There are dozens of good reasons to rent out your San Jose property, and you’ve probably already thought about those. You’ll earn consistent rental income, hold onto an asset that’s only going to increase in value, and leverage the equity and income in your property when you need it.
Maybe it’s a home you once lived in yourself. Or, perhaps it’s a property that you inherited. Whatever your unique circumstances happen to be, there’s a lot to do before you can find a tenant and start collecting rent.
Here are some of the things you’ll need to do first.
Make your Property Rent-Ready
A good rental experience depends on having a good tenant. You’ll want to attract the best residents in the San Jose and Silicon Valley tenant pool. To do that, you’ll need to offer an attractive, welcoming property. Your home has to stand out from all the others that tenants are seeing. Inspect the home thoroughly for any necessary repairs or replacements. Make cost-effective updates and upgrades. Provide a fresh coat of paint and have professional cleaners come out to help you make the home sparkle.
Remember that you want to be competitive. You likely won’t have to renovate your entire home, but make sure it’s modern. If your appliances were installed in the eighties, it’s a good idea to replace them. If your lighting is old and dim and your floors are still sporting shag carpet, give these things an upgrade. This will help with marketing and with inspiring potential residents to fill out applications.
Price Your San Jose/Silicon Valley Rental Property According to the Market
It’s hard to know just how much you can expect your property to earn every month in rent. However, there are some ways to find out what the market will demand. Rental price is predominately market-driven. It doesn’t matter how much cash flow you’re after or what you’ll need to make your mortgage and tax payments. Evaluate the market thoroughly and check the prices for competing properties that are similar to yours.
Market Your San Jose and Silicon Valley Rental Property
Take some good pictures, write a brief but detailed description, and advertise your listing on all the popular rental sites tenants are using. When you’re able to attract good tenants, they’ll start calling and emailing with requests to see the property. Always be responsive. Schedule showings, encourage applications, and decide what criteria you’re going to use when screening potential tenants.
This is an easy place to make an expensive mistake. Fair housing laws dictate what you can and cannot consider when choosing a tenant. Make sure you understand the process, and document every application you screen.
Screening requires that you check credit, eviction history, and backgrounds. You’ll also need to verify income and employment, and we recommend you talk to current and former landlords.
Choosing a San Jose Property Manager
Unless you have the time, knowledge, and experience to manage an income-producing property on your own, hire a professional San Jose property management company. Look for a professional who knows the local market and understands the property management industry. You’ll want a management partner with good relationships in the community and with local vendors. A local management company will also understand all the laws, requirements, and best practices in leasing and managing your property. You need local expertise when it comes to lease agreements, code compliance, and reporting.
It seems easy enough to do yourself, but it’s actually quite complicated. Have a better rental experience and earn more on your property. We’d love to tell you how. Contact us at 408-272-4100 or info@abornproperties when you’re preparing to rent out your San Jose and Silicon Valley home.