Can you assist me in locating an additional rental property in the Bay Area?
Absolutely. With an eye for financial advantage in locating and selecting a suitable property, we can certainly be of assistance. Investment properties are typically not a home bought on emotion but more on the financial aspects. We understand that and will work with you to understand the finances for either a long-term rental, buy, fix, rent, flip property, or any other investment scenario you may be contemplating.
How do you go about getting bids for repairs, to ensure I’m paying a fair price?
I have relationships with a number of contractor resources known for their quality of workmanship and fairness of price. Depending on the type of work needed, I will contact the best resource(s) that I know for the situation or work needed, solicit an estimate of pricing so that you will know the probable expense and then make a determination of whom to hire for the job. There are some emergency situations where it will be necessary to use the first available resource. Thankfully I have complete trust in many of my resources such that I know you will receive a fair price in even those situations. I am able to get good people to come whenever they get my call because they know they will get paid. In turn, I will expect my investor clients to be financially responsible so that the good relationships with maintenance resources will continue. As a licensed broker, I am required by law to use licensed and insured contractor personnel. If you would prefer to use someone that is not licensed or insured, you are welcome to manage that repair yourself as the owner.
If I engage your services for full management of my property, what type of interaction with you should I expect on a monthly or quarterly basis?
You should be able to reach me at any time you feel the need to talk to me to discuss anything necessary for your property. You also will hear from me at any time there is a financial transaction involving your property or if I see the need to discuss something involving your property, especially if it involves critical maintenance issues. This communication may be in the form of a phone call, text, email or written letter, depending on how you like to communicate but you will hear from me. You will receive quarterly financial statements from me. You will also receive year end statements from me for tax purposes.
How do you screen tenants?
I like to personally meet the tenants and the people that will be living in the residence. I usually handle the interviews personally or will send a trusted associate to meet the potential resident. There will always be an application process for the tenant to follow. The application process will be a written or online application form with much personal information provided for each adult application/potential resident. The application will consist of an application fee for screening of credit and backgrounds. If necessary, I will also do employment screening and previous housing referral phone calls to verify information provided. Most times some of the information requested can be provided by written documentation provided by the applicant to include tax returns, pay stubs, social security cards, driver’s licenses, court provided income, state or federal provided income, etc. I always include a background check in the application process.
How do you advertise properties?
I advertise to the widest extent necessary to get the interest to attract a highly qualified tenant. In some markets, that ad may be a simple posting on Craigslist with an open house date. In other markets, it might be more suitable to advertise to large companies to their Relocation Departments. Social media has become a great resource for “spreading the word” about potential openings for prospective tenants. We take each rental property advertisement on a case-by-case basis depending on type of property to be rented and will adjust the marketing as necessary for either a fast-paced or slow-moving rental market.
Can I set restrictions for my property about pets, smokers, etc?
Absolutely, you may. It is your property and you can make requests for your restrictions as you would like. However, there are some laws that you and I must adhere to such as Fair Housing laws and laws concerning service animals. I will guide you in the restrictions that you may not impose so that we both comply with State and Federal law.