Rental Security Deposit Laws

by Gerry Goodman on

Rental Security Deposit Laws – Knowing What To Give Back

When it comes to dealing with security deposits, many landlords can miss very important aspects if attempting to handle independently. As a Californian Landlord, you need to understand the rental security deposit laws within the state thoroughly before you begin the process.  Having the best rental property management team in Orange County CA, to help take this off your hands and ensure everything is being done to the state’s jurisdiction so you do not get caught out later down the line. However, here is the basic breakdown of this complex process to give you an insight into everything you should be aware of beforehand.

What can you charge?

According to rental security deposit laws in California, you can request a maximum of two months’ rent if the apartment is unfurnished or three months if the apartment is furnished. One thing to be aware of here is your market. If you are demanding the top end of the deposit allowance, you may scare potential tenants off. Working out who your market is and the risks involved will allow you to make an informed decision when it comes to the deposit. For example, if you are searching for middle-aged couples, the likelihood of you not giving them their deposit back is a lot lower than if your market was a group of first-year university students. If hiring the best rental property management team in Orange County CA, they will be able to apply their knowledge and database full of statistics to come up with a suggestion that will fit both you and the tenant.

Please note that you cannot charge a non-refundable deposit under rental security deposit laws in California.

Where must you store the deposit?

In California, the Landlord is responsible for storing the security deposit. This does not even have to be stored in a separate bank account and there is no requirement for written notice to the tenant after receipt of the security deposit. However, to maintain a strong relationship with tenants so that you minimize turnover, transparency is key. Making sure that you clearly state the terms of the rental deposit and how you will store it in the landlord tenant lease agreement, will avoid confusion or conflict later down the line.

Reasons for you to keep the deposit

Under rental security deposit laws, you are entitled to keep the security deposit, or a portion of it, if the tenant does not pay their rent. However, for this, you will need to follow stages to doing this under late payment notice legislation in California. You can also take a portion of the security deposit if there have been any damages to your property, if you require cleaning to be done to restore the property to what it was before the tenancy or to pay debts that tenants have incurred by violating the terms of the lease. The landlord is prohibited from using the deposit to fix any wear and tear to the property that was there beforehand.

Communicating with the tenant for any of these issues can become very volatile, especially if the tenant is reluctant to give up their deposit. Having the best rental property management team in Orange County CA take control of this is recommended, as they have plenty of experience handling troublesome tenants, and approach everything in a professional manner.

When should you return the deposit and how do you do it?

According to strict rental security deposit laws, the landlord must return the deposit to tenants within 21 days of them leaving the property. The security deposit has to include a statement that confirms with tenants, how much they have received of their deposit upon return and how much was given initially. If deductions have been taken from the deposit, these need to be itemized and explained inclusive of receipts to show the actual charges that were incurred from repairs. In the event that the repair work is yet to be complete, the Landlord must give an estimate.

How do you handle the deposit if you sell your property?

You have two options when it comes to rental security deposit laws and selling your property. You can transfer the deposit minus of any deductions incurred to the new Landlord. You are then responsible for making the tenant aware, in writing, of all important contact details of the new Landlord. You also need to provide both the new owner and the tenant a written notification including the amount of the security deposit and any deductions that have been taken.

The second option is to return the security deposit with any deductions made directly to the tenant. You, as the Landlord, then need to notify the new owner of your decision to refund the tenant with their deposit, the amount they received and any deductions that were taken.

Goodman Management Team – Best Rental Property Management in Orange County CA

When it comes to handling such tasks like this during a tenancy, many opt for the best rental property management team in Orange County CA because they simply do not have the time or the knowledge required. If you have a family, a career or just your own property to handle, the many components you need to understand, to ensure you are following legislation within California and to maintain a good tenant relationship can be overwhelming. Goodman Management Team has years of industry experience, and its dedicated hands-on team has made them one of the most trusted and best rental property management team in Orange County CA. Not only do they understand rental security deposit laws like the back of their hand, but they are fully aware of all laws involved under California jurisdiction.

Gerry and his team are well equipped with a number of skills, including engineering, plumbing, and electrician work. Therefore, to help reduce costs incurred by damages, including natural issues that occur in a property, they will go in and do the repairs themselves. This is a key factor that sets them above the rest of the property management companies in the area. Furthermore, they maintain great relationships with all clients and tenants, being the first port of call for any problems, resolving both efficiently and professionally.

Visit Goodman Management Team to find out more about the best rental property management team in Orange County CA and how they can turn your property into a lucrative investment.

