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Are You Financially Ready to Buy a Rental Property?

July 2, 2020 by admin

Renting out a property can be a productive, convenient form of passive income, although it doesn’t come without effort. But before investing in a rental property, you need to make sure you’re financially prepared for even worst-case scenarios.

The novel COVID-19 pandemic is one of those worst-case scenarios, bringing financial distress and uncertainty to landlords and property owners across the country and globe.

With flights grounded, vacations canceled, and business travel postponed across the world, one subset of this industry especially affected are Airbnb property owners. With the sudden drop in travel, Airbnb property managers have had to refund already-paid deposits and reservation fees to customers who are now unable to travel due to COVID-19.

Many are struggling to meet the basic costs of monthly payments and utilities for properties that are normally turning a profit, and some owners are left with no other option but to sell. It’s worth researching what it takes to be financially prepared to invest in a rental property. Here are some factors and tips to keep in mind.

Renting Out a Property

There are many factors, both foreseeable and unexpected, that can affect homeowners and landlords. It is important to know the potential risks involved with an investment before going all in to ensure that you’re prepared to weather less-than-ideal circumstances.

One major thing to consider before buying a rental property is whether or not you can affordably make the mortgage payments and pay any bills comfortably, even in the event that you have no renter.

Whether you own a vacation home or a long-term residential property, you want to ensure that you can make your payments on time and without difficulty before deciding to buy.

The best-case scenario is, of course, owning a rental property outright. Although you still have to pay taxes and manage other upkeep costs, having no monthly payment hanging over your head decreases your financial risk. However, if you are renting while still paying off the property, there are things you can do to safeguard your investment.

If you’re relying on rent income to pay off a monthly loan, you should have at least several months’ rent saved to protect you against the inability to find tenants, financial crises like the one caused by COVID-19, and other unforeseen disasters that might occur.

You should also ensure the rent you charge fully covers your loan payment, taxes, utilities, and other costs, while still offering a competitive price for your area. Research current rent prices in your market to determine what you can afford to charge while still attracting desirable tenants.

Expenses

Potential expenses to keep in mind include property insurance, vacancy costs if you go any length of time without being able to find a tenant, and the cost of a property manager if you don’t want to be responsible for maintenance and other responsibilities yourself. You also need to consider unpredictable expenses that may arise, such as repair costs.

Property Assessments and Maintenance

It is recommended that you visit the property on a regular basis to examine its current state and ensure there is no property damage. This can be done either personally or through a property manager. If there are unexpected costs or repairs, a well-connected property management company could also provide connections to companies who provide the materials for repairs and replacements.

Cost of Finding New Tenants

If you plan on renting out property, the possibility of bad tenants is one that every landlord attempts to avoid, but is likely to encounter. Careless tenants will cost more in repairs and replacements, while flaky tenants will have you constantly chasing after late rent. Finding new tenants results in advertising costs, background check costs, and lost profit if your property sits empty while you search.

Work with a Property Management Company

There are many compelling reasons to buy a rental property, but before buying, be sure to choose the property according to your own budget and ability to create a good investment.

By carefully analyzing your own budget, ensuring you have adequate savings to protect against setbacks, and being fully aware of the other costs that come with renting out property, you can ensure you are more financially prepared to buy a rental property.

Tips for Keeping Apartment Buildings Safe and Sanitized

May 28, 2020 by amanica

The number of confirmed COVID-19 (coronavirus) cases continues to increase. This global pandemic is much more than a health crisis; it is also a human, social, and economic crisis. This disease, which has been officially designated as a pandemic by the WHO (World Health Organization), has changed life as we know it, and the responsibility falls to each of us to stop its spread.

Many people are already contributing to the coronavirus’s decline by maintaining social distancing and other safety measures. But sometimes, human contact—whether direct or indirect—is simply unavoidable, like in large apartment buildings where tenants touch the same surfaces daily to enter and exit their homes.

In such cases, it is up to both tenants and landlords, and any other parties involved, to do what they can to maintain safe standards. Here are some things that every landlord or property manager can use for sanitizing apartments and keeping shared spaces safe.

How is COVID-19 Spread?

According to the Centers for Disease Control and Prevention (CDC), COVID-19 spreads between people who are in close contact, mainly through respiratory droplets produced by an infected person when they cough or sneeze. These droplets can easily land in the mouth or nose of nearby people.

