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Filling Vacancies

Filling vacancies is a top priority for landlords and managers. When properties are all filled, you have maximum income to help you cover all your expenses, management or maintenance challenges, and also keep your property upgraded so that the properties continue to keep good residents longer and attract the most ideal residents. Without such cash flow, its so easy to go into a downward spiral of poor property upkeep, unpaid rent, evictions, and vacancies.

Property owners are losing money throughout the year from vacancies and uncollected rents (from no-pays and evictions). The goal of a business owner is to have a business that operates at maximum profit. A vacancy is costing the landlord far more money sitting empty than a minor repair being attended to. And yet many landlords have vacancies that have been sitting empty for weeks and even months, but the landlord still has minor repairs on the top of their “To-Do” list, instead of filling the vacancy.

If the properties are filled with paying residents, you can pay someone to get the repairs done and still have funds for other matters.

Just like in the restaurant business, it’s vital to “turn tables” as quickly as you can and seat new residents. In the rental business, once you have a vacancy, it is vital to fill it. The end goal is to stay on track toward building your net worth with rental properties.

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3 Great Reasons for Renting Your House

In the California uncertain real-estate market, more homeowners are reluctantly either becoming renters or rentees.  Some are trying to keep their Santa Barbara homes and opt to rent out their property, especially since Santa Barbara home rental rates are typically very strong these days.   Some are relocating for more promising employment opportunities and aren’t ready to let go of their home, while others may have inherited additional real estate with no idea what to do with it.  There’s a variety of reasons why homeowners are turning into landlords, and thankfully a variety of benefits to do so.  Here are three great reasons to rent out your home!

Buying time

Riding out the market has become one of the top reasons homeowners are renting out their properties.  Home prices may be down 20-30% or more, but trying to sell in this market has proved to be tougher than ever!  Homeowners are finding it especially hard to sell their homes because they’re competing with Santa Barbara foreclosure rates in addition to a flood of other available properties.  Transitioning your Goleta home into a Goleta rental property even short term can buy you time until your house can sell or until the market picks up.  Having a renter also helps prevent having a vacant home, which can become the target of break-ins and vagrants.

Income Source

If you’re one of the masses suffering in the shaky real estate market and an even shakier job market, there’s still hope.  If you play your cards right, you may be able to turn a profit renting out your property.  For many, rent income can cover mortgage, taxes, and even insurance payments.  However, knowing how much rent to charge is tricky, and most find it in their best interest to hire a Goleta property manager to more accurately determine what rent to charge as well as locate tenants, collect rent payments, and maintain your property.

Tax Breaks

Renting out your property doesn’t always promise a juicy new income option, however it can bring in some great tax perks.  Even though rental income is taxed as regular income, numerous deductions on expenses and depreciation can whittle down the tax bill.  Homeowners can deduct out-of-pocket expenses related to owning and managing your Santa Barbara rental property.  This includes property taxes, association fees, property insurance, repair costs, maintenance expenses, and fees paid to Santa Barbara rental property management companies.

Renting out your home isn’t for everyone, but for many it can be a viable solution to holding on to your property in a sloppy housing market, or having a place to come back to after a job relocation.  Though there are risks that should be carefully considered before renting out your home, if you plan smartly, renting out your home can help you survive and even thrive in our current housing market.

Increasing desire for rental properties

The American Dream was once to save enough money that would go towards a down payment for a home. But after making the down payment, there is the problem of paying off for the whole purchase price of the property over time. Times have changed and as a result the common dream for many people as far as owning their own homes has changed as well.

Recently, studies have shown that home ownership is less favorable for people in comparison to renting. At first glance, an individual who was given the finances to do so would choose buying a home rather than renting one. But if careful analysis is employed, many of these individuals would realize that renting would be a better choice in both the short term and in the long run.

One of the biggest reasons why renting makes better sense than buying is the fact that home ownership comes with plenty of hefty expenses. First off, as the buyer, you would have to shoulder a lot of costs involved in the home-buying process. You would have to pay for the appraisal of the property, taxes as well as home insurance. There’s also the matter of spending for property repairs.

When renting, the tenant would not be burdened by such expenditures. One just has to look at home ownership with a practical view to see these benefits. Many individuals affected by the massive economic downturn in recent years have started to be more analytical which is why it makes a lot of sense to invest in a rental property today.

With this shift in the way people think about home ownership and renting, an investor could position himself to take advantage of the situation. Purchasing rental properties today at their current selling price would yield a lot of return once other investors start scouring the marketplace for properties to buy and turn into rentals.

