rent-out-to-vacationers/" target="_blank">renting out your house</a> and generating a reliable monthly income is your number one priority. But before you get to do that, you have to first prepare the place and make it rent-ready for your prospective tenants. From major renovations and repairs to inspections and getting an insurance policy – here are a few things you can do before putting your property up for rent.
Find Landlord Insurance
The first thing on your agenda should be landlord insurance. This policy is separate from homeowner’s insurance and is designed to protect you in your capacity as a landlord. For example, a landlord insurance policy can protect you from lawsuits that relate to your property. It might also cover any damages caused by the tenant. Otherwise, you could be on the hook for thousands of dollars if someone sues you.
Reach out to your insurance provider to make sure you’re getting the right policies. You may also want to update your homeowner’s policy as an added measure.
Establish a Screening Criteria
The next thing on your agenda should be to establish screening criteria for prospective tenants while also making sure no one is discriminated against based on the color of their skin, beliefs, and gender. It is of paramount importance to learn about laws related to tenants and make sure you’re abiding by them.
Decide the Rent Prices
Now is also the right time to choose a rent price. While there is no one stopping you from setting a high rent price, you’re doing so at the cost of isolating the vast majority of tenants out there. It is important to stay competitive without selling yourself short. Take a look at similar listings of other rental units in your area and stay within that range.
Have Your Home Inspected
This is an important step before tenants move in. It is quite common for structural and utility issues to crop up all the time. Hire an inspector to assess the condition of your house and flag any major repairs to avoid problems. Besides, it pays to clean your house and apply a fresh coat of paint to the walls. All these steps can make your rental unit livable for your tenants.
Prevent Problems Before They Happen
It’s always a good idea to arrange regular inspections for your rental home. This way, it will be easier to detect problems early before they can become a bigger problem. It is also worth investing some extra money into the place to make sure everything is up-to-standards and works flawlessly.
For example:<br />⦁ Test all carbon monoxide detectors<br />⦁ Make sure there is adequate ventilation to keep moisture levels low <br />⦁ Check the plumbing for any water leakages and have them fixed up
Getting the Paperwork Right
This is arguably the most essential aspect of doing business: creating a rental lease agreement. This document will dictate how you and your tenant will engage in the coming months until the lease expires. A good lease must comply with local, state, and federal laws. It should include the term of the lease, the process of collecting the security deposit and how it would be returned, the due date for rent, and any rules surrounding late fees.
It is also beneficial to create an outline for a pet policy, maintenance tasks, and the eviction process (should things ever escalate to that point). Take your time to go over the rules with the tenants and ensure they understand everything. Then get their signature.
Hire a Property Manager
If you haven’t already, you should <a href="https://innova-pm.com/services/" target="_blank">hire a property manager</a> to look after the property. It is easy for landlords to get overwhelmed with the work that goes into making their rental units livable for tenants. The more properties you have, the more difficult your tasks. Whether you decide to plan everything yourself or use a property manager, it’s a good idea to start with a budget.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-11-11T15:32:00-07:002023-10-24T09:06:29-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:15849The Benefits of Collecting Online Rent Payments<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10232023/the-benefits-of-collecting-online-rent-payments.jpg" alt="Collecting Online Rent Payments" width="1123" height="794" /><br /><br />Aside from taking care of tenants, one of the primary goals of a landlord is to collect rent. After all, this is how it keeps them in business. But this is one of the most challenging aspects of being a landlord. There is a large delinquency rate associated with rental payments, and some tenants avoid it altogether - leading to evictions. While there are valid reasons why a tenant may not pay in full or on time, landlords can take steps to encourage it. One way is to collect online rental payments. Tenants value quick, convenient payment options. Here are some of the main benefits of collecting online rent payments.
Saves Time
The biggest advantage of online payments is that it saves time. This is true for both tenant and landlord (or the property manager). You save time on administrative tasks when tenants have the option to pay online. This reduces the overall workload that you or <a href="https://pm.oceanicarealestate.com/" target="_blank">your property manager</a> has to do when collecting payments. For example, you won't have to spend so much time creating an invoice and mailing it when tenants can sign up for online billing. It also saves your tenant their time. They don't have to write a check, go out to buy a stamp and mail the bill, or wait for the property manager to show up for the payment.
Online Payment is Secure
The biggest benefit of collecting online rent is that it is more secure than paper checks. There is always the risk of mail falling into the wrong hands - which could lead to a case of identity theft and fraud. Online payments are fully encrypted, so no one - except you and the tenant - knows the details.
Your tenants can make the payments via a mobile app, and all the financial information will be kept secure. Some of the best collection methods include:
⦁ E-Check <br />⦁ Credit and debit card<br />⦁ Direct deposit in bank account (online) <br />⦁ Transfer apps such as PayPal, Apple Pay, and Venmo
Timely Payment Reminders
You can set your rent collection app to send automatic payment reminders. These notifications can lower the rate of delinquency among tenants (simply because they can be forgetful). Payment reminders urge tenants to be responsible with their rent payments. After all, it isn't uncommon for life circumstances to make a tenant forgetful of their financial obligations.
Scheduling Automatic Recurring Payments
This can be a game-changer. Your tenant can set up automatic recurring payments to ensure they will not miss a rental payment due to forgetfulness. The hustle and bustle of life can get in the way of bills. Getting rental payments into your bank account removes the stressful work associated with accounting. For example, manually recording payments, driving to the rental property to pick up the payments, and depositing them to your bank account. Everything is automated and the redundant tasks, as outlined above, will no longer be required.
Payment is Instantaneous
Online payment is instantly fast - nothing even comes close, except for the speed of light. You get access to abundant cash flow, and all the verification of the payment is done on your behalf by the bank. Besides, handling cash is burdensome, and you have to worry about transporting large sums of money to deposit at the bank.
Improves the Relationship with Tenants
Money is the big elephant in the room - it has a way of souring relationships. But when you deal with a faceless computer screen to process payments (both sending and receiving), you avoid potential conflict. Everything is done online and the bank verifies. There's no risk of fraud and mistakes. It's easy to track your tenants' payment history. The end result is that it improves your relationship with the tenant and everyone walks out of the deal with a huge smile on their face.<br /><br />If you haven't hired a property manager already, learn more about our services and how an experienced property manager can make rent collection so much easier.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-10-13T09:47:00-07:002023-10-24T07:43:48-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:156064 Pro Tips That Can Help Refine Your Residents' Move-Out Process<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10232023/4-pro-tips-that-can-help-refine-your-residents-move-out-process.jpg" alt="4 Pro tips that can help refine your residents move out process" width="1123" height="794" />
When you, your project managers, or your tenants decide that they want to terminate a lease, it sparks a process that has several stages. In some cases, this may feel as if you’re rushing to a finish line since there is a lot that your team will need to get right in a very limited amount of time to avoid a long vacancy. There are many ways to make this process a lot more efficient to get your very next tenant ready before the previous lease expires. Also, if you have <a href="https://www.scottrealtyllc.com/rental-search" target="_blank">various properties coming to the market</a> all at once, finding these efficiencies is crucial so that you don’t get held back with various vacancies that are going to slow down your cash flows.
