Looking out for Landlords

Looking out for Landlords

Whether you are a new landlord or have held this title for a long time, there are some important tips that can help make the management of your properties simple and profitable.

The number one thing that seasoned landlords understand is that time is money. For instance, if the value on your rental unit is $1500 per month, that means that every single day it sits vacant, it is costing you $50 per day.

Now close your eyes and imagine yourself putting $50 cash into an envelope each day there is no occupant in your rental and then when it finally does rent, take all of those $50 bills and put them in the shredder. Sounds radical? Does 3 weeks not sound like a lot of time? Your thinking may change if you were going down to the bank and withdrawing $1000 in cash and then throwing it away!

The point is that if you are going to be a landlord, think smart. Once you know that you are going to have a vacancy, immediately begin your marketing plan to obtain a new tenant. I highly recommend that you visit the property the same week that you get the notice, so that you can determine any work that may need to be done prior to the next tenant moving in. This is also a good opportunity to make your tenant aware of damaged items that they will be charged for if not corrected prior to their move.

Schedule the work in advance beginning the day after the property is vacated. I cannot express this strongly enough. Allow the minimal amount of time possible to complete the work and move your new tenant in as quickly as possible. Don't forget to do a very thorough walkthrough, take pictures and give your tenants copies of the pictures along with the signed inspection. A word of caution..Do not give the keys to the tenant until you have completed this process!

Now, since I know that you have written an excellent rental contract after conducting a thorough background and credit check on your tenant, be sure to enforce timely rental payments and make any necessary repairs that come up immediately. Since you have found a great tenant, treat them well as long as they are holding up their end of the agreement. A great tenant will typically appreciate you and the property and you will often keep them for a long time and enjoy uninterrupted income.

For more information on how to choose a good tenant, tips on how to choose a great property manager, rules regarding security deposits and other matters concerning landlord issues, go to http:http://signatureproperties1.com/ or you can email Nancy@NancyPuder.com or call (805)710-2415. We always enjoy hearing from you!

Nancy Puder is the owner and broker of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA