Today we are sharing the four most frequently asked questions that we get from new landlords.
Should I allow pets?
This is a great question and something you need to determine up front. Take a look at what percentage of your applicants will likely have animals. If it’s only 10 percent, then it’s not worth the risk and you don’t have to allow them. However if over 30 percent of your potential tenants have pets, you might want to allow them. If you do allow pets, consider restricting the breed and the size. This will protect you at least a little bit.
What’s the best rental price?
It’s an important question. You don’t want to price your property too high because you will likely have fewer applications and more vacancies. If you price the property too low, you’re leaving money on the table. Do your own market research. Look on the Internet on sites like Craigslist. You’ll get an idea of what your house is worth and what kind of value you can consider when setting a price. Remember that a property management company has a lot of resources that can help price your property correctly. We price properties on a regular basis; that’s our job. We know what’s renting faster and we’re better equipped to get your property rented out at the highest possible price.
How do we handle repairs?
Repairs and maintenance can be difficult for owners who manage on their own because they don’t have relationships established with vendors. Property managers work closely with plumbers, painters, electricians and other contractors on a daily basis. At Golden Gate Real Estate & Management, we have 50 to 60 different vendors we have used since being in business. So when a tenant calls and reports their garbage disposal isn’t working, we can often walk through the repair with the tenant and see if they can hit the reset button or the GFI. If a repair is needed, we call the property owner first and then call one of the vendors we have worked with for years. They will be timely, get it done right the first time and treat our tenant well.
What if they don’t take care of property?
You need a strong rental agreement. Your contract will be your best friend or your worst enemy so it’s crucial to use the right rental contract. Property managers have access to the California Association of Realtor’s contract, which is backed and created by attorneys. Once you have a great contract, it’s easier to deal with a tenant who isn’t taking care of the property. We simply refer to our rental agreement. If they aren’t following the rules, we take the enforcement action written in the contract.
Hopefully this blog has answered some of the questions you might have. If you’d like any further information, please contact us at Golden Gate Real Estate & Management. We’d be happy to help you.