Are you a real estate investor in the California Bay Area? While the area has seen an exodus, it's also seen an influx of highly skilled professionals. This brings many opportunities if you have a rental property in the area.
But if you're not adept with your time management, you'll soon find yourself being a slave to your rental business. You can still earn a lucrative rental income without having to work overtime.
This guide will show you the ways that landlords are wasting their weekends and how to change this. Keep reading to learn what you should know.
1. Stay Compliant
As a California landlord, you must learn the laws beforehand. Otherwise, you'll waste your weekend having to check if your tenants are violating any law.
If you're not careful, you might also be violating a law. You'll then have to spend your weekend figuring out how to resolve disputes!
Start by hiring a real estate lawyer. They can explain the laws to you and ensure that you stay compliant. They can also help you prepare your lease agreement.
2. Build a Relationship With Tenants
Let's say your tenant decides not to renew their lease. Now you've got to spend time finding a new tenant for the year. What happens if, after a year, you have to find a new tenant yet again?
To avoid this waste of time, you must work toward building a strong relationship with your tenant. You want them to rent your property for as long as possible.
3. Don't Neglect Maintenance
Few things can be as frustrating as having to fix something in your rental property! You have to address maintenance issues immediately.
The best solution is to inspect your property before your tenants move in. You can also conduct inspections during the tenant's stay. Inspections give you an idea of whether your property is in good condition or not.
As soon as you notice an issue, you should get it fixed. The longer you wait, the harder it will be to repair or renovate your property.
4. Collect Payments Electronically
You'll be wasting your time if you ask your tenants to pay in cash or to mail a check. The best method is to collect your payments online.
You can send your tenants an invoice with a payment link. You can use a payment processor such as Paypal, Wise, Zelle, etc., to receive payments. Your tenants can then pay by providing their bank account details or by using a credit card.
Succeed as a Real Estate Investor
Now you know how to stop wasting your weekends as a real estate investor in the California Bay Area. Always remain compliant with California landlord laws. Make sure you build a long-term relationship with your tenants.
You must also maintain your property often. It's best to collect your payments electronically. If you follow these steps, you'll have no problem succeeding.
For the Bay Area, there's no better choice than Blue Line Property Management. We've served hundreds of clients throughout the area and are happy to serve you. Contact us today!
