In today’s blog, I’d like to talk about the present state of the rental market in San Ramon and the surrounding areas. We are currently experiencing a pretty tight market, and there is not a lot of inventory. In our area, there is a high demand for rental properties...
We consider tenant screening to be one of the most important aspects in having a rental property. When you hire a professional property manager who uses a very thorough and comprehensive screening process, you can be sure you are getting a well-qualified tenant. Here...
Before making this decision, there are a few questions which you should ask yourself first. What is my level of tolerance for maintenance issues which are going to inevitably arise when I rent out my home?Do I have a reserve account set up to handle normal operating expenses which I will need to cover such as the mortgage payment, insurance, emergency repairs, etc.?
Can I detach myself emotionally from my home and now view it as an investment property?
It takes a specific mindset to handle the challenges of renting your home out. You have to realize that no matter how new your home is, there will be unexpected maintenance expenditures.
How do I set the rental price for my property?
The first step is to collect information on comparable rentals in the area. Look for other homes that have rented recently in your area which are similar to your home in terms of square footage, bedroom/bathroom configuration, age, condition, upgrades, etc.Have these homes rented quickly? Or did they take a long time? All of this information should be factored in to your final estimate of monthly rental value. Potential sources of comparable data information are area real estate agents, newspaper listings and property management companies.
How do I prepare my property for showing to potential tenants?
Have an independent party give you an honest opinion and recommendations on your property’s present condition. Go outside to the front of your property. Look at it. Is the property appealing from the curb? Remember, most potential tenants will drive by the property to see what the property looks like. If the property has inferior curb appeal, they will probably never call you to see the inside of the home.Does the home need some paint or minor maintenance? How are the floor coverings? Deal with those items before placing your home for rent. The better the condition of the home, the higher the potential rent. When showing the home make sure that it is not cluttered with small items.
Review our checklist to help you bring your property to “market ready” condition: Preparing Your Property.
What should I look for when screening my new tenants?
Tenant screening is by far the most important part of the rental process. A few of the properties which we receive for management have been rented by owners or management companies who did not do thorough & appropriate screening when their current tenants moved in. Now these tenants have not paid their rent and must be evicted.We recommend that you look for the following items from your prospective new tenants: a completed rental application from every adult that will be occupying the property, a proof of income such as a copy of a current paycheck stub showing year-to-date earnings and a copy of a current driver’s license or other form of picture ID. Make sure that names and addresses match.
Always obtain a credit report and a tenant performance report on your potential tenants. We currently use National Tenant Network for our reports. The tenant performance report will indicate whether these people have had any previous Unlawful Detainer Complaints or Evictions filed against them. Always check references.
If you can’t find the information you are looking for, please email ushere.
What areas do you service?
We currently manage homes in San Ramon, Danville, Blackhawk, Dublin, Pleasanton, Castro Valley, Livermore, Alamo, Walnut Creek, Lafayette, Moraga, Orinda, Pleasant Hill, Martinez, Concord, and Clayton.
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John Moulding
Jackelyne Ferreira
Antonio Ferreira