What You Need To Do Is To:
Encourage Two Way Communications
If you don’t intend on staying or perhaps aren’t eligible to renew your lease, it is crucial that you are informed about it at the earliest opportunity. This will help you list your property as soon as possible. As a refresher, when you have reached 120 days, you can kick start this process by checking whether your tenants are eligible to renew. Keep records of which of your tenants are eligible and which are now.
Leverage Referrals For Tenants
If any of your tenants decide to move out, there will still be some room to turn this loss into an opportunity. By referring these tenants to other brokers or property managers, you will still be able to generate some revenue for your <a href="https://www.parkstoneapartments.com/" target="_blank">rental property business</a>. Make sure that you keep a record of all the tenants referred to you, so you can always look them up when you decide to move out. If they were being referred to you, you would be able to send them back to the respective broker if you wish. While this wouldn’t generate referral fees, it will still strengthen your relationship with your network of brokers and agents with great prospects for future referrals.
Organize the Process of Lease Termination
If you are terminating a lease for a reason besides its expirations, you will know that your local laws are going to generally dictate processes that you should follow. Most notices of this kind have to be sent within certain periods of time. Speaking of which, having automated email processes will help you keep within the confines of the law. If you have various notices of nonrenewable to be sent out at once, try to set up mail merges to complement digital communications.<br /><br />Again, make sure that your lawyers approve them before starting to use them. If your tenant wishes to end their lease, your tenant portal will be able to follow up with your rental owners and tenants on the key dates and the actions that need to be taken.
Get Ahead of the Moving Out Preparation
Once your tenants have been told about the move-out date, it will be time for you to start preparing for the turnover. The 4 main areas of the move-out process a property manager will have to find efficiencies in include:
Inspection
Utilities
Follow-up
Maintenance
Final Thoughts
Hopefully, after following these tips, you will have avoided all potential verbal altercations, assault, and theft at your property.
If you’re looking forward to trying out any of these tips in your rental property, you can always delegate these tasks to your property manager or hire the right professionals for the task at hand. The only thing you will be responsible for is to offer your potential tenants more affordability, personalization, and authenticity instead of worrying about your safety.
If you haven’t hired a property manager already, and learn more about our services and how an experienced property manager can share some of your burdens.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-09-21T10:18:00-07:002023-10-23T11:30:29-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:144946 Questions You Need to Ask Your Potential Tenants<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10202023/6-questions-you-need-to-ask-your-potential-tenants.jpg" alt="6 Questions You Need To Ask Your Potenital Tenants" width="1123" height="794" />
To avoid breaking any Fair Housing rules, it is important to ensure consistency and approach all potential renters similarly. At the bare minimum, make sure that each renter fills out a rental application and authorizes a credit and criminal background check.
Continue reading for 6 questions to ask potential tenants if you do not already have a set of questions in place for screening a tenant.
1. Why Are You Moving?
It may appear at first that this is unrelated to you. However, pay attention to the responses, as they may reveal some alarming red flags. Keep an eye out for renters who are relocating due to an eviction or a strained relationship with their previous landlord.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/things-to-do-before-putting-your-rental-property-on-market-in-summer/" data-uw-rm-brl="false" target="_blank">Things to Do Before Putting Your Rental Property on Market in Summer</a>”
Renters who complain about their existing living circumstances should be avoided since problematic tenants frequently carry their problems with them. Instead, look for valid reasons to move, such as a growing family or a job change.
2. When Do You Plan To Move?
Tenants who want to move in right away should be avoided unless they have a compelling justification for it. If a tenant wants to leave, most rental homes need a month's notice, so a candidate who wants to move in right away may have waited too long - a hint that they are not trustworthy.
3. How Long Have You Lived At Your Current Residence?
Inquiring about the length of their previous and present residences is an excellent question to pose to potential tenants. If they appear to be a frequent mover, jumping from property to property, you can expect them to vacate your property soon, leaving you <a href="https://bridgehauspropertymanagers.com/how-to-find-and-retain-good-tenants/" target="_blank">searching for tenants</a> once again.
4. How Much Do You Make In A Month?
You can be assured of a potential tenant's capacity to pay rent in the long run if they have a steady job in a well-paid role. A good rule of thumb is that if a tenant's monthly income is 2.5 times the monthly rent, they should be able to pay it. If the potential tenants include multiple employed people, you should combine their incomes.
5. Can You Provide Any References from Employer and/or Previous Landlords?
You can move on to the next suitable candidate if a potential tenant fails to provide references or starts making excuses to avoid providing them. If they do agree to provide references, you should look for references from both their employer and landlords.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/3-investment-property-secrets-that-are-key-to-success-for-landlords/" target="_blank">3 Investment Property Secrets that are Key to Success for Landlords</a>”
Instead of their present landlord, get a reference from a previous landlord. If the existing landlord is having problems with the tenant or wants them gone, they will jump at the chance to remove this tenant off their hands and will say anything to do so.
A former landlord, on the other hand, will likely recall a problematic tenant and be eager to provide you with an honest response. Simple questions like "Did they make rental payments on time?" "Did they maintain the property and respect neighbors?" and "What was their reason to move out?" are questions to ask former landlords.
6. Will You Authorize Me to Perform a Credit and Background Check?
If you want to know more about your tenant's past to discover if they're trustworthy and reliable, request a credit and background check. If the tenant instantly rejects, you have the option of removing them from the pool of potential tenants.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" data-uw-rm-brl="false" target="_blank">2021 Data Reveals What Renters Want When It Comes to Leasing</a>”
If your renter agrees to the credit check, it will reveal whether or not your tenant makes their payments on time. If they pay their bills on time, they are likely to pay their rent on time as well.
The background check will reveal whether they have ever been evicted or have any criminal histories. Always obtain their consent in writing for these checks so you have proof of it on paper.
Final Thoughts
That concludes our checklist of 6 must-ask questions before handing over the keys to renters. You will be much closer to choosing your ideal candidate once you have asked your questions and your renters have asked theirs. You can get more information on how to screen potential tenants by contacting us!
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-06-22T08:11:00-07:002023-10-23T07:18:13-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:142843 Investment Property Secrets That Are Key to Success for Landlords<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/1092023/3-investment-property-secrets-that-are-key-to-success-for-landlords.jpg" alt="3 Investment Property Secrets That Are Key to Success for Landlords" width="1123" height="794" />
The process of buying and managing a rental property can be fairly complicated, particularly for those who are new to the realm of being a landlord. If you are contemplating making your first investment, you may have already researched the basics of finding the perfect property, like connecting with a reliable real estate company like <a href="https://www.tuscanaproperties.com/" target="_blank">Tuscana Properties</a> during your search. So instead of focusing on these first steps, we offer you a few insider secrets for protecting your investment and yourself as a new landlord:
Take Care of Exterior Maintenance
An often overlooked rental property <a href="https://www.dumpsters.com/blog/renovating-a-rental-property" target="_blank">project</a>? The outdoor area. Yet, this is essential for curb appeal — and you need to boost curb appeal to attract renters to your property.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/things-to-do-before-putting-your-rental-property-on-market-in-summer/" data-uw-rm-brl="false" target="_blank">Things to Do Before Putting Your Rental Property on Market in Summer</a>”
Let’s say, for instance, that you buy a property that has dead or damaged trees in the yard. Aside from detracting from the home’s curb appeal, such trees can actually be considered a hazard. If a limb were to fall on the house — or worse, a person — you could <a href="https://www.consumerreports.org/homeowners-insurance/when-a-tree-falls-who-pays-for-the-damage/" target="_blank">be held liable</a>.
