As you begin your journey toward being an expert landlord, you're probably looking at what seems like a lot of effort long-term; the work involved in becoming a landlord can stand out when you only consider the big picture. However, at the daily level, your primary responsibility is to do that day's tasks as well as you possibly can—just like any other business. Luckily, there are great resources right here on this website that will help you achieve your goals and become an excellent landlord.
Your property listing is the face you show to the world of potential tenants, so it only makes sense that you'll do everything you can to make it stand out! This involves focusing on the things that make your investment property great, from design choices to spaciousness, to location. Re-reading your listing after adding plenty of excellent photographs will help you make sure that this listing is simple and clear. After all, tenants are skimming through listings to find those keywords they searched for, so your writing shouldn't aim to confuse them!
You'll also want to pay special attention when creating professional listing photos. Your rental can look completely different if you snap a few cell phone pictures at night from poor angles compared to a professional shoot during that perfect hour of golden sunlight. You want people to see your property as a great value and home—especially at the rental rates you've set—so it only makes sense to get photographs taken that make your place look "worth it!"
Speaking of the rental rate, a big part of your listing design is determined by the monthly cost of renting the property. This involves a substantial amount of market research—such as conducting a market analysis—as well as an understanding of what people will pay for different types of rentals in the Carlsbad area market. You don't want to overcharge and risk having very few applicants to choose from, but you also don't want to undercharge and leave money on the table that could be used to build your business as a landlord over time. Make sure you also adjust your rent when market conditions change, and you are putting your rental up on the market again.
Now you've got your listing, complete with an excellent rental rate and photos—what's next? Receiving and processing applications is where you'll start making some significant decisions about who will be living in your property. Before you even accept applications, you'll want to ensure you have a solid answer to this question: do you want pets in your rental? While there are areas where great renters will pay more to have their dog with them on your Carlsbad property, you must also balance this against the possibility of property damage from a pet that might exceed the agreed upon "pet rent." Landlords end up deciding differently on this issue since it fundamentally comes down to personal preference and how you want your rental profile to look.
One of the best ways to avoid problems down the road with tenants (and their pets) is to screen them extensively when you first accept applications. You never want to discriminate during the screening process—which isn't what screening entails. Instead, careful selection allows you to determine whether the tenants have a track record of poor relationships with landlords or routinely missed payments, which makes them a bad fit for renting any property—not just yours. Getting to know the tenants through a screening process can help you understand whether small red flags are just occasional mistakes or are part of a pattern of behavior.
Before your tenants move in, it's to the benefit of both parties to do a thorough property inspection. Even the most pristine property has at least a quirk or two, and documenting these ahead of time avoids any misunderstandings when your tenant moves out. At the same time, documenting well helps you reduce your pressure-points when move-out happens—especially if there are needed security deposit deductions for damage above normal wear-and-tear.
Throughout the year, you'll also want to perform seasonal maintenance on your California property. Not only does this help you maintain a good relationship with your current tenants, but it also gives your property a good reputation! Regular maintenance preserves and supports your property's functionality, from HVAC to plumbing, making it possible to avoid significant repairs far longer. This maximizes your Return On Investment (ROI) from the property.
While preparing to be a great landlord may require a scientific mind, there is also an art to it as well. You'll begin to develop a sense for what the best path forward is as you learn more tips and tricks to being a landlord in the San Diego area. You'll learn that overly friendly relationships with tenants are less valuable than cordial and professional ones, and you'll learn that your lease should be customized to your expectations and reviewed by a lawyer if possible. When something small happens, take it as a way to learn a new strategy for improvement in the future.
Regardless, some landlords may even have to experience evicting a tenant who cannot comply with their lease agreement. Great landlords give tenants every opportunity to shape up since eviction is bad for them and costly and time-consuming for you. By documenting everything extensively, you create a better case for yourself and put yourself in a position to get the restitution you seek—or at least bid farewell to tenants who damage your property or don't pay.
From finding and screening tenants to keeping vacancy low and maintaining the look and feel of your property, are all skills that excellent property managers bring to the table. Here in the Carlsbad area, Raintree Property Management is ready to put our considerable skill set to work for your investment! The property management company you work with will be a steadfast partner in your business, so you owe it to yourself—and your tenants—to forge a great relationship with an expert property manager that you can trust.
It's important to make sure that the property management company you choose in the Carlsbad is a high-quality firm that will offer real value as you grow your landlord business. For instance, you want a company that can answer questions about the local market, since they should have extensive experience and an understanding of what local renters want. They should also have an organized and clear process for advertising properties and gathering tenants, as well as a clear structure for what they charge for different management services. You'll find that great property management companies are few and far between, but when you find the right one, you'll know it by the customized, personal care they give to every landlord they work with.
