As a real estate investor, you know that time is of the essence. Typically, most investors I know are highly leveraged. They have a mortgage to pay every single month, and the bank doesn’t accept any excuses as to why you’re late or a month behind. Renting out your Chico or Redding rental property fast is important, and it’s something not every investor thinks about with a new investment.
In the previous blog post I talked about the importance of not just showing your properties, but selling your rental property to potential residents. I can’t underestimate how important this is. Any company that goes out of business, or loses money does so because they didn’t sell enough of their products or services in the quantities necessary. Selling is an important skill no matter what business you’re in and it’s something that we can all improve on.
In this complex world of millions of options and tough decisions it’s nice to come across a no-brainer every now and then. It’s like when you go to your favorite lunch place and they tell you the sandwich you want to order is on special and you can get it for a cheaper price and it comes with a side and a drink included. I love those moments. Sometimes I’ll say out loud “why wouldn’t I do this?” It’s an easy decision.
If you are actively looking for great residents to fill your investment property then not only are you a property manager, but you are also a salesperson.
Now, being in sales, it would greatly benefit you to know how to develop the skill of selling. So, I’m going reveal the most important question you need to ask to sell something. It’s basic, but very powerful for you to grow your business and get your properties filled quickly.
“I want to invest in rental property management so I can meet some nice people and make friends,” said nobody ever. Managing Redding and Chico rental property is a business and must be treated as such. Although nobody has said the statement above, there are plenty of rental property owners who have had similar thoughts in the back of their minds. It’s tough because there are those owners who may have had a bad experience with a property manager and now want to right the wrongs. They want to be the nice manager.
The life of flooring in a Chico or Redding rental property can last anywhere from a few years with low grade carpet to decades with high end tile or hardwood floors. Typically, if you’re a long-term rental property owner, odds are you’ll have to replace flooring in your rental. As someone in the rental property management industry, many owners ask me which flooring solutions are the best for rentals. The answer is – it depends.
If you’ve managed property in California for any length of time you understand there are many laws that must be followed or you could end up in some very hot water. These laws are constantly changing every year and you need to be aware of what laws have been passed and what you as a property manager must do to comply with them. There are a number of new laws, but let’s look at two major ones that will affect all rental property managers in the state.
Bed bug infestations have been rising at alarming rates across the nation. In hotels, houses, and apartments there are hardly any places where people sleep that are immune to the effects of these parasitic insects. Unfortunately, if you're a rental property manager of any kind there’s a high chance that you’ll have to deal with the reality of these unwelcome pests. So, it’s time to prepare yourself for that moment when you come face to face with these nasty insects.
Pot, weed, Mary-Jane, wacky-tobacky, no matter what you call it, recreational Marijuana is now legal in California. For some people, these aforementioned names are cringe worthy and bring up thoughts of commercials on MTV with a man dropping an egg on a frying pan and saying, “This is your brain on drugs.” For others, these names bring up memories of a care-free time in college when they lived dazed and confused. No matter what your stance or view point on Marijuana, if you own investment rental property in California, you’re going to have to get familiar and become educated with this new law. It’s high time we cut through the haze and get some clarity about what this means for you. (I promise, I’ll try to keep the puns to a minimum).
If you’re in the market for hiring a property management company, you should know that one of the key factors for the kind of service you’ll get is how much the company is capable of taking on – or can handle. Learn why a property management company’s capacity should matter to you here. Now that you’re aware that capacity matters, there are some indicators to help you determine if a management company is beyond its capacity.
Capacity. It’s a word we don’t throw around too often. It’s something I believe most Americans don’t consider enough, and it’s a concept that, if not adhered to, will have a systemic negative effect on any company, organization, or individual.
When people comparing and contrasting management companies ask me “what sets Hignell Property Management apart from other companies?” My response is one word – Capacity.
Capacity is the ability or power to do, experience, or understand something. It’s also defined as the maximum amount that something can contain. We all know that there’s only so much we can do. Our proverbial plates can only hold so much. When we commit ourselves beyond our capacity, bad things happen. Responsibilities get missed, balls get dropped, and people get let down.
Every investment property owner has a pet policy. Some owners choose to have a strict no-pet policy, others choose to have a pet-friendly policy, while others are somewhere in the middle with a weight limitation or some other limiting factor.
Forrest Gump famously said something to the effect of “stuff happens.” If you have been in residential property management for any length of time, you know this is true. From bursting water lines to falling trees, handling emergency situations just comes with the territory. So, what do you do when this “stuff” happens? How should you handle it? Unfortunately, there’s no instruction manual for handling every possible emergency scenario, but here are a few guide posts to help you navigate these difficult situations.
So you have a rental, but aren’t sure what exactly the fair market price is to rent it out? This is a very common issue for people in the rental property management business. Market prices are constantly changing. In order to fill your units, you need to be on top of how quickly rents are rising or dropping and set rental rates that are reflective of the current market. Currently, in our community, the rate to charge for Chico rentals is rising and it’s hard for most owners to keep up with how fast they’re increasing.
If you haven’t noticed, the American dream has changed. Once upon a time Americans dreamed of getting a good job, buying a house, raising their families, and then retiring to a life of playing golf and bird watching.
As a full-time sales representative for a property management company, I talk with property owners all day long. Our company, Hignell Property Management, manages over 1,500 residential units, so we’ve seen it all. Whether they’re first time rental property owners looking for some advice or seasoned veterans with multiple commercial and residential units, all come across my desk. In my experience there are people who benefit tremendously from a professional property management service, and those that simply don’t. So, which one are you?
Whether you’re looking for your first piece of investment property or you’ve managed your residential property for a long time, every investor needs to consider the benefits of having a professional residential property management company manage their investment real estate.