Did you know that 44% of Americans work a side hustle to make ends meet in today’s economy? That’s not even so they live a highly luxurious life, but just so they can pay all their bills and not go insolvent. 

If you have a California property that’s not being used to its max, or not being used at all, then you should consider getting creative with it to make that extra cash. This way, you won’t have to hustle as hard to live a good life. 

Keep reading to find out how to put your California real estate to its best use. 

1. Turn It Into Student Housing

If your California rental property has more than 1 bedroom, you could consider turning it into student housing, where university students rent each room and share the common area and bathrooms.

Even better if each bedroom has an ensuite bathroom. Then, each room can be a sanctuary for the students renting them. 

Just be conscious of the fact that students do tend to utilize rentals a bit more carelessly than professionals or young families would. Also, they would only rent the room while they are in university and your rental would stay empty during the summer break. 

2. Rent It Out to a Young Family or Professionals 

Don’t want to deal with the headaches of student rentals? Then consider renting your California house to a young family or professionals, who would want a longer lease. It’s much easier dealing with these renters, as they tend to be much more careful and mature. 

3. Do Short-Term Vacation Rentals Using Airbnb

Another way you could make money from your California home is by doing Airbnb rentals. These would be shorter rentals, some of them only lasting a day or two, perhaps on the weekend when folks come to California for a quick holiday.

These are a bit more stressful though since you have to adhere to the high standards that Airbnb sets for its rental properties. But once you create a system for it, it should be smooth sailing. 

4. Consider Doing a Home Exchange With Folks in Europe

A fun way to make money from your California real estate property is to do a home exchange with people from over the world, particularly Europeans who wish to visit California on the cheap. It won’t be as profitable for you as doing an Airbnb, but if you are going to travel anyways, it’s a great way to save on housing costs, and ensure you have a solid house guest while you are gone. 

Renting Your California Property Can Be Your Side Hustle

If you are ready to start making some serious cash from your California property, then you need to start using the tips above. Don’t want to do it all on your own?

Then consider contacting us for property management services. We want to make renting out your California home as seamless as possible.

With rental prices the second-highest in the US, California is the perfect place to begin your property investment journey. But perhaps you are wondering if you have the right skills and experience to manage an investment property.

That’s where outsourced property management can help.

Why not sit back and witness your investment grow by hiring experts to manage a property on your behalf? Here are some of the most notable benefits of outsourcing to help you decide if it’s the right choice. 

Risk Management

You will no doubt hope your investment is a great choice and will bring you the best financial returns. But if something goes wrong with your property and costs spiral, that investment could become an unwanted financial liability.

Outsourced property management will help manage the risks associated with rental property, thereby safeguarding your long-term investment. 

Cost Management

Managing risks will help you avoid unexpected costs with your property. But there are regular expenses that you’ll pay with your property maintenance, and you’ll need to manage those costs too.

An expert property management company will be able to use its experience to find ways to reduce your ongoing property costs. That will help you with your cash flow. 

ROI

An outsourced property management company will help you get a better ROI.

Ultimately, using outsourced property services to manage your ongoing and unexpected costs means more profit for you. Your investment has more chance of bringing you the expected level of returns. 

Hassle-Free

There are many tasks to get done regarding property management, whether dealing with issues that crop up, chasing payments, or making repairs.

But is that what you wanted from an investment? Or did you want to invest in something because of the long-term financial gain?

If it’s the latter, hiring someone to do the day-to-day tasks makes more sense to focus on other priorities in your life and career. Or even give you time to focus on what your next property investment will be!

Efficient

Having the most efficient people in all aspects of property management makes sense.

At Outland, we have a long history of property management in California, and our real estate agent specialists include certified distress experts.

We can put the best real estate people in place to give your property the support it needs. That will save you the time and effort of mastering all aspects of property management. 

Higher Occupancy

Good property management equates to higher occupancy. You’ll have happier and more satisfied tenants, reducing the turnover in your property tenancy and maximizing your rental income.

Professional property management with an excellent reputation will also help you attract the most reliable and high-quality long-term tenants. 