Rental Property Repairs And Maintenance

by Gerry Goodman on

Take The Hassle Out Of Rental Property Repairs And Maintenance

Rental property repairs and maintenance are probably one of the most common frustrations for Landlords. However, with strict legislation in place that ensures your property has to be up to a certain standard during tenancies, you cannot let any repair issues slide. Having a really thorough Landlord Tenant lease agreement that covers every possibility, stating who is liable to pay, will also help to control this problem and any conflict that could arise when damages are caused. Many people use the best rental property management in Orange County CA to support them so that Landlords can continue on with their own lives, whilst qualified professionals take this burden off their hands.

As much as Landlords wish for a property that remains in pristine condition throughout the tenancy, the chances of this are very low. Therefore being prepared for such repairs is the best way so you do not have to face any unwelcome surprises.

Top most common rental property repairs and maintenance

Non-functioning appliances

It is a given that out of all rental property repairs and maintenance issues, non-functioning appliances are the most common. One of your appliances will either need repairing or replacing during the tenancy.  At absolutely no fault of the tenants in most cases, this is just a fairly regular issue that occurs in most households.

To fix any of these issues, it is the Landlord’s responsibility and therefore if you do not have the best rental property management in Orange County CA, you will need to call on a professional to come and fix such rental property repairs and maintenance issues. The typical price for fixing an appliance can range from around $50-$100 an hour.

No hot water

Losing hot water is either down to two issues, either the heating element needs replacing which is a very small cost, or the heater needs replacing which will be a quite significant blow to your budget. This can be one of the most worrying rental property repairs and maintenance issues as, if not skilled or knowledgeable about these problems, you can end up spending a lot more money than necessary. Having one of the best rental property management in Orange County CA to oversee this, especially Goodman Management Team will take away concern as they can apply their skills to ensure you pay the lowest rate possible.

Leaking ceilings

Hopefully, something that is identified soon by your tenants as leaving any leaks for too long will result in a very large bill! Not only will you need to repair the crack where the water is leaking from, which would be pretty minor, but the water damage which could result in mould or damage to other parts of your property can amount to a substantial cost!

Unwelcome pets!

Dealing with pests, or infestations, in your flat is one of the most common and worst issues to handle! That being said, it is the Landlord’s responsibility and therefore handling efficiently will help to continue a strong landlord, tenant relationship.

Firstly, before your tenancy even begins, you should make sure to identify and seal up any holes in the property. You should then educate your tenant on how to handle such rental property repairs and maintenance problems, and when it needs reporting. You will then need to hire a pest specialist to fix the issue which usually incurs a couple of hundred dollars.

Clogged toilets

Luckily, a clogged toilet is down to your tenant to fix. However, the dispute may arise during this time in which acting professionally and calmly is crucial. They need to call a plumber to fix the issue, however, monitor the situation as if the toilet isn’t fixed, you don’t want significant damages occurring later down the line. In this incident, just contact the plumber yourself and bill the tenant. This is where hiring the best property management in Orange County CA is favorable.

 

Goodman Management Team – Best Rental Property Management in Orange County CA

For most Landlords, juggling a career and your own property with the issues that occur on your rental property can be extremely overwhelming. Hiring the best rental property management in Orange County CA takes the pressure off you, and gives you the reassurance that all rental property repairs and maintenance problems are being handled in the most cost-effective way.

Goodman Management Team is an extremely reputable company, working across California with many happy and loyal clients. What makes Gerry and his team stand above the crowd when it comes to rental property repairs and maintenance, is that not only are they highly qualified and down to earth, but the team all have skills and background qualifications in hands-on preparation skills. This ranges from engineering to plumbing to electrical repairs! As a result, the team will usually go to fix any issues themselves instead of calling an external contractor to save, what could be, a significant cost.

Shielding their clients from the excessive costs of common repairs is a real draw, and a reason to why the team has been so successful, as well as many others! One client required the replacement of 10 feet of wrought iron fencing and was quoted a whopping $3500 from an external company. One of the Goodman Management Team took the job and successfully replaced it for $1600, and this was mainly material costs.

Further to this, Gerry Goodman and his team have a long standing history of customer satisfaction with industry expertise in the property management business. With over 25 years of experience; legislation, liability, rental property repairs and maintenance, and the requirements for the entire tenancy journey from start to finish is second nature to the best rental property management in Orange County CA. You can have peace of mind in knowing that your property, tenants, and investment are in the hands of the utmost qualified professionals.