Currently, there is no vaccine or cure for coronavirus, and the only way to protect yourself from the spread of this disease is to avoid being exposed in the first place. To protect yourself and others from spreading the virus, you should:

Wash your hands frequently: Use soap and water to wash your hands for 20 seconds, especially after coughing, sneezing, blowing your nose, or if you have been in a public place. If water and soap are not available, hand sanitizer will also work. Additionally, you should avoid touching your mouth, eyes, and nose with unwashed hands.
Wear a face mask when in public areas: Face covers are meant to protect others in case you’re infected. When in public places, remember to keep a distance of 6 feet between you and others.
Avoid close contact: Ensure that you avoid close contact with sick people, even those inside your home.
Clean and disinfect: It’s important that you frequently clean and disinfect surfaces, especially frequently touched surfaces like doorknobs, tables, countertops, phones, desks, handles, toilets, keyboards, and sinks.

Helping Keep Tenants Safe

Landlords and property managers have a responsibility to keep their tenants’ living conditions safe. To limit the spread of the virus and protect residents, maintenance workers, and others frequenting rented buildings, they should take extra precautions.

Sanitize Frequently

Maintain the common areas by sanitizing shared locations and surfaces frequently. Areas that should be given constant attention are doors, lobbies, elevators, and stairwells.

Make Hand Sanitizers Available in Commonly Used Areas

A best practice is to sanitize or wash your hands when changing locations, especially for places where other people are touching surfaces; for example, returning to your apartment building from the grocery store.

Although it might not be feasible for every building, when possible, making hand sanitizer available at entrances and encouraging tenants to use it will decrease the risk of transmitting germs from other locations to your apartment building.

In an attempt to protect their skin from contact with germs, some people have begun wearing gloves. While this does protect your own skin, if you wear gloves to the grocery store and then open the door to your own apartment with the same pair of gloves, you’re still cross-contaminating every surface you touch. Because of this, encouraging the use of hand sanitizer is still the safest option for everyone, as, when used correctly and frequently, it will decrease the number of germs being spread between locations.

Close Public Areas Where Tenants Are Likely to Congregate

If your apartment has an indoor gym or outdoor playground or other amenities that can draw a crowd, it is wise to temporarily close them down to prevent the spread of COVID-19.

Ask Tenants to Limit the Number of Guests

While you may not have the right to tell tenants not to have their babysitters or friends visit them, fewer visitors means less exposure to the virus for everyone else in the building.

Of course, the extent to which you implement these measures will depend on your area and the severity of the virus in your location. While some states and counties are carefully beginning to ease restrictions, others are still at high risk. Follow the advice of your local health officials when deciding on measures to take that can affect the health and safety of your tenants.

What Property Managers are Doing About COVID-19

May 28, 2020 by amanica

COVID-19 has become a global phenomenon, with over a third of the world’s population now living under lockdown. It has changed the lives of many people in ways they could never have imagined.

Offices and buildings have been closed as people have transitioned to working from home when possible, and production has stalled when remote work isn’t possible. Additionally, consumers around the world have become more tight-fisted, preferring to only spend on essentials due to the general economic uncertainty.

This has affected the profitability and productivity of every industry, with one of the most affected sectors being housing.

How the COVID-19 Pandemic Has Affected the Real Estate Sector

There’s no question that the real estate industry has also taken a substantial blow. People who were planning to sell or buy a home are now unsure of where they stand. Despite the recent federal government enacting new rules, it’s still hard to know what to expect. In most states, real estate agents have been encouraged to conduct their business from home, which has led to an increase in virtual showings, photos, and digital signing.

In some states, tenants who are unable to pay their rent cannot be evicted. However, this doesn’t mean that their rent has been waived by the government. Instead, they have to work out a plan with their property managers on how to pay their rent. As a result, 22% of property managers have relaxed their delinquency policies.

Among the most affected people in the real estate sector are property managers. This is mainly because a typical lease agreement doesn’t include how they should address viral pandemics. Because the health and safety of tenants and clients are the top priorities for property managers, they have responded by taking actions to reduce the risk of spreading the virus.

Actions Property Managers are Taking

Developing Detailed Plans

Property managers across the country are developing actionable response plans to enact at their buildings. These plans include how they can identify when health emergencies affect their properties, best practices on how to sanitize, and an overview of the available resources.

To be able to move and act decisively during a pandemic, property managers have limited the number of decision-makers. Therefore, they have resulted in designating tasks to individuals from each discipline, including property management, communication, and risk management. This plan has helped make the decision-making process more efficient.