Is Outsourced Property Management Right for You? 

Aim to get the best return from your housing investment. Outsourced property management will help you get more from your money without the hassle.

Take the next step by contacting our team today to have a no-obligation chat about your property. Discover how our real estate team can help you hit your investment goals. 

You’ve just bought your first rental property and are ready to get started as a new landlord. But wait, are you just a landlord, or are you a property manager? What’s the difference?

When it comes to rental properties, there may be a few key players. There may be a property owner, a landlord, and a property manager. You are the owner if you own the property.

But what are the differences between a landlord vs a property manager? Keep reading to find out.

What Is a Landlord?

Landlords are property owners that rent out the property. This can be a home, apartment, mobile home lot, condo, or any other kind of property. The key is that the landlord owns the property and is renting it out to others.

Some landlords manage their property on their own. They work with their tenants and manage all of the day-to-day operations. Other landlords hire a property manager, which we’ll discuss next.

A landlord can be a person, couple, or entire family. In addition, it could be a company or other entity. 

Most of the time, a landlord only has a small portfolio of rental properties. If not, they most likely need to work with a property manager.

What Is a Property Manager?

A property manager manages the rental property. Many times, this includes handling everything from maintenance to working with tenants. However, they do not own the property. 

Property managers can be any third-party. Some property owners employ their property manager directly. 

Other property managers work as part of a management firm. These firms can be particularly helpful if you own a few properties or want a more hands-off approach. 

While each property manager offers different services, there are some common offerings. Some help you find tenants and vet them. Some may also market your property.

Property managers often collect rent and communicate with tenants as needed. They also handle the maintenance of the property.

Do You Need a Property Manager?

A property manager can guide you through the process of owning a rental property. You can choose to either have them handle all of the details or you can choose only the services you need. 

If you own a property, you’ll need to balance the management of it with your job and any other responsibilities. By working with a property manager, you can take many of these tasks off your plate.

Many people choose this option to reap the benefits of real estate investment while still having a hands-off approach. In addition, if you don’t live near your property, a manager may be helpful.

Know the Differences: Landlord vs Property Manager

Knowing the differences between landlord vs property manager can help you fully understand your own situation as a property owner or investor. Working with a property manager can make owning property and renting it out much easier.

If you are interested in taking advantage of the benefits of a property manager, contact Outland Real Estate today.

Landlords handle an average of 6 repair calls a year for each of their investment properties. That’s almost two per month, adding to the time and cost of managing a rental property.

Are you looking for ways to improve how you manage your rental properties? Here are some common property management mistakes to avoid.

1. Not Planning For Vacancies

Treat your rental properties as a business by taking the time to complete a budget every year. Build in a vacancy allowance by assuming the rental won’t be occupied every month of the year. When you keep track of your revenues and expenses, you will have the information you need to make decisions.

2. Failing to Screen Tenants

Finding a new tenant takes time, and it might be tempting to take shortcuts when performing tenant screening. This is one step you want to be sure to complete. Once you rent to a bad tenant, it’s challenging to get rid of them when they become a problem.

3. DIY Property Management

When you manage your own rental property, you will wear many different hats. It takes a lot of time, and you have to be willing to work with various people. If you hire a professional to take care of your property, they can take over.

A property management service will know how to find the right tenants, and they will take care of rent collections and deposits. A manager will take calls from tenants and hire the right contractor to take care of repairs. This frees up your time and allows you to research other investment opportunities.

4. Neglecting Regular Maintenance

If you take care of your rental property, especially equipment and fixtures, they will last longer. Set up a schedule for regular property inspections inside and outside of your rental property.

Rental property maintenance is key to preserving the value of your asset. Be sure to check under sinks and around toilets and tubs. Water leaks can lead to a hefty repair if you don’t catch them early.

5. Incorrect Record Keeping

Open a bank account for each rental property you own. Never mix your business and personal expenses in one bank account. It’s confusing, and you’ll have to spend a lot of time sorting information at the end of the year. 

