https://activerain.com/blogs/scvleasingscott en-us https://activerain.com/blogsview/1548019/don-t-trip-over-dollars-to-pick-up-pennies I was reading some Tweets the other day on the landlord forum.  One Tweet in particular stood out.  Essentially, the individual, who was a tenant,  had just found out that the landlord was charging him for the cost of heat.  His Tweet asked, among other superlatives, “Do you know how expensive heat is?” I almost fell off my chair laughing.  Yes, I know how expensive heat is.  That’s why I never pay for utilities in my rentals. It is that simple. I never invest in a property that does not have separate utility meters for each unit. Every tenant needs to be responsible for his or her own utility usage. So many property owners come to me with the idea that they need to pay the water. "I have such a beautiful yard,” an owner will say. “If I pay the water, the tenant is more likely to water it and keep it nice." That is a fallacy. The tenant is no more likely to care for your landscape no matter who is paying the water bill. However, the tenant is more likely to take long showers, and not report a running toilet or a leaky faucet. Imagine if the tenant started a laundry washing service to make additional income. They do not have to pay the water bill, so why would they care? If possible, avoid paying for your tenant’s electric, water, sewer, trash, gas, propane, heating oil, or any other utility charge. The only exception to this might be when one of those services is included as part of your HOA dues. For example, some HOAs include trash or water service as part of the dues. Only under those exact circumstances should you agree to pay for a utility. Finally, do not forget to cancel any utilities that are in your name effective with the starting date of the lease. Many landlords fail to remember this simple procedure and end up paying for the tenant's utilities for a month or more. Then the landlord wants to be reimbursed. A battle will inevitably ensue over who owes what to whom. Avoid this battle altogether and schedule the cancellation calls on your calendar. --- Scott Taylor is the general manager and co-owner of SCV Leasing in Santa Clarita, California.  He is also the author of the forthcoming book The 15-Minute Landlord to be published by Amazon this spring. SCV Leasing serves Valencia, Stevenson Ranch, Newhall,  Santa Clarita,  Saugus,  Canyon Country, Fair Oaks Ranch,  Castaic, Sand Canyon, and Westridge with homes for rent, condos for rent, and property management services.  SCV Leasing’s unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Mon, 15 Mar 2010 11:21:48 -0700 https://activerain.com/blogsview/1548019/don-t-trip-over-dollars-to-pick-up-pennies https://activerain.com/blogsview/1534540/location--condition--and-upgrades Three important considerations for your next rental property are location, condition, and upgrades.  Rental property is not immune to the location, location, location mantra of real estate.  In fact, it may be more important with your rental.  For example, you may want to avoid buying a rental on, or backing to, a busy street.  When the tenant goes into the backyard or opens their windows at night, they do not want to hear the roar of traffic. Something else that is often overlooked with investment properties is future maintenance.  If the exterior is brick or stucco, that might require less long-term care than wood siding.  If the roof is tile, or a newer asphalt shingle, those may last longer and require less maintenance than an older asphalt or wood shingle roof.  Copper pipes are less likely to cause plumbing issues than are galvanized pipes. Finally, consider upgrades when comparing properties.  Tenants love fresh paint, remodeled kitchens, and remodeled baths; so check out the potential competition in an area like new housing tracts, condominiums, and apartments.  Newer structures have finishes that are more modern.  Thus, the tile in your rental's kitchen may be serviceable, but it is going to look old when compared to the granite in the kitchen in the competition's rental across town.  I am not suggesting that you replace your tile with granite, but if you can buy a rental property that already has more updates than less, then go for that. A list of items you might like to have in your rental, in a perfect world, might include:  recreational vehicle parking, neutral paint such as whites and beiges, tile floors since tile does not hold pet odors, and mirrored wardrobe doors because the make rooms look bigger. You are not going to find the perfect rental property.  However, if I were comparing two similar priced rental properties in the same neighborhood, I would try to save some money and choose the one with more updates and newer neutral paint.  The updated and painted property is going to rent quicker and take less of my time and money to get the property rent ready. --- Scott Taylor is the general manager and co-owner of SCV Leasing in Santa Clarita, California.  He is also the author of the forthcoming book The 15-Minute Landlord to be published by Amazon this spring. SCV Leasing serves Valencia, Stevenson Ranch, Newhall,  Santa Clarita,  Saugus,  Canyon Country, Fair Oaks Ranch,  Castaic, Sand Canyon, and Westridge with homes for rent, condos for rent, and property management services.  