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Property Management – Canoga Park -3 Things That Are Stopping Renters

CANOGA PARK PROPERTY MANAGEMENT

3 Things That Are Stopping Renters From Choosing Your Property

The Great Recession left a wave of bruised and just plain bad credit in its wake, making it harder for those with short sales and foreclosures to make a real estate purchase. Instead, families are flocking in droves to rentals in the First Coast region and nationwide. While this offers a wealth of profitable opportunities with those owning investment properties, even in a booming rental market, homes don’t just rent themselves. In fact, many Jacksonville and St. Augustine area rental properties are all suffering from a number of common maladies that keep discerning tenants at bay.

Unfortunately, these mistakes can cost property owners a fortune in missed profit opportunities. Today, we’ll quickly look at three common problems that send potential renters heading for the hills.

Property Problem #1: Unrealistic Rental Rates

There’s actually a bit of a science behind setting rental rates – figures can’t just be pulled out of the air. In order to set a realistic rental price for your property, you need to do some market research that takes a look at comparable properties in your region, adding and subtracting to account for discrepancies between the properties being evaluated and your own. While you can take the time out to do this research yourself, most investment properties have other streams of income that place significant demands on their time. The good news is that a reputable property management firm has all the resources in place to tackle this task for you.

Property Problem #2: The Limited-Time Landlord

Investment property owners often have a number of other professional obligations, ranging from meetings to business travel to clocking in to a regular nine-to-five job. Investment properties are sometimes just one of multiple streams of income, making it difficult for the property owner to answer phone calls, deal with maintenance issues, show homes, screen tenants or respond to leads. When prospective tenants encounter property owners that seem too busy to handle the demands of the responsibilities involved with being a landlord, it’s a major turn-off. If you’re too busy to answer a phone call in response to an advertisement, will you be available to answer the phone when the plumbing backs up? If not, you can save yourself potential credibility and professionalism issues by securing a full-service property management firm with a solid background in the Metropolitan Jacksonville real estate market.

Property Problem #3: Cosmetic Concerns

Let’s face it: not every investment property is ready to rent, as is. Broken windows, holes in the wall, garish paint jobs, ratty carpet and pest control problems are just a few of the major complaints that prospective tenants list when asked why they didn’t rent a particular problem. The good news is that, with an investment of time and/or money, these rental obstacles can easily be overcome. Consulting with a property management firm that has an extensive portfolio of local real estate is a great way to see which cosmetic concerns you can avoid. Many have connections with local vendors that can help with repairs, renovations and interior decorating/staging services that can help minimize or eliminate those problems. Sometimes these improvements can be done much cheaper than originally imagined.

If you own a rental property that has sat vacant way too long, it might just be time to turn to the pros. Even if you decide against listing your home with a property manager, you can generally walk away from the table with a much clearer strategy for success.

By Jennifer Gibbs

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.