Whether you’re renting out a single home you once lived in or you’re assembling a portfolio of investment properties that you expect will earn some impressive long-term returns, there’s more to real estate investing than collecting rent and keeping tenants in place.
Your investment property has a number of needs, and if you’re not prepared to meet those needs, you may find that you’re not earning as much as you expected you would.
We want to help you understand what your rental property needs. Think about the resources, time, and expertise that are required and consider whether professional Chula Vista property management might help you better meet the needs of your investment property.
Maintenance and Rental Property Repairs
The most urgent need your rental property will routinely have is the need for maintenance and repairs. You’ll have to budget for this because it can be a bit of a financial shock when a roof needs to be repaired or appliances start breaking down.
Tenants expect to have things fixed immediately. It’s your responsibility to provide a safe, habitable living environment for the people renting your property. You cannot leave them without running water, heat, and access to electricity.
There’s also going to be wear and tear between tenants. Many landlords are surprised by what their property needs after one tenant moves out and another is preparing to move in. You’ll likely have to paint, clean, and make some repairs throughout the home. This will cost money and those expenses will show up during a period that you don’t have any rent coming in.
Property managers in Chula Vista can help meet this need because we already have relationships in place with great maintenance vendors. We have inspection checklists and preventative maintenance plans already working for us.
Your Property Needs Qualified Tenants
Any landlord who has suffered through an experience with a terrible tenant understands the value of a good tenant.
Your rental property needs outstanding tenants. Even more important than attracting and placing those tenants is retaining them. Keep good tenants in place once you find them. These are residents who pay rent on time and take excellent care of your property. They treat your rental property like it’s a home they own, and it keeps your costs (and your headaches) down.
Property managers can help with this. We have outstanding, consistent marketing and screening processes in place that will ensure only well-qualified tenants are given the keys to your property. Good tenants will create less wear and tear and they’ll renew their lease agreements year after year. They’ll be easy to communicate with. It’s better for you and your property.
Rental Properties Need Upgrades and Updates
Your investment property will need to stay modern and attractive to good tenants. Appliances from the 1980s need to be taken out and replaced with energy-efficient models. Old carpet should not only be replaced, but perhaps torn out in favor of hard surface flooring that’s more durable and easier to maintain and clean. Exterior power-washing will be needed every few years, and you’ll want to re-think your landscaping and paint from time to time.
Even small details like drawer pulls and ceiling fans need to be improved and updated once in a while.
This is easy to forget, but if you stay on top of these cosmetic requirements, you can attract better tenants and increase the rental value of your property.
Your property manager will make recommendations on what you can do to increase the amount of rent you’re able to earn.
Property managers know what your property needs and respond accordingly. With local knowledge and industry expertise, you and your property will be in excellent, professional hands.
We’d love to tell you more about our Chula Vista property management and leasing services. Please contact our team at Encore Realty, Inc.