SCV Leasing’s unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Mon, 08 Mar 2010 06:03:09 -0800 https://activerain.com/blogsview/1534540/location--condition--and-upgrades https://activerain.com/blogsview/1523457/just-doing-my-job Just got finished with our team meeting.  I noticed one of our rental properties, which has been listed for a little over seven days, received very little interest over the last week.  When I enquired further, I found out that the price set on the property was $200 over market.  “How did that happen?” I demanded. “The owner wanted to try for more money,” was the response from my agent.  “In fact, the owner wanted to list it $500 over market, but I talked her down.” This situation is not unusual for first time landlords.  They are convinced that we are going to lowball the price in order to get the unit rented out quicker. Just like real estate sales, rental properties move when they are priced at market and not above market.  Here are four things that you as the property owner ought to consider. We rent our dozens of properties a month and you do not.  Who do you think knows more about the current market? We told you how much to list the home for before you signed with us; thus, there is no way to lowball the rent.  You knew what we recommended up front. Property managers are paid a percentage of the lease.  The higher the rent the more money I make.  Do you really think I am going to cut my own profits? Renting a property quicker puts more money in your pocket.  However long you ignore my professional advice is directly proportional to the amount of money you will lose. Let the experts do their job.  The sooner you do, the sooner your home is rented, the sooner you are cashing checks. --- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California.  SCV Leasing serves Valencia, Stevenson Ranch, Newhall,  Santa Clarita,  Saugus,  Canyon Country, Fair Oaks Ranch,  Castaic, Sand Canyon, and Westridge with homes for rent, condos for rent, and property management services. His experience as a rental property owner and as a property manager makes him the best choice for managing your rental. SCV Leasing’s unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Tue, 02 Mar 2010 06:10:10 -0800 https://activerain.com/blogsview/1523457/just-doing-my-job https://activerain.com/blogsview/1502972/make-inflation-pay I sat down with my investment advisor the other day. He was trying to convince me to put more money into my 401K.  “After all,” he insisted, “the market returns, on average, 10% a year.” I will capitulate, for argument’s sake, that the market does return 10% per year.  But then inflation, even government stated inflation, takes out at least 3% of that.  Now I’m making 7%. Do you think inflation is 3%?  I don’t.  I think it’s more like 6%, and if that were true, then my return on investment would be closer to 4%, and then I have to subtract my investment advisor’s fees from that.  In the end, I am making a whopping 3% return on my money. Now let’s look at rental real estate.  I have a mortgage on one my rentals that is $500 fixed for thirty years.  The current rent is $750.  In the next ten years, is that rent more likely to go up or down?  Up I would say.  Let’s say conservatively the rent goes from $750 to $1,250 in the next ten years. Did that rent go up because I made the property better?  No.  It went up because of inflation.  In ten years, salaries will be higher than today, so the cost of things will naturally increase in order to capture those dollars.  And one of those “things” that will increase is my tenant’s rent. Now I’m making $1,250 a month and my payment is still $500.  More impressively, I put down 10%, the bank took the risk of the other 90%, and my tenant paid the mortgage off for me.  Find a 401K that will do that! ---- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. SCV Leasing serves Valencia, Stevenson Ranch, Newhall,  Santa Clarita,  Saugus,  Canyon Country, Fair Oaks Ranch,  Castaic, Sand Canyon, and Westridge with homes for rent, condos for rent, and property management services. His experience as a rental property owner and as a property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Fri, 19 Feb 2010 04:57:49 -0800 https://activerain.com/blogsview/1502972/make-inflation-pay https://activerain.com/blogsview/1487507/five-reasons-why-property-owners-need-to-use-the-mls-when-renting- The ability to quickly rent out a home is part price, part condition, and part marketing.  Today, I want to focus on marketing.  Specifically, I want to focus on the Multiple Listing Service (MLS). In most of the country the MLS is the go to source for marketing a property for rent.  However, in my market of Santa Clarita, California, there seems to be a small hesitation in the property owner’s mind as to the benefits of the MLS.  Here are my top five reasons for using he MLS. The MLS feeds Realtor.com, and Realtor.com in turn syndicates this information to many other top websites.  If you are not in the MLS, you are missing massive exposure. There are agents who are working with clients who may need to rent for a while.  These agents only have one option - the MLS.  If you are not on the MLS, they cannot find your rental. It is the standard of industry.  Why?  Because it works.  In our experience, homes in the MLS are rented two weeks quicker than those not in the MLS. The cost to be in the MLS is only about eight days rent.  