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Property Management – Northridge – Tips for Landlords When Renting Out a Property

NORTHRIDGE PROPERTY MANAGEMENT

Tips for Landlords When Renting Out a Property

Being a landlord entails heavy responsibilities that need to be fulfilled. This ensures that the tenants are satisfied with the money they are paying to rent the place. One of the responsibilities of a landlord is making sure that the property being rented is in excellent condition. Otherwise, the tenants would complain non-stop, or perhaps move to another place, which is obviously not good because it would mean loss of income. It is nice to think that tenants would treat their apartments as their own, but any landlord knows that this is not the case.

Although maintaining the property’s condition is very important for the tenant’s satisfaction and safety, it can be costly, stressful, and time consuming for the landlord. With the rising cost of almost all commodities, it is very important to spend every single cent of money wisely, as well as be very wise in managing the business overall. As such, here are a few tips for landlords on how to save money and how to manage an investment property efficiently.

One idea is to let your tenants shoulder some of the minor day-to-day maintenance work. State in your standard rental leases that duties such as mowing the lawn, disposing of garbage, and shoveling the snow are the tenant’s responsibilities. This will save you time as well as money, and tenants should not balk at the extra responsibilities because it is relatively common for landlords to mandate that the tenants take care of such day-to-day, routine tasks.

Aside from day-to-day property maintenance, landlords also must be concerned with property damage. You must constantly check the premises for any possible damages or problems. Research reveals that on average almost 20% of a landlord’s total annual expense base is consumed by repairing damage caused by tenants. This is even more likely if there are kids or pets living in the property.

Therefore, make sure you include in your rental leases a provision that states that tenants should pay to repair any damages they cause to the property outside of normal wear and tear. You should also repair any damages early so they do not grow into larger problems down the road.

Another consideration is to opt for inexpensive appliances or accessories. Home improvement stores like Lowes sell appliances that are cost-efficient and durable, some of which are also energy-star rated. Also, traditional fluorescent lights should be replaced with energy-efficient lights. They may be a bit costly initially, but they will last twice as long and thus will save you money over time.

Also remember that inexpensive does not necessarily mean cheap. Do not buy bottom-of-the barrel supplies for the property, because they won’t last as long and hence will wind up costing you more in the long run. Go for value, not cheap. For example, when shopping for kitchen tiles make sure that you choose the ones that are known for their quality and durability. The same is true for the items that you will use for the rest of the house. You may shop during midnight sales or perhaps in thrift stores, but make sure not to compromise the quality for the price.

By A. Kappauf

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.