Communicating

To prevent uncertainties brought along by the lack of information and understanding, property managers are now providing their clients with updates and giving their employees templates to use in order to enhance communication with their tenants. This is important to avoid the spread of false information that can cause anxieties.

Property managers are using these communications to educate their employees on how they can identify symptoms quickly, inform their clients on the latest updates as provided by the authorities, and advise tenants on the precautions they should take, while also reminding their staff about best practices.

In many cases, it’s often up to property managers to make disclosures and alert other tenants in case of an infection in their buildings. While clear communication about safety conditions and potential hazards is essential, it’s important to note that under the Disabilities Act, disclosure of an infected individual’s identity is prohibited. While management may choose to disclose that there is a positive case in a building, they may not reveal that person’s identity.

Reinforcing Proper Cleaning and Hygiene Practices

Maintaining cleanliness is a major part of managing any property. However, during a health crisis, property managers have to reinforce cleaning and hygiene policies and inform residents on how to supplement what is being done.

This includes reinforcing the importance of keeping surfaces clean and frequently sanitizing shared surfaces like doors, elevator buttons, lobby desks, and light switches, and if possible, providing tenants with alcohol-based sanitizers and the appropriate cleaning wipes in communal areas.

Staying Informed

Property managers know that knowledge is an important tool in the fight against COVID-19. By staying up to date on changing circumstances, including new health safety information, the state of local infections and risk, local regulations regarding evictions and rent payments, and laws concerning tenant rights, a property management company can be invaluable in aiding with health, safety, and legal matters that are in constant upheaval during this crisis.

California Coronavirus News and Resources for Landlords

April 30, 2020 by amanica

The coronavirus pandemic has had a significant impact on nearly all aspects of daily life, creating struggles for many, including businesses, individuals, and landlords and tenants alike. While we all hope that the situation will improve as soon as possible, we must accept that in California—which is currently the fifth highest state in the nation in number of cases and seventh in number of deaths—COVID-19 restrictions are still likely to last a little longer.

In this blog, we’re going to take a look at an overview of the current situation in California and what landlords can do in light of present circumstances.

Latest California COVID-19 Updates

So what’s the latest in California? As of Wednesday, April 29, there have been just over 46,000 cases of coronavirus in the state and 1,864 deaths. California remains one of the states with the highest number of cases nationally, and it is certainly the state with the most cases on the West Coast. There is hope, however, that the strict measures that the government has put in place have helped flatten the curve and that these numbers will start to decrease soon.

Federal and state governments have both set a moratorium on evictions. Governor Newsom effected the regulation statewide on March 27, the same day that President Trump signed the CARES Act, which also called for a halt on evictions as part of its measures. More recently, the state Judicial Council tightened restrictions even further on April 6 by barring courts from enforcing evictions.

While the range of regulations and changes can be confusing, they essentially prevent landlords from enforcing evictions through at least May 31. The California moratorium applies to any tenants who can show that they suffered a financial loss due to COVID-19.

Tenants must declare in writing that they are unable to pay their rent due to COVID-19 within seven days of the day rent is due. They will still be required to pay the full amount of rent, but they will have 120 days after the moratorium ends to pay back unpaid rent.

The federal eviction moratorium will last through the end of July, and tenants will have 120 days from its end to pay back rent as well. The difference is that this federal moratorium applies only to federally subsidized housing. So while it may last longer than California’s notice, it will not apply to all residents. The National Low income Housing Coalition has gathered a database of properties that fall under the federal eviction moratorium.

In both cases, during this time landlords are not permitted to evict tenants financially affected by COVID-19, either due to job loss, the need to care for children at home or sick family members, or other factors.

What Can Landlords Do?

The scale of the pandemic means that it’s more likely than not that you’ll feel its impact. So what can you do if your rental income is affected by the virus?

Work Out Payment Plans

It all begins with communication. Talk the situation through with your tenants to try to work out a payment plan if they are currently unable to pay full rent due to the coronavirus. The state regulations in place indicate that tenants will have to pay back any rent that was delayed due to the virus within a 4- to 12-month period, depending on the specific city and local mandates, but it’s best to know the situation you and your tenants are facing sooner rather than later.

Keep Tenants Updated

You can work proactively by offering standardized payment plans to your tenants, letting them know about safety precautions you’re taking and what they can do as well, and offering answers to questions they’re likely to have. A property management company can help with these steps of disseminating information and working with tenants in their unique circumstances.