Instead of leaving things up to chance and sacrificing curb appeal in the process, address landscaping issues like these ASAP. This is one maintenance project that no one should attempt to DIY. Keep the following points in mind as you look for a local tree removal service:
The company you hire should use specialized machinery and tools.
Most people will spend anywhere <a href="https://www.angi.com/nearme/tree-removal/" target="_blank">from $50 to $1,500</a> for tree removal services.
Factors like the size of trees and proximity to buildings can impact project costs.
Ratings and customer reviews on sites like Angi can help you find the right pro.
Always confirm that stumps will be properly disposed of as part of the package.
Know What Post-Pandemic Renters Want
If you have yet to purchase your investment property, you should do some digging into what future tenants may be looking for in their next home. Like so much else, the pandemic has shifted renter demands. In general, here’s <a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/">what renters want</a>:
To rent homes that are located in less crowded cities and areas.
Rental properties that are closer in proximity to their workplace.
This is in addition to expecting landlords and property managers to use technology to make their search more convenient. Now more than ever, <a href="https://www.fool.com/millionacres/real-estate-market/articles/why-landlords-should-be-mastering-the-art-of-3d-showings/" target="_blank">virtual showings</a> have become the norm.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" data-uw-rm-brl="false" target="_blank">2021 Data Reveals What Renters Want When It Comes to Leasing</a>”
Again, boosting your property’s curb appeal is one way to ensure it “wows'' potential tenants during these showings. But of course, you’ll need to freshen up the inside, as well. In terms of features, not much has changed since before the pandemic — renters are still searching for <a href="https://www.biggerpockets.com/blog/amenities-tenants-want" target="_blank">homes that offer</a> things like updated appliances, modern bathrooms, and functional kitchens. Including these improvements in your home is a surefire way to increase your ROI.
Understand the Pros and Cons of Property Managers
If you’re serious about maximizing ROI, you may be thinking of foregoing professional property management to avoid paying extra fees. Before you make this decision, <a href="https://www.mysmartmove.com/SmartMove/blog/how-hire-property-manager-pros-cons.page" target="_blank">you should fully</a> understand the upside of hiring a good property manager, which includes:
Having experienced professionals market your home to potential tenants.
Not having to deal with the monthly process of collecting rent.
Knowing that maintenance and repair requests will be handled ASAP.
On the other hand, it’s also worth knowing the potential drawbacks, like:
Not having complete control when it comes to management decisions.
Having to pay additional management costs, like vacancy and setup fees.
Never knowing exactly who is renting and living in the rental property.
If you’re concerned about property management fees and costs, you should also know that many of these expenses qualify as tax deductions <a href="https://www.zillow.com/rental-manager/resources/rental-property-tax-deductions/" target="_blank">for landlords</a>, which means you could end up saving yourself a lot of headache and hassle, as well as money, by using a property manager.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/the-pros-and-cons-of-investing-in-residential-properties/" data-uw-rm-brl="false" target="_blank">The Pros and Cons of Investing In Residential Properties</a>”<br />
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-06-11T19:22:00-07:002023-10-18T09:00:25-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:140523 Ways to Improve Lead-to-Lease Process for Single-Family Properties<img src="https://assets.site-static.com/userfiles/1265/image/3_Ways_to_Improve_The_Lead_to_Lease_Process_for_Single_Family_Properties_with_logo.png" alt="3 ways to improve the lead to lease process for single-family properties" width="1130" height="570" />
Every property management company aims to streamline its leasing cycle. If done correctly, filling your vacancies with quality tenants can be done easily.
In contrast, when a leasing process is less than satisfactory, it becomes a continuous draining factor for your business. Also, with all the factors that are coming forward because of COVID-19, experts believe that the leasing season is going to be quite different than in the past.
This is why it is crucial for every property manager to revise their processes in the most efficient and timely manner possible. In this post, we’re going to introduce a few tips on how property managers can <a href="https://www.thelouisgrp.com/post/key-questions-to-ask-a-landlord-before-signing-a-lease" target="_blank">improve their lead to lease process</a> in 2021:
1. Respond to Inquiries As Quickly as Possible
Your potential tenants search for information about your rental listings and expect quick responses. In this day and age, consumers have a very short attention span, and the faster you respond, the more chances you have to attract quality tenants for your rental property.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/things-to-do-before-putting-your-rental-property-on-market-in-summer/" data-uw-rm-brl="false" target="_blank">Things to Do Before Putting Your Rental Property on Market in Summer</a>”
Research suggests that those property managers and landlords that respond to their queries within 12-minutes (or less) are 40% more likely to find quality leads as opposed to those that respond after 24-hours. The same research also found that 20% of all prospective renters will switch to competitors when you don’t respond within 30 minutes.
2. Qualify Your Leads Efficiently
Whether you plan on maximizing your conversion rate or just need a quality tenant for your property, you should make sure to find long-term renters. Granted, finding tenants may be easy, but since the demand for rentals is high, you might receive a lot of rental applications once you have advertised your property on rental listing websites.
The problem, however, is that not all of these applications tend to be good tenants. Therefore, the very next step to improving lead-to-lease conversions is implementing a thorough background check via a tenant screening process. In doing so, a <a href="http://www.beaconpropertymanagement.com/post/how-to-find-the-best-rental-property-manager">good property manager</a> will be able to find qualified renters without wasting their resources and time on unqualified leads.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" data-uw-rm-brl="false" target="_blank">2021 Data Reveals What Renters Want When It Comes to Leasing</a>”
A great way to qualify leads is by setting criteria for the type of tenants you are looking for next, you can make sure to add this information in your listings so that interested tenants have accurate expectations while reaching out.
3. Remember to Follow-Up With Your Leads
Following up with prospective tenants is a very crucial component of filling vacancies and lead management. However, experts have found that the majority of property managers in the industry don’t do enough of it.
Zillow found that nearly half of multifamily property management companies don’t use customer relationship management systems to follow up with their prospects. Also, just about 30% of all property managers tend to follow up with their prospective tenants after initial contact.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/4-steps-to-write-effective-listings/" target="_blank">4 Steps to Write Effective Listings</a>”
According to the same research, the most effective method of converting leads to leases is by following up with them at least 5 times after 4 days of contact. This helps property owners retain the most value in marketing dollars after the initial interactions. Try to send these tenants more information about the amenities and the unit themselves in these follow-ups.
Final Thoughts
Go ahead and make the most of these tips and strategies to begin filling vacancies and increasing the occupancy rate of your property.
If you’re looking forward to trying out any of these strategies in your rental property you can always delegate these tasks to your property manager or hire the right professionals for the task at hand.
