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The Lifecycle of a Typical Rental: Insights from a Seasoned Property Manager

The Lifecycle of a Typical Rental: Insights from a Seasoned Property Manager

Renting out your home through a property management company involves several stages to ensure a smooth and successful rental process. Here are the typical stages involved:

Getting the property “Rent Ready” to market

Please let us know if you’d like our comprehensive guide and “make ready list.”

Here are some key tips for ensuring your property is rent-ready:

  • Thorough Cleaning: Start by giving the property a deep clean, including floors, walls, windows, and appliances. Repair and Maintenance: Address any maintenance issues promptly to ensure the property is in optimal condition. This includes fixing leaky faucets, repairing broken appliances, and addressing any structural issues. Regular maintenance helps prevent larger problems down the line and keeps tenants satisfied. Curb Appeal: Don't overlook the exterior of the property. Ensure the lawn is well-manicured, trim bushes and hedges, and add some potted plants or flowers to enhance curb appeal. Safety Measures: Prioritize safety by checking smoke detectors, carbon monoxide detectors, are less than 10 years old and are in working order.

How do we find our owners great tenants quickly? See our tips and three step approach below :)

Stage 1: 

Getting the property Rent Ready: As impressions are critical when people are selecting a place to live. Utilities must be on, repairs must be complete (or almost complete) and the property must be clean before we start marketing a property. It is never a pleasant experience for your property manager or a prospective tenant to drive an hour to a property only to find it dirty, smelly and unsightly. Tenants get turned off by houses that are not move-in-ready and often won’t return to see them a second time. Get the property in rentable condition, and then the marketing can begin. 

Stage 2: 

Marketing Your Property: With the property in top shape, the next step is marketing. First impressions are so important. A clean and well-maintained property creates a positive first impression and demonstrates that you value the tenant's comfort and welcoming exterior sets the stage for a positive viewing experience.

SJC has a very good track record in renting out homes. It’s not secret – good marketing is the key to attract the best tenants. We have a very good grasp of what advertising it takes to get the job done quickly. And that is why we include our professional grade photography and 3-D virtual tour for all of our owners. We not only pay for you to be on the premium sites like Zillow but we syndicate out to over 36 other websites as well so we've got all your bases covered and then we track all that data coming back in. Which you will receive on your weekly listing activity report. 

Stage 3: 

Tenant Acquisition and Selection: Once the marketing is live we begin the tenant selection. Our thorough screening process allows us to select a tenant that meets or exceeds our rental criteria. Every applicant undergoes a meticulous screening process, which includes background, employment, rental history and financial checks, to ensure that your interests are always protected. And once we have a tenant that meets or exceeds our rental criteria, we will coordinate the move in. This includes setting tenants up on utilities and providing a detailed move in condition report with hundreds of photos attached.

Rent Pricing Tips: We lease numerous homes each month. We know the market and can find lots of rental comps to drive the asking rent. Although it’s your call, we’ll advise you and report activity. You’ll set the rent (and make the mortgage payment until it’s occupied) so we’re on the path to getting it rented quickly. 

And as of our latest weekly reports the average days on market is sitting at just about 35 days. And this is from the day we hit submit on your listing to the day we select a tenant.  With the properties that have the best curb appeal and aggressively priced moving the quickest. 

We don't have control of the market but we do have control over the price. So these weekly reports provide valuable insight into whether or not the market supports our current list price or if we need to lower it for the current week. 

Lease Management and Maintenance

We conduct annual in-person walk through rental inspections to identify potential issues in advance, ensuring that your property stays healthy and well-maintained and that the tenants are adhering to the requirements of their lease agreement. We keep all contracts up to date to comply with all the laws and regulations the state, but also individual cities and counties have in our area. Our first walk through is done halfway into the lease agreement [so about 6-7 months after the tenants move in].  We can then use this to help determine if we want to offer a lease renewal to the tenants and at what rate.  We would then take care of the re-leasing aspect as well.  

Renewals, Vacancies, and Evictions

We usually set the tenants up on one year lease agreement.  Our leasing fee is warrantied for a year [so if the tenants did not last for a full year, we would re-rent at no cost and the tenant would pay you rent until re-rented].  On average tenants stay in our rentals on average 4.5 years [so clients only pay leasing fees on average once every 4 years].  

A property manager can play a crucial role in helping you determine the appropriate rental price for your property and ensuring you're getting fair market rent. Maximize your rental property profits with our property management services. We use advanced marketing techniques to attract high-quality tenants, and our team handles all tenant communication, maintenance requests, and rent collection. Let us help you achieve your investment goals

Contact me today to get started!

  • Initial Consultation:

    • Meet with the property management company to discuss your rental goals, preferences, and expectations.

    • Provide information about your property, including its location, size, amenities, and any specific requirements or restrictions.

  • Property Evaluation:

    • The property management company conducts a thorough evaluation of your home to assess its rental potential.

    • They may provide recommendations for improvements or updates to maximize rental income and attract quality tenants.

  • Listing and Marketing:

    • The property management company creates professional listings for your home, highlighting its features and amenities.

    • They employ various marketing strategies to promote your property, including online listings, signage, and advertising in relevant channels.

  • Tenant Screening:

    • Prospective tenants are screened carefully to ensure they meet the rental criteria and are suitable candidates.

    • Background checks, credit checks, and rental history verification may be conducted to assess the tenant's reliability and suitability.

  • Lease Preparation and Signing:

    • The property management company prepares the lease agreement outlining the terms and conditions of the tenancy.

    • Both parties review and sign the lease agreement, clarifying any questions or concerns before finalizing the rental agreement.

  • Move-in Inspection:

    • A move-in inspection is conducted to document the condition of the property before the tenant takes occupancy.

    • Any existing damages or issues are noted in a move-in checklist, and both parties sign off on the inspection report.

  • Rent Collection and Financial Management:

    • The property management company handles rent collection from tenants, ensuring timely payments are received.

    • They also manage financial aspects such as property taxes, insurance, and maintenance expenses on behalf of the property owner.

  • Property Maintenance and Repairs:

    • Routine maintenance and repairs are scheduled and carried out as needed to keep the property in good condition.

    • The property management company responds to tenant requests for repairs promptly and coordinates with vendors or contractors as necessary.

  • Tenant Communication and Support:

    • The property management company serves as the main point of contact for tenants, addressing their inquiries, concerns, and maintenance requests.

    • They provide ongoing support and assistance to ensure a positive rental experience for tenants.

  • Regular Property Inspections:

    • Periodic inspections of the property are conducted to ensure compliance with lease terms and assess its overall condition.

    • Any issues or maintenance needs identified during inspections are addressed promptly to maintain the property's value and appeal.

  • Lease Renewals and Tenant Relations:

    • The property management company facilitates lease renewals with existing tenants, negotiating terms and conditions as needed.

    • They cultivate positive relationships with tenants to promote tenant retention and minimize turnover.

  • End of Tenancy and Turnover:

    • When a tenant vacates the property, the property management company conducts a move-out inspection to assess any damages or cleaning needs.

    • They coordinate turnover activities, including cleaning, repairs, and preparing the property for the next tenant.

By following these stages, a property management company can effectively manage the rental process for your home, from listing and tenant screening to ongoing management and tenant relations. This comprehensive approach helps ensure a hassle-free and profitable rental experience for property owners.