Ten Important Practices To Follow For The New Property Owner

#1. Join the California Apartment Association or Your Local Apartment Association in your state. Order CAA’s Managing Rental Housing Encyclopedia Book.

#2. Sign up for an Education Course in your area.
 
#3. Have available all the up to date required forms for prospective tenants who will be leasing your property and new housing laws as they are updated. Understand the instruction sheets and be well informed of your rights and the tenant’s rights.
 
#4. Have a contact person at the Apartment Association that you can call with any questions and concerns, networking is very important.
 
#5. Have your business polices in place and have them documented in writing when you provide an applicant with an application. Be specific to your income requirements etc.
 
#6. Advertise in various mediums that you will be comfortable in managing and always be consistent. Successful ideas have been Craigslist, Rental Portals such as Apartments.com. Renters.com, local newspapers and College Community Housing Sites.
 
#7. It is very important to understand the local housing requirements in the city that your property is located. For example, in the city of Palo Alto owners are required to offer good residents the option for renewal of their leases.
 
#8. Have an updated lease with a complete move-in move out form so both you and the tenant has a complete understanding and agrees to the condition of the property.
 
#9. Be advised of the correct items such as a copy of a driver’s license and birth dates in order to run a credit check.
 
#10. It is important to remember that the first month’s rent and security deposit upon move-in should be in the form of a cashiers check or money order. Always be accessible by giving tenants your contact office and cell numbers.