Are you planning on investing in a property in Livermore, CA? The city has seen a sharp population decline of just over 7% since 2020.
However, this doesn't spell the end for landlords. All it means is that you'll have to be extra diligent with your lease administration efforts. You need to ensure you keep the best tenants in your property for the long run.
This guide will show you the best lease administration tips you'll need to succeed as a landlord.
Here's what you need to know:
Find the Right Tenants
If your property is vacant, you should consider outsourcing the tenant screening process. This is a process that helps you filter for the best tenants. These are tenants who have a proven track record of being responsible when staying in a rental property.
You need to find tenants who haven't missed rental payments within the range of your rental fee.
Screening processes also help you find tenants who don't have criminal records. This will save you a major headache as a landlord. Your goal should be to find a tenant who'll stay with you in the long run.
Keeping Financial Records
The next step is to keep track of your property's finances at all times. You'll have to keep an eye on your profits or losses.
You'll also need to anticipate if your cash flow is sufficient for any emergency expenses. Make sure you're also never behind on your tax obligations. This ensures that you can continue to run your rental business.
You don't want to be in a situation where you'll have to close your property to potential tenants.
Simple Rent Collection
To sustain your rental business, you must collect your rent on time. You must make it as easy as possible for your tenants to pay the rental fee.
Give your tenants the option to pay in cash, via cheque, or wire transfer. To make it even easier, give them the choice to pay using payment apps such as Venmo, Zelle, or CashApp.
You can also create an invoice that offers a payment link. You can use a service such as PayPal for this. With this route, your tenants can pay with a credit card. This ensures that you'll receive your rental payment even when they can't pay immediately.
These are strenuous tasks but are all necessary to succeed as a landlord. However, you don't have to handle these tasks on your own. You can always hire a property manager to help you.
Succeed With Lease Administration
Now you can follow these tips to succeed with lease administration as a landlord in Livermore.
Whether you need to brainstorm lease renewal strategies or need help managing rental agreements, you can count on a property manager. They'll handle these tasks so that you don't have to stress about lease administration!
PMI Alameda County is one of Livermore's best property management companies. We have many satisfied clients who can attest to our work. We look forward to speaking with you.
