When you have a property to rent out in Santa Rosa, you’re in a good position financially. There’s always a demand among great tenants for well-maintained homes in attractive neighborhoods. Renting out your property allows you to earn consistent rental income and build the value of your asset for long-term returns on that Santa Rosa rental property. Real estate is a fantastic investment, even when there’s uncertainty in the market.
Renting out your home can make you some money, but you need to know that it also comes with risks and headaches. You will become a landlord, and that’s not something that everyone has the personality or the patience to do.
Today, we’re talking about some of the things to consider before you become a landlord in Santa Rosa.
Are You Ready to Make Business Decisions?
There’s an emotional side to real estate, and that’s especially true when you’re renting out property. It’s hard to separate your feelings from your business enterprise. What you have to remember is that while you own the property, it’s someone else’s home. This is your investment, but it’s not where you eat breakfast and go to sleep and raise your kids.
It can be difficult to manage your emotions as a landlord. But, you have to approach this property as a business. Before you rent out your home, make sure you can treat it like a business.
Providing a Great Experience for Santa Rosa Tenants
Your tenants are paying to live in the property that you own, and that means they’re your customers. Without tenants, you aren’t earning any money.
To be an effective landlord, you’ll need to establish and maintain good relationships with your tenants. Providing a positive rental experience ensures you’re able to keep tenants in place. Prepare to respond to the needs of your tenants. Show them you value them and appreciate that they’ve chosen your home to live in.
It’s difficult not to take things personally. If a tenant does not pay rent on time, will you be able to pursue that overdue rent without becoming angry or pushy? Do you understand the steps of pursuing an eviction if it comes to that?
Maintenance is a big part of customer service when you’re renting out a property. Prepare to respond promptly when your tenants report that something needs to be fixed. Where will you find your vendors? Can you pay for the new roof you might need, and do you have someone who can repair an HVAC system if the heat goes out in the winter?
Understanding Legal Requirements and Risks
California landlords need to be more vigilant than ever when it comes to following the laws and requirements that cover rental increases, evictions, Section 8 applicants, security deposits, service animals – the list goes on. Even experienced landlords are at risk of making expensive legal mistakes, and new landlords often aren’t even sure of how to keep up with state, local, and federal laws.
Make sure you educate yourself on how to legally market your property, screen your tenants, and rent your home. Get a good lease agreement that protects you and your property. Give your tenants proper notice before you enter the home or raise their rent. Only work with insured and licensed vendors.
Working with Professional Santa Rosa Property Managers
Being a landlord requires a lot more than the effort of placing a tenant and collecting rent. You can benefit from the experience and resources of a professional Santa Rosa property management company. There’s no need to worry about emotional attachments, tenant conflicts, or property damage. As experienced property managers, we’ve seen and done it all. We’ve made the mistakes already. Contact us at Redwood Residential Property Management to learn more about how we can help you be an effective and successful landlord.