Apply for a Loan

You may also be able to make the most of the financial help that is being made available at this time. Many initiatives and programs have been put forward at both a state and federal level to help individuals and businesses who have been affected by the crisis. The California Apartment Association has put together a list of resources, and the California Small Business Disaster Relief Loan Guarantee Program also provides assistance for small businesses.

Whatever your situation is, we hope that these resources can help you navigate any hardships that come your way due to the pandemic.

How to Gain Your Tenants’ Trust

March 26, 2020 by amanica

As a landlord, retaining good tenants makes your life much easier. You lose money when your property is sitting empty and when you have to advertise to find new tenants, not to mention the time you expend when you have to fill vacancies. So it’s important to maintain a good relationship with your tenants so they’ll want to stay.

When you and your tenants respect and appreciate one another, they are more likely to show respect for your property by keeping it in good condition. They’ll be more willing to be understanding if there are ever misunderstandings or emergencies, and you will be a factor that makes them want to continue renting with you instead of driving them away.

But gaining a good relationship with your tenants is not something that happens automatically or often even easily. Landlords need to put in the effort in order to gain their tenants’ trust. Here are some suggestions for how to start:

Respect Your Tenants’ Privacy

landlord smiles and offers keys to tenants

When you rent property to your tenants, this becomes their home. They have the right to enjoy a feeling of security while they are living there. This means that they should be afforded the privacy that anyone would expect in their own home.

If you are a live-in landlord, this means giving your tenant their own space in the home. This space should be respected, and you should not enter it without permission or invitation.

If you rent the whole of your property to tenants, you may need access to the property from time to time. It is important that you give adequate notice of any visits you will make. The more notice that you can give your tenants, the better.

Respond and React Quickly

Urgent maintenance issues can and do happen. When an issue is reported to you that requires urgent attention, it is essential that you act immediately. Acknowledge the problem and tell the tenant how you plan to address it, and then follow through with necessary steps.

Even if the maintenance request isn’t urgent, you can show your tenants that you care by still ensuring that it is taken care of quickly. Landlords who wait weeks or months to complete repairs that they consider nonessential are generally not loved by their renters.

Similarly, you should respond quickly to all communication, whether you communicate with your tenants by email, text, or call. Even if there’s nothing you can do immediately, let them know that you’ve seen their message and will be in touch soon.

Be Fair

Jacking up prices is one of the surest ways to anger and lose your tenants. Sometimes it is necessary and fair to raise rent. When this is the case, you should explain the changes to your renters well in advance to give them time to prepare. But potential renters avoid places where they feel that they’ll be cheated or squeezed dry by greedy property owners.

You should also be understanding of special circumstances. When mistakes or misunderstandings happen, or when renters are in extenuating circumstances, try to be understanding and lenient. Keeping an open mind and attempting to understand their point of view will do much more for your relationship and reputation than being unyielding.

Make Their Lives Easier

You can make your tenants’ lives easier by including utilities like electricity, water, or internet in the cost of rent, or even maintenance like lawn care. Simplifying their lives will encourage trust between you and your tenants, and they will appreciate you for it.

Communicate Clearly

In a relationship between a landlord and tenants, both parties will have expectations. It is the responsibility of the landlord to make sure that these expectations are clearly communicated, understood, and met. This means making your contract clear, checking that your tenants understand any complicated information or uncommon rules relating to their lease, and always allowing them the opportunity to approach you with questions.

Communicating via text or email is one of the easiest ways to cause misunderstandings, as it’s easy to misinterpret tone. For a superb relationship with your renters, try to talk to them face-to-face, or at least over the phone. They’ll appreciate the human contact and being able to connect a face to a name.

This isn’t necessary for every interaction, but if there is ever frustration on either side, a more personal form of contact can defuse the situation and help all those concerned to consider different perspectives.

Show Your Tenants that You Care

There are lots of things that you can do to show your tenants that you care. Pay attention to their lives and ask them how they are. Sending them greetings cards for birthdays, Christmas, and major life events such as the birth of a child will make you stand out as an excellent and caring landlord.

Welcome Feedback

If there is something that is not ideal about the property, the rental agreement, or the way that you manage the lease, it is always good to know so that you can improve. Getting feedback from your tenants is a positive thing because it allows you the opportunity to develop the service that you provide.