Soon, more people will realize that renting makes more sense than buying a house and rental properties will not only increase in value, but you could also command premium rates for the rent especially if you have invested in a property located in a prime location.

Importance of tenant screening

  1. Your reputation. One of the most important goals of many landlords is to keep their units filled. Therefore, you want to avoid a high turnover in your properties due to disruptive tenants. Your reputation is on the line when it comes to having good tenants with acceptable background checks in your properties.
  2. Your property. Having disruptive tenants in your property could destroy it. Appliances could become damaged, carpet destroyed and countless other things are at risk of being broken. This will become a huge expense to the landlord. Many landlords are in business to make an income, not throw it away on repairs.
  3. Your existing residents. You could potentially lose good tenants who have been renting from you for some time. Troublesome tenants could drive the good tenants away. It’s your responsibility to maintain a safe environment for all your residents.
  4. No payment. The tenant you chose for your rental property could move out without giving you notice and without paying you the current month’s rent. While this could happen with any tenant, the risk is potentially higher when you fail to do tenant screening.
  5. Save money. If you do tenant screening, you could actually save yourself money. Imagine the tenant destroying much of your property and then leaving without paying for it, not only would you have to spend the money to fix everything, but you’d also spend money suing them in court. This could lead to hundreds if not thousands of dollars.

Increasing desire for rental properties

The American Dream was once to save enough money that would go towards a down payment for a home. But after making the down payment, there is the problem of paying off for the whole purchase price of the property over time. Times have changed and as a result the common dream for many people as far as owning their own homes has changed as well.

Recently, studies have shown that home ownership is less favorable for people in comparison to renting. At first glance, an individual who was given the finances to do so would choose buying a home rather than renting one. But if careful analysis is employed, many of these individuals would realize that renting would be a better choice in both the short term and in the long run.

One of the biggest reasons why renting makes better sense than buying is the fact that home ownership comes with plenty of hefty expenses. First off, as the buyer, you would have to shoulder a lot of costs involved in the home-buying process. You would have to pay for the appraisal of the property, taxes as well as home insurance. There’s also the matter of spending for property repairs.

When renting, the tenant would not be burdened by such expenditures. One just has to look at home ownership with a practical view to see these benefits. Many individuals affected by the massive economic downturn in recent years have started to be more analytical which is why it makes a lot of sense to invest in a rental property today.

With this shift in the way people think about home ownership and renting, an investor could position himself to take advantage of the situation. Purchasing rental properties today at their current selling price would yield a lot of return once other investors start scouring the marketplace for properties to buy and turn into rentals.

Soon, more people will realize that renting makes more sense than buying a house and rental properties will not only increase in value, but you could also command premium rates for the rent especially if you have invested in a property located in a prime location.

Tips for new Santa Barbara / Goleta landlords

How can you, a new landlord, avoid the pitfalls and reap the rewards of owning a rental property in Santa Barbara, Goleta or Montecito? How can you dodge property management disasters and turn this into a profitable, hassle-free property ownership venture? The key is to start out on the right foot.  Putting everything in place and being prepared will ensure that experience as a new landlord is a positive one. Sure, there might be bumps along the way, but if you are prepared, you’ll meet these challenges head on and overcome them.

- Follow the screening process.  This should be at the top of your priority list.  Don’t EVER take what a prospective tenant tells you at face value and hand them the keys.  Be rigorous. Do all of your employment, reference and credit checks EVERY time on EVERY tenant.  This is imperative for efficient property management and maximum return on your investment.

- Establish great tenant relationships. This is a very important step for new landlords because new tenants means a successful rental property business. Having good tenants prevents the “horror stories”.  Establishing these relationships starts before you even meet your prospective tenants through advertising and screening and then carries on through the duration of their tenancy.

- Run it like a business. Owning a Santa Barbara, Goleta or Montecito rental property is a business and on organized landlord with systems and processes in place is much more likely to succeed than someone who is winging it. Some examples of these systems would include forms, your ads, your property information binders as well as filing and accounting systems.

- Use customized forms.  When you’re just getting started with a rental property, it’s important to have your forms ready to go.  These would include things like inspection reports, lease agreement and rental application.  Many new landlords use generic forms that they find online thinking that one form is as good as the next and often times they don’t even understand everything that is written there.  These are huge mistakes which will come to light when a lease needs to be enforced.  Use customized property management forms to lay down your rules and regulations from the outset.

- Make security a priority.  Most new landlords think that the cost of rent is the most important factor for tenants when they are looking for a rental. In actual fact it is security for themselves and their families that is the top priority.  Many tenants are actually willing to pay a little more if there is great security in place when they rent and they know it will be ongoing.

