Airbnb Versus Long Term Rental – Which One Is Better?

In 2018 it’s not hard to know someone who has stayed in an Airbnb within the last year because they are seemingly everywhere these days.

Are Airbnb’s better than long-term rentals? In this article, we will break down Airbnb’s versus long-term rentals and provide you with a concise answer on which is the better option for your rental property.

Bеnеfіtѕ Of Airbnb’s Or Short Term Rеntаlѕ

If you’re thinking about adding a short-term rental or an Airbnb to your portfolio of rental properties, here are some benefits that come from owning this type of rental.

  • Pеrѕоnаl vасаtіоn uѕе: Mаnу іnvеѕtоrѕ lіkе tо mаkе реrѕоnаl uѕе оf thеіr vасаtіоn rеntаl рrореrtу, and rent іt оut tо others whеn іt іѕ, not іn uѕе.
  • Less wear аnd tear: Shоrt tеrm rеntаlѕ tеnd tо bе оссuріеd аrоund wееkеndѕ аnd busy tоurіѕm seasons, but nоt throughout thе entire year. Because оf thіѕ, it tеndѕ tо take rеlаtіvеlу lоngеr tо buіld uр noticeable wear аnd tear оn thе рrореrtу.
  • Mоrе оvеrаll rеntаl іnсоmе: Owners are tурісаllу аblе to сhаrgе a hіghеr nіghtlу rаtе fоr short tеrm rentals. Althоugh оссuраnсу can fluсtuаtе, thuѕ mаkіng rеntаl income less соnѕіѕtеnt, ѕhоrt term rentals tend tо рrоvіdе mоrе rеntаl іnсоmе lоng term.

Short tеrm rеntаlѕ аrе nоt without роtеntіаl dоwnѕіdеѕ though. Why? The answer is obvious. Rеntаl іnсоmе іѕ a dіrесt result оf bеіng able tо bооk ѕhоrt-tеrm guеѕtѕ throughout the уеаr and ѕhоrt tеrm rental оwnеrѕ wіll find thаt they nееd to put in mоrе еffоrt tо mаrkеt their hоmе.

As an owner of a short-term rental property, you will have to be ready to do more work to keep your rental occupied all year long including: mеѕѕаgіng bасk and fоrth between іntеrеѕtеd guests, uрdаtіng lіѕtіng ѕіtеѕ, or offering рrоmоtіоnаl dіѕсоuntѕ and so much more.

Bеnеfіtѕ Of Long Tеrm Rеntаlѕ

Planning on keeping your rental property a long-term rental? This is a smart choice to make, especially because of these benefits.

  1. You will enjoy cоnѕіѕtеnt cash flоw: Because a longer-term tenant рауѕ a соnѕіѕtеnt rental fее оn a wееklу or mоnthlу basis.
  2. The utility bills will always be pаіd: If you have tеnаntѕ occupying your lоng tеrm vасаtіоn rentals fоr a mоnth or lоngеr, then оftеntіmеѕ utіlіtу bіllѕ саn bе раѕѕеd оn to the tenant.
  3. There will be less turnover.

Get Property Management for Your Long-Term Rental

Do you own long-term rentals in San Diego, Phoenix or Las Vegas? Contact Goldenwest Management at (866) 545-5303 or click here to connect with us online.

Are Month-To-Month Leases Bad for Landlords?

By GoldenWest Management

Are month-to-month leases a bad idea?

Although this type of lease is supported by some landlords in the United States who like month to month leases because of the perceived flexibility that they offer, the reality is that a month-to-month lease is a bad idea especially for the following reasons:

Reason #1 – Month to Month Leases Don’t Offer Financial Security

The first reason to not consider a month-to-month lease is lack of financial security that will result from choosing these types of leases.  

This type of lease doesn’t offer you any financial security due to the obvious fact that a tenant can be gone in 30 days and you may have to pay your mortgage or other property expenses out of pocket while you look for another tenant.

Reason #2 –  Vacancy

Without a tenant in place another side effect that can come with choosing a month to month lease is more vacancies during the year.

