Louis Melo of Atlantis Properties gave a very informative presentation on property management.
He had shared many live cases based on his 20 years of management career history.
Here are some paraphrased tidbits from his presentation:
To share some of his past experience: he said you can only decline a prospective tenants because of the following:
1) Because the prospects do not make enough income- eg. if you ask for income that is 3 times of the rent
2) Because the prospects do not have the credit that reach yourr requirements
You can adopt a No pet policy, but cannot decline a tenant because they have service animals.
It is a good practice to require the tenants to get a renters’ insurance policy.
That will cover his own personal properties.
Also,if sewage conenctions breaks or water pipes needs work, then they will have their policy to cover them to stay at hotel while the repair is being done. You can waive the rent and do not have to pay for the hotel fee.
Also, it is important to check for your insurance to cover Rental loss. Sometimes, with a small fire, the repair can take up to 18-24 months, because Manager needs to work with insurance company ,the contractor and the city to give approval.
He also mentioned that April 15- June 15 is the best season to lease properties.
His opinion of the rental market in Bay Area is that it is stable, but not as hot as 2 or 3 years ago.
If you wish to get a copy of presentation, please reach out to email@example.com