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How long should it take to rent a home?

By GoldenWest Management

Are you planning on renting your home and are wondering how long it will take to rent it out? If so, you’ve come to the right place!

In this article, we will share with you information on how long it’s going to take for you to rent your property out and what you can expect from this process.

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Location, Location, Location

Depending on the location of your home, and the demand for rental properties when you’re reading this article, it could take 30 days or longer to rent your home.

Location is obviously important because if your home is located near good schools, restaurants, shops, stores, entertainment options or amenities in your area, it’s going to rent faster than a home which may not be located in a desirable area.

If you’re not sure if your home is located in what can be considered to be a desirable area you should take the time to consider what’s nearby because, even though those things may be average to you, they may be highly desirable to a renter.

  • Is your home near public transportation?
  • In a good school district?
  • Near public parks?

Beautiful New Custom Living Room Interior.

Price

Your home may be in a great location but did you set the correct market rent? If not, you risk having your rental home stand out like an eye sore because it’s going to be overpriced when compared to what other properties may be renting for nearby.

To verify that you have set the correct market rent it’s best to check other rentals nearby to confirm what they are renting for. You can do this by using websites like rent.com or Craigslist.org to get a good idea of the rent a landlord may be asking for a rental property in the area.

A row of colorful new townhouses or condominiums.

Condition

What condition is your home in? If it’s not been maintained in some time and has dirty floors or walls that haven’t been painted in years, the condition of your home may keep it on the rental market for longer than you expect.

Instead of renting your home “as is” it’s best to work hard on improving the condition of your property before you list it for rent because this will also help your property to rent fast.

tenant

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For professional property management contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

Should A Landlord Accept Pets at Their Rental Property?

By GoldenWest Management

Although some landlords may have a no pet policy, the reality is that it’s a smart idea for landlords to accept pets at their rental properties.

Since we constantly hear about all of the problems animals cause for landlords, you may not be as familiar with the benefits of allowing your tenants to have pets. This article will provide you with several reasons why you should consider accepting pets and the long-term benefits they will offer you.

Expose Your Rental to A Wider Tenant pool

Thanks to recent statistics from apartments.com we know that 75% of renters in the United States have said that they have a pet, and roughly 60% of those renters have struggled to find a rental property that allows pets.

Every landlord should consider accepting pets at their rental property because doing so will widen their tenant pool and make it possible for them to expose their rental to more prospects who are searching for pet-friendly rental properties.

Increase Your Renewals

The vacancy rate is decreasing in cities like San Diego, Phoenix, and Las Vegas. This has made it harder than ever before for some renters to find rental properties and most tenants who have pets will be inclined to renew their leases rather than look elsewhere because they won’t want to go through the hassle of finding another pet-friendly rental again.

Increase Your Annual Income

Since most pet owners are committed to their pets it’s possible that you can also increase your annual income by renting to them when you charge a pet deposit and monthly pet rent of $20 per month which can easily add up to $240 per year.

Protect Your Rental Property

Last of all, but most important, renting to people who have pets will also help you to protect your rental property because you will know up front what type of pet is living in the home, compared to finding out later that the tenant had a pet after they moved out.

Best of all, if your tenant’s pet causes damages to the rental property, you will be able to use their pet deposit to cover the cost of repairs.

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For professional property management contact GoldenWest Management at (866) 545-5303 or click here to connect with us online.

Should a landlord do repairs at the rental property?

By GoldenWest Management, Inc

As a longtime property management company who manages over 1,000 rental properties in three states we’ve been asked many property management questions over the years and one of those top questions is “should a landlord do repairs at the rental property?”. The answer to this question is always no.

Landlords in most states (including California) are required to make sure that a rental property can be classified as being in “habitable condition” before the tenant moves in but the reality is that a landlord should not attempt to perform maintenance at the rental property themselves.

Why Landlords Should Not Make Repairs Themselves

Even though most landlords want to offer their tenants a habitable rental property the reality is that it’s not a good idea for the landlord to perform maintenance themselves because of the following reasons:

  • Most landlords are inexperienced in State / Local contracting laws so it’s best to let a property management company handle repairs to ensure that they are done up to code.
  • Hiring a property management company to make the repairs at the rental property takes the landlord out of the picture and ensure that repairs or maintenance are completed by a professional.
  • Outsourcing repairs and maintenance to a property management company ensures a high-level of service for the tenant. This has proven to increase lease renewals because tenants like to have their needs cared for on time by professionals.
  • Choosing a property management company to handle repairs and maintenance will ensure that landlord-tenant laws are followed and a notice to enter is posted on the property before the maintenance or repair person enters the property.