Invest in property management software if you want to simplify your bookkeeping. It will make it easier to prepare your bank reports or prepare your taxes.

6. Letting Tenants Perform Repairs

Always tell tenants that you will take care of any repairs or maintenance required in the rental. Encourage them to call you if there’s something that needs fixing. That way, you are more aware of the condition of your units.

Hire a professional for major repairs and get it done right. Never let tenants do the work themselves. You may end up with damage to your unit or a repair that isn’t up to code. 

Avoid Property Management Mistakes 

If you want to avoid these common property management mistakes, we can help. We have the experience and expertise to assist you with your property.

Contact Outland Real Estate today. We offer a full range of services for rental property investors on the central coast of California.

When you have a house you’d like to rent out, having to manage it can be the thing that prevents you from turning it into an investment. This doesn’t have to be the case, since there are plenty of property managers that can take it over for you. Property management is a field that has a $101 billion market size. What makes the field of property management so important? How can I find property management near me?

We’re happy to steer you in the right direction, starting by dispelling some common property management myths. 

1. Property Management Only Involves Collecting Rent

Many people underestimate the importance of a property management firm. This is generally because they think that property managers only collect rent from tenants. 

That notion couldn’t be further from the truth, because property managers play a lot of different roles. Here are some of the tasks that property managers routinely handle:

• Appearing in court for evictions and other cases
• Maintaining bookkeeping and accounting for a property
• Taking prospective tenants on tours
• Processing maintenance and repair work requests
• Making improvements to the property that get a return on investment (ROI)

Get to know what services you need so that you can prioritize them when hiring a manager. 

2. Property Management Service Is Expensive

It’s this myth most of all that keeps people from taking advantage of property management services. Property management is not only cost-effective, but you typically don’t even pay money out of pocket. 

Most property managers collect a percentage of whatever rent you collect each month. Ask about their percentage upfront to make sure that it’s fair and affordable. 

3. It’s Easy to Find Good Tenants

It’s easy to get applications, but finding good, reliable tenants takes some work. It’s work that the average property owner doesn’t want to do because it takes so much time and research. 

At a minimum, you need to background check and screen every application. A property manager will take it a step further and call references so that you can find a tenant that is trustworthy and likely to take good care of the property. 

4. All You Need Is Software

Because there are so many Software as a Service (SaaS) platforms available, many people think it’s easy to go plug and play with your property management needs. While these software platforms are sophisticated, there’s no substitute for having a human being who understands the industry. 

There are several questions and nuances of property management that software can’t account for. Your property manager is also the face of the property, which makes their hire an investment that will keep paying for itself. 

5. Good Property Managers Are Hard to Find

Since the industry is so vast, you shouldn’t have an issue finding a good property manager. Always check their credentials and make sure that they serve your state and city. 

Schedule consultations to discuss their background, how many properties they manage, and how they can help you get the most from yours. 

How Can I Find Property Management Near Me?

Start with this property management guide so that you have a better understanding of these services. 

Now, there’s just one question you’re likely asking yourself – “How can I find property management near me?”.  

At Outland Real Estate, we can serve any property management or real estate needs that you have with care and professionalism. Send us a message, or give us a call at (815)300-3559.

The roof needs fixing, there’s a leak in the basement, and the dryer stopped working. Those are just the texts you’ve gotten from your tenant in the last week.

If you’re new to property management, you’re likely trying to do everything yourself. And while that’s doable and frugal in some situations, it’s not the right option for everyone. Hiring property managers can make your life easier in various ways (more on that later), but you may be cautious about anything that digs into your profits.

Learn the pros and cons of getting help with your properties below.

Should You Hire a Property Manager?

Here are some questions to ask yourself when deciding if hiring a property manager is the right step for you:

• Do you live near your rental property?
• Do you have the mental real estate to be a landlord?
• Can you handle more stress right now?
• How many properties do you have?
• Do you have a handyman and/or maintenance company you trust?
• Are you comfortable with the financial tasks associated?
• Do you have a good understanding of landlord/tenant laws?
• How much are you making per hour as a landlord?
• Are you comfortable handling evictions or late payments?

