Did you recently come into possession of a home you don't intend to live in? According to Data USA, less than 30% of Fair Oaks homes are available to renters. With the right skills, accidental landlords stand to earn a profit.
The only problem? Finding and keeping great renters and maintaining a rental property are no small tasks. To get started, you'll need the right landlord guidance, and we're here to help.
Read on to discover key landlord tips from the top Fair Oaks property management company.
Determine Your Rental Value
Unlike other parts of the state, Fair Oaks hasn't seen massive levels of rental inflation over the past few years. According to Zillow, the median cost to rent here is just under $2,000 a month.
Charging far more than your rental value can cause renters to steer clear. Make sure your rental price is comparable to other properties in your neighborhood with similar features.
Screen Potential Tenants
You're bound to generate interest with a reasonable rental price. However, one of the most common DIY landlord mistakes we see is accepting the first tenant to apply without screening for:
- Credit history
- Income verification
- Rental history
The goal is to lease to tenants who you have reason to believe will remain reliable throughout the duration of their lease term. Late rental payments or destruction of property can take a huge toll on your rental income and turn renting into a bigger hassle.
Come Up With a Maintenance Plan
If you've ever heard that owning rental properties can yield passive income, you may have gotten the wrong idea what accidental landlords are up against. The only way you're earning money passively is if you have a full-time property manager.
Your rental property will require ongoing care. You'll need to plan out regular and preventative maintenance while also answering maintenance requests and emergency calls.
Practice Consistent Rent Collection
How do you plan on collecting rent each month? If you were hoping your tenant would send along a check, you may want to think again. We recommend using a tenant portal, which makes it easy for tenants to:
- Pay (and automate) rent
- Submit maintenance requests
- Review their lease agreements
As you can see, a tenant portal can do a lot more than just serve as your rent collection tool. It can also streamline tenant communications and give you an easy way to build strong and lasting relationships. These are the kinds of property management strategies that can help you secure lease renewals, securing your rental income year after year.
Accidental Landlords in Fair Oaks Call JTS
In Fair Oaks, rental properties aren't always easy to come by. Accidental landlords are in luck, but only if they know which rental property tips to use. If you want to skip the learning curve altogether, it's time to call JTS Property Management.
JTS Property Management has managed over 300 units of all price points and sizes in California and Utah. By casting a wide net, we've developed strategies that work for all types of rental properties. Contact us today to access property management services that will really work for you.
