Being a first-time homeowner can be difficult, stressful, and confusing. That’s why Modern Real Estate Property Management Services is offering these 7 property management tips for homeowners in Rancho Cucamonga! We are dedicated to seeing your business grow and thrive! These 7 tips can help you do exactly that:
1. Perform Background Checks!
It is extremely important that you run detailed background checks on all of your tenants before pursuing any business transactions with them. On a very basic level, make sure that all potential tenants have a steady, reliable source of income. If they don’t, then there’s a very likely chance that they won’t be paying their rent on time. You should also ask for some references from previous landlords. This can give you a bit of insight into what kind of tenant they are, how they conduct business, and, most importantly, how reliable they are when it comes to paying rent on time. Lastly, you should always check the credit score of any potential tenant. On a very basic level, it is important to know that anything less than a 600 is considered bad. Running a background check can save you from a lot of trouble in the future.
2. Remember- Rent is Income!
Never forget that your tenants’ rent checks are your income! You literally cannot afford to be lenient with deadlines, amounts due, or any other aspect of rent checks. When your tenant signs your rental agreement, they are promising to pay THIS amount at THIS time. Don’t be afraid to be aggressive when pursuing overdo checks and late charges. Make sure that there is always an open line of communication between you and your tenants. Most importantly, if you absolutely need to, don’t be afraid to follow through with eviction proceedings. The longer you wait, the more money you eventually lose.
This is perhaps one of the most convenient aspects of utilizing a property management company such as us. Being able to pay rent online means that your tenants are: 1). Much more likely to make payments on time and 2.) able to make their payments from the comfort of their own homes. The latter i simply a convenience that will set you apart from other landlords. The former is, we’re sure, quite important to you. Thus, we are proud to provide this service and hope that, if you do utilize our property management services, it benefits you well.
4. Make Sure That Renovations Add Value
There’s no point in making additions or improvements that don’t bring you more revenue. In fact, many renovations can end up costing you money that you never quite earn back! Chances are, if they don’t improve your business, they probably don’t do much to improve your tenant’s quality of living. For instance, additions such as tile floors, crown molding, and other decorative features may not generate a high enough rent in order to justify their installments. You should make sure that everything renovation you complete can eventually result in you being able to charge a higher rent. Only then, is a renovation truly justified. There are, however, renovations that can greatly benefit both you and your tenants… it’s just as simple as know what these are! See the following section for more thoughts on renovations that can add value to your properties.
5. There’s More to Property Management…
Again, just as with any other sort of business, there are always options for bringing in more income, if you get a little creative. For instance, you can install solar panels as a sort of energy saving initiative on your properties. Not only will this allow you to charge a bit more for rent, but it will also allow you to take advantage of any number of energy efficiency programs which may provide tax breaks for those who take such measures. Remember that your business model can be so much more than the basic (rent for housing) dynamic. Provide special offers for programs and services. A property management company such as Modern Real Estate Property Management Services could definitely help you with this.
6. Know the Fair Housing Laws
You might be surprised to find out how many homeowners don’t know a single thing about fair housing laws. This can obviously result in many different repercussions. Therefore, you should take some time to figure out what they are and what you need to do in order to meet the requirements set forth by them. With the easy access to information provided to us by the internet, there really is no reason to not know what the fair housing laws are in your reason. The first step of any business is to make money, not lose it. Knowledge of these laws can be exactly the line between these two.
7. Have a Successful Marketing Campaign
All of the above tips and more won’t add up to anything if you don’t have any tenants! Get your name out there! Give yourself a sort of brand, and then market it, just like you would with any other business. Just like anyone else in the real estate business, you might want to have an instantly recognizable face. This can quickly establish trust between you and potential clients. You should also consider utilizing social media platforms for an online marketing campaign. Although they are often slapped with the stigma of social entertainment and even distraction, social media sites have become an invaluable tool for any online marketing campaign. Here’s a great video about starting an online marketing campaign.
Not only can they help you reach a much more deliberate, targeted audience, but they can help you even engage with that audience! Make interesting, thoughtful posts and encourage potential clients to leave their thoughts in the ‘comments’ section. This can help start a dialogue between you and many potential clients. Many social media sites also make it easy for you to see which of your posts perform the best. In turn, you can utilize this information to create more similar posts and thus hone in on an effective marketing strategy. All of this means that you should take the necessary steps to make sure that you have a consistent stream of tenants. When one leaves, it shouldn’t take too long or be too difficult for you to find a replacement.
Modern Real Estate Property Management Services has been providing homeowners in Rancho Cucamonga with top-quality property management for a number of years. We’ll help manage single family homes, duplexes, small apartments, large complexes and everything in between so that you don’t have to. Not only do we know how to maximize the income of homeowners everywhere, but we also know how to minimize expense, risk and liability. Modern Real Estate Property Management Services prides itself on our lightning fast tenant replacement process and total transparency with the homeowner at all times. Visit us at to see how we can assist you today!