Depending on the rental market and location of your property your rental could be empty for weeks at a time while you search for a new tenant.

Reason #3 – You Can’t Plan for The Future

Another unfortunate consequence of allowing one or more tenants to have a month to month lease is the fact that you cannot plan for the future because your tenant can be gone within 30 days.

If your income is always fluctuating due to your tenants leaving because of the month to month leases you won’t be able to plan for the future and potentially grow your portfolio of rental properties.

Get Professional Property Management Here

We offer property management in San Diego, Las Vegas, and Phoenix. Our trained staff can save you the time, money and hassle of managing your rental property yourself.

To learn more about the services we can offer you contact us today at (866) 545-5303 or click here to connect with us online.

Are You Driving Away Your Best Tenants?

By GoldenWest Property Management

Are you driving away tenants instead of keeping them?

In this article, we will share with you 5 of the most common ways landlords are driving away tenants and how you can avoid making these mistakes.

You’re Not Communicating With Your Tenants

Cоmmunісаtіоn іѕ thе fоundаtіоn for a great landlord-tenant rеlаtіоnѕhір but for many landlords, it’s the last thing that they want to do and not communicating with their tenants will only result with the landlord inadvertently driving their tenant away.

Instead of not communicating with your tenants, give them the best way to communicate with you regardless if it’s by (text, email or phone) at any hour of the day so they can always reach you.

They Are Still Paying You By Check

Sure, having your tenants pay you by check may be convenient for you but this could be another way to drive tenants away because payments by check can lead to lost checks and the eventual dispute between you and your tenant.

The solution to this problem is to get your tenants to pay you online because online payments are instant and easily trackable so you will always know who paid you and when.

Maintenance Is Becoming Backed Up

Legally, landlords аrе rеԛuіrеd to еnѕurе thаt the рrореrtу they аrе rеntіng оut mееtѕ thе highest standards possible. If уоu аrе not properly аddrеѕѕіng habitability issues, a lасk оf lеаѕе renewal аt thе lеаѕе’ѕ term may be the result of failing to take action to solve maintenance issues.  

To avoid problems with maintenance create a vendor matrix just so you will always have someone to call if there’s a leaky pipe at your rental property or something else that needs to be fixed.  

You’re Showing Up At Your Rental Property Unannounced

Aѕіdе frоm еmеrgеncy circumstances, mоѕt ѕtаtеѕ rеԛuіrе thаt a landlord gіvе a nоtісе оf аt lеаѕt minimum 24 hours bеfоrе іnѕресtіng a rental property whеrе tеnаntѕ аrе residing.

You can check in with your tenants but еnѕurе thаt уоu аrе gіvіng thеm proper nоtісе before showing up. Cоnѕіdеr gіvіng more thаn thе lеgаl allotment tо еnѕurе thаt your tеnаntѕ dоn’t feel blindsided bу your vіѕіt.

Besides showing up unannounced, you also cannot show up too frequently because frequent visits will make your tenants feel like you don’t trust them and may lead them to not renewing their lease with you.

Huge Rent Increases

In today’s rental market one thing that you don’t want to do is raise the rent by huge amounts because when this happens you can almost expect your tenant to look for a rental elsewhere.

A rent increase of $20 to $50 per month is easier for most tenants to manage than a $200 a month rent increase so if you plan on raising the rent at your rental property use caution because a huge rent increase may mean that you will lose your current tenants.

Get Property Management Here

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

Advanced Tenant Screening – Tips You Should Follow

By GoldenWest Management

SAN DIEGO, CA. – Are you searching for advanced tenant screening techniques? If so, you’ve come to the right place.

In this article, we will share with you several tenant screening techniques that you can start using today to find higher quality tenants to live in your rental properties.

Young couple moving in new place

Make Sure Your Tenant Meets Your Application Requirements

After getting the rental application back from your tenants you should check their application to make sure that their application meets all of your requirements including the following:

Photo ID – Their application must have a current photo ID.

Credit – The prospective tenant must have a credit score with seasoned trade lines (3 or more) and more than 2 years history per reported item.

