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

Friday, July 19, 2019

Millennials Driving Bay Area Rental Market

Home sales across the United States have been largely driven by first-time Millennial homeowners. Though this trend has been good news for the larger economic landscape of the nation, home sales in the Bay Area don't reflect this pattern. While it's true that real estate here is more competitive than ever, Millennials drive local rental markets instead of home sales.

Scott Safadi of Cal Bay Property Management has seen the housing challenges faced by the average Bay Area Millennial. While homeownership is often associated with the American Dream, the high cost of living limits many young people from saving for a down payment. Instead, they turn to apartment rentals.

While homeownership remains a goal for many Millennials, there's an undeniable appeal in renting in the short-term. Given how competitive Silicon Valley startups tend to be, many employees are hesitant to put down roots locally. Even if they could afford a home in the area, many Millennials opt to save money and pay down student debt before saving for a down payment for a home.

Local property owners should take advantage of this trend by appealing to Millenial renters. Consider offering the kinds of amenities that will entice young people to sign multi-year leases in your community. Swimming pools and fitness centers are just the beginning. To take your property management to the next level, you'll want to hire a team of experts to maximize the efficiency of your office while overdelivering on the expectations of tenants.

- Scott Safadi, Cal Bay Property Management

Friday, July 5, 2019

U.S. Apartment Demand at Five-Year High

There's never been a better time to rent out your apartment - at least not in the last decade or so! According to the Wall Street Journal, demand for apartments in the U.S. reached a five-year high this spring. Cal Bay Property Management's Scott Safadi has witnessed the local rental market explode through the years. As the Bay Area has increased in popularity, so too has the demand for rentals.

Given the healthy state of the economic climate, it's safe to assume that investing in property development and rentals is a smart move. Even if the five-year peak won't be topped any time soon, the market shows no sign of slowing down. While it's impossible to predict the future, it's important that property owners understand just how great the apartment demand in the Bay Area truly is at the moment.

Because there is such high demand, many of the most challenging aspects of being a landlord disappear. You'll rarely, if ever, need to worry about vacancies. Nor will you need to attract leads or go through complex screening processes. In fact, if you partner with the right property management company, you can hand off all these tasks for as long as you'd like.

If you're considering renting out your apartment building or multifamily community, consider partnering with Cal Bay Property Management. Locally-owned and operated, we've got the insider's advantage you'll need to stay successful regardless of the market.

- Scott Safadi, Cal Bay Property Management

Sunday, June 30, 2019

San Jose, Housing Affordability, and the Future of Multifamily Housing

The housing market in San Jose has been competitive for more than a decade. Even in slower economic times, home prices have limited the working class from buying. Now that First American Financial Corp. has declared San Jose's housing affordability the most improved in 44 markets, many believe multifamily communities are on the way out. While it's true that some home buyers will benefit from the latest San Jose market trends, the reality is that just six or seven percent of current renters will be able to afford to purchase a house in the area.

Cal Bay Property Management's Scott Safadi has watched the San Jose cost of living rise through the years, and urges property owners to take the news with a grain of salt. While it's certainly good news that housing is becoming more affordable for the community at large, the reality is that multifamily communities will always be needed. This is especially true of areas like San Jose, which naturally attracts a lot of young professionals not eager to settle down.

While it's true that the Bay Area housing markets look quite different than they did ten years ago, one truth remains: it's incredibly pricey to own a home here. Young people, families and seniors on a fixed income will be searching for rentals they can afford. If you've been wavering between investing in your rental property or selling, you may want to reconsider, as there won't be a shortage of tenants any time soon.

With the right property management team on board, area landlords can earn easy, passive income for years to come. Of course, nobody knows precisely what the future holds, but so long as the Bay Area continues to attract tech companies, startups and the young professionals who work there, Cal Bay Property Management will be ready to take up the daily operations of running rental properties.

- Scott Safadi, Cal Bay Property Management

Thursday, June 20, 2019

The Future of the Bay Area for Moderate Income Families

San Jose officials say that without intervention, moderate-income families may be priced out of renting or buying in the area altogether. The news will come as no surprise to locals who are likely all too familiar with the challenges of the Silicon Valley real estate market. Cal Bay Property Management's Scott Safadi has watched the evolution of San Jose's housing crisis. While government intervention could help save the shrinking middle class, landlords and property owners may feel frustrated by the slow pace that city council operates at. 

To understand the challenges these families face, it helps to define moderate income. It's a subsection of the middle-class making between 81 and 120 percent of the area's median income. For San Jose, that's $135,250 for a family of three. Not the group typically associated with government handouts, these people often struggle to qualify for low-income housing. With no option but to pay expensive rent or mortgage costs each month, many opt to move in with roommates to help ease the financial burden.

While roommates are one option, it's important for moderate-income families to have a space of their own. Landlords and multi-family property owners in Silicon Valley may be eager to find quality tenants, but taxes, maintenance costs, and other factors drive up the average rental prices. This makes it difficult to turn a profit, especially as the area's cost of living continues to climb. 

Whatever the San Jose city council has in store, area property owners and landlords will have their eye on the moderate-income group. 

- Scott Safadi, Cal Bay Property Management

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