- Make it easy for your tenants.  When it comes to “who should do what” between tenants and landlords, conflict often arises unless it is clear from the start. The easier you make it for your tenants, the easier it will be for both of you in the long run.

- Use your head not your heart. This might be the hardest obstacle for anyone getting started with a rental property and property management in Santa Barbara and Goleta.  As a new landlord or property owner, you’ll eventually hear a story or promise from your tenants, especially when if comes to late rent payments. Unfortunately, you’ll also figure out that most stories and promises aren’t true.  To keep more money in your own pocket, it’s important to separate emotion from business and know your Santa Barbara and Goleta property eviction processes before you have to implement them.

- Prepare for bumps in the road. It won’t always be smooth sailing, even if you do follow these tips.  Even with all of your systems in place, challenges will still come along in your Santa Barbara and Goleta property ownership. It’s how you handle these challenges that will determine your success.

- Save for a rainy dayRental properties in Santa Barbara and Goleta cost money for repairs, maintenance and vacancies.  If you don’t have a way to cover these expenses as they arise, your properties will deteriorate and so will your grade of tenant.  It’s a slippery slope so it’s always best to expect expenses and plan for them ahead of time so your Santa Barbara and/or Goleta property ownership can be well maintained.

Reasons for renting property

The American Dream was once to save enough money that would go towards a down payment for a home. But after making the down payment, there is the problem of paying off for the whole purchase price of the property over time. Times have changed and as a result the common dream for many people as far as owning their own homes has changed as well.

Recently, studies have shown that home ownership is less favorable for people in comparison to renting. At first glance, an individual who was given the finances to do so would choose buying a home rather than renting one. But if careful analysis is employed, many of these individuals would realize that renting would be a better choice in both the short term and in the long run.

One of the biggest reasons why renting makes better sense than buying is the fact that home ownership comes with plenty of hefty expenses. First off, as the buyer, you would have to shoulder a lot of costs involved in the home-buying process. You would have to pay for the appraisal of the property, taxes as well as home insurance. There’s also the matter of spending for property repairs.

When renting, the tenant would not be burdened by such expenditures. One just has to look at home ownership with a practical view to see these benefits. Many individuals affected by the massive economic downturn in recent years have started to be more analytical which is why it makes a lot of sense to invest in a rental property today.

With this shift in the way people think about home ownership and renting, an investor could position himself to take advantage of the situation. Purchasing rental properties today at their current selling price would yield a lot of return once other investors start scouring the marketplace for properties to buy and turn into rentals.

Soon, more people will realize that renting makes more sense than buying a house and rental properties will not only increase in value, but you could also command premium rates for the rent especially if you have invested in a property located in a prime location.

Tips for new Santa Barbara / Goleta landlords

How can you, a new landlord, avoid the pitfalls and reap the rewards of owning a rental property in Santa Barbara, Goleta or Montecito? How can you dodge property management disasters and turn this into a profitable, hassle-free property ownership venture? The key is to start out on the right foot.  Putting everything in place and being prepared will ensure that experience as a new landlord is a positive one. Sure, there might be bumps along the way, but if you are prepared, you’ll meet these challenges head on and overcome them.

- Follow the screening process.  This should be at the top of your priority list.  Don’t EVER take what a prospective tenant tells you at face value and hand them the keys.  Be rigorous. Do all of your employment, reference and credit checks EVERY time on EVERY tenant.  This is imperative for efficient property management and maximum return on your investment.

- Establish great tenant relationships. This is a very important step for new landlords because new tenants means a successful rental property business. Having good tenants prevents the “horror stories”.  Establishing these relationships starts before you even meet your prospective tenants through advertising and screening and then carries on through the duration of their tenancy.

- Run it like a business. Owning a Santa Barbara, Goleta or Montecito rental property is a business and on organized landlord with systems and processes in place is much more likely to succeed than someone who is winging it. Some examples of these systems would include forms, your ads, your property information binders as well as filing and accounting systems.

- Use customized forms.  When you’re just getting started with a rental property, it’s important to have your forms ready to go.  These would include things like inspection reports, lease agreement and rental application.  Many new landlords use generic forms that they find online thinking that one form is as good as the next and often times they don’t even understand everything that is written there.  These are huge mistakes which will come to light when a lease needs to be enforced.  Use customized property management forms to lay down your rules and regulations from the outset.

- Make security a priority.  Most new landlords think that the cost of rent is the most important factor for tenants when they are looking for a rental. In actual fact it is security for themselves and their families that is the top priority.  Many tenants are actually willing to pay a little more if there is great security in place when they rent and they know it will be ongoing.

