Are you planning on choosing a property management company to professionally manage your rental properties? If so, there’s nobody better in the San Diego, Phoenix, or Las Vegas area for property management than GoldenWest Management.
If you’re on the fence about choosing GWM versus another property management company, this article will provide you with insight into how our company is different than the competition.
Your Source for Investment Sourcing and Acquisition
In this day and age most, property management companies only manage rental properties. At GWM we offer more services than just management.
Our real estate acquisition team performs all the due diligence needed to acquire properties with the best possible potential. IRA’s and other self-directed pension plans may be invested in our real estate programs while maintaining the tax-deferred status of the IRA.
Once we acquire the right properties for your portfolio, you can count on us to professionally manage them so that your involvement with your portfolio of rental properties will be 100% passive. All you will have to do is focus on is the profit that you receive from your rentals each month.
Full-Service Property Management
After acquiring a new property for your real estate investment portfolio, GoldenWest Management will provide you with full-service property management which includes the following services:
Property Marketing – When it comes time to list your property for rent online, GWM will list your property on our website including a wide variety of other rental websites so that it will receive the most interest from prospective tenants possible.
Tenant Selection & Placement – After prospective tenants start requesting information about your rental property we will screen and place the most qualified tenants in your rental. This will give you peace of mind in knowing that reliable and responsible tenants will be living in your rental property.
Customer Service – Have you received calls from your tenants at night, on weekends, or during holidays in the past? Thankfully, when you have GWM managing your rentals for you, you can count on them calling us for their maintenance requests, problems or customer service issues instead of calling you.
Maintenance – Just about every owner dislikes performing maintenance. If you’re one of those people, you can also have confidence that we will perform the very best maintenance on your investment property plus keep it in excellent shape so you don’t have to do anything yourself.
Rent Collection – Last of all, but most important is rent collection. We will collect the rent on time from your tenants each month and deposit those payments into your account so you can passively enjoy your profits.
Contact GoldenWest Management
Ready to get started with having GoldenWest Management professionally manage your rental property? Contact us today by calling (866) 545-5303 or click here to connect with us online.
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.
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.
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.
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.
This week’s topic, in our series, What to Look for in a Property Manager, focuses on the importance of Tenant selection skills. Renting out a property presents many challenges, and the challenges becomes greater when you lease the property out to bad tenants. Bad Tenants…they aren’t just people who don’t pay the rent on time, but those who don’t treat your home as if it were their own! They can be destructive, and drain value from your property. To avoid bad tenants, you must incorporate an effective background screening process. Based on our experience, here are the top things to include in your in the due diligence process:
Credit – Tenant quality tends to correlate with credit scores. Make sure to run a full credit report on tenant prospects that includes Social Security number (SSN) verification, driver’s license, and a list of their payment history on open lines of credit. Remember that you need more than just a score.
Criminal Records – This seems like a no-brainer, but a surprising number of property owners don’t run criminal reports. A national criminal report can be easily obtained to ensure that a prospective renter doesn’t have a history of violence, sex offense, destruction, or worse. Focus on Felonies and any misdemeanors that are less than (3) years old.
Eviction Records – Prospects can be screened for previous evictions. You should verify that a prospective tenant hasn’t been evicted before. If they have, it’s more likely that you’ll have to go through the costly eviction process. Sometimes evictions judgments aren’t recorded. However, be sure to scour the credit report looking for collections to apartment complexes, utility agencies, or collection companies that represent landlords.
References – Previous landlords can bring clarity into the kind of tenant someone was. Make sure to do your diligence and call on references. Tenants unwilling to provide them should raise an alarm. Be wary of unverified Landlords, such as those that don’t request a copy of the application your Tenant submitted and don’t release a written synopsis of the applicant. Someone just “returning your call” may be a friend or relative of the Tenant and NOT the previous Landlord.
A bad tenant can ruin your property, and make life miserable. One famous example from the GWM San Diego office:
GWM took over for a Landlord who found her own Tenants. Even though the Landlord had FINALLY obtained an eviction judgment, the Tenant had not paid rent for (4) months, and petitioned the court (and was granted) an extra 45 days in the property. On top of that the Landlord had $5000 in damage to her property, Attorney fees, and the Tenant, of course, didn’t pay their utility bills, so that meant before the NEW Tenant could have the utilities turned on, the Landlord had to pay the evicted Tenant’s outstanding invoices.
DON’T let this happen to you! Fortunately, many bad tenants can be screened out when the landlord or property manager properly focuses on the reports that we mentioned above. Screening costs time and money, but is worth the investment. Make sure to invest your time and money in tenant screening. This is, probably, the most important thing you can do to secure your investment in your property.
Still have questions? Contact us and let us know how we can help you with the screening process and the all of your property management needs.