At Penny Realty, our properties are mostly coastal and located within central San Diego. Therefore, location is not an issue. The homes we manage are in desirable areas.
Condition can be an issue for landlords who have not maintained their properties. If your home is in ill repair, it will cost you. Either you’ll have to reduce your price and settle for a lower rent, or you’ll have a hard time getting your property rented at all, and it will be vacant on the market for a long time.
Pricing Your Rental Home
The pricing factor is fairly obvious. If you overprice your property, it’s going to sit on the market longer. If you underprice it, you’re essentially giving money away. We make sure to price your home competitively.
Marketing a Rental Property
We do a lot when it comes to marketing. There are no hidden listings. We get the word out and syndicate your property listing to over 50 websites. Some of those sites you have probably heard of, such as Zillow, Trulia, and Craigslist. We do additional websites such as HotPads and Homefinder.com. and others. We don’t advertise in newspapers because while they still work for sales, they aren’t very effective with rentals. Typical tenants are not looking in the paper for rentals; it’s all online.
Photography is important to our advertisements. We take good photos to show off your assets. Then, we personally show each available property. Trained leasing managers know how to stage the property and get the lighting right.
Finally, we thoroughly screen tenants. We look at financial criteria, we verify income, and we do credit checks. There’s a minimum FICO score required, and our criminal background checks are done nationwide. We also consider landlord references.
With these four basics, our rentals move in 30 days or less. In the current rental environment, it’s more like 15 days or less. And here’s our Hot Tip of the day: the property management battle is won or lost with tenant screening. Take care of those basics and stick to high screening standards. When you do that, you’ll be a happy landlord and your tenants will love where they live.
We would be happy to help you with any questions. Please contact us at Penny Realty, Inc.