When a lease is two months away from expiring, you should start thinking about whether or not you should to raise the rent. Deciding how much the new rent should be is always a hard call to make. Making this decision is walking a fine line between leaving money on the table and raising the rent so much that the tenant leaves.
It's been about six months since your tenant moved in. The rent comes in on time every single month, and you think to yourself, "life is good."
In reality, you have no idea what your tenant is doing. You have no idea how the house is being treated, or even how many people are living in the home. At this point you essentially have two choices:
1. You can turn a blind eye and hope that everything is fine
2. You can give yourself some peace of mind and do a simple safety inspection.
Here at Mesa Properties, we recommend most rentals get a thorough tenant occupied inspection, or safety inspection as we call them, every six to eight months. Yes, we do check for illegal activity and unauthorized occupants, but we also check for the more common hazards such as leaking sinks and faulty smoke alarms.
Unfortunately, most tenants do not care for the rental as much as an owner would. Therefore, it is necessary to implement safety checks to ensure that your property is being properly maintained.
Everyone loves a big fluffy Golden Retriever. They're playful, fun, good with kids, and are notorious for damaging rentals. What's not to love?
As an owner of a residential rental property, you have an important question to answer. That question is, "Do I want to allow pets?"
The advantage of allowing pets is that more qualified applicants will apply for your home. You might even be able to decrease the time it takes to find a tenant. The drawback is that by allowing pets into your home, you run the risk of letting in a mischievous dog that will cause severe property damage. The horror stories of dogs destroying homes are everywhere.
To allow pets, or not to allow pets, that is the question.
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.
When a lease nears the end, many property owners wonder if they should raise the rent, keep it the same, or end the agreement altogether and look to rent to a different tenant.
Assuming you signed a 1-year lease agreement and you would like the tenant to continue renting your property, decide if you want to have the tenant sign another 1- year lease or simply let the lease expire and go to a month-to-month term. Your original lease should specify if the the lease will convert to a month-to-month tenancy. Legally, as long as the tenant continues paying you rent and you continue to accept the rent, you have a month-to-month tenancy.
If the tenant has been a good tenant, paying the rent on time, in full every month and taking care of the property, you should evaluate the local rental market and decide if you want to give the tenant a rent increase. Be sure you abide by any rent control laws in your area as you look at increasing the rent.
You may even think you've made a mistake! A real estate investment was supposed to be pretty straight forward, and now you have a tenant calling you constantly with some new problem.
Don't worry, this won't last forever.
Managing your own rental property can be a rich and rewarding experience. It can also be a stressful and intimidating venture! Knowing where to get started can help you manage your rental property like a pro.
Residential rental property can range from a single family residence on a nice quiet cul-de-sac to a multi-unit complex with on-site management and maintenance in a downtown urban setting. Regardless of the type of property you own, your most important variable (after location) is the condition and quality of your rental property.
Yes, curb appeal does matter, even if the property is occupied by a renter. It matters to both the prospective tenant and the local community in the immediate area. A real estate investor who understands this will be willing to invest the money needed to maximize the potential rent and attract the best possible long term tenant. A good tenant is defined as one who takes care of the property and pays the rent in full, on time, every month.
One of the most common questions that a homeowner will ask a property manager is: what are the fees? We’re talking about the cost of property management when you hire a professional company.
Renting out a property can be a great way to make extra money. However, the process of buying a second property and finding tenants can be difficult and confusing. Here are some tips for what time of year you should buy a property and how to navigate through the process of renting a house.