There are a few mistakes we see a lot of landlords make, and today we want to tell you how to identify them and what you can do to correct them.
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Today we are talking about what a property management company can do for you, and what you’ll get for your money.
Experience and Knowledge
The most important thing you want in a property manager is experience. A good property manager will have the knowledge required to keep your rent at a maximum. You want to get as much money in rental income as possible every month. Not only does it give you a better cash flow, it also helps your investment in the long term. If your rent is too low, the value will decrease when investors are looking at your property with the intent of buying it. Keep your rents high and don’t lose money by lowering the rent. A property manager’s experience in this area will be invaluable.
Property Condition
Your property manager will keep your property in good repair. This doesn’t just mean fixing something that is broken when a tenant calls with a problem. It means maintaining the place over time. Property managers will take care of small problems so they don’t become large and expensive problems. Your costs and maintenance expenses will be kept to a minimum and you won’t have to worry about huge issues in the future. Maintenance of the property is important.
Leases
With a property manager, you’ll get a good lease. The lease is very important because it will protect you in the future if something goes wrong with your tenant. It will also protect your property. The professional, legally compliant lease you get from your property manager is well worth the investment.
Screening
A property manager will have a great screening process in place which ensures you get the best tenant for your property. If you don’t have a professional manager screening your tenants, you can run into some very big and very expensive problems down the road. Your property manager will look closely at credit, eviction history, judgments, tenant history and employment to make sure you’re getting the best.
These are just some of the things you should get for your money when you work with a property manager. You’ll keep the value of your property up and the condition of the house protected. You’ll also get an excellent tenant and a protective lease. If you have any questions about property management in Concord or in Contra Costa county or Alameda county, please contact us at Astound Property Management, and we’d be happy to help you.
Experience and Knowledge
The most important thing you want in a property manager is experience. A good property manager will have the knowledge required to keep your rent at a maximum. You want to get as much money in rental income as possible every month. Not only does it give you a better cash flow, it also helps your investment in the long term. If your rent is too low, the value will decrease when investors are looking at your property with the intent of buying it. Keep your rents high and don’t lose money by lowering the rent. A property manager’s experience in this area will be invaluable.
Property Condition
Your property manager will keep your property in good repair. This doesn’t just mean fixing something that is broken when a tenant calls with a problem. It means maintaining the place over time. Property managers will take care of small problems so they don’t become large and expensive problems. Your costs and maintenance expenses will be kept to a minimum and you won’t have to worry about huge issues in the future. Maintenance of the property is important.
Leases
With a property manager, you’ll get a good lease. The lease is very important because it will protect you in the future if something goes wrong with your tenant. It will also protect your property. The professional, legally compliant lease you get from your property manager is well worth the investment.
Screening
A property manager will have a great screening process in place which ensures you get the best tenant for your property. If you don’t have a professional manager screening your tenants, you can run into some very big and very expensive problems down the road. Your property manager will look closely at credit, eviction history, judgments, tenant history and employment to make sure you’re getting the best.
These are just some of the things you should get for your money when you work with a property manager. You’ll keep the value of your property up and the condition of the house protected. You’ll also get an excellent tenant and a protective lease. If you have any questions about property management in Concord or in Contra Costa county or Alameda county, please contact us at Astound Property Management, and we’d be happy to help you.
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We receive a lot of calls from people when they obtain a property – often by inheriting it – and they aren’t sure if they should sell the house or rent it out. It’s an interesting question, and today we will share a synopsis of what each option entails. Hopefully, you’ll get some ideas about what to do if you find yourself in a similar circumstance.
Renting
First, you need to determine what the cash flow would be if you decide to rent it out. A good property manager will know what kind of rent the property will get. Compare the house to others on the market and determine how much you will earn on a monthly basis. You’ll have to factor in the vacancy rates in the neighborhood where the property is located, and what kinds of costs would be associated with keeping the property. When you do the math, you’ll know soon know what kind of cash flow to anticipate by renting out the home.