If you haven’t hired a property manager already, learn more about our services and how an experienced property manager can share some of your burdens.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-05-25T07:48:00-07:002023-10-20T16:54:14-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:138844 Steps to Write Effective Listings<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10202023/4_Steps_To_Write_Effective_Listings_with_Logo.jpg" alt="4 Steps to Write Effective Listings" width="1130" height="570" />
According to a National Rent Report in 2020, rent growth had flattened towards the end of the year, which is usually the time when rental activities start to heat up. Stay-at-home workers and unemployment made it quite impossible to shift homes or even to consider the option.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" data-uw-rm-brl="false" target="_blank">2021 Data Reveals What Renters Want When It Comes to Leasing</a>”
As restrictions begin to get eased and the economy steadily reopens, the rental market is forecasted to start flourishing again. To prepare your rental properties for the possibility of an increase in demand, you need to design well-written and well-thought-out listings to attract quality tenants. Here are a few tips on what you need to do to design dynamite listings:
1. Know Your Target Audience
Before you can begin doing anything else, we recommend that you thoroughly research your audience and what kind of tenants you are willing to attract. Consider:
Who is your target audience?
Are they younger or older renters?
Are they single professionals or do they have families
Once you’ve answered these questions, ask your audience why they <a href="https://www.tuscanaproperties.com/sellers/27-seller-tips/" target="_blank">prefer your property</a>. The answers of your focus group will highlight all the right amenities and features of your rental units.
In addition, the age of your target audience should also help to determine where you should post your listings. For instance, Gen Z and millennials (younger renters) will prefer to see listings in mobile apps such as HotPads and Zillow. Baby boomers and Gen X, on the other hand, will like to see listings on Facebook and Craigslist.
2. Know Your Community
Before you can create your own listing, browse through some other listings of your competitors’ or similar properties in the community. You should particularly look for those property management companies that may be filling vacancies quickly.
The key points to note in your research will be how your competitors describe their amenities and features. Take a look at the pictures they post and note down whatever your property or marketing efforts may be missing out on. Finally, try to pick out what makes your property stand out from its competitors.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/the-pros-and-cons-of-investing-in-residential-properties/" data-uw-rm-brl="false" target="_blank">The Pros and Cons of Investing In Residential Properties</a>”
Perhaps you may be charging a less-than-average rent for the size of your property or maybe the unit will have a good in-home office or a great view. Whatever your target audience is looking for, and your local community lacks, should be the highlight of your listing.
3. Know Your Rental Unit
This particular tip is pretty straightforward, however, it can be a little difficult if you’re juggling multiple units because it is impossible to know the amenities and details of each unit. What you need to do is take your time to refresh your memory and do a walk-through in all of your vacant properties or to have a look at all of your old listings.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/things-to-do-before-putting-your-rental-property-on-market-in-summer/" target="_blank">Things to Do Before Putting Your Rental Property on Market in Summer</a>”
If these units are occupied, you can also <a href="https://www.venoproperties.com/blog/7-steps-to-properly-screening-tenants" target="_blank">interview your tenants</a> about what they love most about their home.
4. Use Images, Not Words
After you’ve interviewed your current tenants, it will finally be time for you to design your listing and one that is short and bold. We recommend that you show your target audience the benefits of moving to your rental unit as opposed to describing it to them. Try to include as many features that your audience prefers to paint a nice picture in their head along with the price tag.
Final Thoughts
Well, there you have it, folks. If you’re looking forward to employing all of the above-mentioned tips and don’t have the time, you can always delegate these tasks to your property manager or hire the right professionals for the task at hand.
If you haven’t hired a property manager already, learn more about our services and discover how an experienced property manager can share some of your burdens.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-05-11T06:56:00-07:002024-03-27T14:38:35-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:137054 Factors Involved in Post-Pandemic Lease Renewals<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/1092023/4-factors-involved-in-post-pandemic-lease-renewals.jpg" alt="4 Factors Involved in Post-Pandemic Lease Renewals" width="1123" height="794" />
There is no doubt about the fact that the ongoing pandemic has changed how people interact and occupy spaces. The obvious result of this was a decline in the <a href="https://www.propertysourcedrentals.com/for-rent" target="_blank">demand for rental properties.</a>
What’s worse, this global crisis is predicted to have a lasting effect on the industry depending on how long the danger persists. Property managers and landlords can respond to the crisis at hand by taking action now as opposed to delaying cooking up ideas for the post-pandemic era.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/covid-19-and-moving-trends-a-look-into-the-future/" data-uw-rm-brl="false" target="_blank">COVID-19 and Moving Trends: A Look Into The Future</a>”
For this reason, we are dedicating this post to discussing some steps property owners should consider for their business during the post-pandemic period:
1. Rent Deferral
You should consider rent deferral to address the <a href="https://www.losangelespropertymanagementgroup.com/how-to-strengthen-and-maintain-relationships-with-your-tenants-virtually/" target="_blank">challenges faced by those tenants</a> occupying your rental units. You see, there have been massive job losses and business closures during the COVID-19 pandemic, which means a lot of your renters are bound to be facing a tough time juggling finances.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" data-uw-rm-brl="false" target="_blank">2021 Data Reveals What Renters Want When It Comes to Leasing</a>”
If you agree to defer their entire rent, or a portion of their rent, for a particular period, you will be able to not only help them out but also extend their lease. Once the deferral period has passed, possibly once the pandemic is over, your renters will be able to make timely payments.
2. Rent Reduction
Rent reduction may be seen as an unfavorable business decision for landlords, but it can help build a good relationship with your tenants. As a property manager or owner, rent reduction can be implemented in a manner that doesn’t affect the incoming cash flow.
Naturally, restructuring rent is never an economically viable option for tenants and this is why so many landlords consider it an unfavorable option. However, since no one can predict when the pandemic will come to an end, landlords should consider tolling the tent for a fixed period of time.
3. Set Realistic Expectations
If there is one thing that the ongoing pandemic has taught us that you can never be entirely sure about what lies in the future. This is why both landlords and tenants involved in property leases should set realistic goals which address the situation at hand.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/the-pros-and-cons-of-investing-in-residential-properties/" data-uw-rm-brl="false" target="_blank">The Pros and Cons of Investing In Residential Properties</a>”
Going forward, you should expect that things may take some time to return to normal. Due to the current financial constraints, landlords need to set workable goals that are discernible and practical. In doing so, you will not lose tenants and retain leases since these problems aren’t permanent.
4. Lease Transparency
Transparency is among those key factors that will be required in real estate in the post-pandemic era. Even though leases aren’t really meant to guarantee transparency in a rental agreement, there can be instances where certain clauses might be left out so tenants can be subjected to such clauses.
To avoid these problems, landlords should ensure full disclosure, especially when it comes to tenants that might be struggling with financial problems. On the other hand, full disclosure is bound to attract quality tenants.
Hire a Property Manager to Solve All Your Troubles
If you are having trouble sparing time to do all that is necessary, you can always delegate these tasks to your property manager as they can hire the right professionals for the task at hand.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-04-28T21:02:00-07:002023-10-18T08:25:40-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:13525Things to Do Before Putting Your Rental Property on Market in Summer<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/1092023/things-to-do-before-putting-your-rental-property-on-market-in-summer.jpg" alt="Things to do before putting your rental property on market in summer" width="1123" height="794" />
Are you planning on going on a vacation this summer? Well, one of the easiest ways of securing a passive income while you’re away is to rent your house for the entire duration you will be gone. Seasonally <a href="https://www.seattlerentalmanagement.com/available-rentals" target="_blank">renting out your property</a> can be a very lucrative business and the first thing you will need to do is research how to best prepare, advertise and price your property.