Ask for feedback whenever appropriate, and find out what your tenants need from the property and from you. Make sure they know that they can approach you at any time with their views.

Hire a Property Manager

If you are not able to be on hand to meet the needs of your tenants, it’s a good idea to hire someone who will be available for them. Hiring a trusted property manager who will provide quality care and attention for your tenants will help you retain good tenants and make life easier for you all around. An excellent rental property management company will ensure that your tenants receive the best of care and have a good relationship with both the property manager and you.

How to Write a Rental Agreement

February 25, 2020 by amanica

Renting a property should be safe and secure for both tenants and property owners. A key to that security is making your agreement binding through a legal rental agreement. Your contract should clearly dictate responsibilities and expectations while protecting the rights of both parties.

Both first-time landlords and experienced property owners should ensure their rental agreement is clear, thorough, and legally binding in order to protect themselves and to give tenants confidence that they are being treated fairly.

Here are a few steps any landlord can use to create a rental agreement.

1. Start with a Pre-made Template

Most landlords aren’t experts on what constitutes a binding contract. Especially if you’re a first-time landlord, you won’t be aware of everything that should be included. Luckily, you don’t have to start completely from scratch. There are a variety of free rental contract templates available online that you can use as a starting point to help you with your contract’s formatting, basic sections, and necessary information. If you limit your search by your location, you may even be able to find a sample template from a government agency that will closely follow your local rental laws.

Of course, you’ll need to tailor the contract to your specific needs, and you don’t want to rely solely on a free template without ensuring that your contract really is reliable and legally binding. However, it will definitely make your life easier to have some of the initial steps out of the way.

2. Include Essential Information

Identify the landlord and tenant(s) at the beginning of the contract. It’s a good idea to include all adult tenants on the lease, so that if payments aren’t completed you can hold all the adult tenants legally responsible and seek restitution. To sign a contract, a tenant must be over 18 years old or have an adult co-signer.

Some other basic information that should be clearly laid out at the beginning of the contract include:

The time the lease will begin and end
The address of the property and which areas are included for tenants’ use
The rent amount, when it’s due
Any other deposits or fees that are required
What the penalty or collection process is if payments are late
Terms for renewal or termination of the contract by either party

Leave a space at the end of the document for each party to sign and date the lease in a statement that agrees to all the terms laid out in the document.

3. Include Specific Clauses

Aside from the essential information listed above, you’ll need to decide what other clauses to include in your contract. These can include rules you have about specific uses for the property and responsibilities for landlords and tenants.

These clauses might include items such as the following:

Landlord’s right of entry: Will you be required to give notice before entering the property?
Disruptive behavior and activities: Are there any activities that aren’t allowed or times of the day or night when loud noise is not allowed?
Pets: Are tenants allowed to keep pets on the property?
Damage or alterations to premises: Are tenants permitted to make alterations such as painting walls? Will they be reimbursed for any changes they make that increase the property’s value?
Eviction notices: What constitutes a breach of contract, and what would the eviction process be like? How much notice are you required to give before evicting a tenant?
Smoking: Will you allow smoking in the house? Is it restricted to some areas of the property?
Repairs and maintenance: Who is responsible for maintenance such as lawn care or lightbulb changes? How should tenants contact you to alert you to repairs that need to be made, and how quickly can they expect you to respond?

Laying these terms out as clearly as possible will reduce the possibility of misunderstandings and ensure that your and your tenants’ expectations align from the beginning.

Have an Attorney Review Your Contract

You should always have an attorney review your agreement to ensure you have not included any illegal or unenforceable conditions and that your lease is legally binding. This will usually cost you a small fee, but it’s well worth the investment to know that your contract is solid and you’ll be protected by your agreement.

A good property management company will have legal support to assist you in writing a thorough contract. Here at Amanica, we can create a contract that is legally binding and includes all the clauses and information you need for your specific property and situation, as well as help you with all your other property needs.

Routine Maintenance Checklist for Landlords

February 25, 2020 by amanica

When you own rental properties, maintenance is part of the package. And that maintenance includes more than just making repairs when tenants report that something is broken. There are routine maintenance items that you should be doing frequently, on an annual or even monthly basis. As a landlord, it’s your responsibility to ensure that your property is maintained with good living conditions and perpetual upkeep, both for your tenants’ well-being and to protect your investment.

