Having investment properties in The South Bay is like playing a game of Chess. The more pieces you have on the board, the more your chances of winning (or, better to say, earning). But a single mistake — if not a blunder — can put you at a disadvantage and make you lose the game really quick.
Apparently, the rental property business is full of mistakes that can harm your bottom line and make you quit the business altogether. But unlike Chess, where mistakes most likely cost you the game, mistakes in this line of business cost the income you make through your properties in The South Bay.
The good news is that you can keep your rental income intact by avoiding these mistakes:
When you own a property in The South Bay, it’s your responsibility to spend time on due diligence to keep it habitable and safe for tenants to live in. If the property requires repair, don’t delay it and get it done as soon as possible. Even if you are not planning to rent it out in the near future, you should not ignore its maintenance, or else its value may decrease.
We understand that maintaining a property is challenging. And if you have multiple properties in The South Bay, it gets nearly impossible, especially if you lead a busy lifestyle. This is where we come to your rescue, helping you manage your property efficiently and effectively.
Rental property business is about customer service — something that most landlords tend to forget about and pay little to no attention to. Tenants, on the other hand, expect their landlords to communicate with them properly, so both parties are happy and satisfied with the arrangements. But if you, as a landlord, don’t set clear expectations with your tenants, as well as your property management firm if you have one, things are going to go haywire, resulting in loss of tenants and property mismanagement.
Unprepared for Vacancy
Vacancy in your investment properties in The South Bay can be annoying and stressful. A two-week vacancy can soon turn into a month and make you lose money. Furthermore, stress can make you make bad decisions, such as hiring bad tenants, delaying repairs, and so on. However, you don’t have to let stress from vacancy impact you in any way. The key to this lies in preparing yourself for the vacancy, which involves keeping some cash aside, so you are not forced to make bad business decisions.
Similarly, you should work with a property management firm to ensure that you have tenants lined up for your property as soon as there is a vacancy. A property manager will make sure that you find a tenant as soon as possible and make the property rent ready quickly and cost effectively, so you don’t miss out on making all the cash you would otherwise have from your investment properties in The South Bay.
While having investment properties in The South Bay is fruitful, it isn’t always possible to get the most out of them. However, should you keep in mind these mistakes and avoid them, you can minimize the risk of losing your rental income and have an excellent experience.
If you need a property manager to look after your properties in The South Bay, feel free to contact us today.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.