Landlords Make Needed Changes in 2005

There is no time like the present!  How many times have we heard that one?  Probably a lot if you have been around for a few years.  The year 2005 has arrived!  We didn’t self-destruct when 2000 arrived, as was predicted by many, and we don’t have to self-destruct in 2005 either by ignoring things that should or need to be done!  If you are a landlord and it has been less than a satisfying experience (to say the least!), then perhaps it’s time to make some changes. Owning rental property has its challenges, but, many problems can be averted with careful planning.  Begin by asking yourself a few questions:

1. Were there chronic repairs needed last year?

2. Does your rent come in irregularly?

3. Are the tenants taking care of the property?

4. Do problems always seem to happen at the wrong time?

If the answers to these questions are not the answers you would like, then it would make sense to consider some changes in 2005.  Here are some suggestions:

1.  Putting a “band-aid” on a needed repair can sometimes cost you much more in the end.  My guess is that the reason you have been putting the repair off is because it is going to be costly.  The problem with not fixing it correctly the first time is that usually by the time it is fixed correctly, it ends up costing more.  Once you add up all the “band-aid repairs”, and sometimes further damage caused by not taking care of it back when, the cost can be enormous!  My advice is to buckle down and take care of repairs as they occur.  Don’t take shortcuts! 

2. Taking care of problem #1 often takes care of problem #2.   A tenant-landlord relationship goes both ways.  The landlord and the tenant have a right to expect the other to do their part.  In addition, better qualification guidelines and well-written Rental Contracts are a must.

3. Once again, taking the extra time to do your homework when qualifying a tenant will usually solve this one.

Murphy’s Law, what can I say.  Concentrate on the above solutions and I guarantee that your problems in 2005 will be reduced! 

If you have any questions concerning your rental property, please call my office anytime at (805) 474-0100. I always enjoy hearing from you! Nancy Puder is the property manager and owner of Signature Properties, 124 S. Halcyon Rd #D, Arroyo Grande, CA 93420. Service areas are The Five Cities/Beach areas, SLO, Nipomo and Santa Maria.