Today we are sharing a few things you can do to ensure you are getting the best return you possibly can out of your Santa Cruz investment home.
This is especially important for do-it-yourself property managers: update the home so it looks modern and fresh and clean. When you don’t have any tenants in place, or you are between tenants, take the time to make minor updates that will keep the place looking great. This means switching out those cover plates from the 1970s and changing out the light fixtures. These updates do not have to be expensive, just modern. Keeping the place as clean as possible is also important in getting good tenants who will pay maximum rents.
Put together a maintenance schedule and stick with making the necessary repairs. This will ensure you get a high quality tenant. If systems and appliances in the house need to be repaired or replaced, take care of them right away. Waiting too long with upset your tenant and risk larger and more expensive repairs down the road.
Keep your yard and outdoor space looking great to get the best return on your property investment. You’ll find tenants are willing to pay a little extra rent every month when you provide a gardener. Not only will this keep your front and back yards looking nice, you’ll have an extra set of eyes on the property on a regular basis.
When you allow tenants to move in with their pets, you are able to collect a little more rent and a larger deposit, which will protect your investment and give you a better return. Monitor how those pets are doing throughout the tenancy. Conduct a walk through twice a year so you can check for damages and pet behavior. This policy of allowing pets will also open you up to a larger pool of desirable tenants.
Raise rent regularly. Keep up with the local rental market so you know what other properties are renting for, and you can keep yourself in line with the demand. You don’t want to leave money on the table by not increasing rent by a little bit every year. Be sure to collect enough of a security deposit to cover any potential damages at the time of move out.
Know the laws and comply with them. You need to be sure you are following all the fair housing and landlord tenant laws when you rent your home out to tenants. Treat those tenants with respect and professionalism. You don’t have to be their friend, but you do want to have a good working relationship with them.
The best tip we can offer for getting a good return on your investment is this: work with a professional property manager. They can take care of all this for you, and provide a true value for you and your property.
If you have any questions, or you’d like more information, please contact us at Portola Property Management.