- Make it easy for your tenants.  When it comes to “who should do what” between tenants and landlords, conflict often arises unless it is clear from the start. The easier you make it for your tenants, the easier it will be for both of you in the long run.

- Use your head not your heart. This might be the hardest obstacle for anyone getting started with a rental property and property management in Santa Barbara and Goleta.  As a new landlord or property owner, you’ll eventually hear a story or promise from your tenants, especially when if comes to late rent payments. Unfortunately, you’ll also figure out that most stories and promises aren’t true.  To keep more money in your own pocket, it’s important to separate emotion from business and know your Santa Barbara and Goleta property eviction processes before you have to implement them.

- Prepare for bumps in the road. It won’t always be smooth sailing, even if you do follow these tips.  Even with all of your systems in place, challenges will still come along in your Santa Barbara and Goleta property ownership. It’s how you handle these challenges that will determine your success.

- Save for a rainy dayRental properties in Santa Barbara and Goleta cost money for repairs, maintenance and vacancies.  If you don’t have a way to cover these expenses as they arise, your properties will deteriorate and so will your grade of tenant.  It’s a slippery slope so it’s always best to expect expenses and plan for them ahead of time so your Santa Barbara and/or Goleta property ownership can be well maintained.

Increasing desire for rental properties

The American Dream was once to save enough money that would go towards a down payment for a home. But after making the down payment, there is the problem of paying off for the whole purchase price of the property over time. Times have changed and as a result the common dream for many people as far as owning their own homes has changed as well.

Recently, studies have shown that home ownership is less favorable for people in comparison to renting. At first glance, an individual who was given the finances to do so would choose buying a home rather than renting one. But if careful analysis is employed, many of these individuals would realize that renting would be a better choice in both the short term and in the long run.

One of the biggest reasons why renting makes better sense than buying is the fact that home ownership comes with plenty of hefty expenses. First off, as the buyer, you would have to shoulder a lot of costs involved in the home-buying process. You would have to pay for the appraisal of the property, taxes as well as home insurance. There’s also the matter of spending for property repairs.

When renting, the tenant would not be burdened by such expenditures. One just has to look at home ownership with a practical view to see these benefits. Many individuals affected by the massive economic downturn in recent years have started to be more analytical which is why it makes a lot of sense to invest in a rental property today.

With this shift in the way people think about home ownership and renting, an investor could position himself to take advantage of the situation. Purchasing rental properties today at their current selling price would yield a lot of return once other investors start scouring the marketplace for properties to buy and turn into rentals.

Soon, more people will realize that renting makes more sense than buying a house and rental properties will not only increase in value, but you could also command premium rates for the rent especially if you have invested in a property located in a prime location.

Reasons for evictions

Most tenants believe the only way they will be evicted is if they don’t pay the rent.  Even though not paying the rent will result in an eviction, there are many other causes for evictions.  Here are a couple non common reasons you could be evicted.

The Cat Came Back

Many apartments and rental property management companies have a strict non-pet policy, because they don’t want animals to damage the property.  That doesn’t stop some crafty tenants from bringing home a new puppy from the shelter or sneaking in a cat or two.  What’s the harm?  Most people don’t think they’re doing anything wrong, but unfortunately your sweet new pet could be a major lease violation; one that can get you in big trouble for damage to the property if Fido stains the carpet or Fluffy tears up the drywall.  Tenants will receive warnings to remove their pet from the premises, but if you neglect to do so, you could find yourself with a nasty eviction notice and an impending court date!

Secret Roommate

We’ve all been there.  A couple of friends or family members need a place to crash for a few days, but a few days turns into a month and before you know it, you’ve got new roommates.  Or maybe you’ve decided to take your relationship to the next level and let your boyfriend or girlfriend move in with you.  It’s okay if they’re helping pay rent, right?  Wrong.  Many property management companies have occupancy standards that only allow a certain number of people to live in a space.  Even if you tell everyone to lay low, it’s only a matter of time before the Santa Barbara rental agencies finds out and asks you to give your roommate(s) the boot.  Sadly, if they don’t move out, you all move out since the landlord has the right to evict you for violating your lease.

 



 



 

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Sandpiper Property Management
1825 State Street Suite #106
Santa Barbara, CA 93101
Sandpiper Property Management
1000 Town Center Dr. Suite #300
Oxnard, CA 93036
Sandpiper Property Management
505 N. Sepulveda Blvd Suite #15
Manhattan Beach, CA 90266

Telephone: 1-805-487-0099

Copyright 2011 Sandpiper Property Management, Inc. All Rights Reserved. CA DRE License # 01406632. An Equal Opportunity Company.  Equal Housing Opportunity.