Let’s take a look at some items that should be on your routine maintenance checklist as a landlord:

Change Filters

Regularly changing the filters in the dishwasher, cooker hood and AC should be a task that’s included on your rental property maintenance list. They should normally be changed every three to twelve months, depending on the size of your filter. If your property uses water filters, don’t forget that those will need to be changed too! Regularly changing filters will extend the life of your appliances, which will save you money and make both you and your tenants happy.

Test Smoke and Carbon Monoxide Detectors

Make sure all smoke and carbon monoxide detectors are working properly. It is your duty to put the health and safety of your tenants first, and you can also face serious legal consequences if these checks aren’t performed. The U.S. Fire Administration says that you should text your alarms monthly and replace batteries at least once a year.

Inspect Fire Extinguishers

The same applies to fire extinguishers on your property. Check the packaging for wear and tear, any previous use, and the expiration dates. Inspecting your fire extinguishers is a simple way you can protect your property in case of a fire.

Check Drainage and Plumbing Systems

Yet another important point in the maintenance of any rental property is making sure the drainage is working properly. Shower drains can easily get clogged with hair and could require a more expensive fix if a clog is left to build up, and other kitchen and bathroom drains can also cause problems if not monitored regularly.

The cost of an average plumbing job is between $175 and $450, so it’s best to watch out for early signs of clogs, leaks, or damage by taking a look at your plumbing at least twice a year in order to avoid expensive plumbing costs.

Service Heating and Electrical Systems

You should check that the heating systems are working properly before winter arrives. It’s advised that you service any boilers or other heating supplies once a year to keep them in good working order. It not only extends the life of the appliance, but it also keeps it working efficiently. You should also have your electrical system checked annually.

Inspect for Bug Infestations

Insect and pest problems can happen at any time, and they’re relatively common, especially in some areas of the US. Infestations pose a threat to your rental property: they could result in your losing tenants, as well as sustaining significant damage to your property. It’s a good idea to have your house inspected regularly, at least on an annual or bi-annual basis, for pests such as bed bugs and termites.

Deep Clean Tricky Areas

This is perhaps one of the most simple maintenance tips. Performing a deep clean on the property at least once a year is recommended. You should do a thorough cleaning of tricky areas that aren’t usually maintained, including cleaning carpets, blinds, and furniture. This will ensure that the property is kept in its best condition and will stop any long-term dirt from building up.

Maintain the Property’s Exterior

The outside of your property is just as important as the inside. To minimize any costly expenses, you’ll want to maintain the outside of your rental property, too. This can be things as simple as arranging for the grass to be mowed every other week in the summer, the windows to be cleaned, and the woodwork to be treated. You also need to check for any damage to walkways or driveways, blocked gutters, or leaks.

Although you may require tenants to complete general yard and garden maintenance as part of their contract, it’s a good idea for you to look after things like hedge trimming and seasonal upkeep. You may also want to consider hiring a snow removal service during the winter so you can keep your tenants safe in bad weather.

A Property Manager Can Help

These are just some of the basic routine maintenance items you’ll need to keep up with to ensure your tenants’ safety and happiness and to maintain your property’s value. It can be a daunting task to continually keep up with all the maintenance that needs to be done, but a property manager can help by taking care of those responsibilities for you. At Amanica, we’ll coordinate all your property’s repairs and maintenance so that you don’t have to.

What Does a Property Management Company Do?

January 28, 2020 by amanica

Renting out property is a fantastic way to make money, whether you have one property or a full portfolio. You can make a full-time income as a landlord with multiple properties, or you could just use the income from one house to pay your own mortgage. But, it’s not as easy as it might sound. So while letting out property appeals to many as a great way to make a passive income, it might not be quite as passive as it first seems.

That’s where a property management company comes in. Using a property manager can make your life a lot easier. Here’s a more detailed look at what a property management company does, and why you might want to use one.

What Is a Property Management Company?

apartment buildings managed by a property management company

Simply put, a property management company is a company you employ to take on some of the responsibilities of being a landlord. A good property manager will give your tenants the best care possible while also protecting your own interests.

The job of a property management company varies depending on your property, how many properties you’ve got, what responsibilities you want the management company to take on, and how much involvement you want to keep in the running of your properties. Some landlords choose to use a property manager to handle repairs and maintenance, but they still spend time building relationships with their tenants. Others want a property manager to come in purely to take care of the legal elements of renting out property, but are happy to do everything else for themselves.

What Jobs Will Your Property Manager Take On?

