Have you decided to become a landlord? If so, Newport Beach, CA is a great place to get started! This gorgeous coastal city is filled with everything tenants love, from beautiful piers and nature preserves to retail hotspots, fine dining, and more.
Before you take this exciting new leap, it helps to hear a few tips from the expert. Today, we're sharing three essential must-knows as you make the transition into the lucrative rental leasing space.
1. Know the Law
Property management can be a great career or side hustle, but it's important to make sure you're doing it the right way. Take the time to learn applicable California real estate laws, paying special attention to clauses that cover:
- Local building ordinances
- Zoning laws
- Building codes
The single-family homes or multi-family complexes you're renting out should comply with all of these regulations. In addition, some laws dictate how landlords can interact with tenants, especially during conflict resolution. Familiarize yourself with these guidelines, issued by the State of California, Department of Justice.
2. Stay on Top of Maintenance
Don't wait until the roof is about to cave in before scheduling maintenance on your rental property. From leaky sinks to wonky steps and everything in between, double-check all fixtures to make sure they're sturdy before renting the space. In addition, all exterior areas, including steps and banisters, should also be solid.
You could face a lawsuit if you knowingly rent to a tenant while the property is in disrepair. Keep the following numbers on speed dial, so you always know when to call for preventative and emergency services:
- Handyman
- Landscaper
- Plumber
- Carpenter
- Roofer
- Paver
Feeling overwhelmed at the prospect of juggling all of these needs? That's what a property management team like ours is here for! We can help you locate and schedule maintenance services so you don't have to stress.
3. Fine-Tune Your Pricing Strategy
When you're still finding tenants, it can be difficult to know how much to charge for your units. If you price yourself too high, you could lose out to more economical competition. If you're too low, you could lose money on your investment.
It helps to know what nearby properties are renting for, especially those that are similar in size and scale to your own. As you set your prices, be clear on the amenities included in the cost, such as utilities, pets, and parking spaces.
Find Help With Rental Leasing
Newport Beach, CA is a great place for a new landlord to start their career! We suggest learning as much as possible about the rental leasing industry before getting started, and be sure to put these three tips into practice.
Our very best tip? Outsource your core property management services so you can focus on growing your business, not the day-to-day challenge of running it.
From tenant screening and rent collection to maintenance and accounting, First Choice can do it all. Check out the full range of services we offer, then reach out to schedule a consultation!
