Wednesday, September 18, 2019

Tips for Attracting College Student Tenants 

Since the days of Animal House, college students have struggled to find off-campus housing. Their collective reputation as party animals has limited the options for countless college kids over the years. While it's true that some students are indeed rowdy and prone to throwing parties, most are simply looking for a place to study and sleep when not in class. 

If you've been considering renting to college students but aren't sure where to begin, Scott Safadi of Cal Bay Property Management has some advice. Use these tips to attract college renters the next time you have trouble filling a vacancy:

Go Where the Students Are
Before you post your listing just anywhere, consider your audience. If you're specifically hoping to target college renters, consider going old-school and hanging a few flyers on campus bulletin boards. While it's true that Gen Z students are more tech-savvy than any other generation before, a simple flyer can attract more eyes than a paid ad on Facebook might. 

Offer Roommate Matching
College students are notoriously broke. Most can't shoulder the financial burden of an entire apartment on their own. Consider offering a roommate matching service for those who are interested. While many property owners are hesitant to begin such a service, it can mean moving new tenants in more quickly.

Include Furniture in Your Rental
Most students don't have furniture, nor do they want to invest in pieces at such a transient period in their lives. Too often, furniture is the only thing stopping a student from moving off-campus. Solve this problem for your future tenants by offering furnished rentals. While the initial investment might seem steep, you'll see the furniture pay for itself in no time.

- Scott Safadi, Cal Bay Property Management

Wednesday, September 11, 2019

Could Backyard Apartment Homes Solve San Jose's Housing Shortage?

Mother-in-law suites and poolhouses are nothing new. California homeowners have been leasing out these spaces for decades, putting unused space to good use for tenants in need of a small place to call their own. Now, a new company wants to help bring more of these rental homes to the properties of San Jose residents.

The Silicon Valley Business Journal reports that Abodu, a residential construction company based in the Bay Area, has secured the first pre-approval for San Jose's new program encouraging the construction of backyard apartments. The company offers a 500 square foot, one-bedroom living concept for homeowners interested in becoming landlords. 

The base price for these auxiliary dwelling units isn't exactly chump change. Starting at $199,000, the homes will be constructed off-site and come with a 10-year warranty. Though these structures are unlikely to fix the larger housing shortage in San Jose, it could bring solo renters relief. 

Of course, becoming a landlord isn't something to embark upon casually. Convenient construction projects are just the beginning. Ongoing maintenance, tenant screening, leasing, and other challenges await new San Jose landlords. If you're considering renting out space on your property, you may want to reach out to the team at Cal Bay Property Management. Fully explore your options before committing to a year-long experiment!

- Scott Safadi, Cal Bay Property Management

Sunday, September 8, 2019

What Not to Do When Upgrading Your Rental Property

There are many reasons to regularly update and upgrade a rental home or apartment. For one, there's the competition factor - tenants will have a tough time selecting your unit over an apartment with brand new appliances and hardwood floors. For another, there's the added value you're bringing to tenants, allowing you to charge a higher monthly rate. 

Unfortunately, Scott Safadi of Cal Bay Property Management has seen too many instances of resources wasted on upgrades that don't matter to tenants. If you're considering renovating, skip out on these upgrades:

Luxury Bathrooms
A whirlpool tub is certainly luxurious, but most tenants aren't willing to pay significantly more for a bathroom. Save the fancy finishes for your own home, since most renters just aren't interested in shelling out higher rental rates for what they deem to be unnecessary.

Pools and Hot Tubs
Californians love their swimming pools, and it's reasonable to assume that investing in a pool or hot tub would add serious value to your rental property. Unfortunately, though, these amenities are rarely worth it for single-family rentals. Maintaining pools and hot tubs can be more expensive than you might anticipate!

Extensive Landscaping
While gorgeous flower beds might add serious curb appeal to your rental, they may do more harm than good. When prospective tenants spot your immaculate landscaping, they may see nothing but the potential yard work in store as your renters. Keep your grounds manicured but minimalist if you want to encourage interest from new tenants.

- Scott Safadi, Cal Bay Property Management

Dispelling Property Management Myths

Renting out a residential home or apartment unit requires informed decisions. While it's easy to buy into myths about property management, you owe it to yourself and your tenants to do your research before dismissing this option. Scott Safadi of Cal Bay Property Management has heard it all through the years and is happy to dispel some of the most common myths about property management:

It's too expensive
Time is money, and while you might see the time spent maintaining your rental as "free" labor, it's actually costing you a great deal. Consider how much labor you put into your duties as landlord each month. Assign yourself an hourly wage and do the math. Chances are good, you're spending way more than you would if a property management company were doing the job on your behalf!