So what jobs can you, as a landlord, assign to a property management company? The variety is wide, and it depends on your circumstances and preferences. If you own a large block of apartments or several properties, you might want your property management company to search for and screen tenants, oversee the application process, collect deposits, and draw up contracts. You might also want them to deal with routine repairs and maintenance, as well as issues that tenants report on a day-to-day basis.

Other popular tasks to outsource to a property manager include the following:

Collecting rent
Hiring cleaners, security, and other staff
Scheduling end-of-tenancy cleaning and gas inspections
Handling evictions
Any other correspondence with tenants

Think of your property management company as your people on the front line, keeping your property functioning properly and taking care of any issues that might arise.

One other key job a property management company fulfills is keeping you out of legal trouble. With current laws favoring tenants in an effort to defend their rights, it’s unfortunately easy for landlords to make a mistake and find themselves facing costly legal action. The best property managers know landlord-tenant laws inside out, so they’re able to offer you protection and guidance.

The Benefits of Using a Property Management Company

The biggest benefit of hiring a good property management company is that you don’t have to spend time on daily maintenance of your property. If you’ve got multiple tenants, it can feel like there’s something to fix or look at every day. But having a team in place with resources and local contacts means that urgent upkeep can happen right away—which will in turn keep your tenants happy, reduce turnover, and keep your properties full. Not to mention the peace of mind you’ll have when you’re saving time, energy, and even money because of cut costs.

If life as a landlord is more stressful or complicated than you’d expected, or you just want to free up some time and energy while leaving your property in reliable hands, contact Amanica, in San Diego at (888) 744-5102 to discuss your options for working with a trustworthy property management company.

8 Things to Consider for Families Looking for the Perfect San Diego Rental Home

August 16, 2019 by amanica

San Diego is a wonderful place to raise a family. With so much to see and do you’ll never be short of fun activities to enjoy in the California sun. From Balboa Park to the famous San Diego Zoo and Sea World, the city’s beloved attractions and stunning beaches (not to mention the wonderful schools and amenities) make it an extremely appealing home for families or couples looking for a place where they can settle down and raise kids.

Yet, while there are many reasons why San Diego is an appealing place to make a home for yourself, choosing the right home for yourself and your family is extremely important. As an experienced San Diego Property Management Company, we love nothing more than helping tenants find the right home for their needs. But when you’re settling into your first family home, it’s not always clear what your needs are. Balancing what matters to you with your budget and the logistics of getting to where you need to be in the city isn’t always easy. Fortunately, we’re with our clients every step of the way and pride ourselves on our ability to help them find their dream home at a price they can afford.

Finding a Rental Home

If you’re a family looking for the perfect San Diego rental home, here are 8 things you’ll need (in no particular order) to consider when finding the perfect property for your needs…

Researching the area

Location is, for many reasons, a really important consideration when choosing your new home in San Diego. There are many popular neighborhoods in the city where couples move to start families from Hillcrest and North Park to La Jolla, Normal Heights and the gaslamp Quarter. When it comes to choosing the best location for you, it’s essential to consider…

1. Quality of schools

Depending on your kids’ age, you’ll want to investigate which areas have the best elementary, middle or high schools. A quality education will help your kids to get the best possible start in life, and knowing that they’re attending a good school gives parents real peace of mind.

When you’re within striking distance of a good school, and on the school bus route, planning day-to-day life becomes that much easier.

2. Access to shopping

They say that baseball is the national pastime, but even in a world where online retail is bigger than ever, it’s still helpful to be close to where the shopping action is. Whether it’s finding somewhere reliable and local where you can pick up your groceries or being close to somewhere to browse high-end couture on your way home from work, access to shopping is another important consideration.

3. Distance from freeway

The freeway opens up the city and the state, meaning that the better access to the city you have, the easier it is for you to be where the action is. When you choose an area that’s within easy reach of the freeway, San Diego’s wonderful amenities and attractions are never more than a quick drive away.

Of course, being close to the freeway can be both a blessing and a caveat for parents. Those with adventurous young kids will need to take steps to ensure that they don’t venture onto or near the freeway.

4. Distance from work

It’s a bitter pill for many tenants to swallow, but there’s little to be gained from falling in love with a property that will make you late to work every morning. Being within a reasonable distance to work (and having an easy route that spares you the worst of rush hour traffic) is another essential consideration when choosing a home in San Diego.

As much as you may fall in love with the hardwood floors, the spacious garden and the ornate wainscotting, it may not be enough to compensate you for a long, stressful and arduous commute to and from work every day.