With this in mind, it is important to factor that it is beneficial for both your property management company and yourself to ensure that the property is nurtured throughout the tenancy to successfully deliver a sound investment. Developing a long-standing relationship with the best rental property management in Orange County CA will guarantee you a happy and lucrative future which is why it is crucial to pick the best, most hands-on company you can find.

Get in touch with Goodman Management Team to find out more about rental property repairs and maintenance and the best rental property management in Orange County CA!

Foreclosure Eviction Process In California

by Gerry Goodman on

Get Help Handling The Foreclosure Eviction Process In California

With the rental property market becoming highly saturated due to the significant amount of money you can make in becoming a landlord, managing your property, documentation, and tenants have become more important than ever to keep your head in the race. This includes having detailed and fully comprehensive legal documents such as the landlord-tenant lease agreement in the case that you have problematic tenants. If for any reason, you do unfortunately end up with tenants you are unhappy with, due to damages to your property or late/unpaid rent, and you have been through all the legal stages with no luck, you will then be faced with handling the foreclosure eviction process in California. This process is one every Landlord hopes to avoid as it can be a nasty, complicated procedure, however, it is essential that you follow the steps required under jurisdiction to the letter to ensure the process runs smoothly, and to your advantage. The best property management in California can help you in handling a foreclosure eviction process.

Notices are essential

You need to make sure you have given your tenant enough notice before beginning the eviction process. If it is regarding late payments, a notice needs to be sent to them demanding they either pay the late rent in three days or vacate. Alternatively, you can send a notice that informs them of the ways in which they have breached the Landlord Tenant Lease Agreement, giving them three days to correct the problem. If these changes are not made, you can then go ahead with the next stage of the foreclosure eviction process in California.

Court Filings

The next step is to then file a complaint and summons with the superior court which you will need legal advice and support for. You then need to serve the tenant with a copy of both the complaint and summons including clearly that if the tenant does not respond to the summons in five days, the Landlord will win the eviction lawsuit by default.  If the tenant does respond, a hearing will be scheduled for the court. In this case, they will use the landlord-tenant lease agreement to cross reference. If the judge decides the landlord has failed to comply with the terms, you may not be able to evict the tenant. If it is proven that the tenant has not complied with the terms of the agreement, they will be served with the copy of the judgment and given a period of time in which they have to leave, before the sheriff comes and forcibly moves them out of the property.

Writ of Possession

In the case that the tenant does not leave within the allocated amount of time provided, you as a Landlord cannot change the locks or switch off the utilities to force them out. Instead, you have to wait for the sheriff to forcibly remove the tenant from your property. They will be given five days notice from the sheriff before they are removed by them. The tenant is then liable to pay storage and disposable costs to you.

Best Property Management in Orange County CA

Most landlords prefer to use the best property management in California when handling a foreclosure eviction process. Not only is it extremely stressful, but trying to balance out the organization of an eviction with your job, family and home property can be both time consuming and overwhelming. It can also be daunting if you do not have the industry experience and qualified knowledge to support you in making tough decisions throughout the stages in the procedure.

Goodman Management Team is the best property management in California assisting with these issues in LA and Orange County all the time. In the case that you need to begin a foreclosure eviction process in California, Gerry and his entire team are committed, with a hands-on approach, to taking this away from you. With a team accumulating years of experience and qualifications, you as a Landlord can have peace of mind knowing that the procedure is being dealt with in a way that is as efficient and cost-effective as possible.

Goodman Management Team

Goodman Management Team is a reputable property management company with lots of loyal clients throughout the state. One of the most beneficial and unique selling points, for Goodman Management Team, that sets them apart from other competitors in the area, is that the team will work tirelessly to make sure that you are not just making money but saving on repairs and maintenance issues too. Many of the team has qualifications and useful skills in engineering, plumbing, electric work etc. and instead of commissioning external agencies to go out and fix such repairs, Gerry and his team will fix them themselves. They have saved their client’s hundreds of dollars this way, and it not only makes them more likable but also highlights what a trustworthy team you could have managing your property. With the foreclosure eviction process in California or any problems you have with tenants be it late payments or damages to the property, Goodman Management Team has a no-nonsense, professional approach to handling such situations. They are fully aware of all legislature required in a rental property under the California state jurisdiction and therefore can help you to make decisions fast, and with the correct insight.

Their strong work ethic is reflected in every decision they make when managing your property, determined to make your investment as lucrative as possible by optimizing their own operations. Whether you are looking for a company to help you in the initial process of setting up the tenancy, in emergency situations such as the foreclosure eviction process in California or for the whole tenancy journey, Goodman Management can help. Whilst maintaining your own property and career, you can have peace of mind knowing that your rental investment is in safe hands.

