Think again if you think that all there is to managing a rental property is putting up a “For Rent” sign, and start collecting rent money soon thereafter. We here at Real Property Management One would be happy to share some tips to help ensure you rent to well vetted and qualified tenants, with fewer vacancy days, which will substantially improve your prospects of having a steady flow of rent checks coming in. Real Property Management One specializes in helping your cash flow from rentals keep coming.
Tenant Pre-screening
You just showed your Livermore rental property to your first prospective tenant, and you are so excited to get that lease signed. But wait! How much do you really know about this person(s) that wants to occupy your property? A professional Livermore property management company will carefully screen and vet each potential tenant. They know what to look for and how to look for it. Background checks are done to determine past criminal behavior, which can also include checks for potential terrorist activities. Previous landlord and employment references are always checked, as these references tend to be more reliable than those from just friends and family. A good benchmark for gross income, is that it is three times more than the rental cost; so be sure to check the income of the rental applicant. These are a just a few things you are supposed to look for, but we would be happy to help find you more.
Know the Law
How is your legal knowledge as it pertains to renting and leasing real property? After all, lawyer fees are high, and it only takes one legal issue to drain your cash reserves. Real Property Management One knows how to properly comply with those laws to help you avoid legal risks that will cost you money. You will need to understand and comply with equal housing laws, service animals, race, religion, families, and other protected groups just to name a few.
Rent Collection Process
The ultimate goal of having a rental property is to actually collect the funds each month. The rent collecting process can be made easier and more regular with an experienced Livermore property management company on your side. It is much more likely to receive on time monthly payments when you have online payment options and online portals giving tenants access to 24 hour a day, 7 days a week connectivity. Also, make sure to have written and enforced late fees written into the lease to help protect against late payments. When a tenant moves in, a clear understanding of a firm but fair payment policy helps to avoid confusion and keeps the process professional and not personal, which is especially difficult for first time property owners.
Livermore property management can be a stressful experience given the expectation that you need to be available any time, of any day. The Livermore property management job can be made easier for you when you partner with an experienced and professional management company, which will help you sleep better at night, by taking the late-night calls, protecting you legally, manage the process efficiently, and getting the cash flow started as soon as possible.
Like to learn more? Please contact us today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