If the home rents fourteen days quicker, you just made six days extra rent by being in the MLS. You would never buy or sell a home that was not in the MLS.  Treat your investment property with the same care and consideration.  If it is not in the MLS, it is not on the market. ---- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. SCV Leasing serves Valencia, Stevenson Ranch, Newhall,  Santa Clarita,  Saugus,  Canyon Country, Fair Oaks Ranch,  Castaic, Sand Canyon, and Westridge with homes for rent, condos for rent, and property management services. His experience as a rental property owner and as a property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Thu, 11 Feb 2010 03:18:39 -0800 https://activerain.com/blogsview/1487507/five-reasons-why-property-owners-need-to-use-the-mls-when-renting- https://activerain.com/blogsview/1377128/a-versus-b A professional property manager will bring you quality tenants; and attracting good qualified tenants is the name of the game!  Moreover, a good tenant is more likely to become a long term tenant.  Having a long term tenant reduces the vacancy rate.  And reducing the vacancy rate increases your profit dramatically. At SCV Leasing we believe that there are two types of tenants out there:  "A" tenants and "B" tenants.  "A" tenants are motivated, ready to move, and they are qualified.  They have good credit, stable jobs, reserve funds, and a security deposit.  "A" tenants are less likely to try and negotiate the rent and/or security deposit. "B" tenants by contrast always have something to explain.  They want to tell you why they have bad credit, or why that criminal charge is on their record.  Whatever they explain to you, you can be assured they have a reason; and that reason does not involve them, it was always because of someone else.  They are going to try and negotiate the rent, the length of the lease, or the security deposit. "B" tenants won't normally call a professional property manager because they know how hard we will scrutinize their file, their credit, and their background. SCV Leasing's goal is to create a solid landlord/tenant relationship which will help you to receive rent on-time and encourages the tenant to keep the property in a well maintained condition.  The only way we can create that solid landlord/tenant relationship is to find "A" tenants. ----- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. SCV Leasing serves Valencia, Stevenson Ranch, Newhall,  Santa Clarita,  Saugus,  Canyon Country, Fair Oaks Ranch,  Castaic, Sand Canyon, and Westridge with homes for rent, condos for rent, and property management services. His experience as a rental property owner and as a property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Wed, 09 Dec 2009 09:37:11 -0800 https://activerain.com/blogsview/1377128/a-versus-b https://activerain.com/blogsview/1364634/i-m-not-craigslist--and-this-isn-t-let-s-make-a-deal We had an owner that had a large, lovely, home.  The problem was, they had the house stuffed full of their possessions.  The "office" was piled literally to the ceiling with paper.  The dining room, which normally seated eight, was occupied by a huge table and set for sixteen.  The master bedroom was completely filled with furniture.  Each and every nook and cranny of that house was filled. Every prospective tenant we took through there couldn't get passed the owner's "stuff."  "I don't understand," said the exasperated owner, "don't they know I can have all this stuff out of here in a couple of days with a moving company?" "No, they don't," I replied.  "Tenants aren't like buyers.  They don't always have the ability to envision how a space could be.  Besides, they don't really believe you could be out of here in a couple of days." With that feedback the owner began to diligently and methodically extract their personalities from the home.  Ultimately, within 1-week of the owner vacating the premises, the house was leased. The owner in the foregoing story was definitely a "packrat."  A close cousin to the packrat is the "furniture dealer."  The furniture dealer works like this, "I'm going to go ahead and leave that armoire/hutch/dining table/whatever.  It's really pretty/really expensive/really heavy/whatever and I'm certain the tenant is going to want it." Then I say, "That's great Mr. Smith.  But the next tenant probably has a dining room table.  Maybe we can just move it now so that it won't be an issue later?" "No," says Mr. Smith, "anybody would love that table.  It's an antique." "Well, okay Mr. Smith," I begrudgingly acquiesce.  "But you'll move it if the tenant doesn't want it, right?" "Oh, sure I will," responds Mr. Smith. Fast forward to a scene of me and the tenant at move-in day calling Mr. Smith and asking him when he can get his table out of there.  "I don't have any place to put that thing," says Mr. Smith.  "Maybe the tenant wants to buy it?" Property managers aren't furniture dealers.  No one wants your crappy dining room table.  Get that thing out of there so I can get that house of yours rented.  