Throw the doors open! The median rent price for a one-bedroom apartment in San Francisco is more than $2,300.
If you're looking to make a lot of money, you should consider becoming a property manager. Yet mastering property management is about more than researching "property management near me" and reading the guides that come up. You need to know about common mistakes with property managers.
What are the most common and most devastating mistakes? How can you avoid them as a new property manager? What other property management tips do you need to follow?
Answer these questions and you can turn property management advice into your regular income. Here is your quick property management guide.
Failing to Screen Tenants
Screening tenants means a lot more than looking at their credit scores. You need to look at their income and make sure they can regularly pay rent. You also need to talk to their previous landlords and see if they are responsible and decent people.
Do not discriminate against tenants in any way. If you conduct background checks on a few tenants, you must conduct checks on all tenants. Review anti-discriminatory laws and follow them as closely as possible.
Not Inspecting Your Property
As a property manager, your highest obligation is to make sure your property is safe. At a minimum, you need to conduct a top-to-bottom inspection every year. For older properties, you may need to do an inspection every three months.
Check the smoke and carbon monoxide alarms. Test them to make sure they are functioning and stock them with additional batteries.
Entering a Property Without Notice
California Civil Code section 1954 puts restrictions on your ability to enter residences. Even if you are conducting a required inspection, you need to contact your tenant and tell them you are inspecting the property. You must tell your tenant at least 24 hours before you enter their property.
Skipping Late Rent Procedures
You can handle someone who fails to pay the rent in a few ways. If someone misses the rent for the first or second time, you can ask them to make two rental payments the next time they pay.
If someone consistently misses the rent, you need to step in. You can handle the tenant eviction process if they refuse to pay rent. You can also negotiate with them to move out so you can find a more reliable tenant.
Do not be too lax. It is okay to cut someone a break, especially if they are dealing with an emergency. But be firm with requesting rent from your tenants.
Mastering Property Management Near Me
Researching "property management near me" means you should understand how managers make mistakes. Be thorough with your tenant screenings and adopt consistent measures you apply to everyone, regardless of their background.
At the same time, respect the laws around inspections. Tell your tenants about when you are coming in and what you are doing. Be firm when you request rent, but develop a few ways you can resolve late payments, including making two payments in one month.
Don't manage your properties all alone. Kenny Realty serves the San Francisco Bay area. Contact us today.
Evan has been in the real estate and property management field for 6+ years. He is experienced in working with first time home buyers, is an Accredited Buyer’s Representative (ABR®), Seller Representative Specialist® (SRS) and Seniors Real Estate Specialist®(SRES®). He also works closely with Kenny Realty owners, getting their rental properties rented as quickly as possible. Evan is responsible for monitoring rental market conditions and advising our owners on market rates. He has outstanding communication with all clients he works with, keeping everyone in the loop at all times. He is the third generation of the Kenny family to practice property management on the peninsula.