Luckily for you, we’ve answered all of these questions in this post and if you keep scrolling through, you’ll know exactly what to do:
1. Where to Advertise Your Property
First things first, it is your responsibility to determine how much money and time you’re going to invest in marketing your property. If your abode is situated in a hot location and is near tourist destinations during peak season, then simply listing it on Craigslist should do the trick.
Alternatively, you can try posting ads on HomeAway or other third-party websites for interested renters. Make sure to first research each marketing platforms’ variable fees before going all out and listing your property.
2. Analyze Other Rental Units to Determine Price
Even if you aren’t making use of a third-party platform to <a href="https://www.tuscanaproperties.com/blog/getting-your-home-ready-to-rent-out-to-vacationers/" target="_blank">rent out your home</a>, try analyzing similar posts on news website ads or in the newspaper to determine a suitable price. If your property has all the right amenities, such as cable, parking, free WiFi, an extra bedroom, additional baths, outdoor showers/pool, dishwashers, dryers, and washers, then consider increasing your price.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" data-uw-rm-brl="false" target="_blank">2021 Data Reveals What Renters Want When It Comes to Leasing</a>”
If you start attracting renters too quickly and notice other listings that are selling out for more, you may have priced your property for too little. Similarly, if you are having trouble renting, then your monthly rent may be set too high.
3. Include Security Deposits and Clear Cancellation Policies
Whether you’re planning on renting out your property to your friends or family, or are making use of an online platform, always make sure that you have set clear refund and cancellation policies. Also, ensure they are clearly mentioned in the rental agreement. This should be true for both you and your prospective tenants.
If you happen to be using a third-party broker to draw up rental agreements, make sure to research their ratings on the Better Business Bureau website and see whether they have had complaints from previous renters.
4. Declutter, Clean, and Repair
Your prospective tenants will want to see a place that is at least cleaner than their previous home. If you think your home is too cluttered, then make sure to get rid of as much junk as possible.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/getting-your-home-ready-to-rent-out-to-vacationers/" data-uw-rm-brl="false" target="_blank">Getting Your Home Ready to Rent Out to Vacationers</a>”
Try to eliminate mold and conduct all necessary household repairs, including, but not limited to, doors, windows, and locks. Place all unnecessary mail, things with sentimental value, important records, and other monetary items in a secure location (preferably outside the home).
5. List Specific Dements in Your Rental Agreement
If you would prefer your renters to do more than just straighten up your home, make sure to add it to the contract. After doing so, if your renters simply straighten up your home then you will be liable to withhold their security deposit.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/the-pros-and-cons-of-investing-in-residential-properties/" data-uw-rm-brl="false" target="_blank">The Pros and Cons of Investing In Residential Properties</a>”
Final Thoughts
Voila! You’ve learned how to rent your rental property during the summer. However, if you are having trouble sparing time to do all that is necessary, you can always delegate these tasks to your property manager.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-04-13T04:58:00-07:002023-10-18T08:23:00-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:134074 Reasons Why You Need Property Maintenance Companies<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10102023/4-reasons-why-you-need-property-maintenance-companies.jpg" alt="4 Reasons Why You Need Property Maintenance Companies" width="1123" height="794" />
Investing in a rental property has good prospects. You can create a healthy income stream without doing much. However, managing your rental property as a landlord might not be the wisest decision to make. From dealing with tenants on daily basis to managing the right occupancy-vacancy balance and taking care of never-ending repairs and maintenances, there are many aspects of rental property management.
You can’t deal with rental property maintenance and management if you are not considering it a full-time job. A property maintenance company can take a lot of work from your plate and ensure that managing a rental property doesn’t take a toll on your physical and mental wellbeing.
Apart from reducing your managerial work, a property maintenance company also helps landlords on many other fronts as well.
1. They Take Care of the Building Codes and Regulations
When you own a rental property and operate it as an active investor, you need to be very careful about all the legal implications that can apply to your investment. For instance, the maintenance, repairs, and modifications of rental properties remain under the strict scrutiny of building codes and regulations. As a landlord who is not accustomed to the relevant laws and regulations, you can struggle a lot in dealing with many maintenances and overhauling projects if you don’t have a good property maintenance company on board.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/the-pros-and-cons-of-investing-in-residential-properties/" target="_blank">The Pros and Cons of Investing In Residential Properties</a>”
Seasoned property maintenance companies know how to go about all the repairs and renovations of a rental building without landing in any legal trouble.
2. They Keep Tenants Happy
Happy tenants are the main reason behind the success of any rental property. If you <a href="https://www.austinvestorspropertymanagement.com/what-to-do-when-tenants-stop-paying" target="_blank">can’t keep your tenants happy</a>, you can’t continue to run your rental property for profit for a long time. A proactive maintenance team that can promptly take on repairs and other property issues keeps tenants satisfied with the management. Providing such hands-on service is only possible when a seasoned property maintenance company is assigned to taking care of your property.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/learn-how-to-avoid-those-annoying-calls-from-tenants/" data-uw-rm-brl="false" target="_blank">Learn How to Avoid Those Annoying Calls From Tenants</a>”
Having a dedicated property maintenance company also helps in attracting new tenants. People tend to opt for rental properties where they know that dedicated professionals are dealing with maintenance and repairs rather than landlords jugging everything.
3. They Offer 24/7 Coverage
Do you want to wake up to a tenant’s call on Sunday morning about a plumbing leakage? If you want to manage your property without the assistance of a property maintenance company, then be ready to receive those untimely calls. Tenants are well within their right to make those calls and you are obliged as per the lease agreement to attend and address the tenants’ concerns.
A <a href="https://rovirarealty.com/three-benefits-of-hiring-a-property-management-company/" target="_blank">well-reputed property management company</a> offers 24/7 coverage to its clients. This means you don’t have to get disturbed by tenant complaints at ungodly hours.
4. They Know How to Negotiate and Make Successful Deals
As a landlord taking care of their rental property on their own, you have to deal with maintenance contractors yourself— from electricians to plumbers and painters to flooring experts. You might not be able to negotiate the right price with those contractors if you don’t do it quite often.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" data-uw-rm-brl="false" target="_blank">2021 Data Reveals What Renters Want When It Comes to Leasing</a>”
A seasoned property maintenance company, on the other hand, already has very established connections with all sorts of maintenance contractors. They also know how to negotiate the quotes to get the third-party maintenance services at the lowest possible cost.
By signing up a maintenance property company for their rental homes/ apartments, a landlord can save time as well as money in hiring all different types of maintenance contractors.
Conclusion
By the above discussion, it has become pretty clear that a good property maintenance company can help you make your rental property venture a success. The commission you will pay to them is worth it in terms of how they will save you from a lot of management hassle and stress. Also, their good negotiating powers and hands-on tenant service will benefit you in financial terms.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-04-02T14:21:00-07:002023-10-19T15:19:11-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:13240The Pros and Cons of Investing In Residential Properties<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10202023/the-pros-and-cons-of-investing-in-residential-properties.jpg" alt="The Pros and Cons of Investing in Residential Properties" width="1123" height="794" />
Settling for just one residential property out of all of your prospects isn’t as easy as it sounds, is it? We agree and if you stick around for a minute or two, we’re about to walk you through the pros and cons of both multi-family and single-family residential properties.
