When you decide to purchase a rental property as an investment, talking to a property manager can help you plan in advance for your new asset. Here are four excellent reasons why you should talk to us before you close escrow on your next residential rental:
Property managers can determine rent value. By comparing your purchase to other properties in the area that have recently been rented or are currently available, I can give you a genuine sense of what rent you ought to charge for your property. A good property manager has a sense of the many factors affecting present rent value, and and can help you calculate the market rent, allowing you to determine whether that pencils into your cap rate, your purchase price and your desired ROI.
Property managers can identify potential liability issues. By taking a look at your property before you close escrow, I can tell you what projects should be taken on in order to limit liability you might otherwise have when renting it. Some items might not be immediately obvious, but to a professional property manager with years of experience, small adjustments and repairs can protect you from significant future exposure. I can anticipate what those projects might be, and help you budget for the expected cost.
Property managers can recommend projects that can increase the desirability and value of the property. Once you have actually purchased your investment property, you want to get it rented out quickly, to the right tenant. I can help you get that property ready and recommend what you should do to improve the property’s appearance and the likelihood that it will rent. For example, you might be considering a house with outdated wallpaper or lighting fixtures. If so, I would recommend that you make changes or upgrades, so the house is more appealing to today’s renters.
Property managers can help you prepare in advance. By meeting early in the process, I can be “ready to roll” as soon as you close escrow. If I am able to evaluate the property and talk to you about your expectations prior to COE, we can get started right away, and promptly find your new tenant. Preparing in advance can save you TIME and MONEY.
These are four good reasons to plan in advance, and consult a property manager before you close escrow on your next investment property. Once you do close, we can then immediately take care of your property and find your new tenants. If you have any questions, please call us at DeDe’s Rentals, (707) 523-4500 or contact us at DeDe’s Rentals.