Verification of Income – This should include pay stubs which show that the potential tenant makes 2.5 x Rent.

Bank statements – Should show that the application has at least six months of reserves.

Rental Verification – Must be a written statement from previous landlord or ideally a professional property management company.

Legal – They must have no evictions.

Background check – You must check their background for a criminal record via HUD guidelines.

New apartment building in suburban area

Did They Complete the Application?

After doing all of the above you should next check your tenant’s application to make sure that they filled it out completely and signed the application.

This step is important because a prospective tenant who fails to fill out their rental application may be hiding something and this could lead to you evicting them due to the information they left out on their application.

Young man with glasses working on his notebook, with a fresh cup of coffee nice and early in the morning, getting the business out of the way nice and early in the day

Contact Two of The Prospective Tenants Previous Landlords –RENTAL VERIFICATION

Instead of calling their current landlord, you should contact at least two of your tenant’s previous landlords.

A tenant’s current landlord may give them a “glowing” review (especially if they are eager to get rid of them) while their former landlord may offer you the real truth about who the prospective tenant really is.

Street of residential houses

Verify, Verify, Verify

Last of all, but most important, always verify all references that a tenant gives you.

From their personal references to income sources, it’s possible for someone to create fake references and you will only know if they are legitimate or not until you actually call to confirm and verify them.

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Get Property Management Here

For property management in San Diego, Phoenix or Las Vegas contact Goldenwest Management today by calling us at (866) 545-5303 or click here.

Can I sell my property while my tenant still lives there?

By GoldenWest Management

Are you planning on selling your rental property while your tenant lives there?

It doesn’t matter if you own a rental property in San Diego, Las Vegas, or elsewhere in the United States, you can sell your rental property while your tenant lives in the rental especially if you follow these tips.

Young couple meeting financial advisor for investment

Remember That Your Tenant Has Rights

One of the most important things to remember while you’re in the process of selling your rental property is that your tenant has rights and those rights must be respected.

What does this mean? It means that you must respect your tenant as a person and tell them about your intention to sell the property.

If they’ve expressed a desire to move, you should be willing to pay your tenant to vacate (Cash for Keys) and come up with an arrangement to help them move into a comparable rental property in your city.

Let’s say that your rental property is in a very competitive rental market, and your tenant wants to stay. In this case, you should be willing to communicate with them whenever the property has to be shown, and you should also follow the law by submitting a 24-hour notice to enter just so they are aware when you will be entering the property.

Estate Agent Showing Empty Office Space To Clients

Consider Selling Your Property to An Investor, Or to Your Tenant

As an investor, it’s important for you to get your ROI from your rental property but you ultimately may want to consider selling the property to another investor.

This is a great idea because an investor may be open to buying a property which is already occupied, compared to a non-investor who may want to have the tenant move after they purchase the rental property.

You also may want to consider selling your rental property to your tenant as well because this solves the problem of them having to move and they may have interested in becoming an owner, especially if they’ve been renting your property for more than one year.

property management concept displayed on tablet pc
Get Property Management Here

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

How long of a lease term is recommended?

By GoldenWest Management

One of the most common things that landlords want to know especially if they are just getting started with owning rental properties is how long should their lease term be.

9-12 Months Is Best

For the best results and highest return on investment from your rental property, we recommend to every landlord that their leases range between nine and 12 months in length.

This is an optimal length for every lease because it guarantees that you will enjoy consistent cash flow from your rental property instead of being faced with having to renew your lease in another six months.

Terms To Include In Your Lease

Now that you know how long your lease should be the next big question is what should you include in your lease?

Here are a few terms to consider:

#1 – All Tenants Should Be Named – Knowing the names of every tenant who is living in your rental property is important because you want to know at all times who is living there. You also want to know who you can legally pursue should one of the tenants fail on their obligation to pay the rent.

#2 – There Must Be Limits on Occupancy – Another important thing to do when creating your lease is to place limits on occupancy. This means that only the adult tenants and their children should be living there and not friends or other relatives.