Multi-family Homes
Pros
1. Good Revenue
As an investor, multi-family homes have a better outlook than single-family homes since more tenants would generate more revenue, and therefore, more profitability. Of course, this would only be true if your tenants take good care of your property and pay a margin over your actual investment.
2. Financing and Insurance
Landlords who can afford a multi-family property with a mortgage loan will steer clear of a lot of stress that may be associated with owning multiple single-family homes. Speaking of which, single-family homes require multiple insurance policies whereas multi-family homes can be covered with a single insurance policy.
3. Low Risk
It goes without saying that a multi-family home is a better alternative to single-family homes because they have a lower risk of complete vacancy. Each unit you invest in will deal with multiple tenants and therefore, it shouldn’t be a problem for you to maintain a positive cash flow or to find tenants for vacancies.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/learn-how-to-avoid-those-annoying-calls-from-tenants/" target="_blank">Learn How to Avoid Those Annoying Calls From Tenants</a>”
Cons
1. High Initial Investment
Typically, multi-family homes have higher upfront costs because they offer more room for tenants. This initial investment is possibly the biggest barrier to entry for most residential property investors.
2. Requires More Experience
Most landlords who invest in multi-family homes are quite experienced in managing residential properties. Of course, you can always <a href="https://www.hipacificpm.com/" target="_blank">hire a property manager</a> to share your burden and streamline all of these challenges for you. Without a property manager, you may have to gain enough experience with single-family homes to be on par with your competition.
3. Low Availability
Multi-family homes aren’t as widely available as single-family homes. In other words, you may have to spend a lot of time searching for the perfect investment opportunity.
4. Strict Regulations
Most multi-family homes tend to have very strict regulations and before you finalize your decision, it is highly recommended to browse through the laws and regulations concerning that particular neighborhood or state.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" target="_blank">2021 Data Reveals What Renters Want When It Comes to Leasing</a>”
Single-Family Homes
Pros
1. Low Tenant Turnover
Ideally, <a href="https://www.tuscanaproperties.com/blog/how-to-analyze-the-real-estate-market-in-just-3-easy-steps/" target="_blank">real estate investors</a> search for high-demand properties because longer leases guarantee annual returns on investment. This is a significant advantage for single-family homes because most families prefer to stay in rental properties for at least one year.
2. Maintains Resale Value
The best residential properties are comprised of those that don’t depreciate over time. If this is what you came looking for, the majority of single-family homes are located in well-maintained and high-demand areas, all of which have a high resale value.
3. Low Costs
<a href="https://www.bigteniowacity.com/apartments-iowa-city" target="_blank">Single-family homes</a> impose a smaller burden on your bank account because they cater to small families and all you need to do is look for tenants that can take good care of your investment. An added benefit here is that single-family homes have lesser tax regulations as compared to other residential properties.
Cons
1. HOA Fees
Depending on which neighborhood your rental property is located in, you may be liable to pay a monthly fee to the Homeowner Association (HOA). To avoid uncertainty, make sure whether this applies to your residential property’s neighborhood.
2. ROI Directly Proportional to Vacancies
Single-family homes are required to be vacated as soon as their lease comes to an end. In contrast, multi-family homes guarantee multiple sources of income for landlords.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/getting-your-home-ready-to-rent-out-to-vacationers/" target="_blank">Getting Your Home Ready to Rent Out to Vacationers</a>”
Still Can’t Make a Decision?
Hire a reliable property manager to secure your investment. Property managers can help you with anything from property maintenance to timely rent collection and solving tenant disputes. Contact us to find out more about how we can make your life easier.2021-03-19T10:35:00-07:002023-10-20T15:56:33-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:12651Learn How to Avoid Those Annoying Calls From Tenants<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10102023/learn-how-to-avoid-those-annoying-calls-from-tenants.jpg" alt="Learn How to Avoid Those Annoying Calls From Tenants" width="1123" height="794" />
Haven’t had a good night’s sleep for a while now?
Are your tenants getting on your nerves?
All you need to do is to find the source of the problem and straighten out your affairs.
Every landlord or property manager should know how to foster good relationships with their tenants. It's quite simple really - once you’ve mastered the art of communicating with your tenants, things will run a lot smoother.
Powering off your phone isn’t the solution. You see, if you treat your tenants well, you will avoid difficult and time-consuming disputes that revolve around security deposits, move-outs, or lease policies (among other things).
Since most of these phone calls have to do with repairs, the one surefire method of avoiding is to have a strict contract. Once this has been established, you can finally move on to screening tenants thoroughly and your business should <a href="https://www.gaingoodjuju.com/how-to-good-property-manager-tips" target="_blank">run like a well-oiled machine</a>.
A Solid Tenant Screening Process
Most landlords hate this part of the job, but trust us, this process deserves your utmost attention. Sure you can <a href="https://www.tuscanaproperties.com/" target="_blank">hire a property manager</a> to do the job for you but it is important for you to run a background check on whether they can make timely rent payments, run a background check, and whether they have a good credit score.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" target="_blank">2021 Data Reveals What Renters Want When It Comes to Leasing</a>”
If your potential tenant clears all of these background checks, chances are that they won’t annoy you in the first place. Similarly, you can also call each of your potential tenants’ references to determine if they were troublesome in their previous abode.
Prepare An Iron-Clad Rental Agreement
While you’re holding up your end of the deal, it is also important that you make sure that they return the favor. With that said, your next step is to determine what most of your phone calls will be about. For instance, most landlords get disturbed while attending to their affairs due to negligence of home appliances or other tenants.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/covid-19-and-moving-trends-a-look-into-the-future/" target="_blank">COVID-19 and Moving Trends: A Look Into The Future</a>”
The best way to reduce these calls to a minimum is to stop being a slumlord and being a professional landlord. Try to make absolutely sure that everything in your property is in perfect condition before walking potential tenants through those corridors.
Once the walkthrough is complete, all you need to do is have them sign your iron-clad rental agreement. The following are a few touchpoints to go over in your contract:
Make sure that your contract clearly states that minor repairs (for e.g. ‘>$250’) are handled by tenants.
You should also state that damages caused by negligence will be handled by tenants
The contract should give tenants the choice of either getting appliances for free or leasing them from you.
Note: If you handover your appliances to tenants for free, they belong to them. This would mean that if they ever get damaged, you won’t be responsible for repairs.
Even if some of your tenants spot minor issues, there wouldn’t be anything to worry about. The sooner they find these issues the less likely they will make furious phone calls later.
How to Deal With Major Repairs
With minor repair costs taken care of, the only thing that could disturb you during your busy schedule are <a href="https://www.tuscanaproperties.com/blog/how-to-be-ready-for-major-home-repair-bills/" target="_blank">major home repairs</a>. Well, as it turns out, 90% of all major repairs can be handled via homeowners’ insurance. Typically, this accounts for about $300 per year for major repairs.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/getting-your-home-ready-to-rent-out-to-vacationers/" target="_blank">Getting Your Home Ready to Rent Out to Vacationers</a>”
Need Assistance?