Get in touch with Goodman Management Team to find out how they can help you with a foreclosure eviction process in California, or just to find out how they can help to optimize your rental investment!

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 ever 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.

Landlord Tenant Lease Agreement

by Gerry Goodman on

The Landlord Tenant Lease Agreement – Setting out the rules

Whether you are investing in a rental property for the first time, or you happen to be an experienced landlord, the stages you need to go through laws to protect yourself and your property can be really challenging. This is especially so if you have any other responsibilities besides this investment like a job or a family to look after! These challenges can range from ensuring the property meets all safety standards to managing your tenants and making sure rent is being paid each month. Many people opt to seek help, especially when finalizing any key documents including one of the most essential to your investment, the Landlord Tenant Lease Agreement.

The Landlord Tenant Lease Agreement is an incremental document you want to get 100% right, before signing. The Landlord Tenant Lease Agreement is basically a written contract signed by both landlord and tenant which confirms that the tenant will comply with rules and standards set for your property and what the landlord will provide in return.

It goes without saying that, as this document forms legal proof of what you expect from your tenant, that the importance of working with the best rental property management in Orange County CA is the key.  A company with years of industry experience and a complete understanding of all the components required to take you through the whole process is an essential stage if you want to make the most out of your investment.

Online forms to support you with the Landlord Tenant Lease Agreement are adequate; however, they are quite basic and apply to everyone. Therefore they lack local insight that you will find when using one of the best property management in Orange County CA. For example, county and local ordinances are often written into lease contracts that only an accredited local property manager would be aware of. Hiring property management will be beneficial to your investment not only in the long run but even as part of the initial setup. They can give you a lot of support and insight into the entire process of the Landlord Tenant Lease Agreement.

How does Goodman Management Team help in the process?

Deciding on the rental rate for the landlord tenant lease agreement should be a walk in the park, right? Actually, looking at covering your expenses against the market rate in the neighborhood will give you a shock, making you wonder how anyone makes a profit. Using a best rental property management in Orange County CA like Goodman Management Team will help you to decide on a rate that works for you. Goodman Management Team will use their expertise on the area, inclusive of market research, and knowledge of any potential expenses and investments to give you a competitive and profitable rental rate within the area.

Goodman Management Team can also ensure that the Landlord Tenant Lease Agreement complies with all legal regulation. With an ever-increasing list of legislative updates and varying rental laws depending on each state, it can be very easy to miss something when going alone or with a basic support company. Using the best rental property management in Orange County CA will provide you with impeccable and meticulous insight into each tiny detail that must be communicated to the tenant through the lease. This is incremental to the landlord as it ensures there are no holes in the document where you could fall liable.

Furthermore, Goodman Management Team helps towards the entire process by making sure the Landlord Tenant Lease Agreement clearly communicates both landlord and tenants rights within California. Clarity is the key, and with years of experience, Goodman Management Team understands how the Landlord Tenant Lease Agreement should be written, so every term is fully understood by the tenant. This is particularly important with any payment provisions, security deposits and repair and maintenance rules.

Often a cause of confusion or dispute, the Landlord Tenant Lease Agreement must be clear on the limit, use and how and when you will return the deposit. It also needs to include how you will account for any damages done to your property. Being clear at this stage will save you weeks, if not months, of hassle and contention if a problem does arise. This is why using the best property management in Orange County CA will give you everything you need in building a fully comprehensive lease agreement to support you in the event that any of these problems should arise.

Best Rental Property Management in Orange County CA

Goodman Management Team qualifies as the go to for the best property management in Orange County CA for a number of reasons. Not only do Gerry and his team have years of industry experience, but their local knowledge of Orange County gives them an insight unlike many other agencies in the area which is why they have so many valued and loyal customers. The team will help you to screen tenants, provide insight and knowledge to ensure the Landlord Tenant Lease Agreement fulfills all requirements and they take away the incredible amount of work required to manage your property. Goodman Management Team is also unique in that they want to help their customers be as cost effective as possible, and the team actually uses their hands-on skills to do this. For any repairs, as well as being fully qualified Realtors, the team also has credentials in very skilled backgrounds such as engineering, plumbing, and electrician work etc. Many go to Goodman Management Team because they are above all else trustworthy; they will send a member of their team out to fix a burst pipe to avoid their customer paying 10x as much for a professional company. Their persistence and hard work are reflected in their success, reassuring you that working with them to create the Landlord Tenant Lease Agreement will provide a fully covered document so there are no nasty surprises, or payouts, down the line.

