Property Management Company

Best rental property management in Orange County CA

by Gerry Goodman on

Dealing With Late Rental Payment Notice As A Landlord

Investing in a rental property can be an exciting new project, especially with the current climate of profitable rental properties reaching new heights. However, being a Landlord does not come without its problem. Ensuring your property is up to date with all current legislation, screening tenants, preparing the lease agreement and ensuring all the finer details are put in place is just the beginning of the project you have embarked on as a Landlord. At this point, many people are usually looking for best rental property management in Orange County CA, as balancing their personal life, career and family with the rental property can be quite overwhelming. During your tenancy, the most problematic dealings with the property come from repairs and maintenance and unfortunately, having to issue a late rental payment notice or two.

One of the most common disputes between Landlords and Tenants is rental payments, and more specifically late rental payments. As a Landlord, the ideal tenancy would be one in which you have perfect tenants that maintain your property so it is in pristine condition at the very visit and all rental payments go through on time. However, for 99% of Landlords, this is just not the case, even the best tenant can forget to pay, or they may have an issue with their bank in which the payment has not gone through without their knowledge. In the worst case event, however, you may have a tenant who cannot pay, and will not pay, the rent to you despite posting a late rental payment notice.

It is absolutely essential that when dealing with a tenant, you follow all legalities so you cannot become liable for going down a route that veers from jurisdiction. The following stages are a must to follow regarding late payment.

Check your files

Before issuing a late payment rental notice, check your files! This is important as you need to ensure that according to all documentation, you should have received payment. Go over your Landlord Tenant Lease Agreement and check all previous payment records to confirm the date you should have received the rent. Furthermore, most agreements contain a grace period of 2-3 days, so make the late payment it is outside of this. The lease will usually specify a late-payment fee, in which you can claim if in fact, the tenant is late on a payment. If your lease does not include this within the terms, you cannot breach the contract and add it in.

Late Rental Payment Notice

Serving your tenant with the late rental payment notice notifies your tenant that their rent is overdue and that, if stated within the lease, they owe a late payment fee, and anything else stipulated within the terms. You also need to include a warning, that if they do not respond within a certain number of days, you will be taking legal action. In most cases, this will just be a reminder for a one-time forgetful tenant, however in the event that this is a purposeful action, make sure to keep the notice as it can be used as evidence in court should it have to go that far. You can deliver the late rental payment notice in person, email or tape to the door of the property. If using the best rental property management in Orange County CA, they will do this for you.

Follow up call

If you still have not received payment, make a follow-up call with the tenant. To avoid potential harassment, only do this once and with the benefit of speaking to the person, you may be able to get to the bottom of why the rent has not gone through yet.

Start the eviction process

If you were unsuccessful in both the late rental payment notice and the follow up call, you will need to draw up an official document, the pay or quit notice, with your attorney lawyer that clearly states your intent to evict them, the money the tenant owes you including all late payment fees and the date that it needs to be paid by.  After this, depending on your local statutes, you will have to wait around 3-5 days before you can file for eviction papers.

These are a very stressful and strenuous number of stages to take as a landlord, especially if you have other priorities you need to be concerned with. Many landlords look for the best rental property management in Orange County CA, not just because of the time required to handle this, but because they do not feel comfortable in knowing they have a full understanding of this process. Property Management Companies, like Goodman Management Team, are fully qualified with a team that stretches right across the entire spectrum, to fully manage any of these issues. This even includes delivery of the late rental payment notice in person, so that you can avoid any potential nasty disputes. Being able to handle such issues in a no-nonsense, professional manner is why many landlords feel much more comfortable using property management.

Best Rental Property Management In Orange County CA

Goodman Management Team are reputable as being the best rental property management in Orange County CA with their hands on approach to optimizing your investment, whether this be through handling repairs themselves, as many of them are fully qualified engineers and handymen, to prevent you from paying extortionate amounts to a company, to swiftly and professionally handling any tenant disputes. In the case of a required late rental payment notice and all other stages above, Goodman Management Team copies absolutely every document for you in the case of court proceedings, act quickly and consistently at every single step and follow every rule and legislature demanded from Orange County within the California state. This strong work ethic is reflected across the entire landlord journey, where they can start working with you right from the beginning if you require support from a company that truly understands the industry.