Voila! These simple strategies are all you need to alleviate your sleepless nights and tenant-inspired headaches. You could also always appoint a professional property manager to manage tenant vacancies, communication, and leasing contracts for you.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-02-09T05:50:00-07:002023-10-19T15:28:42-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:12568COVID-19 and Moving Trends: A Look Into the Future<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10202023/covid-19-and-moving-trends-a-look-into-the-future.jpg" alt="COVID-19 and Moving Trends: A Look Into The Future" width="1123" height="794" />
Ever since the COVID-19 pandemic stuck, most cities with rental properties have faced an increase in resident migration.
Naturally, the value of bustling communities has lessened as well, with the shortage of good restaurants, entertainment facilities, and public transportation. In addition, public spaces and crowded streets have made communities less desirable for renters due to social distancing and safety concerns.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" target="_blank">2021 Data Reveals What Renters Want When It Comes to Leasing</a>”
Keeping all of these trends in mind, most <a href="https://www.bpmofchatt.com/ooltewah-property-management" target="_blank">property managers</a> and landlords are puzzled and wondering what their next plan of action should be. Of course, we can’t predict what’s coming next for the rental industry, but we’ve gathered some trends that might give you a rough idea of resident migration all over the nation.
Why Are Renters Moving?
Recent studies found <a href="https://www.6sqft.com/rents-in-noho-and-on-the-upper-east-side-have-fallen-nearly-50-since-march/" target="_blank">a 24% decrease in rental prices</a> and a 44% increase in new leases and home sales in suburban counties surrounding the Big Apple. In neighboring areas, such as Westchester County, this increase was as high as 112%, while the number of leases signed in Manhattan decreased by well over 50%.
But the real question is, why are so many renters moving?
In the July of 2020, Pew Research Center published that <a href="https://www.pewresearch.org/fact-tank/2020/07/06/about-a-fifth-of-u-s-adults-moved-due-to-covid-19-or-know-someone-who-did/" target="_blank">1 in 5 Americans</a> were either relocating themselves (because of the pandemic) or knew someone who was. Of the people who were moving to a different location, the majority included young adults aged between 18- to 29- years.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/getting-your-home-ready-to-rent-out-to-vacationers/" target="_blank">Getting Your Home Ready to Rent Out to Vacationers</a>”
Most of the people moving because of the pandemic weren’t moving because they were afraid of health hazards. These individuals accounted for only 15% of the people who relocated. Approximately 37% of all renters said they moved to another <a href="https://www.rentlucky.com/rental-search" target="_blank">rental property</a> because they couldn’t afford their current rental unit after losing their job or having a lower income.
Of course, all of these statistics only describe professionally-managed moves. In reality, there were probably a lot more.
Future Trends
It’s still quite early to predict how the pandemic will affect resident migration, but one thing is for sure - some areas will be affected more than others. For example, San Francisco and New York residents are forecasted to keep living in the suburbs because of the benefits of space and the comparatively lower living costs.
In addition, many companies in these areas are offering their employees flexible working hours or the chance to work from home permanently since remote work hasn’t reduced productivity. However, what is true for these states, isn’t going to be the case for other urban or suburban markets.
On the bright side, rental property owners have seen an increase in <a href="https://www.bundledmgmt.com/chicago-homes-for-rent" target="_blank">month-to-month </a><a href="https://www.bundledmgmt.com/chicago-homes-for-rent" target="_blank">lease renewals</a> as most renters are trying a ‘wait-and-see’ style of renting. The National Apartment Association reported that<a href="https://www.globest.com/2020/09/21/apartment-tenants-are-transitioning-to-short-term-leases/?slreturn=20210020102210" target="_blank"> 35% of all apartment renters</a> have now transitioned to month-to-month or other forms of short-term leases.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/learn-how-to-avoid-those-annoying-calls-from-tenants/" target="_blank">Learn How to Avoid Those Annoying Calls From Tenants</a>”
However, it is still clear that most renters in the US are more inclined towards moving to a new home before their current lease has expired.
Final Thoughts
To sum it all up, we can only wait to see how 2021 pans out. It is highly unlikely for the mass relocation to infect the suburbs. On the other hand, rental properties in large cities have probably already seen the worst of it, especially areas that are closest to popular metros.
Regardless of where renters move to, the new normal is going to stick around even after the pandemic is finally over. If you are a landlord, perhaps now is the best time for you and your property managers to consider <a href="https://www.tuscanaproperties.com/blog/2021-data-reveals-what-renters-want-when-it-comes-to-leasing/" target="_blank">what renters want when it comes to leasing</a>.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-02-01T12:11:00-07:002023-10-20T09:42:27-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:124962021 Data Reveals What Renters Want When It Comes to Leasing<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10182023/2021-data-reveals-what-renters-want-when-it-comes-to-leasing.jpg" alt="What Renters Want When It Comes To Leasing" width="1123" height="794" />
These uncertain times have had a huge impact on what renters want from property managers and leases. For starters, as is the case with most industries, renters now prefer landlords and property managers who are tech-savvy and use digital means to attract and retain renters.
That’s not all, though. The pandemic has caused many unexpected shifts in the rental industry, and we’re going to share these trends with you so you can stay competitive and <a href="https://www.tuscanaproperties.com/blog/getting-your-home-ready-to-rent-out-to-vacationers/" target="_blank">attract more tenants to your rental property.</a>
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/getting-your-home-ready-to-rent-out-to-vacationers/" target="_blank">Getting Your Home Ready to Rent Out to Vacationers</a>”
With that said, we interviewed our database of 1000 renters to ask them about their preferences for rental properties. Here’s what we found:
Shifts In Living Preferences
The pandemic has forced many renters to shift to working from home in 2020. In 2021, however, most of their patience ran out, and as a result, property managers have noticed a shift in living preferences. The majority of renters are now <a href="http://www.bradyrg.com/homes-for-sale-toppicks/OurRentalListings/217247/" target="_blank">moving to rental properties</a> that:
Are situated in less populated areas
Are closer to their family
Have a scenic view
Are closer to their office, so their commute is made easy
Based on these findings, landlords should consider partnering with property managers to utilize technologies and offer tenants virtual showings. In doing so, they can attract renters from different states, or even regions, and possibly even accept applications online.
Speaking of which...
Tech Offers a Competitive Advantage
Traditionally, most of the renters’ leasing journey was done in-person other than the initial Google search for ‘rental properties in (insert area)’. Now, however, renters prefer <a href="https://www.guidepm.com/blog/do-i-need-professional-property-management" target="_blank">property managers and landlords</a> who use technology to ease the process. For instance, virtual showing allows renters to make faster decisions, submit an application with ease, and save time working from home.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/covid-19-and-moving-trends-a-look-into-the-future/" target="_blank">COVID-19 and Moving Trends: A Look Into The Future</a>”
On the other hand, virtual showings are also beneficial for leasing teams and their prospects because they are twice as likely to be opted for than in-person meetings in 2021. By adopting these technologies, landlords can also offer a better and more flexible service to their tenants, all of which offer a <a href="https://crosstowncommercial.com/startups-supporting-virtual-real-estate-showings-may-prosper-in-the-land-of-covid-19/" target="_blank">competitive advantage</a>.