Selling
When you consider selling, you’ll have to take a look at the property’s value. There are a number of tax implications when it comes to the mortgage and the sale of a property. You’ll have to examine the sales market as well. You’ll want to know what to expect based on whether the housing market is going up, down or remaining stable.
These are the factors to consider when deciding whether to rent or sell. Recently, we worked with three sisters who got a property when their mother went into a senior living situation. This included an emotional factor in their decision-making. They had all lived in the house, so naturally they had an attachment to the property. We looked at the market and decided that renting it out would be the best course of action for them. Over the last couple of years, the sisters have seen the property value increase, which we expected. So, they have gained equity in the property as well as receiving a monthly income.
There are lots of factors to consider when you face the question of whether to sell your home or rent it out. We would be happy to provide a consultation, so if you have any questions or need further information, please contact us at Astound Property Management.
Renting
First, you need to determine what the cash flow would be if you decide to rent it out. A good property manager will know what kind of rent the property will get. Compare the house to others on the market and determine how much you will earn on a monthly basis. You’ll have to factor in the vacancy rates in the neighborhood where the property is located, and what kinds of costs would be associated with keeping the property. When you do the math, you’ll know soon know what kind of cash flow to anticipate by renting out the home.
Selling
When you consider selling, you’ll have to take a look at the property’s value. There are a number of tax implications when it comes to the mortgage and the sale of a property. You’ll have to examine the sales market as well. You’ll want to know what to expect based on whether the housing market is going up, down or remaining stable.
These are the factors to consider when deciding whether to rent or sell. Recently, we worked with three sisters who got a property when their mother went into a senior living situation. This included an emotional factor in their decision-making. They had all lived in the house, so naturally they had an attachment to the property. We looked at the market and decided that renting it out would be the best course of action for them. Over the last couple of years, the sisters have seen the property value increase, which we expected. So, they have gained equity in the property as well as receiving a monthly income.
There are lots of factors to consider when you face the question of whether to sell your home or rent it out. We would be happy to provide a consultation, so if you have any questions or need further information, please contact us at Astound Property Management.
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Our topic today is evictions, which is an important subject and something you will hopefully never have to experience. We are going to tell you a little bit about the process, but it’s important for you to remember that the most important thing you can do to avoid evictions is take control up front. When you do a thorough tenant screening, you can be sure you’re getting an excellent tenant in place and you won’t have any problems down the road that may lead to eviction.
If you do have a problem, and you suddenly find yourself not getting a rent check or a rental payment, the first thing you want to do is call the tenant. Find out why rent has not been paid yet and when you can expect it. Perhaps there is a good reason for why it’s late; the bonus check they were expecting at work hasn’t arrived yet, or there is some other explanation. Maybe they will tell you they’re able to pay on the 15th. Usually, we will give the tenants a chance and let them do that.
Having a good relationship with your tenants means they will pay when they say they will. At Astound Property Management, we have great relationships in place, so usually they will call us if they’re going to be late. The important thing is to stay in contact with your tenants at all times.
When there’s a serious problem and you can’t get in touch with your tenants, and rent gets later and later, you have to post a 3 Day Notice. This lets the tenant know the situation is serious and it always gets their attention. File that 3 Day Notice without delay when you cannot get a response from your tenants.
Finally, you’ll have to go a little further if the 3 Day Notice doesn’t result in an immediate payment. At that point, you should contact an attorney and prepare to face the eviction process. Hopefully, it won’t go that far. Maybe you can talk to the tenant and get them to move out before you have to evict. That’s a possibility if you don’t want to go to court. We see eviction as a last resort because it’s expensive and time consuming.
We would be happy to further discuss with you the eviction process and its alternatives. If you have any questions or you’d like more information, please contact us at Astound Property Management.
If you do have a problem, and you suddenly find yourself not getting a rent check or a rental payment, the first thing you want to do is call the tenant. Find out why rent has not been paid yet and when you can expect it. Perhaps there is a good reason for why it’s late; the bonus check they were expecting at work hasn’t arrived yet, or there is some other explanation. Maybe they will tell you they’re able to pay on the 15th. Usually, we will give the tenants a chance and let them do that.
