5 Essential Tips for First-Time Landlords in Southern California

5 Essential Tips for First-Time Landlords in Southern California

Becoming a landlord is a great way of making some money through a property you've invested in. However, bad landlords can end up facing lawsuits when they don't provide satisfactory living conditions. Eventually, you'll lose any business you'd generated. 

New landlords need to listen to their tenants, stay on top of all the rent collection, and fix anything that breaks down. The more properties you own, the more work you'll have to put in. 

Here are five landlord tips that should help you get started.

1. Find Reliable Tenants

The best piece of landlord advice you'll get is to screen tenants before renting out to them. Generally speaking, good tenants have a solid credit score and proof of employment. Red flags include previous evictions, criminal history, and missed payments. 

If you're not quite sure about a tenant, you can always ask for a referral from their previous landlord. 

2. Determine Fair Rent

The price of rent is determined by a landlord based on location, amenities, competition, and other various factors. As such, you can find two apartments on the same block priced very differently. 

For the best results, search for other similar properties in your area to set a benchmark. You want to provide a competitive price without going too high or too low. 

3. Find Local Contractors

Things break, and not all landlords are great at fixing them. It's important to have the phone number of a reliable home contractor that can do repairs as soon as possible. Otherwise, your tenant may have to go without heat or air conditioning for longer than they're comfortable with. 

4. Landlords Need Property Management Software

Managing multiple rental properties means you'll have to juggle a lot of different tasks at once. You need to advertise these rentals, find quality tenants, and then screen them. There's also rent collection, paying for regular visits from pest control, and repairing damage after a tenant moves out.

The best way to handle everything is with a property management software platform, which automates a lot of these tasks. 

5. Hire a Property Management Company

If you have a lot of properties and don't want to deal with the software yourself, landlords can also rely on a property management company. Not only do these companies perform property maintenance, but they also handle tenant complaints, payments, and security solutions. 

When hiring one, make sure to check their references and ask the right questions. You should also still check in with your properties at least once a year. 

Get Help Managing Your Rental Property 

Good landlords stay connected with their tenants and listen to their feedback. They visit their properties to make sure everything is still up to code. However, that gets increasingly difficult as you purchase more rental properties. 

HomeRiver Group Los Angeles offers property management services that fit your specific needs. We can help you find qualified tenants, protect your revenue, and safeguard your property. Contact us today to get your free rental analysis and to learn more about our services. 

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