How can you get more people interested in your rental property in West Sacramento?
Steve and Cindy discuss some important things you need to have right to lease your rental property quickly. Steve emphasizes that the price and product must be right, or no one is going to be interested in your property.
1) Make sure the property is rent ready
Before you start taking those marketing photos or running those advertisements, make sure you’ve taken these important steps to prepare your home or unit for the local rental market. Read our article Get Your Property Rent Ready
2) Marketing the property is key
Cindy believes that marketing is the most important step in getting more people interested in your rental property. At Mynd Property Management, we use photos along with a 3D video tour to market the property. Our video tours allow people to tour the property from the comfort of home, so it is easier to get your property in front of more potential tenants.
3) Price it right for the market
You do not want to price your rental too low and miss out on income, but you also don’t want to price yourself out of the market. If you do not know what your property will rent for, Mynd Property Management offers a Free Rental Analysis. Submit the form and receive a market report that gives you statistics on your area and what rent you can expect to receive.
4) Curb appeal
First impressions matter, especially when people are deciding where they want to live. You want to WOW them with curb appeal. Small improvements like a freshly painted mailbox and trimmed trees and bushes can have a significant impact on how people view the property.
5) Market in surrounding areas
Mynd Property Managements listings are included in the MLS to reach communities outside of Sacramento. Commuters that work in Sacramento might be looking to reduce their drive time from the suburbs and surrounding communities, and inclusion in the MLS helps expand the reach of your listing. This means more people are seeing your property, and the pool of potential tenants is expanded.
Keep quality tenants with great customer service.
The customer service experience you offer when issues arise can make the difference between keeping a quality tenant and losing them. How well are the tenants being treated? What are the renewal terms that encourage tenants to stay? It is Mynd Property Management’s experience that lease renewal rates are the same in West Sacramento as other cities based on the lease terms, and residents do tend to stay long term.
When it comes to taking care of the tenants, if you do your job well, your tenants will ultimately take care of you. Just as landlords seek good tenants, renters want a good landlord or property manager. Tenant incentives and good customer service are good for your bottom line. – Source
Why do people tend to not renew?
In areas that the rent is around $2000 a month, the tenants may decide to buy after their lease is up. You also have the occasional tenant that has a job transfer out of the area. What you do want to avoid is a tenant leaving because the management caused their experience to be a bad one. Having an experienced, professional property management company managing your property can make the difference and help you avoid tenant turnovers.
What Rules and Regulations Apply to Rental Properties in West Sacramento?
As an investor you want to make sure you are following the habitability laws in regards to safety, occupancy regulations, and fair housing laws. The state of California is under rent control and that effects all rental property across the state.
Resources for laws and regulations regarding rental property
Your best resource for the current laws and regulations are the various state and federal fair housing websites.
- California’s fair housing website is just straight across the board all the same rules and regulations for any rental home that you own in California.
- The HUD website lists all the occupancy standards and processes in regards to fair housing discrimination.
- If you have an attorney, they can help you find the rules and regulations
- Mynd Property Management’s staff are all trained on the current laws and regulations, so we are a great resource as well.
Following laws and regulations when selecting a tenant
There are many laws and regulations that apply to landlords that cover issues such as fair housing, fair credit reporting, emotional support animals, and more. It is imperative that you know the regulations and laws when screening potential tenants, especially when it comes to issues like emotional support animals.
When processing an application, you must follow these laws and rules to reduce the risk of being sued. This includes knowing what you can and cannot ask a prospective tenant. Asking the wrong question can get you in trouble. These laws change all the time, so you want to make sure you aren’t unintentionally asking a question that breaks the law.
If you use a 3rd party company to screen your applications, you want to make sure they are up on all the laws and not putting you at risk.
Hire a Property Manager that knows the Laws and Regulations
Cindy has 27+ years’ experience in the property management industry and strives to build strong owner relationships supported with the most current industry knowledge to provide the most profitable experience. If you are looking to purchase an investment property in Sacramento CA, have questions about local regulations and laws, or thinking about hiring a property manager, contact Cindy.