Building community amongst your tenants is an important but all too often neglected part of property management. While it's important to cover the basics like leasing and maintenance responsibilities, keeping tenants happy requires landlords to forge real connections. If you're hoping to retain tenants year after year, Scott Safadi of Cal Bay Property Management recommends hosting community events. Here are some ideas to try this fall!
Food Truck Fridays Want a fun way to draw your residents out of their apartments and into communal spaces? A food truck offers a convenient way to do just that! If you're feeling hesitant about the "forced fun" aspect of many traditional apartment community events, consider inviting a local food truck to park near your office. Offer residents discounted snacks or freebies to further entice them to stop by! Bonfire Night A fire pit, some graham crackers, marshmallows, and a few chocolate bars are all it takes to have a fun and easy community bonfire night! Invite tenants to join you for snacks over the open fire. Enlist a local musician to perform a few acoustic favorites, or throw on a playlist. There's nothing quite like conversation and a shared sweet treat to help build new friendships! Trunk or Treat Trick or treating ain't what it used to be! Parents have become less willing to allow their children to knock on neighbors' doors of late. Instead, many bring their costumed little ones out to community trunk or treat events. Walking around a brightly lit parking lot of fellow families is seen as a safer option than traditional door-to-door knocking. Embrace this trend and schedule your own complex trunk or treat event. Be sure to kick in plenty of candy as the host! - Scott Safadi, Cal Bay Property Management
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Mother-in-law suites and poolhouses are nothing new. California homeowners have been leasing out these spaces for decades, putting unused space to good use for tenants in need of a small place to call their own. Now, a new company wants to help bring more of these rental homes to the properties of San Jose residents.
The Silicon Valley Business Journal reports that Abodu, a residential construction company based in the Bay Area, has secured the first pre-approval for San Jose's new program encouraging the construction of backyard apartments. The company offers a 500 square foot, one-bedroom living concept for homeowners interested in becoming landlords. The base price for these auxiliary dwelling units isn't exactly chump change. Starting at $199,000, the homes will be constructed off-site and come with a 10-year warranty. Though these structures are unlikely to fix the larger housing shortage in San Jose, it could bring solo renters relief. Of course, becoming a landlord isn't something to embark upon casually. Convenient construction projects are just the beginning. Ongoing maintenance, tenant screening, leasing, and other challenges await new San Jose landlords. If you're considering renting out space on your property, you may want to reach out to the team at Cal Bay Property Management. Fully explore your options before committing to a year-long experiment! - Scott Safadi, Cal Bay Property Management There are many reasons to regularly update and upgrade a rental home or apartment. For one, there's the competition factor - tenants will have a tough time selecting your unit over an apartment with brand new appliances and hardwood floors. For another, there's the added value you're bringing to tenants, allowing you to charge a higher monthly rate.
Unfortunately, Scott Safadi of Cal Bay Property Management has seen too many instances of resources wasted on upgrades that don't matter to tenants. If you're considering renovating, skip out on these upgrades: Luxury Bathrooms A whirlpool tub is certainly luxurious, but most tenants aren't willing to pay significantly more for a bathroom. Save the fancy finishes for your own home, since most renters just aren't interested in shelling out higher rental rates for what they deem to be unnecessary. Pools and Hot Tubs Californians love their swimming pools, and it's reasonable to assume that investing in a pool or hot tub would add serious value to your rental property. Unfortunately, though, these amenities are rarely worth it for single-family rentals. Maintaining pools and hot tubs can be more expensive than you might anticipate! Extensive Landscaping While gorgeous flower beds might add serious curb appeal to your rental, they may do more harm than good. When prospective tenants spot your immaculate landscaping, they may see nothing but the potential yard work in store as your renters. Keep your grounds manicured but minimalist if you want to encourage interest from new tenants. - Scott Safadi, Cal Bay Property Management We've all heard about the dangers of asbestos. For the most part, though, the stuff is relegated to personal injury lawyer commercials. By 2019, we rarely hear of asbestos impacting the lives of average Americans. Unfortunately, though, the substance is still a very real challenge on construction sites. After learning that a San Jose residential construction site has been shut down for the presence of asbestos, we thought we'd explore exactly why the substance is so dangerous.
Asbestos is a term used to describe the naturally-occurring but highly dangerous fibrous minerals so often found in construction sites and older homes. Since asbestos is both chemical and heat-resistant, its been used in a variety of products through the years. Heat-resistant blankets, car brakes, and vinyl siding on homes all contain asbestos. Unfortunately, when the material becomes airborne, it can lead to an increased risk of lung cancer. Almost everyone has been exposed to some asbestos in their lifetime, but construction workers are at especially high risk of developing the diseases so often caused by asbestos. Scott Safadi of Cal Bay Property Management has seen countless construction projects halted because of the presence of asbestos through the years. A property manager can help you understand the risks of asbestos at your rental home or unit. If the property dates back to before the 1970s, you may indeed be putting your tenants' health on the line. Contact your regional EPA office for more information on how to handle asbestos in your home. - Scott Safadi, Cal Bay Property Management |
AuthorScott Safadi leverages extensive experience in the real estate industry to serve as the CEO of Cal Bay Property Management (CBPM), which he founded in Palo Alto, California. Archives
January 2020
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