By: Melissa DeMarco- Director of Operations and Marketing
Offer different ways of collecting rent. Especially online options!
Consider Venmo or paypal
Know the laws- or hire someone who does
Regularly attend classes, webinars or pay attention to SDCAA updates
Create a policy and stick to it
Use your head not your heart.
Invest in your property
Consider cost effective upgrades (ie. USB outlets, or refinishing the countertops)
Have office hours, unless it is an emergency
You need a life too!
Hire a supplier that is licensed, bonded and insured
It is cheaper to go with your friend or family member until a lawsuit comes along.
Avoid renting to family and friends
You can make the most of your investment if you avoid this.
Treat your rental property like a business
Offer fair terms in regards to increasing rent.
Have renter qualifications and stick to it
Fair housing 101!
Do you research and set fair market value
Look online, call on for rent signs, ask the SDCAA. Undervaluing your rental property helps no one.
Have a marketing plan
Be prepared to have to invest a little more in pictures, video etc.
Document, Document- no verbal agreements
Always write it down, memorialize any conversation and take extra photos!
Save for a rainy day or leaky roof
Be prepared for the bad times.
Do a thorough walk thru and document condition at move in and move out
Always operate as if you will be in front of a judge someday
Pack your patience
There will be unexpected issues
Have your lease reviewed by an attorney often
Always a good idea to have someone with a legal background advise you.
Stick to what the lease says
This is your guide, do not waiver.
Avoid Month to Month leases unless you have a specific reason
Most find this too risky, the resident could leave at a bad time of year. Unless you are prepared and willing to accommodate that.
Consider allowing pets
70% of the population has one!
Know when to hire a professional
Whether it is a lawyer or property manager, knowing when to get out is the hardest but smartest decision you can make.
*This article was written for the San Diego County Apartment Association Rental Owner Magazine