Get Property Management Here

For professional property management in San Diego, Phoenix and Las Vegas contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

Long Term Rentals Vs. Short Term Rental – What Are the Differences?

By GoldenWest Management

SAN DIEGO, CA – During our recent interview with Real Talk San Diego we sat down with the Lands Concierge team to talk about long-term vs. short-term rentals and the differences between both types of opportunities for owners/investors.

In this blog post, we will break down the differences between these two types of rental opportunities and provide you with the information you need to know if you plan on turning one of your homes into a rental property.

Long Term Rentals

At GoldenWest Management, Inc we specialize in long-term rentals and currently manage over 1,000 properties in three different states.

A long-term rental is a property that will typically be rented for up to one year at a time by A Rated tenant that we screen and place for our tenants.

To qualify for a long-term rental, a tenant must go through our qualification process which includes a credit check, background check, and verification of their income.

We recommend long-term rentals to any owner who is interested in renting their property because a long-term rental offers the following benefits including:

  • Stable cash flow.
  • The long-term renter will pay all monthly utility bills for the rental.
  • Your rental property will not have to be furnished because most tenants will bring their furniture with them.

Short Term Rentals

Over the last 4 years, we’ve seen many rentals across the country, especially in the San Diego area, turn into short-term rentals to capitalize on the demand created by companies like Airbnb.

Although short-term rentals can be an excellent source of cash flow, especially during events in San Diego like Comic Con, they do have several requirements that many owners don’t often think about including:

  • The short-term rental must be furnished and have hotel style or concierge amenities which would be attractive to renters.
  • Owners of short-term rentals should be willing to rent their homes for up to 3 months at a time.
  • All valuables should be removed from the short-term rental before the property is rented out.
  • Some HOA’s don’t allow short-term

Many communities are opposing short-term rentals because they feel that the quality of tenant who rents a short-term rental affects home values and the stability of the neighborhood where the rental is located.

It’s best to research the neighborhood where the property is located before investing there to find out if there’s been local opposition or new measures put in place which will prevent short-term rentals there.

Which Option Is Better?

As a homeowner/investor we know that every situation is different, this means that even though a short-term rental may have worked for your friend or business associate in the past, depending on your situation, it may not work for you.

If you’re not sure about the option you should choose for your rental property contact us today for a free consultation at (866) 545-5303 or connect with us through our website.

Merry Christmas From GoldenWest Management!

Merry Christmas from your friends at GoldenWest Management!

We hope you have a safe and happy holiday with your family.

About Christmas

Christmas is an annual festival commemorating the birth of Jesus Christ, observed most commonly on December 25  as a religious and cultural celebration among billions of people around the world.

feast central to the Christian liturgical year, it is preceded by the season of Advent or the Nativity Fast and initiates the season of Christmastide, which historically in the West lasts twelve days and culminates on Twelfth Night; in some traditions, Christmastide includes an Octave. Christmas Day is a public holiday in many of the world’s nations, is celebrated religiously by a majority of Christians, as well as culturally by many non-Christians, and forms an integral part of the holiday season. In several countries, celebrating Christmas Eve has the main focus rather than Christmas Day.

Although the month and date of Jesus’ birth are unknown, by the early-to-mid fourth century the Western Christian Church had placed Christmas on December 25, a date that was later adopted in the East. Today, most Christians celebrate on December 25 in the Gregorian calendar, which has been adopted almost universally in the civil calendars used in countries throughout the world. However, some Eastern Christian Churches celebrate Christmas on December 25 of the older Julian calendar, which currently corresponds to January 7 in the Gregorian calendar, the day after the Western Christian Church celebrates the Epiphany. This is not a disagreement over the date of Christmas as such, but rather a preference of which calendar should be used to determine the day that is December 25.

Although it is not known why December 25 became a date of celebration, there are several factors that may have influenced the choice. December 25 was the date the Romans marked as the winter solstice, the shortest and darkest day of the year, and the first day in which the days would begin to elongate and the Sun would have a longer presence in the sky; Jesus was identified with the Sun based on an Old Testament verse. December 25 is exactly nine months following the Crucifixion of Jesus, which, around the 3rd century, became associated with his conception based on understandings at the time of the way salvation is bound up in birth and death; some theories then had the date of the Crucifixion as his birthday, others took the date nine months later: Christmas day. Also, Ancient Romans had a series of pagan festivals near the end of the year, and Christmas may have been scheduled at this time to appropriate, or compete with, one or more of these festivals. Some scholars disagree with this latter interpretation and state that the Roman Emperor Aurelian placed a pagan celebration on December 25 in order to compete with the growing rate of the Christian Church, which had already been celebrating Christmas on that date.