Get in touch with Goodman Management Team to find out more about the best rental property management in Orange County CA and how they can help you finalize the Landlord Tenant Lease Agreement to ensure your investment is as lucrative as it can possibly be.

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.

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 CA

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 by “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!

Rental Property Management in California

by Gerry Goodman on

Marketing Rental Property? – Don’t Go It Alone

With the real estate market in California becoming more competitive than ever before, the challenge to effectively marketing rental property can be quite overbearing. Understanding the market, and more importantly marketing, enough can set you back. This is especially so when you have a full-time job, a family and any upcoming plans as rental property management in California is very time-consuming.  Luckily, with a competitive market comes lots of professional agencies, and more specifically, property management companies.

With access to marketing power either as a department within their agency or as part of their qualified team of agents, they are well equipped with the tools on how to market your rental property. Once you have listed your requirements, they can ensure all your needs are met. An agency will also take the weight off your hands, by visiting your home to see the most effective way your property can be marketed. It is important to also consider with hiring a rental property management in California that it is essential for them to find tenants for you quickly as that is just half the battle. They can then continue to manage your property, building quality relationships with you and your tenants so you don’t have to lift your finger and your tenant, handpicked from your requirements, renews their contract.

To reach and attract your ideal tenants, you need to know how to market your rental property in the most effective way. Property management companies can do this for you, ensuring your property is not on the market for very long!

Professional photography

You would be surprised at how badly, or non-existent, the photos of a rental property can look despite someone paying to list them. Your photographs are the eyes to your property and probably the most crucial thing to get right. With high competition, it is important you know how to market your rental property properly and one of the most important components is the images you display. If you opt for rental property management in California, they can use their expertise, along with a professional photographer, to come and take shots that will gain the optimum amount of interest. They know how to make a room look better, rearrange furniture so it is more appealing to your target market and which key rooms need to be featured.

Experts in reaching tenants with your property listing

With industry knowledge, the required length of tenancy and type of tenants, neighborhoods and nearby landmarks or attractions, a property management team will bring together to effectively marketing rental property where all prospective tenants you want will be looking. They will also use their skills to organize the listing, regarding layout, which images should be featured and which ones made smaller, the wording and what should be highlighted to reach and attract your target tenant.

Coordinating and managing any maintenance problems

When making decisions on marketing rental property, you need to understand that this does not just stretch to the signing of the contracts. As reviews and word of mouth can spread very quickly in the age of social media, it is important that you are quick to respond and resolve any maintenance problems. With a property management company, they can take control of this, responding to customers immediately in order to resolve whatever the problem might be.

Marketing to the tenants you want

One major benefit is that as part of a rental property management agency’s abilities to market your rental property effectively, they can target tenants you require whilst screening out any tenants that may cause problems. This may be flagged in references or a lack of job, your property, for example, may be ideal for a small family with a steady income so an agency would work not to market it to young professionals that have just left university and starting out on the career ladder. There are lots of factors to take into account on marketing rental property with the hassles of everyday life, you just don’t have time for. This is why hiring rental property management in California can be very beneficial.

Communication is key

Communication is the key to winning over any customer, and this is not any different when it comes to potential tenants. Not only will a rental property management team be on call for you and potential tenants, communicating with them to alleviate any concerns but they will be there as a strong point of contact right the way through the tenant’s contract. This is of high importance as you are more likely to have a tenant renew their contract which saves you time and money to look for someone new.

Hiring a Best Rental Property Management in California

Goodman Management Team set the standard when it comes to rental property management in California. Not only are they professional, maintain optimal industry knowledge and are experts in positioning your property best in the market, but they have a “hands on” approach that sets them apart from the rest. Gerry Goodman and his team all have extra skills like engineering, repairs on electrical outlets and plumbing issues etc. Therefore, they work tirelessly to shield you from any excessive costs on common repairs by handling it themselves. One of his clients previously needed to have 10 feet of wrought iron fencing replaced and when looking externally, was quoted $3500 – a member of his team took the job for $1600 and that was mainly material costs! Your property management companies are going to be with you for the extent of your tenancy and therefore you will develop a long-term relationship with them. Therefore, it is crucial that you choose wisely and Goodman Management Team are honest, down to earth and most importantly will work hard to save you money!

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

Evaluate a Rental Property Purchase

When buying a rental property, you will need to estimate its value so that you can know how much you should offer to the seller. Your skills in property evaluation will greatly determine whether you will get high profits or end up in losses. The following will help you evaluate a rental property purchase before making a final decision.

