Blog
Blog
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.
A lease-up report is an important tool for owners and property managers. Discover what it is, and how it can benefit you as an owner
Like any business, it's important to be informed about your rental property’s financial health. Property managers should be able to provide landlords with several specific reports every month. Though, some reports are more significant. Below are the three reports you should ask your property managers for, every month. Rent Collection and Income Report As one of the most critical monthly reports, landlords should request rent collection and income reports. It provides a clear overview of which tenants have paid, and more importantly, who is late on rent and who may have any outstanding balances owed. Without access to this information, landlords with an extensive portfolio may unknowingly experience financial shortfalls, especially if multiple tenants fall behind on their rent. A good property manager should also be able to point out trends within the report. Using this information, you can then determine if you want to assist them if they’re otherwise high quality tenants, or opt to not renew their lease. Aside from tracking payments, this report should include details on any fees accrued by tenants, such as late fees, bounced checks, or if partial payment was made. For landlords relying on rental income to cover for mortgage payments, being aware of potential income setbacks can prevent financial stress and keep your investment property running efficiently. Expense Report Like many businesses, investment properties will have expenses. While tracking rental income is important, it's equally important to keep track of your rental property’s expenses. An expense report should provide a detailed breakdown of any costs related to the property. This should include costs for routine maintenance, vacancy preparation, emergency repairs , and more. A property that is well maintained should have predictable expenses, meaning any spike in costs should be closely examined. A comprehensive expense report can also help landlords budget for future investments, upgrading the rental property. As well as allowing you to compare monthly expenses over time to discover new trends. As an example, seeing a spike in plumbing repairs or blockages can be the result of roots growing in the sewage drain, or older buildings, it can be a sign that the plumbing needs to be replaced. If not looked into, it may result in an expensive emergency repair and thousands of dollars in damages. Occupancy/Vacancy Report Having a high occupancy rate is the best way to maintain a steady rental income. This makes the occupancy/vacancy report a crucial document for landlords. This report details which units or homes are currently occupied, which lease agreements are expiring soon, and what, if any units are vacant. Without this information, landlords risk being caught off guard if a tenant moves out unexpectedly, or new leases being delayed and not signed on time. Additionally, this report is especially valuable in assessing your property manager’s effectiveness. If units are vacant for extended periods, it may be the result of poor marketing , rent assessment or lack of proactive tenant retention strategies. By monitoring this report closely, it can not only help you stay afloat for unforeseen financial issues, it can help you understand if your property management company is right for you. While a good property manager should provide you with more than just these three reports, these help landlords stay prepared, maintain cash flow, control expenses, and reduce overall maintenance. If you’re looking to be better informed about your investment property or you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
The amount of meetings you need to have with your property management company depends on your needs. Discover what cadence is right for you by reading more.
Consider doing these 3 things right before you need to do major repairs to your property.
Advertising your vacant property is as important as finding the right tenant. Focus on these four places to advertise whenever you have a vacancy.
Sometimes tenants tend to have challenges with their income and start paying late. If this happens, here are three options to take so you don't continue to loose cash flow.
Consider what the following 3 signs to know if you are on the right path of finding the right property management company.
When you need to elevate your property to attract prospective clients, consider these 4 economical ways to do it.
Maintaining high tenant occupancy rates in today’s competitive rental market can be challenging for some landlords, especially those just starting their portfolios. With a large number of options available, attracting and retaining high-quality tenants requires more than the traditional methods. In order to stand out, landlords need to get out of their comfort zones and adopt innovative strategies tailored to modern tenants and their priorities. Below are three such tactics to boost tenant occupancy and reduce vacancies. Highlight Eco-Friendly Features Prospective tenants are increasingly being drawn to sustainable living, this makes eco-friendly features a key incentive for many landlords. Tenants have been prioritizing homes that align with their eco-friendly values. Consider using energy-efficient appliances such as washers, refrigerators, and HVAC systems. This Is a great area to begin though it can be expanded upon with solar panels, and EV charging stations. Being eco-friendly is more than electronics, water conservation measures can be equally important in attracting tenants. Installing water-saving fixtures in bathrooms and kitchens reduces water consumption while potentially saving you or your tenants on the water bill. Furthermore, usingdrought-resistantt and native plants also help conserve water while maintaining curb appeal. Eco-friendly upgrades will oftentimes cater to the growing demand of sustainable living, and create a competitive advantage to attract environmentally conscious tenants looking for long-term occupancy. Adopt Digital Strategies An effective online presence is essential for attracting prospective tenants in today’s digital age. Most potential tenants starting their search online, landlords need to be able to capitalize on digital marketing platforms and social media to showcase their properties and stand out in the market. Posting listings on popular rental platforms like Zillow, Apartments.com or Rent.com to name a few can further improve visibility. These platforms help landlords and property managers to highlight unique features in the property such as the aforementioned eco-friendly upgrade and other amenities you may have on your rental property. Social media sites can also be used as a powerful tool for showcasing rentals and engaging prospective tenants . This is also a great place to share professional photos, virtual tours, and even tenant testimonials. This can help to build trust and interest from potential renters. You can also use social media to maintain healthy communication with established tenants which is a great way to demonstrate approachability and professionalism. This can be a great way to reach a broader audience and improve your rental property’s visibility. Tenant Retention Although not necessarily a new tactic, screening potential tenants is a timeless yet continually evolving strategy for maintaining high occupancy rates. Retaining reliable tenants reduces turnover rates and minimizes costs. To achieve this, landlords need to first prioritize finding the right tenant. Careful tenant screening is vital for long-term success. This typically includes credit and background checks, as well as contacting previous landlords to help you identify financially stable tenants who are likely to care for the property. Another method for retaining tenants is by offering move-in incentives . This can be small perks such as gift cards or something more enticing such as a month of free rent. These gestures can help make a prospective tenant feel more valued, reinforcing their decision to stay in your rental long-term. Even a little kindness can leave a lasting impression. It's crucial to stay ahead of the market to boost occupancy, adopting innovative strategies can help meet modern renter’s appeals. Adapting quickly ensures your rental properties stand out against the competition while attracting tenants in a competitive landscape. If you need help filling in vacancies or if you need help managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
Beach Cities Management, Inc. DRE# 01943397
2221 Palo Verde Ave, Los Altos, Long Beach, CA, 90815, United States
Areas Served
Long Beach
Lakewood
Signal Hill
Cerritos
Rossmoor
Los Alamitos
Seal Beach
© 2023 Beach Cities Management, Inc.
