Being a landlord is not always as easy as it seems like it should be. There’s a lot more to it than simply finding a tenant and collecting rent. When you lease and manage a property, the landlord’s responsibilities come with a range of challenges that can often overwhelm even the most experienced property owners.
You’ll be called upon to tackle things like marketing and tenant screening. You have to collect rent and enforce your lease agreement. There’s property maintenance and of course all of the legal requirements that land on California landlords. This can be a lot to handle, and it is easy to make mistakes along the way.
Mistakes happen, but even small oversights can lead to significant problems that cost time, money, and potentially your reputation.
Let’s explore some of the most common oversights that landlords can make, and how a property management company can help prevent them.
Inadequate Roseville Rental Property Inspections
One of the most frequent and costly mistakes that landlords make is failing to perform adequate property inspections. It’s critical to regularly check the condition of your rental properties to ensure that they’re safe, secure, and habitable. You need to look for repairs that may be necessary as well, otherwise, you’ll find yourself dealing with deferred maintenance, which is a huge oversight.
If you don’t keep a close eye on your property, you may miss critical repairs that can lead to more significant problems down the road. There will be an increase in emergency repairs, tenant complaints, and property deterioration. Your property management partner prevents this by performing regular inspections and providing detailed reports on the state of your property. You can expect your management company to inspect:
- Before a tenant moves in. This will document the condition of your property before your resident takes possession.
- After a tenant moves out. This will show you whether there is merely wear and tear to manage during the turnover process or whether there’s tenant damage that your resident needs to be held accountable for.
- A walk-through during the lease period to check for maintenance issues and other concerns.
Inspections are more thorough and well-documented when your property manager is performing them.
Poor Tenant Communication
A positive, respectful relationship between landlords and tenants is essential to a pleasant rental experience. When there is poor or inadequate communication, misunderstandings can arise, leading to conflicts and disputes. You need to focus on retaining tenants in order to avoid vacancy and turnover costs. Make communication a priority, otherwise you’ll find yourself in a sticky situation with unhappy residents.
You need to set communication standards as a landlord. You want to be responsive, available, and accessible to your tenants. You want to communicate in multiple ways; via phone call, text, email, etc. Don’t avoid phone calls and always return email messages. This will help you stay on top of issues before they get out of hand.
Bad communication is an oversight that’s hard to fix. It tends to snowball. A Roseville property management company can help you maintain a positive relationship with tenants by providing quick and reliable communication. We have online portals that facilitate easy messaging back and forth and the sharing of pertinent information. Through their online portals, tenants can also pay rent and make maintenance requests.
Complying with California Rental Laws
Landlords must comply with local, state, and federal laws. Staying on top of these laws can be challenging, especially since they’re changing all the time. It’s easy to find yourself making a mistake with:
- Rent control.
- Just cause eviction.
- Section 8 tenants and income requirements.
- Security deposits.
- Fair housing.
Without proper knowledge and guidance, landlords can overlook critical compliance obligations. You need to start with a lease that’s both enforceable in California and compliant with California rental laws.
How can property managers help? By keeping you in compliance and ensuring there are no easy mistakes made. This minimizes legal risks and helps you to avoid costly litigation and complaints.
Rent Collection and Late Payments
Collecting rent on time is critical to your own cash flow and long-term return on investment (ROI). A lot of landlords find it uncomfortable to chase down late rent or confront their tenants when it doesn’t show up. But, avoiding the problem will only make it worse. If you don’t have a documented rent collection policy, it’s an oversight that can quickly become a disaster.
Again – property management can help. You’ll be able to rely on your property manager for rent collection and lease enforcement, as well as financial record-keeping and reporting.
Marketing a Vacant Rental Property
There’s a lot of lost opportunity when it comes to marketing. You need to do more than post an ad on Craigslist or throw a lawn sign up in the yard.
Strategic marketing is crucial when you’re renting out a property.
Unfortunately, many landlords are not proactive when it comes to marketing their rental properties, assuming that people will find them naturally. You want to advertise your property to attract the right tenants, as well as keep occupancy rates high.
A property management company can help landlords market their rental properties while targeting suitable tenants, ensuring high occupancy rates, and a steady flow of revenue. Property managers take high-quality photos, write concise but detailed descriptions, manage the showing process, and ultimately place a well-qualified tenant quickly.
Your work as a landlord can be a risky business if you are not careful. Property management companies can provide assistance in leasing, managing, and maintaining your rental properties and ensuring success.
With our expertise in property inspections, legal compliance, tenant relations, marketing, and rent collection, you don’t have to worry about the mistakes you might be making or the oversights that are likely to trip you up.
Let’s talk about how we can help. Work with us so you can prevent the oversights mentioned above and enjoy peace of mind. We’d love to tell you more. Contact our team at Action Properties.