Goodman Management Team is a trustworthy property management company with loyal customers all over Orange County. They are determined to ensure your investment is as lucrative as possible throughout every stage of tenancy and with their highly rated customer service to tenants, the likelihood of you every experiencing a tenant that refuses to pay is very low!

Get in touch with Goodman Management Team to find out how they can help you to make the most of your property.

With the real estate market booming, and especially the rental sector, now is the perfect time for those keen to make an investment in a rental property. To begin the process, it is always best to seek advice to get the best tricks and tips for investing in a rental property. If this is your first time becoming a landlord, it is strongly recommended to look into the best rental property management in Orange County to ensure your investment will pay off. This is especially so if you have a full-time job outside of your investment property. With the difficulty of knowing what you need to know beforehand, here are our top five tips for investing in a rental property.

Location, Location, Location!!!

Before putting money aside, one of the top tips for investing in a rental property is to check out the area! Speak to the local community to gather insight into the neighborhood and speak to homeowners to get an understanding of how lucrative the properties really are. Walk around to see the type of tenants the area attracts and whether the tenants you desire could live here. The quality of the neighborhood will determine the tenants. For example, if it is near a university, you may have a lot of students searching for rental properties. If you would prefer small families that can commit to long-term rental period, then find an area which has low crime rates, is close to good schools and just a stone’s throw away from things to do on a weekend.

Set money aside for potential repairs

This is one of the top tips for investing in a rental property. It is best to hope you won’t have to deal with any repairs for at least the first year but unfortunately, there is always something. Whether it is a burst pipe, a broken refrigerator or a shattered window – these things cost money! To avoid any unwanted surprises, set a little bit of money aside in the event that something will need repairing. If the damage is a direct result of your tenant, then the liability falls on them to pay up, however anything else is going to have to come straight from your pocket. Luckily, once the property starts to make a profit, you can reinvest. However, for the sake of a stress-free life, having a cash pot dedicated to potential repairs is always a good idea, especially as you dive deeper into the investment game!

Consider property tax

Property tax can be a nightmare, and if you aren’t prepared for it beforehand, it can cause weeks of sleepless nights and quite a while of breaking even before you begin to make any money at all. Property tax caps on rental properties are an entire percentage point higher than your primary residence which can be quite a jump depending on the area. Visit the local tax assessment office that will have all tax information in hand to find out a rough estimate of the property tax. If the tax is high, but the area is in an excellent location and will attract long-term tenants, this isn’t necessarily a deal breaker. Chat to neighbors that own their homes in the community to get a better idea. If you do decide to go with the property then adjust the rent according to the property tax. Choosing the best rental property management in Orange County will benefit you, as they can help you with this.

Screen your tenants wisely

Finding great tenants can be a goldmine. Not only do you not have to worry endlessly about your property, knowing that it will be in good hands but it can mean a long-term relationship that provides you with a constant stream of income every month. Those tenants are a joy, but need to be picked meticulously as you don’t want to find yourself with a tenant that sets you back in repairs or those that you have to chase up incessantly on tenant arrears. To avoid total destruction of your property, high tenant turnover and many sleepless nights, screening for the right tenant is essential. A best rental property management in Orange County will help you to do this. With experience and tips for investing in a rental property, they are fully qualified to screen tenants tailored to your requirements.

Find yourself the best rental property management in Orange County

If this is your first rental property, and especially if you have a full-time job aside from this, having a professional company manage your property not only takes away the demands a rental property has on a daily basis but, can save you money in the long run. Finding a great property manager is the most important thing. Goodman Management team is one of the best to go with in Orange County with years of industry knowledge and professional experience. What makes them stand out from the crowd is that as well as being qualified in real estate and property management, the team all has individual skills including engineering, plumbing etc. Therefore, they work tirelessly to protect you from excessive costs repairs may account for by fixing a lot of the problems themselves. They can also take away the tenant screening process, taking into account your requirements and finding ideal tenants, reducing the cost of tenant turnover and any damages that may be caused from “clumsy” accidents.