Consider 10% Return Rate

Before you try real estate investment, you should know that it’s a risky venture. However, the risks involved can be avoided by being smart in the bargaining process. The idea of buying a property which can bring 10% annual return was suggested by Jim Randesh in his book, “The Skinny on Real Estate Investing”. For instance, a rental property that is able to generate an annual net operating income of $30,000, you should buy it at around $300,000.

If you buy it at a price higher than this, you are at risk of gaining little return from your investment. By utilizing the 10% return rate to calculate the value of the property, you will very safe in any market condition.

Evaluate The Location

As a real estate investor, you should know that the location of your property can greatly affect your net operating income. You should look for a place which will add value to your property and a good realtor can assist you with this.

For example, a rental property located near a college or university will have a constant supply of tenants. This means that your property will never have a vacant space any point in future. Also, a property located along a major highway will have added advantage as people like to stay near a form of transport.

When buying a property in a certain location, calculate the losses you would occur when the property is vacant. For instance, if your property stays for 3 months without a tenant or tenants, how much will you lose? Check how this period of vacancy will affect your 10% return rate.

Evaluate the Cost of Repairs

A good real estate investor should be able to estimate the cost of repairs in a rental property. I know this will require some experience but if you lack this “money saving” skill, you can choose a construction expert to do it for you. Incorrectly estimated repairs can leave you wagging in losses which you could avoid.

Evaluate whether the property requires repairs and if it does, how much they will cost you. This cost will be determined by whether you will do the repairs yourself or you will hire a professional. The materials you will need to buy plus the amount you will pay your construction expert will determine the total cost of the repairs. Remember that repairs will always cost you more than what you had planned. A two-week repair job may turn out to four weeks.

After Repair Value (ARV)

After you have determined the cost of repairs, you must calculate the After Repair Value (ARV). In order to get this value, you need a realtor. Your realtor will provide you with a list of other comparable properties nearby which you can use to estimate the ARV. Remember that the properties your realtor will give you for comparison should follow certain criteria.

  1. 1.The properties should be between a half a mile to one mile away from your interested property.
  1. 2.The properties should have been sold between 90-180 days prior to the day you are purchasing the property.
  1. 3.The size of the properties should match the size of the subject property.

When the “comparables” follow these criteria, their value will reflect the true value of the subject property. Remember also not to choose comparables which were not sold as short sale or bank owned.

Evaluate the Value of the Property With the Current Market Value

Before you buy a rental property you should look at the current market scenario and bargain accordingly. It’s very risky to buy a property during a recession. Remember that real estate is all about buying and selling. Check the current markets resell value and plan accordingly. You don’t want to buy a property and hold it for 10 years in order to resell it. A good property is one that you can resell at any market condition and still get good profit.

Evaluate the Mortgage Monthly Fee and Net Income

In order to evaluate a rental property purchase, you need to take a look at the property as well as the mortgage terms. If you only look at the property and wait for it to appreciate until you sell it, you might end up broke trying to meet the monthly payments of the mortgage. By checking the terms of the mortgage, you can figure out whether you can afford the monthly payments. Also, you should see whether the property will be able to generate a monthly profit for you after you have paid all the other fees and expenses.

Evaluate Whether the Value of the Property Can Be Increased

It really pays in real estate to buy a property that you can upgrade and resell it at a high profit. While you evaluate a rental property purchase, check whether you can add value to the property so that you know whether the property is worth. For stance, check whether the property has space where you can rent to add to its total income. Check whether the rooms can be upgraded to increase the rent and more.

Evaluate its Appreciation

It pays to speculate the appreciation rate of the property you intend to buy. While you evaluate a rental property purchase, if you see depreciation in future, you should rethink your decision to buy that property. If you foresee an increase in value let’s say 2 years after purchase, that property is worthy to buy. If the value will likely remain constant, you will have to press harder on the bargaining. A realtor will help you in this evaluation as they have experience in real estate.

These analyses are important whenever you want to evaluate a rental property purchase. It will help you plan things out and you will be better prepared in case of any eventuality in future.

Hiring a Best Property Manager in Orange County CA

Goodman Management Team set the standard when it comes to evaluating a rental property purchase in Orange County CA. Not only are they professional, maintain optimal industry knowledge and are experts in evaluating the rental property.

Get in touch with Goodman Management Team to find out more about evaluating the rental property purchase with them and start what will be a very successful and lucrative relationship today!

Why Are Landlord Tenant Screening Services Effective?

