The following is taken from "Episode 2: Becoming an Accidental Landlord with Michael Uyemura" of The Accidental Landlord podcast. Click the "play" button below to listen to the full podcast, or follow us on Spotify.
When Michael's job moved him to Colorado and caused him to leave his home in California, he knew he didn't want to sell. With home prices in California rising, it can be difficult for property owners to move back into the state after selling. By keeping the home and renting it out, Michael knew that he would be able to keep the home to move back into the home, and California, in the future.
Michael shares that family members had previously self-managed a property, so he saw first-hand what a headache self-managing was. Because he would be states away from the rental property, Michael knew right away that he wanted a property manager to take care of his home.
How do you decide who should manage your property?
Michael vetted five or six property mangers in the area. It was important that they were local, and could have eyes on the property. Michael shared that he cared about three key things when vetting property managers: how well they take care of the property, how the renters feel about the property management company and the speed of repairs/maintenance, and pricing.
How did you vet the companies?
Michael shared that he would look online for reviews, and take a look at their website. He noted that a few bad reviews aren't always a bad sign, but you can typically get a good idea of how their clients and tenants feel about the company based off of their reviews.
At Rincon Property Management, we occasionally see property management companies discredit negative reviews by saying that they are from unhappy tenants. While clients want to feel like their best interests are at the forefront, something that should be taken into account is that tenant retention and happiness is in the best interest of the client/property owner.
During his rental experience, Michael had a property manager try to limit how long they were able to shower as tenants. This jarring experience led Michael to appreciate management companies who prioritize the tenants, and handle their maintenance requests quickly and efficiently. Tenants who are happy will take better care of the properties, will stay longer, and will be more likely to reach out when there is a maintenance issue.
What fears came up during the process?
Michael shared that all of the standard fears came up for him when it came to renting out his home. The primary fear was that a tenant would damage the home, or that the property management company would not maintain the home well. There were also concerns about tenants not paying rent, and Michael having to pay for both the home in Colorado and the home in California. These expenses are often at the forefront of property owner's minds when they consider renting out the home.
While vacancies do happen, at Rincon Property Management, we prioritize doing what we can to keep great tenants in the homes long-term. Our tenant retention program was designed to keep tenants happy and to let them know we value them as a tenant. As a key part of this program, we help each landlord send tenants a gift around the holidays (often a gift card) to thank them for caring for the home and being a reliable, responsible tenant. These small gifts are just a simple way to say thank you to those renting out the home.
What benefits are there?
Michael noticed the tax benefits due to the depreciation of the home. These benefits have caused him to look into owning more rental properties in the future. He shares that the home they bought in Colorado was perfect, but now that their family is growing, he is looking into getting a larger home. He would love to hold onto his current Colorado home after his positive experience renting his home through Rincon Property Management in Ventura, California.
if you are interested in learning more, reach out today by visiting our contact page. If you are interested in listening to our podcast, The Accidental Landlord, click this link.