#3 – Define When and How Rent Should Be Paid – Last of all, your lease should define how and when rent should be paid.

As with any lease, this means that rent should be paid by the 1st of the month and will be considered late by the 3rd.

Your lease should also define acceptable forms of payment too like payment by check, credit card or online just to ensure that you offer your tenant multiple ways to pay the rent and don’t have to deal with excuses for why they cannot pay.

Source – Nolo.com

Get Property Management Here

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

Tips For Creating The Best Rental Property Listing

By GoldenWest Management

Have you failed in the past at promoting your rental property listing online? If so, it’s not your fault. Studies show that many owners make common mistakes when marketing their rental properties due to lack of experience, thankfully you can learn how to write a correct rental property listing by following these tips.

Think About What Your Rental Has To Offer

During the process of writing your rental property listing, you should focus on using the right words that accurately represent your listing and will target your desired audience.

To use the right words in your listing, think about what it has to offer, where it’s located, and what amenities are included with your listing because these things always interest renters.

Words To Avoid Using In Your Rental Property Listing

As you are writing your rental listing you should AVOID using words that may potentially drive renters away. Some of the words that you should avoid using at all costs include:

  • Cheap – What you rent your property for should speak for itself so you should never use this word in a listing since it will only paint a negative picture in the mind of potential renters and make them think that the quality of your rental is cheap as well.
  • Eclectic – Never use this word in a listing because renters may think something wrong like the toilet for your rental is also located in the kitchen so to avoid giving renters the wrong impression, you should use the most descriptive, accurate words as possible when writing your listing.
  • Cozy – This is another word that you should avoid using in your rental property listing at all costs because it will give make renters think that your rental is too small for them so you instead of using the word cozy, you should include the square feet of the unit instead.
  • Clean – Yes, you may thoroughly clean your rentals before listing them but you shouldn’t advertise them as being clean since this might arouse the suspicion of potential tenants and cause them to wonder what really may be wrong with your rental property.

Get Property Management Here

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

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Need property management? Call us for a quote at (866) 545-5303 or click here!

New Year’s Resolution – Resolve to Hire a Property Manager In 2017

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By GoldenWest Management

2017 is officially here and if you’re managing your rental properties in San Diego, Phoenix, or Las Vegas yourself one of the smartest things you can do this year is to hire a professional property management company to manage those rental properties for you, especially for these reasons.

Reason #1 – Property Management Saves Time

Imagine no longer having to take calls from your tenants during dinner time, the middle of the night, or on weekends. Those calls that currently take time out of your day will now go to GoldenWest Management, your professional property management company, so you can focus on living your life, enjoying your family and also the income that comes from owning rental properties.

Reason #2 – Property Management Saves Money

Let’s face it, any time you the work on one of your rental properties yourself you’re losing money. Why? You’re losing money because that could be time spent making money or growing your portfolio of rental properties rather than having to continue performing the day-to-day tasks of property management yourself.

Reason #3 – Property Management Adds Value To Your Rentals

Yes, property management will add value to your rental properties because your tenants will have confidence that their rental is being professionally management and they will have someone to call in case there is a problem or issue at their rental property.

Reason #4 – Property Management Make Owning Rentals Easier

From rent collection to maintenance, property management makes owning rental properties so much easier than managing them yourself and once you have more time on your hands to grow your portfolio of rental properties you’re going to how easy it is to work with a property management company and you will never want to go back to DIY management again.

Get Property Management Here

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

Property Management Tips – Have You Checked Your Rain Gutters Lately?

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By GoldenWest Management

There’s no doubt that fall is a great time of year because it’s when we get ready for the Holidays but for landlords, fall should also be a time for them to take care of annual maintenance including checking the rain gutters at their rental properties.

Rain gutter maintenance is important because even though we don’t have much rain at all on the West Coast during the year a sudden downpour can pool water on the roof of your rental property if the rain gutters are not functioning properly, and this may result in leaks.

Easy Rain Gutter Maintenance

One of the great things about rental properties is that checking rain gutters is generally an easy thing you can do yourself. All you need is a ladder, small shovel, tube of caulking, putty knife and blower to clean the debris from your rain gutters.

