Do you manage your own Silicon Valley rentals? Do you dread the monthly rent collection hassles? Do you hate doing repair and maintenance on your rentals?
Well, we wanted to share with you some of the best practices on property management services that have been helpful to us at Homestretch Properties. These property management services are:
1) Online Rent Collection: This might sound like a simple task, bur during application process you need to tell your tenants that they will be required to sign up for ACH to allow their rent payments to be automatically deposited to your bank account. If this is too cumbersome, your tenants can also make payments through Paypal where they can make payments using your email address that’s associated with your PaylPayl account.
2) Tenant Screening: We recommend using a Cloud based services such as Cozy that offer tenant screening. The advantag of using Cozy for tenant screening is that the applicants will enter their private information into Cozy and you are not responsible for protecting their private information which can become cumborsome.
3) Routine Inspections: We strongly recommend routine inspection of your Silicon Valley rental properties. During a recent inspection of one of our Los Gatos rental properties, we discovered that the tenants were keeping chickens which we the source of noise and destruction of neighboring yards. There are plenty of applications such as Property Inspector and others that will allow you to document every room, exterior and interior of the home for future repairs and communications.
4) Rainy Day Funds: If you have an older home with old appliances, furnace, water heater …etc you will be well advised to set aside a portion of the rent to cover these repairs. You will be surprised how setting aside 10% of your monthly rental will go a long way to cover all these repairs.
Feel free to Contact Us if you have any questions about these services.