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Mesa Properties Blog

5 Responsibilities For Landlords That Have A Property Manager

Hiring a property management company to deal with your rental can feel like a major weight has lifted from your shoulders. No longer are you the one who has to take those tenant phone calls, deal with maintenance issues, show your vacant property or be the point of contact. This was the best financial decision you've made in a long time!

This feeling of freedom is wonderful and one of the main reasons many landlords hire a property manager to begin with. They just don't want to deal with that pesky rental anymore!

If you are a landlord that has hired a property management company, you may be wondering what you are still responsible for. While the property management company can take most of the headache out of owning your rental, they aren't the owner or the principal and are limited in the decisions they can make.

So what are you still responsible for? Here are 5 things that landlords still need to keep in mind, even after hiring a property management company.

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Are Property Managers Worth Their Fees?

If you've done a Google search for this question or a similar one, you've probably encountered tons of contradictory information.

The Bigger Pockets forums and other investor networking sites are full of self-managing owners proclaiming their horrible experiences with property managers and the waste of money that they are.

You can also find the self-managing landlord turned property manager promoter telling of their horror stories when they tried to do it themselves. They would never go back to self-managing based on their experience with a great property manager and the fees they pay are more than worth it.

Then there's blogs and property management websites (like this one) written by property managers trying to justify why they're worth the cost.

So which do you believe? The multiple-property-owning-investor who has successfully managed his own properties for years and never had an issue? The horror-story-owner singing the praises of their property manager that swooped in and saved the day? Probably not the property manager (of course we're going to promote ourselves).

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Minimizing Vacancy When It's Time For A Rehab

Rehabs are just a normal part of the rental property life-cycle. You shouldn't have to do a rehab after every tenant turnover, but there will be times when a tenant vacates and you have quite a bit of work to do.

This can range from the standard new carpet and paint to full on bathroom or kitchen upgrades. Rehabs can be pretty pricey, especially if it's been several years since you've done any serious amount of work on the property.

It's also important to note that rehab is above and beyond the normal work you have to do during a standard tenant turnover that may just consist of some cleaning and touch up paint. If you just had a tenant move out after only living there for a year, chances are a lot of the repairs and cost for you to fix stuff that they damaged can be charged to their security deposit. A rehab is usually required after several tenant turnovers or after a long term tenant. After years of wear and tear, you are eventually going to have to do more than swap out the carpet and paint the walls. It will also be required if you get someone who trashes your home.

What needs to be done during a rehab

Every decision you make regarding what appliances, carpet quality, paint, bathroom upgrades etc should be made with the intention of earning a return.

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How Much Will Your Property Rent For?

One very important step in renting out a single family home is knowing what to set the asking rent for. Set it too high and your property will sit vacant for weeks. Too low and you won't be collecting as much income as you potentially could be.

So how do you make sure you ask the right amount?

You have a couple of options here, one that involves researching the rental value yourself and one that involves reaching out to a property management professional to help you out.

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12 Questions To Help Rent Your Property Fast

Every rental property owner wants to rent their home out as quickly as possible. After all, vacancy is the number 1 expense when it comes to your rental property investment. So how can you make sure you rent your home out as quickly as possible, and what qualifies us to write about this?

We've helped our client owners of a combined 800+ properties rent out their homes quickly and with minimal vacancy time between tenants. It all boils down to consistency. We've developed multiple systems and procedures that allow us to rent out properties in the Inland Empire and High Desert in under 30 days.

It's worth pointing out that even though we have the system down pat, there are certainly exceptions. Some properties have rented in under 24 hours while others sit for several weeks. This is especially true of unique properties or properties in unique areas such as mountain homes, homes with extremely large lots or located in new development areas to name a few. Market conditions and time of year also dictate average vacancy times.

Following the guidance on this page and answering the following questions the way we do will put you in the best position possible to rent your home as quickly as possible.

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Is Rent Control Coming?

The November elections are just a month away and a very important measure will be presented to all California voters: Proposition 10.

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The Fiduciary Duties of Property Managers

There's a common saying that property management companies use when pitching their services to potential owners. "We will manage your property as if it were our own."

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Selecting A Home Security System

In 2018, personal home security systems are cheap, they're everywhere and they are incredibly easy to install. It has become an absolute no brainer to have one in your personal home and may become more and more necessary to have one in your rental home as well.

Several Inland Empire cities are on the top 10 list for highest property crime rates in Southern California. With the passing of Proposition 47, property crimes have risen and the likelihood of becoming the victim of a home burglary has increased.

Homeowners and renters alike can ensure they are protected by taking simple measures to add security to their homes. The big companies with the confusing contracts and high fees are no longer the only option. There are several DIY systems that you can install in a matter of minutes and have up and running with free self monitoring or low monthly fees.

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How Long Does It Take To Find A Tenant?

How long will it take you to find me a tenant?

This is a question that property managers get asked a lot, and the answer is, it depends.

There are so many factors that affect the desirability of a home, it can be difficult to give an exact time frame for how long it will take to find a tenant. If the property is "standard" it will typically rent much faster than a "unique" home such as a mountain home, a home in a new development or a home with an extremely large lot.

For a professional property manager, renting out a home in under 30 days should be standard and what happens 90% of the time.

For an owner renting out their own home for the first time, it isn't uncommon for the home to sit vacant for weeks or even months.

Here are 12 questions to ask to help you determine if your home is likely to rent in under 30 days or not.

Take the free quiz below to see where you stand, or just scroll on by to see how you need to be answering these 12 questions if you want to rent your home in under 30 days.

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Investing in Rental Property in Riverside, CA

Home prices are continually rising in California, meaning the state is continuing to see more and more renters as opposed to new homeowners. In fact, according to a study conducted by The Street, in Riverside, the average monthly rent is 4.1% cheaper than the average monthly mortgage payment.

That isn't to say that rents aren't rising either. They certainly are, but the rise in home prices and interest rates have outweighed the rise in rents.

What this means is that many would-be first time home buyers are opting to rent instead of buy. It also means that people moving to the area for a new job are choosing to rent instead of buy, even if they were homeowners previously.

In fact, Riverside has a median home price of just under $400,000 and a price/rent ratio of 18. With a low price/rent ratio rental property owners are seeing a higher return on their investment.

This is all good information for the short term, but other data points besides just market condition need to be taken into account when deciding whether or not to purchase or hold rental property in Riverside.

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Everything You Need To Know About A 3 Day Notice To Pay Rent Or Quit

Whether you are a landlord or a tenant, everyone dreads the 3 Day Notice to Pay Rent or Quit. No one wants to be evicted and no landlord wants to make that difficult decision or go through the process of evicting someone.

For landlords, this is a big reason why they hire a property management company in the first place. They dread this process and many have a hard time following through when it comes time to serve this notice and possibly file an unlawful detainer.

For tenants, receiving this notice can be scary, frustrating and confusing. Maybe you didn't realize that your check bounced or your account had insufficient funds so the automatic rent payment didn't go through. Or maybe you had a financial emergency and you just don't have the money for rent this month.

Landlords are not required to serve tenants with this notice as soon as they are late on rent and most won't. If there's a good relationship between landlord and tenant, it's much more likely that the landlord will call the tenant to figure out what's going on and when the rent will be paid. If there have been multiple late payments or there isn't a good reason for the rent being late, tenants can likely expect one of these notices from their landlord. Legally, this notice can be served the day after rent is late or if the lease has a grace period, the day after that has passed.

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