Most property owners decide to hire managers when they hit their second or third property because of the abovementioned stresses. It’s also a good idea to hire a local property manager if you don’t live nearby.

What Are the Benefits of Hiring Property Managers?

Having someone to manage your rental for you can be a godsend to the overwhelmed investor. If you feel like you can’t handle one more call from your renter, it may be time to invest. Here are some things that might convince you …

Property Managers Can Handle Maintenance and Repairs

When you hire a property management company, they either have on-staff or contracted repairmen and maintenance staff they work with. That means you won’t have to read through hundreds of reviews online to find the right yard company or handyman. All you’ll need to do is let your manager know what services you want when.

The Have Online Payment Technology Set-Up

Accepting payments from your renters can be a pain, especially if you’re not local. You’ll either have to set up a direct deposit and automatic withdrawal each month for each renter or accept checks. Property management companies handle all this for you and have already paid for the software and associated fees.

Because of that, you can get your profit deposited into your bank account from one source and you won’t have to chase payments.

They Reduce Your Stress Level

Having a property manager means that someone … manages your property for you. You won’t be 100% hands-off, but you’ll do a lot less work than if you were trying to do everything on your own.

The Cons of Hiring Property Managers

The only downside of property manager hiring is that there are fees associated that will reduce your net profit. However, if you have more than one property or are already overworked, those fees are more than worth it.

Finding the Right Property Managers for You

Once you decide on whether you’re hiring property managers or not, you’ll need to find the right people for the job. We pride ourselves on being your most reliable ally in the real estate market and strive to be the best at our jobs.

Click here if you’re ready to talk to our property managers about your investment.

Paying for a property manager for your rental property might sound like a costly endeavor. When you’re a landlord, maximizing the profit on your rental property is always the number one priority. Bringing in property management to do some of the work that you’ve been doing might seem like an unnecessary expense.

In this post, however, we’re going to discuss some of the ways that property management can actually save you money in the short and long term. If you want to find great tenants, get your money on time, and have the property well-kept, property management is always the way to go, so read on and find out how it’ll also save you money.

Marketing the Property

There’s no denying that renting out your property can be a lot of hard work. It also costs money to prepare the property for renting and advertising it on various platforms in order to find great candidates.

Under your contract, a property management service will handle all of this work for you as part of the agreement. You’ll never have to take out a Facebook or newspaper ad, pay for the property to be cleaned and fixed up before viewings, or take time out of your busy schedule to find renters again.

Screening Tenants

Screening tenants might not sound like a money-saving perk, but if you think about it in the long term, having quiet and respectful tenants can actually save you a lot of money. Usually, when you get good tenants, you’re more likely to keep them in your property for long periods of time, which saves you money having to go through the screening process again.

Another thing quality tenants tend to do is pay their rent on time. If you don’t have good renters, you could constantly be chasing them down for rent and in the worst scenarios, you may end up taking them to court. All of this costs you time and money.

Better Rent Collection

Speaking of rent collection, a good property manager will create a system for getting your rent money on time, every time. Every property owner counts on timely rent payments from their tenants in order to make mortgage payments, pay other employees, and budget for their own lives. This doesn’t always happen efficiently and it’s not always a tenant’s fault.

A property manager will set up a process to deal with rent collection and their own fee collection at the same time. They’ll deal with the tenants, take their cut of the rent, and deposit the rest to you, making it easy and reliable.

Property Maintenance

When you’re busy, you probably won’t have time to make continuous small repairs to your property. Unfortunately, with people living in the homes, you need to stay on top of maintenance to keep tenant retention high. Little issues always become bigger, more costly ones over time, as well.

Property managers will keep your property in great shape, ensuring you don’t have to spend huge amounts of money down the line on big repairs or renovations. 

Get the Best Property Management

If you want the best property management that’ll help you boost profits on your Central Coast property, look no further than Outland Real Estate. Visit our website to learn more about us and what we do, then contact us when you’re ready to discuss hiring us as your property management.