Source – Wikipedia

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For professional property management for your rental property contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online. 

 

Top 10 Ways to Make Your Rental Home Energy Efficient

By GoldenWest Management

Are you searching for ways to make your rental home energy efficient? If so, you’ve come to the right place!

Making your rental property energy efficient is more important than ever before because an energy efficient rental property will help your tenants save money every month.

Creating an energy efficient rental property will also help attract tenants who are concerned about the environment, want to reduce their carbon footprint, and do their part to save the planet, that’s why in this article we will share with you 10 ways to create an energy efficient rental property.

Tip #1 – Keep the Air in Your Home

Air loss is one of the top ways renters lose money every year, especially if it’s an older rental property, because the air will leak out from cracks around doors or windows.

To fix this problem you should consider replacing those old windows and doors in your rental property with energy efficient doors and windows.

If you’re unable to replace them due to cost, you should reseal all doors and windows in the rental property because this will keep cold air from leaking out during the summer and prevent warm air from escaping during the winter months.

Tip #2 – Replace Old Appliances with Energy Efficient Appliances

Only replace your older dishwasher, stove, washer and dryer with appliances that have been Energy Star Certified.

Tip #3 – Replace the Water Heater

The water heater in most homes is typically the oldest functioning appliance but when they begin to show their age a typical water heater will take longer to heat the water up for use inside the home and this will only increase monthly energy costs.

Choose a tankless water heater because these units don’t actually store the water, their heating coils will heat the water when it’s needed to be used in the rental property

Tip #4 – Fix Your Furnace

Another area in your rental property that you should fix and ultimately make energy efficient is your furnace.

You should first have it professionally serviced by an HVAC technician then once it’s functioning properly you should install a smart thermostat in your home because this will regulate energy usage and help your tenants to save money.

Tip #5 – Change the Light Bulbs in Your Rental Home

Replace all incandescent light bulbs with LED bulbs.

Tip #6 – Plant Trees Around Your Rental Home

This will help to cool your rental property during the summer months and limit energy usage.

Tip #7 – Add Solar Panels

Yes, it’s true that solar panels do come with a cost but they are worth it in the long run because solar panels will give your renters the ability to produce their own energy and cut down on their carbon footprint more than they imagined.

Tip #8 – Install A Low Flow Shower Head

This is another practical way to make your rental property energy efficient and it’s also one of the most cost-effective tips because a low flow shower head will only cost about $20 and they will help your tenants to cut down on their water usage.

Tip #9 – Purchase A Water Efficient Toilet

Besides installing a low flower shower head in your rental property, you should also install a water efficient toilet as well because these toilets can reduce water usage in a home by 20% or even more.

Tip #10 – Add Insulation to Your Attic

Last of all, but most important, another great way to make your home energy efficient is to add more insulation to the attic.

Blow in insulation will dramatically lower your tenant’s energy costs and provide your rental property with the ultimate in energy efficiency because your property will no longer lose warm or cold air through your attic.

Get Professional Property Management Here

Tired of self-managing your rental properties? Or, are you searching for a new property management company? Contact the team of experienced property managers at GoldenWest Management by calling us at (866) 545-5303 or click here to connect with us online.

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Can You as A Landlord Pick the Tenant?

By GoldenWest Management

Are you planning on renting your San Diego Rental Property and are wondering if you as the landlord can pick the tenant?

The answer to this question is yes, of course, but only if you choose the tenant based on the results of their credit check and application criteria.

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Set Criteria and Stick with It

One of the best ways to save yourself the time, money and hassle of choosing the wrong tenant is to set criteria for what you’re searching for in a tenant and then stick with it.

You should be searching for a tenant who meets the following criteria:

  • They must have verifiable income that’s at least two and a half times the amount of rent.
  • A credit score that’s over 600 (or better).
  • Must never have been evicted or gone to rent court.
  • The tenant should be at least 18 years of age.
  • Should be able to provide you with references for their last 2 landlords plus references for their current and last two employers.

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Charge the Tenant an Application Fee

When getting ready to screen tenants for your San Diego Rental Property you should charge an application fee because this is the first “hurdle” that the tenant must get over and prove that they are serious about renting your property.

Once they’ve paid the fee you should then start the process of reviewing their references and determining if they would be the right tenant or not.

