There is more to managing rental property than just putting a “For Rent” sign on the front of your unit and collecting rent immediately. Here are some tips from Xepco Property Management to help ensure you rent to good tenants and have fewer vacancy days, which means that those rent checks will keep coming in on a regular basis. Xepco Property Management does much to help your cash flow from rentals keep coming.
In your excitement to have your property rented, you may be tempted to let the first person with cash in hand that is interested sign a lease. But wait! What do you really know about this person who wants to occupy your unit? A professional Palm Springs property management company will take the time to screen each potential tenant carefully. They know what to look for and how to look for it. Background checks can determine any criminal behavior in a person’s past and there are even background checks for potential terrorist activities. Ask for references from employers and former landlords because references are more accurate if they come from more than just family and friends. Income of a potential tenant should be at least three times more than then unit rental cost. So be sure to check the income of the rental applicant. These are just a few of the things you are supposed to look for, and we can help you find more.
Be legally wise
Do you know all the laws related to leasing and renting property? After all, lawyer fees are high. One legal issue against an Palm Springs investment property owners’ mistake can completely drain your cash reserves. Xepco Property Management knows how to properly comply with those laws to help you avoid legal risks that will cost you money. You need to understand fair housing rules and make sure you are not discriminating against race, religion, service animals, and other protected groups to name a few.
Rent Collection Process
Rent collecting is the ultimate goal of owning rental property. The rent collecting process can be made easier and more regular with an experienced Palm Springs property management company on your side. Online payment options and online tenant portals giving access to 24 hour a day, 7 days a week to tenants makes on time payments easier. When a tenant moves in, a clear understanding of a firm but fair payment policy helps to avoid confusion and keeps the process professional and not personal, which is especially difficult for first time property owners.
With the expectation to be available at any time on any day, Palm Springs rental property management can be a very stressful experience. The Palm Springs property management job can be made easier for you when you partner with an experienced and professional management company. You are protected legally, prepared more efficiently, and starting that cash flow started as soon as possible.