Owning rental property provides you with a steady stream of passive income, but that doesn’t mean you won’t have to put any work into your investment. You’ll need to know how to manage your tenants and prepare your unit for new renters. While this isn’t complicated work, it will require some planning and preparation.
One of the first things to consider is how you’ll handle the day-to-day management of your investment property.
While you can manage it yourself, this can become a hassle if you work another job or simply want to enjoy your free time. If you plan to buy other investment properties, having to be on-site can hamper your ability to search for new opportunities.
Instead, consider hiring an agency that handles property management in San Diego. They will attend to the upkeep of your property, ensure repairs are made, and interact with your tenants. This can save you time and allow you to pursue your other interests or goals.
Additionally, hiring a management firm will free you from having to communicate directly with your tenants, saving you from difficult conversations about rent and repairs.
Just as you would create a marketing strategy to sell any product to consumers, you will also have to market your rental unit. This will begin with creating a listing that will appeal to potential tenants. The listing should feature clear and well-staged photos of the available unit.
The headline should describe the unit’s location, size, and main selling points. The body of the listing should be concise and use descriptive terms to entice candidates.
In addition to publishing the listing on various real estate sites, you should also share the listing on your social media pages. By using hashtags with relevant keyword phrases, you’ll reach more users in addition to those who already follow you. This can also help you target people in your area who are looking for a new rental home.
You should also have an application designed and available for candidates. You should print out paper copies of the application in addition to making it available online. The application should provide you with basic contact information, previous addresses, references, and employment information.
After collecting applications, be prepared to do background and credit checks to differentiate between good and poor risks.
Before you start looking for a new tenant, you’ll have to prepare the unit. This starts with ensuring the unit is safe against fire hazards, bad weather, and intruders. Make sure the unit’s smoke alarm, fire extinguisher, and sprinkler system have been inspected and updated. Check the locks on the doors and windows as well.
It’s also a good idea to replace the door locks or rekey them after each tenant moves out.
As you inspect your vacant rental unit, an important part of property management in San Diego is to update or repair wear-and-tear damage. There may be missing outlet covers, loose bathroom tiles, or a leaking kitchen sink.
Immediately fixing these issues will ensure that your prospective tenants won’t be chased away by a unit that hasn’t been well maintained. You can also avoid more costly damages by repairing issues that can be fixed simply and cheaply.
Finally, you should make an effort to help the unit look its best. This might involve replacing cracked windows, adding a fresh coat of paint, and hiring professional cleaners to give the unit a thorough cleaning.
You should also make sure the unit’s numbers and mailbox are clearly visible from the curb. Hiring landscapers to tend to the lawn and foliage will also give your unit’s curb appeal a big boost.
Even after you have checked off each point on your list, you should go through the rental unit one last time. You may have missed something, or you may discover a minor issue that you want to address before showing the unit. Being thorough in preparing the unit will help you attract reliable and worthwhile tenants.