Before pulling a copy of their credit report make sure that they sign off on a separate document which authorizes you to view their reports and credit scores with the 3 major credit bureaus.

House for rent

Get Professional Property Management for Your San Diego Rental Property

To learn more tips for choosing the right tenant, or for professional property management for your San Diego Rental Property, contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

Happy Thanksgiving From GoldenWest Management!

Happy Thanksgiving from your friends at GoldenWest Management! We hope you have a wonderful day and are able to enjoy spending it with your friends, family members and loved ones.

About Thanksgiving

Thanksgiving Day is a national holiday celebrated in Canada, the United States, some of the Caribbean islands, and Liberia. It began as a day of giving thanks for the blessing of the harvest and of the preceding year. Similarly named festival holidays occur in Germanyand Japan. Thanksgiving is celebrated on the second Monday of October in Canada and on the fourth Thursday of November in the United States, and around the same part of the year in other places. Although Thanksgiving has historical roots in religious and cultural traditions, it has long been celebrated as a secular holiday as well. – Wikipedia

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Are you thinking about hiring a property manager for your rental properties? Contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online. 

How to Verify a Tenants Financial Stability

By GoldenWest Management

Finding great tenants is one thing, but how do you verify that those tenants are actually financially stable?

In this article, we will provide you with a list of documents you can request for verifying a potential tenant’s financial stability.

Request Copies Of Their Pay Stubs

All employer pay stubs will have a tenant’s pay begin and end date so you can easily figure out their income on a weekly, monthly, and annual basis.

After requesting copies of their pay stubs, you should also contact the employer personally and issue an employment verification request to confirm that the person who wants to rent your property actually still works there and continues to earn the income shown on their paycheck stubs.

New apartment building in suburban area

Ask for W2’s

Asking a prospective tenant to provide copies of their W2’s is especially helpful because it will show you how much income they have declared in the last year.

W2’s are also especially handy for verifying income if someone is self-employed.

Request Bank Statements

Besides asking for a prospective tenant’s paystubs, and W2’s, you should also be asking for their bank statements as well. They should be able to provide you with statements from at least the last two to three months.

File Form 4506 With the Internal Revenue Service

Another great way to verify a tenant’s financial stability is to file form 4506 with the IRS. This form will give you the ability to see a copy of a potential tenant’s tax returns if they are not able to provide you with a copy of their return themselves.

Young adults moving in new home

Run A Credit Check

Besides following all of the tips offered in this blog post, the last thing that you should do is run a credit check. This will give you the ability to learn a tenant’s credit score, amount of debt that they may have, and give you a good idea if they’ve been able to fulfill their financial obligations.

Get Property Management Here

Tired of managing your rental properties yourself? Contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us through our website.

Happy Veterans Day From GoldenWest Management!

SAN DIEGO, CA. – Veterans Day 2017 is here and once again the GoldenWest Management team wants to say thank you to all Veterans who have served our country.

On this special day we encourage everyone to stop and remember the sacrifice that all Veterans have made to keep our country free and safe for all of these years.

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Veterans Day History 

An Act (52 Stat. 351; 5 U. S. Code, Sec. 87a) approved May 13, 1938, made the 11th of November in each year a legal holiday—a day to be dedicated to the cause of world peace and to be thereafter celebrated and known as “Armistice Day.” Armistice Day was primarily a day set aside to honor veterans of World War I, but in 1954, after World War II had required the greatest mobilization of soldiers, sailors, Marines and airmen in the Nation’s history; after American forces had fought aggression in Korea, the 83rd Congress, at the urging of the veterans service organizations, amended the Act of 1938 by striking out the word “Armistice” and inserting in its place the word “Veterans.” With the approval of this legislation (Public Law 380) on June 1, 1954, November 11th became a day to honor American veterans of all wars.

Later that same year, on October 8th, President Dwight D. Eisenhower issued the first “Veterans Day Proclamation” which stated: “In order to insure proper and widespread observance of this anniversary, all veterans, all veterans’ organizations, and the entire citizenry will wish to join hands in the common purpose. Toward this end, I am designating the Administrator of Veterans’ Affairs as Chairman of a Veterans Day National Committee, which shall include such other persons as the Chairman may select, and which will coordinate at the national level necessary planning for the observance. I am also requesting the heads of all departments and agencies of the Executive branch of the Government to assist the National Committee in every way possible.”

Click here to learn more about Veterans Day

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For professional property management in San Diego, Phoenix, or Las Vegas, contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.