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When was the Last Time you Evaluated Vendors?

Dustin Edwards • October 11, 2022

Evaluating Vendors is Key to Keep Your Rental Profitable

When was the Last Time you Evaluated Vendors?

Your rental property is meant to provide income throughout the years. In order to maximize your bottom line you need to invest efficiently in your vendors. As a property owner it's a good habit to periodically evaluate those vendors. It can be money going down the drain if they're not providing the best quality service for their cost. 


Below are four things to consider when evaluating your vendors to help you make the best decision for your Long Beach rental property.


Insurance

When was the last time you shopped for landlord insurance?


For insurance companies it's a good idea to check with them every year. In many cases your current coverage agreement may still be satisfactory however, it's generally a good idea to check with your insurance provider yearly for any changes in policies that may affect you. Especially if you have made recent upgrades to the property.


Items to consider when evaluating your insurance company is if they are providing proper coverage. Is your current insurance company’s price competitive? Do they offer umbrella insurance to protect you beyond the limits and coverages of other policies? 


Property Management

A property management company needs to be able take care of your property, and increase your revenue. They are typically hired to oversee the day-to-day operations of your Long Beach rental property, deal with the concerns of your tenants. Including providing you with monthly property reports of the condition of your property. 


When evaluating your property management company it’s important to consider the following questions:


  • Is it easy to communicate with them?
  • Are they available when you need them?
  • Are your vacancies filled in a timely manner?
  • Are repairs and maintenance done in a timely manner?
  • Are they adhering to the changing laws?
  • Do you trust them?


Replacing a property management company can make many property owners hesitate, but may be necessary in the long term.


Landscaping

Well maintained landscaping is incredibly important for the aesthetic of your Long Beach rental property. The building may look beautiful, but a poorly maintained yard or unkept trees and bushes can be detrimental for curb appeal.


Your landscaping company should be able to properly maintain your property’s lawn, shrubs, trees and plants. They should be aware of local watering ordanced and should be able to offer solutions like water efficient landscaping if you notice the weather affecting the plant life. Ideally they should keep maintenance costs at a minimum while keeping tenants happy with great looking landscaping.


Trades

Trades include electricians, plumbers, and other repairmen. Although you may want to choose the cheapest workers, this can be costly as typically the lowest bidder uses the cheapest materials to do their work. 


When evaluating trade companies, pay attention to their online presence and customer reviews. It's important for trade companies to prove they can provide quality work in properties similar to yours. Pay attention to your tenants as well, as they have first hand experience when repairmen go into their home to work. Their availability and communication is important as emergency repairs may be needed at any time of the day or night. It's a good idea to have multiple trade company's phone number for this reason. Most importantly be sure they can continue to provide a trade license when asked.


It's important to make sure your vendors provide quality work, and it’s a difficult decision if you need to replace vendors you’ve worked with in the past.  If you need help finding reliable tradesmen to do maintenance or if you are unsure your vendors are doing a good job feel free to call us at (562) 888-0247 or feel free to fill out our free rental analysis to see what your rental could yield today.


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5 New Ideas To Engage Prospective Tenants

By Dustin Edwards • January 17, 2025
A new year is a new chance to start new ideas to bring in prospects to your property. Consider the following 5 ideas to engage prospects and get new tenants.

Best 3 Things To Do During Tenant Communication

By Dustin Edwards • January 10, 2025
Having clear communication with your tenant is essential for maintaining a healthy landlord-tenant relationship. By being transparent in all relevant interactions, landlords can prevent misunderstandings while resolving repairs and disputes efficiently while improving tenant satisfaction. Having good communication with your tenant is beneficial for landlords too. Effective communication also protects your investment property. Remember that while your tenant is living in the property, landlords need to take care of the repairs. Below are the three best things to do during tenant communications. Prompt Responses Addressing tenant concerns quickly is essential for building trust and maintaining a positive relationship. Tenants feel valued when landlords respond quickly, knowing that their needs are being prioritized. Building this trust not only enhances your tenant’s satisfaction it lowers the possibility of conflicts or misunderstandings to arise. This ultimately creates a healthy and successful rental experience for you and your tenant. Some of the most common inquiries will oftentimes include repair requests, among others. As an example; if your tenant reports a leak under their faucet and the repair is delayed, this can be damaging to your landlord-tenant relationship, as well as your property. If left ignored, that leak can result in hundreds of dollars in water damage and a vacancy . Which can further affect our bottom line negatively. For landlords with multiple properties, this can become difficult to keep track of. A property manager can help with scheduling repairs and communicating with your tenant on your behalf. Document Everything Keeping a detailed record of all interactions with your tenant is an important element when managing a property. There are many choices for documentation including email, text, or written notices. Although many property management companies and landlords have opted to use apps or dedicated tenant portals to log communications. A great example, for instance, a tenant may claim they’d reported a repair issue that was never addressed, if everything is to be documented, both you and the tenant would have a copy of the request. Maintaining transparency with tenants. Having thorough documentation ensures agreements and requests between all parties are clearly tracked. Documenting communications with your tenant provides landlords with a foundation for addressing misunderstandings, or disputes if and when they arise. Provide Regular Updates Regular updates show tenants that their landlord is organized and has an attentive approach to managing their property. Giving tenants ample time for maintenance, inspections or policy changes is a simple way to build trust with your tenants while showing your professionalism. Giving tenants advanced notices reassures them that you’re aware of how changes can affect them and you understand that time might be needed in order to adjust. Surprises are best kept for birthday parties. Proactively notifying tenants of changes helps clear the communication channels and minimizes disruptions which helps tenants feel valued and satisfied. These small yet consistent efforts can contribute to a positive tenant stay, which can encourage lease renewals and long-term tenancy. Additionally, having a good relationship with your tenants can give you a great reputation which can provide you with leads when looking to fill a vacancy . It cannot be understated the importance of communication for a healthy landlord-tenant relationship. Even if your tenant may not agree with some of the decisions a landlord needs to make, by giving your tenants ample time to process the change tenants generally are more accepting of said change. If you’re having trouble communicating with your tenants 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 .

5 Inexpensive Ways to Keep Your Tenants Safe

By Dustin Edwards • January 2, 2025
Keeping tenants safe, translates to happy and long-term tenants. Read to discover 5 Inexpensive ways to keep your tenants safe.
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