Rental properties make up nearly half of the real estate market in California, which is higher than the national average. It's a great place to own extra properties and be a landlord.
But that also means you have to make smart choices when it comes to these investments. The wrong step can end up costing you greatly instead of making you profitable.
An easy way to help boost your success is through a rental valuation. This is a guide that will help you do the right things when it comes to your properties. Check out this guide for the dos and don'ts of a rental analysis.
Do Use Information When Setting Prices
It would be a shame to go through the work of getting a rental analysis and then doing nothing with it. Be sure to use all the information you get when setting rental pricing (including security deposits).
The real estate market is always fluctuating, so your prices will too. It's important to keep the value of your property in mind so you get the worth out of your investment.
Don't Wait Too Long
When you're a landlord, it can feel like there are a lot of things you have to do. It's easy for tasks to start slipping through the cracks if you're not careful. Often, rental valuations are one of the first things to get pushed off till later.
But it's important to keep up and get it done once a year. This way you're never too out-of-the-loop and can earn a rental income.
Do Keep Up with Property Inspections
Since there are so many landlord responsibilities, it's tempting to cut corners where you can. This often happens when a landlord uses the valuation as a property inspection. Avoid this whenever possible!
Rental property inspections and valuations aren't interchangeable and shouldn't be lumped together. Inspections are a deeper look at the specifics of the property while a tenant is living there. A valuation is a general view of its worth.
The best thing you can do is set a schedule for both and then stick to it!
Don't Try to Tackle On Your Own
A rental analysis can feel overwhelming, especially when you're a new landlord. Luckily, it's easy to get help! Property management teams will walk you through the entire process for the valuation. They'll do the work to gather the information so that you don't have to.
Everything You Need to Know About Rental Valuation in Folsom
Getting a rental valuation in Folsom can make all the difference for your property.
And the best part is, you don't have to handle it on your own! When you work with a property management team, they'll help get you the resources you need for the job. And then give you expert landlord advice on what to do with that info.
At Residential Equity Management, we're here to make sure all our Folsom, California landlords succeed. We offer a variety of services to help you get the most out of your investment. Schedule a consultation today to see what we can do for you!