Owning a property is a great benefit in the current real estate market. If you have your property, offering it up for rent is a whole other ballgame. Your property is a big investment, and may even be a significant piece of your livelihood if you do decide to rent out your property, you’ll want to ensure that someone trustworthy is staying there. This is the biggest asset you may have, and you want it to be in good condition for a long time. This is why it’s best to hire landlord tenant screening services.

Identifying a Wrong Tenant

These days crime rates are high, so as a landlord you need to make sure that you are not renting your place to any unsocial element. If you stuck with the wrong person, then he/she will only create chaotic situations for you as well as your neighbors. In fact, the possession of your property might be at stake in such case.

Importance of Tenant Screening Services

To help you out, Landlord Tenant screening services is such an important procedure that ensures the safety of your rented property guaranteed. Other than this, it is the most economical procedure for the property management. Apart from the landlords, it is a basic procedure for the property managers as well. In fact, they should not carry out business without appropriate tenant screening. Well, allocating the good tenants is the toughest job. Once you find the tenant, it is quite a tough task to extract his or her whereabouts. Keep in mind, in the case of altercation police interference is not always necessary. So, there are many cases of the public brawl that do not come under the police eye. Hence, just police verification of tenant is not sufficient.

Checking a Tenant Background

landlord tenant screening services

The background check of a tenant is an analytical procedure that requires time and resources. A landlord alone is not equipped to handle such background check task. These days there are separate agencies that are more efficient to handle the tenant background check. These agencies are licensed firms which are capable of allocating or creating the essential sources to carry out the task of a background check. These agencies are the hallmark of ensuring the safety of your non-movable property and asset.

Bad tenants can be proved to you quite costly. Not only in monetary terms but your credibility as well. Largely, tenant background check incorporates a criminal background check, social security identification, credit screening and much more. It is the most effective mechanism to figure out whether the prospective tenant is capable of paying rent on time or not. In fact, this can also reveal how regular is your tenant in paying his/her other bills including credit card, grocery, loan, etc.

Professional Services by Orange County CA Property Management Company

Professional Services

A professional Property Management company like Goodman Management Team provides excellent tenant screening services. These landlord tenant screening services professionals know the best way to perform tenant screening on all applicants, which helps them to choose the best one. Doing this on your own may take up too much of your time, which is often not worth it. It is crucial to get tenant screening done to avoid any major issues with your tenants in the future. You’ll want to know if your tenant has a history of rent disputes or disturbances. Although some may have a sympathetic history of nonpayment, it’s essential that you go into the relationship with all the information to protect your investments. It takes time to trust a tenant to pay the full rent on time every month and also abide by the terms of the lease. The tenant should maintain your property well since any damage could cost you.

With so many landlord tenant screening services around, you may want to hire one that offers to do the job for a nominal fee. This makes it easier for you to choose a responsible renter. These professionals help with conducting rental background checks that include credit checks, bankruptcy records, collection records, eviction records, social security number verification and criminal records. You can get information about payment records, name verification, lien records, applicant fraud detection and business reports for commercial renters, landlord court records, and more.

Hiring landlord tenant screening services is indeed a smart move for maintaining safe and comfortable surroundings. They will offer services which will compile a tenant report for you so your place can be re-hired easily.

Introduction – Furniture Rental

A Property manager is a person who is hired to supervise all the transactions concerning the rental properties owned by other people. He/she holds some very intricate duties. While the landlord is anticipating the return on their investments, the manager is expected to handle complicated tasks of maintaining the property. A professional property manager understands all the responsibilities towards their clients. The four primary aspects that comprise a professional property administrator are marketing and financial, tenant and occupancy, facility, and administration and risk management. Rental property management in Orange County CA can also assist in securing a furniture rental. A furniture rental is procured from an agency that rents furniture to add allure to your home. Be it a rental property or even your own home, many companies furnished properties and corporate homes use furniture rental agencies to help them provide a comfortable and elegant living to their guests. A good property manager should also be able to assess such needs and secure the furniture rental should the need arise.

A good furniture rental agency should be able to provide various options for their rental and have straightforward pricing, they should be flexible and have a demonstrated track record of delivering high quality and on-time furniture per specifications. They should also be able to showcase various options based on the property being furnished. Not only should they be able to cover the actual furniture, but also the walls with artwork, art that should be modern, unique, exceptionally matted, and with the top of the line quality frames.  These should be just one of the added perks to making a truly unique housing experience.

The furniture rental option is also a great way to hassle free living in the initial months of moving somewhere, relocation can have its troubles and hitches, working with a great rental property management team in Orange County CA who understands these troubles and looks out for you is pertinent to your peace of mind and comfort.

