Beverly Hills is one of the most lucrative rental markets to invest in with the median rent price sitting at $4,600 per month.
Becoming a landlord in Beverly Hills comes with unique challenges that you won't find in other municipalities. If you take care to do everything the right way - from the rental analysis to tenant management - you can find a great tenant that keeps money rental income flowing into your property.
Today, we'll give you 4 essential tips for being a first-time landlord in Beverly Hills. Read on and you'll have the tools you need to succeed in an unparalleled rental market.
1. Perform a Rental Analysis
Ideally, you'll perform a rental analysis before you purchase a property, but this isn't always possible. A rental analysis will tell you roughly how much you can charge per month to rent your property out.
It involves a few different tactics. The first is to perform market research by looking at other similar properties in a similar neighborhood. How much other landlords are charging for rent can give you a good idea of what you should be charging.
You'll also look at the amenities your home and local area has. A fully equipped property close to schools, parks, and bustling areas is worth more to renters.
2. Invest in Property Marketing
Vacancies are every landlord's worst nightmare because you're eating the cost of your property investment. To ensure you quickly find tenants, you must take property marketing seriously. A strong marketing plan will help you stay afloat in a competitive rental market.
Start by writing a detailed property listing that describes the property and local area. Next, consider staging the home and taking plenty of professional-quality photos before putting the listing up on your chosen rental site.
If need be, you can invest in things like SEO and paid ads to put more eyes on your listing so you can cast a wider net for prospective tenants.
3. Take Tenant Screening Seriously
Tenant screening involves looking into someone's personal and financial background to determine whether they're a good fit or not. Criminal background checks will tell you if they've got any concerning criminal history, while credit checks tell you if any financial red flags might prevent them from paying rent on time.
It's also good to speak to character references. Former landlords and employers can tell you more about a tenant's character.
4. Tenant Relationships Matter
Lastly, when you've found a good tenant, do everything you can to keep them happy. Stay on top of property maintenance and always respond to tenant maintenance requests.
You should also make your tenant's life easier by implementing a tenant portal. This allows both of you to easily stay in contact.
Hire a Property Manager
By taking these tips to heart, you can make sure your property is giving you a strong return on investment. Performing a rental analysis, finding a good tenant, and putting work into your property will keep the investment lucrative for years to come.
It can be a lot of work running a rental in Beverly Hills. If you're overworked, PMI Beverly Hills can help. We're a full-service property management firm offering a wide range of services that includes everything mentioned here.
To learn how we can make your life as a landlord easier, contact us today.
