There are some excellent reasons to rent out your property in Los Angeles County. Whether it’s a home you once lived in or something you inherited, selling it in today’s market won’t bring you nearly as much ROI as you’ll earn by renting it out for five, 10, or even 20 years.
If this is your first experience as a rental property owner, you may be wondering where to start. Remember that this rental property is a business; it’s not your home anymore. Keeping emotions out of the way can be a challenge, but it’s critical when you’re dealing with tenants, laws, and rental requirements.
Here are the things you need to do first.
Prepare Your Home for the Los Angeles Rental Market
Before you start cashing those rent checks, make sure you’ll be able to find a great tenant. To find that tenant, you’ll need to get your home rent-ready. This means pricing it properly and competitively to reflect what’s happening in the local market. You’ll need to do a comparable market analysis to get the right price, and if you don’t know what that is, get some help from a Los Angeles property manager.
Once you’ve established a rental value, it’s time to inspect the home thoroughly. Make any necessary repairs or replacements before you begin marketing the home. Clean the property thoroughly and make sure it looks inviting to prospective residents.
Finally, you can write your ad. Create an online listing with great photos and detailed descriptions to attract as many potential tenants as possible.
Schedule Showings and Screen Applications
Interested tenants will start emailing and calling with requests to see the property. Make sure you’re responsive. Provide legally compliant applications and make sure you screen them thoroughly and consistently. This is an easy place to make an expensive mistake. Fair housing laws dictate what you can and cannot consider when choosing a tenant. Make sure you understand the process, and document every application you screen.
Screening requires that you check credit, eviction history, and criminal backgrounds. You’ll also need to verify income and employment, and we recommend you talk to current and former landlords.
Prepare to Maintain your LA County Rental Property
If you find a qualified tenant and you collect the security deposit and get your resident moved in, you might feel like the hard work is done. That’s not exactly true. From this point forward, you’ll need to be available to your tenant at all times. It’s your job to respond to any routine or emergency maintenance calls. You’ll have to collect rent, enforce the lease, and carefully track your accounting, especially the income and expenses associated with your property.
Working with a Professional Los Angeles Property Management Company
Getting started as a new landlord can be overwhelming and time consuming. It’s easy to make expensive mistakes. Don’t wait for those mistakes to happen. Work with a professional management company that has the experience and the professionalism to effectively and profitably manage your rental home. You’ll get your time back and you won’t have to worry about what you don’t know.
If you’d like some help managing your Los Angeles County rental property, we’re here to assist you. Contact us at Bell Properties.