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New Legal Changes Affecting Property Managers

A new tide of legislation is on the horizon, and property managers and renters should take note. While many of the new legalities will vary from state to state, some new federal changes are part of the mix.

For individual states, the latest legislation requires installation of carbon-monoxide detectors (California) and restrictions on adding walls within existing properties (New York). In some areas, laws are being enacted that require interconnected smoke detectors — i.e., if one smoke detector in a house goes off, the others will follow suit to alert residents in other areas of the home.

One thing to keep an eye on are rising property taxes, as well as rental conversion fees for property owners who want to begin renting a property for the first time. In California, the law now allows property managers and owners to declare a rental property “smoke free” and lease it only to non-smoking tenants.

Whether you’re an owner, property manager or renter, it’s a good idea to know what legislation is happening in your area. If you want to get up to speed on property management in Arizona, contact us for more information.

Invest Your Tax Return in a Rental Property

Have you always meant to invest in a rental property but never gotten around to it? Have trouble fitting it into your normal budget? If your tax return was kind to you this year, it could be the perfect time to take that first step. Even just a little unexpected extra cash can be enough to get the ball rolling to launch your rental property endeavors.

If you’re new to the rental property field, getting a property manager on board is your safest bet to ensure that your investment will succeed. Here are a few things a property manager will take care of so you can reap maximum benefits with a minimum amount of hassle:

  • Advertising an available property
  • Showing the property to potential tenants
  • Screening applicants
  • Managing all paperwork
  • Rent collection
  • Property maintenance
  • Contract enforcement

If you have a tax return coming your way and want support and guidance with buying and leasing a rental property, contact us today! We can guide you in the right direction to maximize the revenue off your investment.

Spring Break: Timeshares and Vacation Rentals

March is here already, which means that most people will be focusing on one thing: Spring Break. For those of you heading to more remote locations you’ve probably already started day-dreaming about sunny beaches, candy blue water, and letting go of all your stress (see photo to jump start your imagination).

One thing that you need to consider during your Spring Break planning, is where you are going to stay for your week of bliss. If you’re looking to save a couple bucks but are afraid of ending up at some budget motel with paper thin walls and questionable linens, then a timeshare or vacation rental may be the perfect fit for you. Vacation rentals are usually homes or condos that the owners rent out for a portion of the year. Some of the vacation rental owners live in their properties part of the year, and then rent it out for the rest.

One the benefits of staying at a vacation rental is that you usually get a lot more bang for your buck. You can get an entire home to yourself for what you would probably have to pay to stay in a suite at a resort. While timeshares and vacation rentals may not be as cheap as the previously mentioned bargain hotel, most people compensate for the price by bringing a group of people to split the cost with. That way each person or couple has their own private room to sleep in at night, and plenty of common room space to share during the day.

For those of you Arizona locals who won’t be leaving the state for Spring Break, you can still spice up your week with a timeshare or rental here in the valley. Even though you may not be leaving Arizona, staying somewhere other than your home can help you better achieve the “vacation” state of mind. Spend the week in a state of total relaxation and let go of all your stress as you lay-out by the pool; they don’t call it the sunshine state for nothing!

If you own a property in Arizona and you are considering turning it into an Arizona vacation rental then Real Property Management East Valley can help. Give us a call today at (480) 719-1243 to discuss our property management services and how we can help you keep your rental full with happy tenants.

Holiday Sales: Seize the Day!

Regardless of the time of year, there’s one thing that almost every holiday weekend has in common: shopping sales! Presidents Day is no exception, and it proved to be a weekend filled with discounts and rampant advertising from retailers across the country.

As a property manager, how can you take advantage of these holiday sales? For one, you can take a leaf from the retail book of sales methodology. In other words, have your own sale! When the holidays roll around, offer discounts to potential tenants. Move-in discounts and lowered holiday-weekend lease-signing rates are just a couple ideas you might want to utilize. And for current tenants, you can offer discounts if they re-sign a lease or extend a shorter lease to a longer one.

How else can you get the most out of holiday sales? Go shopping! Purchasing discounted items from clearance racks are a great way to spruce up your rental properties before you showcase them to potential tenants. Adding pillows, curtains and decorative centerpieces is a quick and simple way to upgrade the aesthetic qualities of your property. Make it look more like a home, and interested renters will be more likely to move in and call it their own!