Having a good relationship with your tenants means they will pay when they say they will. At Astound Property Management, we have great relationships in place, so usually they will call us if they’re going to be late. The important thing is to stay in contact with your tenants at all times.
When there’s a serious problem and you can’t get in touch with your tenants, and rent gets later and later, you have to post a 3 Day Notice. This lets the tenant know the situation is serious and it always gets their attention. File that 3 Day Notice without delay when you cannot get a response from your tenants.
Finally, you’ll have to go a little further if the 3 Day Notice doesn’t result in an immediate payment. At that point, you should contact an attorney and prepare to face the eviction process. Hopefully, it won’t go that far. Maybe you can talk to the tenant and get them to move out before you have to evict. That’s a possibility if you don’t want to go to court. We see eviction as a last resort because it’s expensive and time consuming.
We would be happy to further discuss with you the eviction process and its alternatives. If you have any questions or you’d like more information, please contact us at Astound Property Management.
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When I was teaching at the Rental Housing Association in Oakland, I would tell my students that the number one thing a property manager or a landlord can do is a good tenant screening. Every tenant screening process should start with a credit check. It’s very important to get an accurate credit report and one of the best ways of finding a good tenant. When you have a good tenant in your property, you can be sure the rent will be paid on time and the property will be kept in excellent condition.
In addition to a credit report, you also want to get an eviction report. It is important to check evictions nationwide so you’ll know if an applicant was evicted in any other state. Our policy at Astound Property Management is to not rent to anyone who has been evicted in the past. When we find an eviction during our screening process, we will not allow that applicant to lease the property.
On the credit report, you want to look for late payments, judgments and any outstanding debts that have gone to a collection agency. In addition to the credit report, we also look at the FICO score to determine whether an applicant is right for a property. In general, we think a 700 is a good FICO score, but we set parameters for applicants depending on where the property is located. The area of your rental home will tell you what kind of credit score you can expect from applicants and tenants.
Always talk to prior landlords during your screening process. Find out what kind of tenant this person was and whether they paid on time and took care of the property. You can talk to current landlords as well, but keep in mind they might be anxious to get rid of a bad tenant, and if that’s the case, they won’t give you accurate information. Ask for employment information and always verify that the applicant has a job. You also want to confirm that they are earning what they say they are earning.
We cannot overstate the importance of tenant screening. Don’t skimp on the vetting process or the credit report. If you have any questions, or you need some help with developing your own tenant screening process, please contact us at Astound Property Management.
In addition to a credit report, you also want to get an eviction report. It is important to check evictions nationwide so you’ll know if an applicant was evicted in any other state. Our policy at Astound Property Management is to not rent to anyone who has been evicted in the past. When we find an eviction during our screening process, we will not allow that applicant to lease the property.
On the credit report, you want to look for late payments, judgments and any outstanding debts that have gone to a collection agency. In addition to the credit report, we also look at the FICO score to determine whether an applicant is right for a property. In general, we think a 700 is a good FICO score, but we set parameters for applicants depending on where the property is located. The area of your rental home will tell you what kind of credit score you can expect from applicants and tenants.
Always talk to prior landlords during your screening process. Find out what kind of tenant this person was and whether they paid on time and took care of the property. You can talk to current landlords as well, but keep in mind they might be anxious to get rid of a bad tenant, and if that’s the case, they won’t give you accurate information. Ask for employment information and always verify that the applicant has a job. You also want to confirm that they are earning what they say they are earning.
We cannot overstate the importance of tenant screening. Don’t skimp on the vetting process or the credit report. If you have any questions, or you need some help with developing your own tenant screening process, please contact us at Astound Property Management.
What to Expect When Hiring a Property Management in the Bay Area
Not everyone knows what to expect when they are interviewing and hiring a property manager, so today we are going to share with you what’s important and what you should look for when you’re considering a professional management company.
Communication
It’s really important that you are able to communicate with a property manager 24 hours a day and seven days a week. This is a great benefit to having a property manager. That person can stay on top of things all the time. You can call at any time to discuss your concerns and ask questions that you might have.