I'm not Craigslist, and this isn't Let's Make a Deal. ----- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. SCV Leasing serves Valencia, Stevenson Ranch, Newhall,  Santa Clarita,  Saugus,  Canyon Country, Fair Oaks Ranch,  Castaic, Sand Canyon, and Westridge with homes for rent, condos for rent, and property management services. His experience as a rental property owner and as a property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Wed, 02 Dec 2009 03:44:51 -0800 https://activerain.com/blogsview/1364634/i-m-not-craigslist--and-this-isn-t-let-s-make-a-deal https://activerain.com/blogsview/1347452/me-love-you-long-term Our normal lease term is 1-year.  Sometimes we are approached and asked if the owner would consider a multi-year lease at a reduced rate.  I'm not against a multi-year deal; but what assurance do you have that the tenant is going to stay in the home for the entire term.  I would advise that if you do go for a reduced rate, on a multi-year contract, that you include some language in your contract like: "Landlord and Tenant have entered into an agreement wherein the original rent amount of X has been reduced to Y based on a longer time period contract than normal.  Tenant agrees that if they do not serve out the entire lease term that landlord is entitled to receive the full amount of rent X back to the beginning of the contract.  The back rent may be taken from any funds held by Landlord, or Landlord's representative, including but not necessarily limited to security deposits, pet deposits, last month's rent held, or any other Tenant funds in Landlord's possession." What this clause is essentially saying is this.  Let's say that normal rent is $2,000 under a 1-year deal.  They offer you $1,900 under a 2-year deal, and you accept that offer.  They leave in month 18 of a 24 month contract.  You have been receiving less than you should under the contract for the last 18 months; you are out $1,800 dollars.  You want to be able to, at a minimum, get your money from any of the Tenant's money that you are holding. ----- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. SCV Leasing serves Valencia, Stevenson Ranch, Newhall,  Santa Clarita,  Saugus,  Canyon Country, Fair Oaks Ranch,  Castaic, Sand Canyon, and Westridge with homes for rent, condos for rent, and property management services. His experience as a rental property owner and as a property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Fri, 20 Nov 2009 03:28:37 -0800 https://activerain.com/blogsview/1347452/me-love-you-long-term https://activerain.com/blogsview/1341883/common-pitfalls-of-the-self-managed If you have ever considered managing your own property, please take with you the following list of pitfalls that many self-managed landlords fall into.  If you need advice on any of them, please call us.  We will always be glad to consult with you at no cost. Not running their rentals like a business. Not fully screening applicants. Not reviewing State landlord/tenant laws. Failing to have a written agreement. Hiring the wrong contractors and repair people. Not enforcing late rent policies. Not inspecting your property on an annual basis and automatically replacing smoke alarm batteries and filters. Entering a property without proper reason or notice. Not using the advice of an eviction attorney when dealing with a non-paying tenant. Not setting rents to reflect current market rates. Poor record keeping. Not maintaining the property. Not properly handling deposit refunds. It should go without saying that by hiring and keeping a professional property manager on your team, you help avoid these common pitfalls! ----- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California.  SCV Leasing serves Valencia, Stevenson Ranch, Newhall,  Santa Clarita,  Saugus,  Canyon Country, Fair Oaks Ranch,  Castaic, Sand Canyon, and Westridge with homes for rent, condos for rent, and property management services. His experience as a rental property owner and as a property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Tue, 17 Nov 2009 02:27:46 -0800 https://activerain.com/blogsview/1341883/common-pitfalls-of-the-self-managed https://activerain.com/blogsview/1334121/i-need-another-full-time-job-like-i-need-another-hole-in-my-head- I have three scenarios for you to consider today.  And they aren't farfetched; they actually happened to real property owners. Its 2:00 a.m. in the morning and your phone rings.  It's your tenant.  He was awakened by a dripping faucet and he wanted to let you know right away.  He was up, so why shouldn't you be? Your tenant has been in your rental property for 6-months.  Now he has ants and he wants you to spray for them.  He starts talking about the property being unfit to live in, quoting the health laws, and talking about not paying rent until you remedy the situation. You offered a "one month free rent" promotion to get your unit filled.  The tenant moves in, and then never pays rent again. You already have a full-time job, why do you need another?  There are 173 working hours in the normal month, not counting weekends or nights.  If you save $140/month because you don't want to hire a manager, you are pocketing a whopping $0.80/hour.  And you don't even want to run that calculation for the 24-hour a day coverage that most managers offer. Take the everyday worry out of your life.  Property managers carry the stress and burden for you.  They provide you separation from the tenant.  They keep you in line with the current housing laws.  They keep your property rented at market rate.  And, it's all tax deductible.  