Safety tip – Before attempting to clean your gutters yourself you should also wear gloves and a long-sleeved shirt to protect your arms from getting scrapped on the gutters.

Step 1 – Climb your ladder and clean the debris, leaves and “goop” from your gutters. Whenever possible, have a spotter to help hold the latter firm.

Step 2 – Check all gutter spikes that fasten the rain gutters to your rental property. If you find one or more spikes that are not fastened to the fascia board on your rental you should purchase new spikes at your local home improvement store and fasten the new spikes to your gutters.

Step 3 – Once your gutters are cleaned and securely fastened to your rental property you should take a hose and run water through your gutters to check for leaks. If you spot one or more sections of your gutters that are leaking you should use your tube of caulking to plug up those holes.

Step 4 – Review the downspout to make sure that it’s draining water away from your rental property because water that pools next to your rental can damage the foundation.

How Much Does It Cost To Pay Someone To Perform Rain Gutter Maintenance?

If you’re not someone who likes the idea of climbing a ladder to do rain gutter maintenance yourself it’s a good idea to hire a contractor to maintain your rain gutters for you. Professional rain gutter maintenance costs about $250. Before hiring someone to make sure that know exactly what their fee includes since some companies may charge extra for installing new rain gutter spikes if they are needed.

During this time of year, you should also make sure your renter’s insurance is up to date and covers both personal property damage and replacement lodging because in the event there is a small or large leak, you are covered for more than just the pro-rated daily rent authorized by most leases.

Get Property Management Here

To save time, money and hassle of maintaining your rental property yourself contact Goldenwest Management today by calling us at (866) 545-5303 or click here to connect with us online.

Should You Accept A Partial Rent Payment At Your Phoenix Rental Property?

partial rent payment

PHOENIX, AZ. – Do you own a Phoenix Rental Property and are wondering if you should accept a partial rent payment? More importantly, what are the ramifications of accepting partial payments?

It sounds pretty basic that if a Tenant told you they could give you half the rent today and the other half next week, it would seem like an easy decision. After all, many Landlords would rather take some money than no money. But Landlord-Tenant laws add a few wrinkles that you may want to consider before allowing partial payment.

Make Sure Everything Is In writing

Like anything you do in your business, you should always make sure that when arranging a partial rent payment, it should be in writing. State the amount of the first payment, and the amount of the remaining balance as well as specifically when that amount is due. Your written arrangement should also include any late fees associated with partial payment. Be 100% clear with your tenant on the amount of money they are expected to pay to catch up on their rent.

Partial Rent Payment

Always Fall Back On Your Lease

Partial payment can be a conundrum for many Landlords, but if you simply follow the language in your lease agreement, the terms and penalties are quite clear. By not accepting a partial payment, you have the right to charge fees and penalties as well as eviction. But if you accept partial payment, the terms of your lease for payment can be voided for certain situations.

Some of the consequences can include:

  • Loss of late fee or a daily late fee.
  • Forfeit the right to carry out an eviction.
  • Forfeiture of the ability to collect the remaining balance of rent.

Why Accepting a Partial Payment Is Not a Good Idea

Owning rental property is a business and like any business, if you fail to stick with your lease it’s possible that your tenant will take advantage of your kindness, never get caught up on paying their rent, and always be behind on their payments each month.

Often times the court will not allow you to evict a Tenant in the same month that ANY payment for rent was collected. The courts consider this partial payment and require a Landlord to wait until the next scheduled rent due date to begin the eviction process. This can sometimes be mitigated with a partial payment addendum, but not always.

In addition, many Tenants who are forced into a partial payment situation never recover. Once they start paying late or in a partial payment situation, they can’t get off that cycle, simply because the next month’s rental payment is that much closer.

Learn More

To learn more about partial rent payments and if you should accept them at your Phoenix Rental Property, or to speak with us about our property management service, contact Goldenwest Management today by calling us at (602) 765-4750 or click here to connect with us online.