Management Companies Will Rent to Anyone
One of the perks of renting out your property yourself is selecting the tenants by hand. While it's true that you might indeed dedicate more time to searching for the ideal tenant than a management company would, that's because we have more resources to weed out incompatible tenants. Allow Cal Bay Property Management to take over the leasing process. We'll maintain and even exceed your high standards for renters while saving you valuable time.

Property Management Companies Won't Maintain My Rental Like I Can
Your home is your pride and joy, and you want it to be preserved and maintained with care. The good news? We feel that way about our clients and the work we do on their behalf. Since we treat your rental property the way you would you had the time, you can rest easy knowing your home or apartment is in good hands.

- Scott Safadi, Cal Bay Property Management

Friday, August 16, 2019

Single Family Real Estate Investments: Still a Smart Choice

Investments, by their very nature, require risk. Putting up money to fund a company you believe in, for instance, requires faith that the organization will grow and earn your money back - and then some. Many believe real estate investments to be especially risky, as the market can slow unexpectedly. Still, research continues to show that single family real estate investments are a smart way to grow your wealth.

This is especially true in the Bay Area, says Scott Safadi of Cal Bay Property Management. Since the local rental market shows no sign of slowing down, there's never been a better time to invest. While many are hesitant to become a landlord, property management companies make it easy to earn passive income by leaving the hard work up to the professionals. 

If you've been considering investing in single or multi-family real estate investments, consider working with Cal Bay Property Management. By outsourcing the most labor-intensive parts of renting to our team, you'll gain peace of mind while still investing in your community. Late-night phone calls, emergency maintenance requests, and tenant screening are our forte. Explore the possibilities with Cal Bay Property Management!

- Scott Safadi, Cal Bay Property Management

Friday, August 9, 2019

Automating the Leasing Process

Empty units are a drain on the wallet. Without rent money coming in each month, a vacant apartment or home can begin feeling less like an investment and more like an albatross around your neck. Thankfully, automation has made it easier than ever to fill vacancies while you sleep.

There are countless apps, tools, and devices to help take the work out of the leasing process. Invest in smart home locks for your rental's front door. With the click of a few buttons, prospective tenants receive a code to unlock the unit. Prefer not to do self-showings? Automate other aspects of the leasing process instead. Background checks, employment verification, and even the signing of the lease itself can be done by app these days.

Of course, these shortcuts do come at a risk: without careful oversight of each aspect of the leasing process, applicants who are not a good fit could slip under your radar. Don't want to babysit technology while your vacancies continue to sit empty? Consider working with a local property management company instead.

Scott Safadi of Cal Bay Property Management uses the technology of tomorrow with first-hand knowledge of local real estate trends to manage properties. By partnering with a local property manager, owners can rest assured that their leasing process is being carefully attended to by experienced professionals. Eager to learn more? Reach out to our team today to learn how we can help you fill your vacancies!

- Scott Safadi, Cal Bay Property Management

Friday, July 26, 2019

The Perks of Renting in Historic College Terrace

The Bay Area has a number of gorgeous neighborhoods. It's hard not to fall in love with the natural beauty of the region. There are few places as lovely or as livable as Palo Alto. This is especially true of the historic College Terrace neighborhood. Dating back to the 1890s, this charming pocket of Palo Alto is full of gorgeous craftsmans, delicious restaurants, and adorable boutiques to satisfy every taste.

Of course, not everyone can afford College Terrace's pricey real estate. The market is incredibly competitive there, even by Bay Area standards. Cal Bay Property Management's Scott Safadi advises anyone curious about the neighborhood to rent there first. Not only will a few years of renting help you save up for a down payment, but it'll also help you get familiar with the area. 

College Terrace has more than just historic charm going for it, too. You'll love the chance to send your kids to some of the best schools in the area. Cal Bay Property Management currently has a home available in the Palo Alto High school district. Younger students may attend Greene Middle School or walk just three short blocks to Escondido Elementary.

Begin your next chapter with a rental in College Terrace!

- Scott Safadi, Cal Bay Property Management


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