That's a good return on your investment. If your still not convinced that property management is for you, then please visit our website at www.SCVLeasing.com and view our Common Pitfalls of the Self-Managed Property.  We are always available for a no cost, over the phone, consultation. ----- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. SCV Leasing serves Valencia, Stevenson Ranch, Newhall,  Santa Clarita,  Saugus,  Canyon Country, Fair Oaks Ranch,  Castaic, Sand Canyon, and Westridge with homes for rent, condos for rent, and property management services. His experience as a rental property owner and as a property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Thu, 12 Nov 2009 03:46:31 -0800 https://activerain.com/blogsview/1334121/i-need-another-full-time-job-like-i-need-another-hole-in-my-head- https://activerain.com/blogsview/1322259/hey-tenants--stop-wasting-your-valuable-time- Your first experience finding a rental was most likely in you early 20s, where the criteria was price, proximity to university or work, and price. It involved a lot of time in the classified section of the local newspaper and phone calls, which may or may not have allowed you to see the properties in a timely manner. But you were young and had the time. But as we all mature, our criteria mature, making the search more challenging. Your criteria may now involve proximity to good schools, two work locations, transportation networks, safe neighborhoods, allowance of pets, as well as a reasonable price. The answer to this challenge is using the Multiple Listing Service (MLS) to help your search. The MLS helps prospective renters find exactly what they are looking for in the same way as it helps prospective buyers. The MLS helps save time and frustration by showing what is being offered for rent in your target area by motivated property owners. The MLS often has photographs of the properties, detailed descriptions of the residence, and even neighborhood reports. And by enlisting the services of a professional property manager, the prospective renter has further reduced frustrations. A professional property manager is skilled in finding your next rental property based on your unique criteria. They understand the local area and can help to fulfill your unique needs. They can arrange to show you the properties you are interested in, take you through the lease signing arrangements, and find you your next home. If you like to spend your Saturday afternoons in the classified ads, go for it, but not to find your next rental. The MLS and your professional property manager can make finding your next rental home easy. ----- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. His experience as a renter, property owner, and property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Thu, 05 Nov 2009 09:10:37 -0800 https://activerain.com/blogsview/1322259/hey-tenants--stop-wasting-your-valuable-time- https://activerain.com/blogsview/1318262/is-there-really-security-in-a-month-to-month- We have recently been approached by various owners that want to rent their properties out on a month-to-month basis.  Most of these owners have been "stung" by previous tenants.  It's possible that the tenant wasn't properly screened; but it's also possible that bad things just happen.  Either way, the owners think that a month-to-month arrangement would work in their best interest.   The theory goes, if I don't like them, then I can get rid of them. From a professional standpoint, here are a couple of things to consider.  First, finding a quality tenant is time consuming. We advertise, show property, prepare paperwork, perform move-in inspections, set-up electronic transfer files, and send out copies of documents to all parties.  These services are just the first things we do, and as you can imagine, they don't come free.  If you had to pay these fees every six months, you would be losing serious money.  On a personal level, I'm fine with it because that's just more revenue for me.  But for an owner, I wouldn't recommend it. Second, if you advertise for month-to-month then that is what you are going to attract - tenants that are more transient in their plans.  They may be well qualified, but contractually they don't have to stay.  Most of the people that respond to these month-to-month ads are transitioning between houses.  Perhaps they sold house A and are still looking for the perfect house B. Finally, good tenants don't want to have a month-to-month hanging over their heads.  Moving is expensive.  In eighteen years of marriage, my wife and I rarely argue.  The exception to that rule is when we move.  So, we hire a moving company when the need arises - even though it is expensive.  Similarly, your tenants want the security of a fixed cost contract and a fixed term contract.  This is especially so if they have children in a certain school or school district. ----- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. His experience as a renter, property owner, and property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Tue, 03 Nov 2009 08:31:28 -0800 https://activerain.com/blogsview/1318262/is-there-really-security-in-a-month-to-month- https://activerain.com/blogsview/1306289/you-can-t-handle-the-truth You can't handle the truth.  That's exactly what I feel like yelling out when my homeowner wants to be present during a showing.  