Viewing the property

So, you’ve decided on a neighborhood that ticks all of your boxes. But how do you know that the property itself is right for you? We’re confident that whatever areas you choose to make your new home, we can help you to find the perfect place. Still, as we show you around your prospective new San Diego home, it’s worth considering…

5. How big is the backyard?

Children need to live active outdoor lives from a young age to keep them in good health and fitness as they grow up. Kids have a natural thirst for adventure, and this starts in the back garden. Kids need to be able to have their own space to run, climb, hide, seek jump and explore both alone and with their friends.

Of course, it’s not just kids who benefit from a spacious backyard. As well as being a relaxing and therapeutic place in which to spend time in the California sun, your backyard is also a great social space. It’s where you host barbecues and garden parties. It’s where you catch up with old friends over a cold drink and a freshly grilled burger.

A spacious and beautifully appointed backyard is essential in enjoying your time in the sunshine state.

6. How busy is the street?

Would you like to move to a quiet little cul-de-sac? Or are you happy to love on or near a busy street? A busy street can be an encouraging sign. It means that you’re close to something worth travelling to. But when you’re raising children, road safety is a huge issue. You’ll need to make sure that they know how to behave responsibly around busy roads and you’ll need to be prepared to put up with the noise and exhaust fumes that come from being close to a road.

There aren’t necessarily any right or wrong answers here… But families should weigh the risks.

7. The square footage

Space is important when choosing a new home. After all, each of us needs a little time and space to ourselves every once in a while. We all need to be able to relax in a space that is our own. Whether that means having a spacious bathroom in which you can relax in solitude while you have a long soak, having a place to unwind watching movies or playing video games, or making sure that your kids have a space that is well and truly theirs in which they can relax and unwind as well as being able to express themselves through how they decorate their own space.

As much as you’ll enjoy making memories in your new home together as a family, it’s absolutely vital that everyone in your household has their own space where they can relax and unwind. Even the happiest and most harmonious of families can get a little cabin fever when there isn’t quite enough space to share.

8. How a Property Management Company can help you

When looking for a new home it’s important to remember that Property Management Companies are here to help! They’re not just there to make life easier for landlords. They also have a suite of services for tenants to help them find the perfect property and to live a happy and harmonious life when they move in.

As an experienced San Diego Property Management Company, we specialize in helping families find their dream homes, and making it quick and easy for them to move into properties they’ve fallen in love with.

We handle everything so that finding your dream home in San Diego is now easier than ever!

For Landlords’ Riverside Rental Homes: are Pets a No-No?

December 3, 2018 by admin

Riverside rental homes can provide their owners with an investment that’s competitive on many fronts. It can provide cash, positive equity growth, tax advantages—and even a variation on the “pride of ownership” that live-in homeowners feel. But at least in one area, it also brings a brow-wrinkling decision that those who live in the homes they own don’t have to think twice about.

We’re talking about pets. Fido and Kitty—yes or no?

For a huge proportion of American families, it’s a no-brainer. Despite potential less desirable side effects, that new puppy or kitten will be welcomed without hesitation into parlors from Riverside to Anchorage. Any damage that might result is just part of the wear-and-tear any household expects. The American Pet Association used to point to the 39% of households that own a dog or two—and to the 33% who own at least one cat. That might be greater today, now that 94 million cats and 89 million dogs populate U.S. homes.

What this results in for Riverside landlords is a tough choice about whether to allow renters to have pets. It might seem to make sense to simply rule them out—thus avoiding the clawing, scratching, digging, chewing on floors, walls, and fixtures, etc. Who needs those mental images to keep you up at night?

But if you decide on a no-pets policy, you eliminate something like 40% of your potential rental candidates. They’re spending $70 billion (!) a year to take care of their pets—which is why it’s sometimes argued that some of the personality types drawn to fostering animals are also highly desirable as tenants. In fact, the Petfinder website does say that pet-friendly rental units have a 4% lower vacancy rate.

The decision may be somewhat ameliorated by the fact that most pet owners readily accept pet deposits, various pet stipulations, and even a rent surcharge. For landlords who partner with professional managers, the best Riverside professional property management firms can be counted on to enforce established guidelines that protect their clients’ properties while providing the revenue benefits.

In short, the pet/no pet conundrum needn’t be a stumbling block for anyone weighing the investment potential that Riverside rental homes can provide. For a more complete picture, call me!