“We cannot solve problems with the same thinking we used when we created them.” Albert Einstein

As any housing provider knows, we are advertising “for rent” a lot less than we used to. With all the current rent control restrictions, tenants are largely staying put, in an attempt to avoid paying market rents for a new apartment. There are many situations, however, where a tenant will voluntarily move and the vacant unit will need to be re-rented.

THE BIG PLAYERS Many companies will list your property for rent getting their information from another company. This usually works in your favor, because you get additional exposure with no additional effort. You always want to start with the big companies that do a lot of advertising and will list your property on a nice and very complete website. These are companies like Zillow, Trulia and Apartments.com.

Most of these companies also include software for the prospective tenant to fill out an application on their website and also at no cost. Always start with those, but the more sites you are listed with, the more publicity, and hopefully, the more prospects you will get. More prospects usually will lead to more qualified tenants and better rental income for you.

OTHER CHOICES. There are companies like Westside Rentals, and don’t forget about Craigslist. There is even a site for Airbnb, which specializes in short term rentals.

Other choices include Rent.com, a good sized organization and Pad Mapper. If you have Los Angeles rentals, there is HACLA (Housing Authority of Los Angeles) specializing in Section 8 rentals, if you are looking for those. There is Housing.LA County.gov specializing in all types of rentals (not just Section 8) in Los Angeles County.

PUT YOUR BEST FOOT FORWARD With the market as it is, you don’t know when you will be getting your next vacancy, so make sure you maximize each one. Make sure your unit looks rent ready. Paint, flooring and a good cleaning are a must. You want your unit to look as if you were going to live there. Your wording should be clear and concise, not too flowery. List all the upgrades and things included in the price, such as appliances and utilities. You may want to have someone else write the ad if you don’t feel that writing is your strongest suit. I recommend getting the best pictures you can find. You may want to include a video of the unit. If your photography skills are lacking, you may want to hire a professional. It could cost a couple of hundred dollars, but losing a great tenant because of poor quality photos could cost a lot more.

PAPERWORK It is always best to use Apartment Association forms for Rental Agreements and even applications, if possible. Your association, has your best interests in mind and should a legal problem come up, the Association forms give you best security.

They can also help with background checks and Unlawful Detainer registry searches.

“While money can’t buy happiness, it certainly lets you choose your own form of misery.” Grouch Marx

What we at PRS PROPERTIES CAN DO. We can give you a good idea of the current value of your building. We can suggest changes you might want to make before sale to give you an idea what type of building you would be able to exchange into. You may decide to stay in the rental business. We are always available to chat. We can give you referrals for professionals, such as lenders, contractors, and engineers, so that you can decide who you feel best with. We can supply you with rent and sale comparable in the area of your properties, so that you know what rental values are in your area. It is important that you know the true value of your rental units, so that you can get them rented right away at market value, or at least as much as possible with rent control restrictions. We can look at potential purchases that you may be interested in to make the property more desirable, and maybe look at potential issues that an insurer might require you to repair.

If you should decide to sell your building, we can help you exchange into a larger or smaller properties. We can even help you move into something with less management responsibilities. We can also help with getting the paperwork together for a refinance if that is your desire. We can also recommend experienced licensed contractors who can perform any repairs or installations you may need prior to selling. We can also look at your building for other easy and inexpensive changes that might allow you to get a higher value. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We are currently looking for “as-is” properties and are willing to purchase with low rents, deferred maintenance or even with a problem tenant in place. We can offer a 7 day escrow and all cash at closing. Give us a call. We have also put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are currently in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.