Tenant Screening
The vetting process is essential and when you work with a property manager; you get the benefit of their screening system. Your property manager will do a credit check on all applicants, and take a close look at eviction reports, background check information and employment history.
Vacancy Rates
Always talk to your property manager about vacancy rates before you hire someone. You don’t want your property to be vacant for a long period of time. When a tenant moves out, that tenant gives a 30 day notice. Your property manager should begin finding a new tenant as soon as that notice is received. You don’t want someone who waits until the tenant is already moved out to begin the search. Low vacancy means your rental income will be consistent.
Rent Collection
You can expect your property manager to collect rent on time and send you monthly statements. One of the benefits to professional property management is that you have someone keeping your financial records organized.
There are a number of good reasons to work with a property management company, and these are just a few of the benefits you can expect when you hire one. If you have any questions, or you’d like more information about the services we can provide, please contact us at Astound Property Management.
Not everyone knows what to expect when they are interviewing and hiring a property manager, so today we are going to share with you what’s important and what you should look for when you’re considering a professional management company.
Communication
It’s really important that you are able to communicate with a property manager 24 hours a day and seven days a week. This is a great benefit to having a property manager. That person can stay on top of things all the time. You can call at any time to discuss your concerns and ask questions that you might have.
Tenant Screening
The vetting process is essential and when you work with a property manager; you get the benefit of their screening system. Your property manager will do a credit check on all applicants, and take a close look at eviction reports, background check information and employment history.
Vacancy Rates
Always talk to your property manager about vacancy rates before you hire someone. You don’t want your property to be vacant for a long period of time. When a tenant moves out, that tenant gives a 30 day notice. Your property manager should begin finding a new tenant as soon as that notice is received. You don’t want someone who waits until the tenant is already moved out to begin the search. Low vacancy means your rental income will be consistent.
Rent Collection
You can expect your property manager to collect rent on time and send you monthly statements. One of the benefits to professional property management is that you have someone keeping your financial records organized.
There are a number of good reasons to work with a property management company, and these are just a few of the benefits you can expect when you hire one. If you have any questions, or you’d like more information about the services we can provide, please contact us at Astound Property Management.
Today we are talking about why you might want to hire Astound Property Management to take care of your rental property. Let me tell you a little bit about myself so you know what kind of experience we have. Over the years I have honed my property management skills by working with the Rental Housing Association in Oakland. I spent 10 years there, and during that time, I taught classes to over 1,000 rental property owners, real estate agents and property managers. Everything I learned has been incorporated into the way we do business at Astound Property Management. It’s our goal to give owners everything they need in a property management company.
One of the things I learned very quickly as a director at the Rental Housing Association is that people really need communication 24 hours a day and seven days a week. Availability to property owners is essential. Being available to the property is also important. If tenants have a problem, they can reach me. I am the direct contact for this company. When owners or tenants need to speak to someone, they talk directly to me, not an administrative assistant or anyone else. I find this is helpful to our property owners.
At Astound Property Management, we also provide you with peace of mind. This means that when an owner gives us the key to a property, we treat it as if it was our own. We find the right tenant, which is critical. It’s important to use a good vetting system, and our tenant screening process works really well. We have one of the best systems in the business. We screen applicants evaluating their credit score, looking at their eviction history and completing a thorough background check. We look at employment and tenant history as well. This is the most important thing we do. We know that once the right tenant is in place, things will go smoothly.
Owners are often concerned about evictions. We don’t do evictions at Astound Property Management, because we don’t have to. The relationships we have with our tenants are very good and we do the right work up front to ensure everyone in our properties pays rent on time and takes good care of the homes. When owners bring up evictions, we assure them that we don’t have to do evictions at Astound.
If you have any questions, or you’d like to hear more about why we might be the best property management company for you, please contact us at Astound Property Management, and I’d be glad to talk to you.
Author
All blog post information is original material created by Astound Property Management's founder and president Stuart Levitas.
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