Renting out a Long Beach property can be an outstanding opportunity for anyone who wants to earn some consistent rental income while their asset grows in value. But, you have to do one of two things in order to have a successful experience. Either you have to be sure you’re ready to be a landlord, or you have to find an experienced Long Beach property manager that can help you have a profitable and error-free rental experience.
Here are some of the most important questions to ask before you launch yourself into rent collection and tenant relationships.
Are You Able to Treat this Property like a Business?
Real estate is inherently emotional. We’re talking about homes – places people raise their families and make their major life decisions. If this is a home you once lived in yourself, renting it out may be especially emotional for you. Someone else will be living there, and you have to be at peace with that.
Once you rent out a property, it becomes an income-producing business. You’ll have to make business decisions based on data, laws, and results. You cannot become emotionally involved with your tenants or attached to the property. This is not always as easy as it sounds, especially if rent is late or an expensive repair is needed or the tenants are complaining and threatening you with a lawsuit. Can you remain professional?
Will You be Available to Your Tenants 24/7?
Unless you’re working with a Long Beach property manager, you’ll be the point of contact for your tenants. If something goes wrong or there’s an emergency at the property, you’ll need to be responsive. Tenants will need access to you 24 hours a day and seven days a week.
Do You Understand California’s Rental Laws?
Renting out a home in California is a lot more complicated than it was decades ago. There are strict laws in place that protect tenants from discrimination, unfair rental increases, and unlawful evictions. At the very least, you need to understand:
- Fair housing laws
- Rent control laws
- Just cause eviction requirements
- Section 8 tenants using housing vouchers as income
- Service animals and companion animals
- Security deposit requirements
- Habitability standards
It’s easy to make an expensive legal mistake. Make sure you can stay up to date on all the legal requirements and changes, otherwise you’re taking on a lot of risk and liability.
Can You Assemble a Reliable and Affordable Maintenance Team?
Maintenance and repairs will be necessary at some point, even if your property is already in great condition. You’ll need a list of preferred vendors and contractors. Do you know plumbers, roofers, HVAC technicians, electricians, cleaners, and landscapers? Can you count on them to give you their best rates? You’re ready to be a landlord if you answered yes to those questions and if you have a maintenance budget, a maintenance reserve, and a plan for seasonal and preventative maintenance.
Do You Know How Much Rent Your Property Can Earn?
Long Beach property management companies study the market daily. That provides a competitive advantage when it comes to assigning rental values to homes. Get to know the market so you can price your property accurately. Otherwise, you might face longer vacancies because your price is too high.
Are Long Beach Property Management Companies a Valuable Resource?
Ultimately, it might be better to work with a Long Beach property manager. You’ll find you can earn more and spend less on your investment when you’re working with an experienced professional who already has the necessary systems and resources in place.