Remember that, a good property manager is the face of your property in Orange County CA. Given this, compromising on the caliber of person that you hire is the last thing that you should do. Hiring a furniture rental and Rental property management  In Orange County to look after your rental property is, therefore, a wise decision to take. However, the job of a property manager goes beyond just making sure that your tenants are happy.

Here some of the factors to consider in choosing a good Rental Property Management In Orange County CA

1. Education and work experience

There is no real qualification that is required to become a good Rental property management  In Orange County. A high school diploma along with some work experience is usually enough for the job. However, you need to ask yourself if this is enough for you? People who rent out multi family homes and commercial complexes prefer to hire managers with business degrees for better management of the property. You need to ask yourself if only a basic education and work experience will suffice from your candidate or do you need a degree as well? You should also look to see if they have a good website, have adequate references and are generally able to show you various rentals as well as make it easy for you and aid in relocation.

2. Soft skills

The major part of a property manager’s job description is to interact with people – tenants, utility providers, security agencies, and vendors etc. Good people skills, therefore, if a pre-requisite. Pay close attention to the candidate during the hiring interview, observe him. A manager with no people skills will do you and your property more harm than good.

3. Good organization skills

For property owners, you have to understand that a rental unit will only be profitable if it is managed and run properly. Owning and managing your own rental house or apartment is very tedious and overwhelming, especially if you have no prior experience in rental property management. It is very important to provide proper and excellent rental property management for your rental property in Orange County CA so that you will be able to attract more potential tenants and to keep your existing ones. When running a rental property, you will be faced with various management tasks and issues such as the repair and maintenance of your property, rent collection, addressing tenant requests and complaints, and much more.

Benefits of hiring a good property management team In Orange County CA

In case you are not sure whether you can handle all the management tasks and of properties like schools, colleges, home and others related concerns, you can always consider the property management services of a good rental property management team of a property management company in Orange County CA. One of the most important decisions that a rental property owner must make is whether to hire a Rental property management  In Orange County. However, you must consider the benefits it can provide you with. For instance, a professional rental property management team can help handle all the property related issues and concerns. They can take care of rent collection, oversee repair and maintenance, address tenant complaints and requests, tenant eviction, and much more. Here some of the advantages of hiring a professional team for furniture rental and rental property management in Orange County.

1.  A professional Rental property management In Orange County can also help improve your profitability of your rental property.

They can also market and advertise your vacancies so that you will gain more potential tenants. They will even make sure of the quality of tenants that will rent your property by doing effective tenant screening. This will make sure that tenants who are trustworthy, who can stay longer, and who are credible can stay in your property.

2. Hiring a professional property manager is a huge asset to your business.

With their help, you can be assured that your rental property investment will perform much better. You can also have time for other important things since someone credible is taking care of your investment. You will enjoy peace of mind knowing that your investment is in good hands.

3. Good and efficient rental property management team in Orange County CA will work as a third-party caretaker for your property and will handle every operation related to the maintenance and management of your property.

Any professional and reliable Property Manager is capable of handling almost any type of real estate properties including large commercial establishments and small residential households, and depending upon the contract and the agreement a property manager will provide his clients with a wide variety of services that include fixing and collection of rents from the tenants, finding tenants, taking care of repair and maintenance of the property and last but not the least all the legal affairs related to purchasing and reselling of new properties

4. A good Rental property management In Orange County is always the best help that you can get for renting your property

As they will negotiate with the tenants about the rents, fix the rents, and collect them on your behalf, but in return, they will take a percentage of the monthly accumulated rent for the services they are providing to you. Adjusting the rents and increasing them from time to time is also the responsibility of these property managers. In short, they will do everything that you would do to earn a maximum return on your investment but with their professional expertise and efficiency are always expected to perform much better than you.

You can rent your house in different ways depending on your priorities and requirements, but tenant management is always one of the most important parts of the whole business and the property managers, with all their legal knowledge and professional expertise can handle the situation far better than you and can very well be the best possible help available for your business.

Thank you for your interest in Goodman Management Team, a professional property management company. By choosing us you can be assured of a highly efficient rental property management team by your side.

As you continue to search for a property manager for your rentals, you soon discover they all appear to be the same. Monthly management fees are typically 5.9% to 6.9% of the monthly rental income.

Most provide screening of rental applicants, maintenance and repairs when required, and banking of the rent that requires the accounting department to be involved, requiring additional costs to the landlord. We provide property management service to Anaheim CA, Yorba Linda CA and throughout Orange County CA.