Once the pandemic has passed, most renters will still prefer virtual showings because so many of them are already accustomed to the idea. A majority of the renters who have already tried virtual showings think that it streamlines the leasing process and actually prefers the high-quality feed over the traditional alternative.
Customer Service
More than half of all the renters we interviewed were also of the opinion that since most property managers and landlords have shifted to an online platform, renters are more likely to make a decision based on customer service. You see, property managers that make a conscious effort to enhance the overall renting and leasing experience will be able to stand out from their competitors.
Final Words
To sum it all up, technology is your gateway to getting better prospects and laying down <a href="https://blog.kurby.ai/what-are-the-rules-for-renewing-a-lease-agreement-in-california/#:~:text=California%20Lease%20Renewal%20Requirements,-In%20California%2C%20lease&text=If%20the%20landlord%20wants%20to,days%20before%20the%20lease%20expires." target="_blank">great leasing options</a> for your renters. Of course, it isn’t going to be easy to adopt virtual reality showings and the best websites on your own.
Related Topic That You Might Want To Read: “<a href="https://www.tuscanaproperties.com/blog/learn-how-to-avoid-those-annoying-calls-from-tenants/" target="_blank">Learn How to Avoid Those Annoying Calls From Tenants</a>”
Structural change was an important part of 2020, but 2021 is going to be all about transformation. If you don’t have the means to offer virtual showings or establish an online presence, it will play to your advantage to hire a property manager for you.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.2021-01-25T14:49:00-07:002024-01-18T09:41:40-07:00Sandy Jamisontag:tuscanaproperties.com,2012-09-20:11798Getting Your Home Ready to Rent Out to Vacationers<img src="https://assets.site-static.com/userfiles/1265/image/1_blog_images/10122023/getting-your-home-ready-to-rent-out-to-vacationers.jpg" alt="Getting Your Home Ready to Rent Out for Vacationers" width="1123" height="794" />
Tips for Turning Your Home into a Vacation Rental: A Guide
There are plenty of benefits to turning your home into a vacation rental. In order to reap the benefits, however, you can’t just jump in without knowing what you’re doing. The best vacation rentals monopolize on the location as a selling point and create an experience that is different from typical hotel stays. If you’re considering dipping your toes in the world of vacation property rentals, <a href="https://www.tuscanaproperties.com/" target="_blank">Tuscana Properties</a> offers the following tips to get you started.
Location, Location, Location
Vacationers are looking for a destination, a retreat, and an experience. All homeowners renting out their home need to sell the surroundings. If you’re marketing a Bay Area home to get visitors or impress your guests when they arrive, you’ll want to highlight the lush surroundings and the beauty of nature and show them where to venture and find the best views. Vacation rental homes in San Jose are a hot commodity. Guests will enjoy <a href="https://theculturetrip.com/north-america/usa/california/articles/20-must-visit-attractions-in-and-around-san-jose-ca/" style="text-align: justify;" target="_blank">local gems</a> such as the Winchester Mystery House, Mountain Winery in nearby Saratoga, eclectic Japantown, or <a href="https://www.yelp.com/biz/southern-kitchen-coffee-shop-san-jose" style="text-align: justify;" target="_blank">Southern Kitchen Coffee Spot</a> for a bite of breakfast. Wherever your home is, you’ll want to share the local eateries, landmarks, activities, and beauty.
A Welcoming Entry
The <a href="https://www.zillow.com/blog/curb-appeal-matters-193826/" target="_blank">exterior entrance</a>, doorway, and interior entryway should be inviting to your guests. If the exterior is in shambles, your guests will want to run away. Make sure the landscaping is maintained, and add beautiful plants, lighting, and an accessible walkway. If you have multiple entry points, make it clear with welcome signs, lighting, and railings.
<a href="https://www.thearchitectsguide.com/articles/best-keyless-door-locks" target="_blank">Keyless locks</a> are essential to any good vacation home. It eliminates the need to keep track of keys, and it allows you to secure the premises after each renter departs by changing the passcode. Once your guests experience the beautiful exterior of your home and enter with little fuss, they should be greeted with a <a href="https://your.rentals/blog/tips-to-make-your-vacation-rental-stand-out/" target="_blank">“wow” experience</a>, like walking into a hotel lobby. As your guests come in with luggage, make sure nothing is blocking their path. Also, introduce unique furniture, art, natural light, and a place for them to put their belongings down.
Creating a Slumber Wonderland
Sleep is essential to any good day. After some much-needed rest and relaxation, your guests will leave you to rave<a href="https://www.washingtonpost.com/business/2019/04/08/tips-enhance-income-your-vacation-rental/?utm_term=.2acbbd9db1ba"> </a><a href="https://www.washingtonpost.com/business/2019/04/08/tips-enhance-income-your-vacation-rental/?utm_term=.2acbbd9db1ba" target="_blank">reviews</a>. Build beds that have comfortable mattresses, exquisite <a href="https://www.eluxury.com/blogs/eluxury-official-blog/high-thread-count-vs-low-thread-count-sheets" target="_blank">thread count bedding</a>, and hotel-quality pillows. Use natural white bedding that you can bleach and spot all the imperfections after each use. Quality beds and bedding can be a big expense, but you are sure to get a return on your<a href="https://www.nerdwallet.com/blog/finance/airbnb-vrbo-basics-of-short-term-rentals/"> </a><a href="https://www.nerdwallet.com/blog/finance/airbnb-vrbo-basics-of-short-term-rentals/" target="_blank">investment</a> as your guests leave reviews about the wonderful slumber they had while staying at your little oasis. You can even save money on decor and linens by seeking out <a href="https://www.rakuten.com/coupons" target="_blank">online deals</a> and discounts.
It's All in the Details
You will want to give your guests a full-service experience. Guests who are investing in renting a home instead of staying in a traditional hotel may want to save their money on dining out every night and cook at the house. Beautiful <a href="https://www.vacasa.com/homeowner-guides/what-to-stock-in-a-vacation-rental-kitchen" target="_blank">kitchens</a> and bathrooms will attract visitors and give you stellar ratings. If your home needs updates and upgrades, make them sooner rather than later.
View yourself as the general manager of your own hotel. For each guest:
Provide hand soap at each sink.
Layout some <a href="https://goodhostshop.com/blogs/hosting-tips-and-tricks-for-short-term-rentals/what-are-the-best-towels-for-a-vacation-rental" target="_blank">great towels</a> and extra linens.
Provide shampoo, conditioner, and lotion.
Provide a little treat like cookies or a local goodie.
<a href="https://www.geappliances.com/ge/energy-star-appliances/refrigerator.htm" target="_blank">Stock the fridge with water and wine</a>.
Leave a guide that details house features and local spots.
If you’re thinking about renting out your home to vacationers, it’s important to focus on and market the location and to give special attention to the entrance of the home. Also, do whatever is necessary to provide your guests with a great night of sleep, and don’t forget the minor details that can make a major difference.
More Questions? Follow-up With Us!
If you have more questions about what to expect from the markets around the Bay Area, don’t be afraid to reach out to us today. Our experts are experienced in all property types and the entire San Francisco Bay Area, and we can help you to find what you need to know today.
2020-12-03T18:37:00-07:002024-01-10T11:53:34-07:00Sandy Jamison