A.D. Cantelmo Property Management
Our Business is Property Management Orange County California
With higher rents, Landlords may want
to be creative
As rents keep going higher, it may take longer to find qualified Tenants and to fill vacant properties. Now the first answer to a vacant property
is to lower the rent, but in this period of higher rents, a Landlord hates to
miss out on the extra cash a property can bring in. Having a property vacant is
costly, so it’s time Landlords open their minds to unconventional Tenants.
Don't be Alarmed
I don’t want to scare anyone, when
I say unconventional, I’m not talking anything out of this world, but I am
talking about being able to think beyond the norms.
Many Landlords and Property
Managers shy away from the typical multiple resident situations. The first thing
that may pop into their head is a Dorm type scenario, but wipe that picture
out of your mind. When I’m talking multiple residents, I’m not talking about
turning your home into “Animal House” I’m talking about working families that want
to live in a certain area, but may need some help with the rent.
Multiple incomes equal better odds
For example, let’s say that there
are people that recently got out of college and are working, but their salaries
are in the lower end of the scale. These young people are hard working, but
with student loan debt and little credit, they may find themselves in a
situation that they can only qualify for a small apartment in an area that they
do not desire.
Let’s expand that picture, these young
people get together with a couple of friends and decide to become roommates.
They as individuals are not in a good position to rent, but as a group, they
look much better. Some Landlords may shy away from this group of people, but
they should stop and think, before they jump to a negative conclusion.
First, this boom for Landlords is
not going to last forever and a Landlord should take advantage of it while they
can. Your rental property is supposed to bring you income, but if it’s vacant,
you are losing income and if you have to rent it at a lower price, you may be
losing earning potential. Why not look at the above scenario as an opportunity,
and not turn away this group with a knee jerk reaction.
Property Management Anaheim Ca.
I like to look at it one way. If I
have 1 person with one income, if they lose their job, they may not be able to
pay the rent. If I have 2 people with two incomes, if one loses their job, they
may still be able to squeak by for a while. But if there are 3 people with 3
incomes, the odds get better. In this 3 person group, all a Landlord or Property
Manager has to do is screen each one independently, but then qualify their
earning as a group. If they check out OK as individuals and more then qualify financially
as a group, you may have a perfect situation.
Nothing is perfect
Ok, there may be no perfect
situation and just because the group may be able to financially afford the
rent, in a roommate situation, things can go wrong. But opening up your mind
and taking some precautions, may allow the home that is struggling to bring in
the income that it should, into a property that is earning to its highest
potential.
A.D. Cantelmo Property Management
Specializes in Property Management Orange County Ca.