Property Management Blog

In the world of property management, it’s inevitable you’re going to have conflict. Many investors get into real estate and believe they are in the property business, but you’re not in the property business – you are in the people business – and having good people skills will be essential to your success. 

Someone once said, “The road to Hell is paved with good intentions.” In some cases that is absolutely true. Such is the case with the Affordable Housing Act that will be voted on this November. 

California is undoubtedly in a housing crisis. There are more people who are moving here than housing that’s available. This shortage of housing is causing rents to soar, especially in high demand areas like Silicon Valley and coastal communities.

Working in the industry of property management, I get the opportunity to speak to a lot of owners. The Hignell Companies manages a wide variety of real estate, but often I find myself talking to single-family home owners who are renting out their homes for the first time. They call a little nervous, a little afraid, and have no clue what the process is to rent out their home. Here’s a little about what to expect when renting out your home for the first time. 

Since the great recession, the American rental market has seen incredible demand, with 37% of Americans choosing to rent a home as opposed to own. This is the highest percentage since 1965. Currently the fastest growing segment of rental housing is the single-family home. Here are some reasons why this type of rental investment property has never been hotter.

“If you fail to plan, you plan to fail.”  We have all heard this catch phrase, but few of us are really taking planning seriously.  Whether it applies to our nutrition, retirement, or our investment property, planning takes time and brain power.  At our company we manage many large multifamily complexes and homeowner associations.  Around November of every year you can hear the groans from the managers as they dive into the numbers and reports to get the necessary info to put together the next year’s budgets for the properties.  Is the roof going to last another year? How much do we spend on landscaping? Can we negotiate a better rate with this vendor?  All these questions come up as I peer into the offices of the managers sharpening their pencils and getting their numbers right. 

The new year is upon us, and as such people are setting goals, getting gym memberships, and starting new diets.  Ah yes, the new year.  So much anticipation, so much hope, so much planning. In this blog I wanted to lay out a short checklist for you to go through in order to make sure you are doing well with your Chico rental property.  

Nobody wants to be the mean guy. As humans, most of us have an innate desire to please people and get on people’s good side. We want to be accepted and liked by those we interact with. It’s just human nature. So, what happens when you’re a residential property manager and a prospective resident asks you to make an exception when they don’t qualify financially for your unit? What happens when your resident shares a sad story of why they are late on their rent? Do you make an exception? Should you be the proverbial “nice guy or gal?” My simple answer, for the most part is…no. Do not make exceptions. Here’s why.

There are risks and rewards to every decision in life. Real estate investing is no different. The key to making a good investment decision is weighing out the risks versus the rewards. 

In the world of real estate investment there are many opportunities with older homes. Many of these older homes are one of a kind with all kinds of unique craftsman finishes. After all, they don’t make ‘em like the used to! So, what are some of the risks involved in picking up an older Chico rental property? 

Every 20 seconds in the United States there is a break-in. Unfortunately, we live in a world where bad things happen. Crime is a reality and something that prospective residents will consider when choosing a place to live. I wanted to take some brief moments to share some tips on how to create a safe environment that can help deter crime from your Chico rental property. 

There are many different property management companies out there. There is half a dozen just in my small town of Chico, CA. Not every property management company will offer the same services so you’re going to want to check and see what exactly will be the scope of services that will be included in your management contract.