Gerry Goodman and his team are highly recommended on being honest, great people to have a long-term relationship and trustworthy. As they work to ensure you are getting the most from your investment, you can relax knowing that your property is in good hands.

Get in touch with Goodman Management Team to find out more about the best rental property management in Orange County and start what will be a very successful and lucrative relationship today!

      Are you a commercial or residential property owner in Anaheim, California? Are you looking to rent out your property? If the answer is yes to both of these questions, you may want to consider looking for a property management company. Sure, you may want to keep the rental under your wing and it may seem simpler to just manage your property yourself.  However, it may help you to first take a look at all of the multilayered components regarding property management, and what to consider when looking for a property management company.

 WHAT A PROPERTY MANAGEMENT COMPANY WILL PROVIDE:

     Anaheim is a thriving place to live. With picture perfect weather and an alluring city life, it is no wonder rental property is in demand. Allowing experts to guide you through the process of becoming a landlord will avoid time-consuming efforts, possible legal entanglements and much more. Let’s start with the basics; accurate rental fees. A property management company will work with you to construct fees appropriate for your individual property. Then comes putting the property on the market and screening possible tenants. It is essential to the value of your property and the value of your time, that you have professional help when getting started with these processes. Performing background checks on tenants and sifting through the applicants can be a tedious job, and you want to make sure whoever is living in your property is trustworthy and responsible.

     Then comes tenant move in. Your property management company will aid you in drawing lease agreements, ensuring the condition of the property before the tenants move in, and going over guidelines of all the said agreements. As the experts in property management are knowledgeable on all of the layers of real estate laws, it is this process that could lay the foundation for preventing any legal issues in the future and protecting your rights.

     Rent collection, inspections, evictions, maintenance etc. These are all things you will need to consider when looking for a qualified property management company. So it is imperative that you go with a company that works for you, is reputable and trustworthy. A good company will enhance the value of your property and guide you through the entire real estate process seamlessly. The goal is to ensure the rights of you, as a landlord, your tenants, and also make sure every legal obligation is being met. Without a committed property management team on your side, it may end up causing you a lot of time, money and stress.

YES – A PROPERTY MANAGEMENT COMPANY WILL SAVE YOU MONEY:

     The old saying is true; “time is money.” With all of the aspects of property management, responsibilities will be coming at you from every angle, and they can be extremely time to consume. You must be 100% comprehensive regarding real estate laws, tenant right, building codes, a consistent upholding of your lease agreements, on top of maintenance issues and up to date with finances. The list is unraveling and ever growing. Having a trustworthy property management company working for you will keep this consistency flowing. Rest easy knowing that experts are on top of every aspect of property ownership and management.

     Maintenance can be one of the more costly aspects of renting out a property. Depending on what type of residence you are renting out (condo, apartment, house etc.) the maintenance issues can range from detrimentally huge (a boiler going) to something as minor as a toilet overflowing. But at the end of the day, the labor and parts cost MONEY. And now you need to do research on reasonable and trustworthy maintenance services. Wouldn’t it be fabulous to have a management company at your disposal, fully equipped with their own team of electricians, plumbers etc., that are ready to be dispatched to your property when you need it? At the same time, cutting costs significantly? Let’s face it, plumbers are expensive. Electricians need parts. If you consider hiring a property management company, consider one with this approach. An agency that won’t randomly dispatch a local plumber to your residence and stick you with the monstrous bill. Such a company exists, and they want to help cut your costs and boost the value of your property.

THE EXPERTS ARE HERE:

   Goodman Management Team has been guiding property owners like yourself for decades. The mission is to be a reputable and trustworthy entity, dedicated to guiding property owners through the intricacies of the law and the complexities of rental obligations. Hiring a property management company may be the best business decision you make, and will save you money, precious time and a lot of possible stress.