Renters are a particular subset of the overall real estate market.  Unlike some buyers who are looky-loos, there are very few to no looky-loos in the rental market.  Those people want to, or need to, move. If they don't want to rent the home we are showing them, then I need to get them into another home, and fast.  The one way to make them not want the home they are seeing right now is to have the owner in the home, or worse yet, having the owner escorting them through the home. Memo to owner.  We are real estate experts.  We view and show homes every day of our lives.  We know how to close a deal.  Let us do our jobs.  Prospective tenants don't want to hurt your feelings. They have a problem telling you the truth to your face.  They aren't going to let us know what was disagreeable with the home because they don't want to disappoint you. Worse than the prospective tenant not renting your home, is the prospective tenant not telling us why they didn't rent your home.  Maybe it was an odor, or the carpet color, or something else entirely.  Whatever it was, we need to know so that we can tell you.  If it's correctable, let's get it fixed.  If not, let's adjust the price accordingly. Here's our professional advice.  Don't be home during showings.  If you are home, take a walk for fifteen minutes.  Make yourself scarce.  I promise, it will get your home rented quicker, and for more money.  We can handle the truth, we're professional property managers. --- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. His experience as a renter, property owner, and property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Tue, 27 Oct 2009 08:37:49 -0700 https://activerain.com/blogsview/1306289/you-can-t-handle-the-truth https://activerain.com/blogsview/1283215/water--water--everywhere-and-not-a-drop-to-drink Two days in a row, two water leaks in a row, both in the ceilings of units we manage.  Both issues also in condominium/townhome type structures.  The HOA does not typically cover anything inside the units, so what happens next? First, be thankful that you hired a professional property manager to handle this situation or you would be living the headache of the self managed.  Second, make sure that you have a home warranty plan in place well before your tenant takes possession. One of the homes had such a plan, but the owner delayed purchasing the plan until the tenant moved in.  Most of these plans have a 10-day waiting period.  Wouldn't you know it, within that time period, the leak sprang up and they are not covered yet. ----- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. His experience as a renter, property owner, and property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Tue, 13 Oct 2009 07:04:56 -0700 https://activerain.com/blogsview/1283215/water--water--everywhere-and-not-a-drop-to-drink https://activerain.com/blogsview/1277497/getting-into-the-investors-mindset With a general decrease in home values in our marketplace, many owners are renting out their homes because they "can't afford to sell."  As rental property owners, when we decide to rent out our homes, we need to reset our minds to that of an investor.  An investor is more detached from the asset, and the home you are renting out is an asset.  The asset needs to be attractive to the potential renter. As homeowners we often overlook many of the smaller items.  Perhaps the paint is a little old, maybe a drawer in the kitchen gets stuck, or if some small item breaks we decide we can live without it rather than repair it.  These items won't go unnoticed by potential tenants.  Some of these items, like paint, may limit the rentability of the property.  And some others, like stuck drawers or broken items, the tenant will demand to have repaired. Often times these demands lead the owner to say, "It's a rental.  What do they want?  We lived without it for all the years we lived there."  This is the "homeowner mindset."  You're envisioning all of your time in the home, the holidays, the kids, the family parties.  Break that habit. The "investor mindset" says fix it before it's a problem, get a good quality tenant in there, and do everything you can to keep them in there.  The longer they stay the lower the vacancy rate you will have.  If your rental property yields $2,000 per month, and it takes on average 45-days to get a new tenant in place, then every vacancy costs you $3,000 not counting leasing fees, cleaning fees, and anything else that's required to freshen the property for the next tenant. The bottom line, take the attitude of the investor.  If there is a repair to be made, make it.  If the home needs painting, paint it (it doesn't have to be an amazing paint job, it has to be a passable paint job).  By viewing your rental properties as the investments that they are, you will put yourself in a better position to succeed with those investments. ----- Scott Taylor is the principal property manager and co-owner of SCV Leasing in Santa Clarita, California. His experience as a renter, property owner, and property manager makes him the best choice for managing your rental. SCV Leasing's unsurpassed marketing plan puts renters in properties fast.  Mr. Taylor can be reached at scott@scvleasing.com. Scott Taylor (SCV Leasing, Inc.) Fri, 09 Oct 2009 09:45:37 -0700 https://activerain.com/blogsview/1277497/getting-into-the-investors-mindset