Are you interested in managing your own rentals? Is the prospect of hiring a property manager has you spooked? Well, before you embark on do-it-yourself property management it’s helpful to recognize that developing and negotiating rental agreements is not for the faint of heart, Good property management requires a nice mix of contract law, people skills and marketing.
In fact, the California Associations of Realtor’s Lease Contract has more than 46 legal clauses that cover everything that range from possession all the way to mediation. These topics include:
- Security Deposit
- Late Charge
- Parking, Storage
- Condition of Premises
- Neighborhood Condition
- Megan’s Law Disclosures
- Rules and Regulations
- Alteration and Repairs
- Assignment and Subletting
- Joint and Individual Obligations
- Lead-Based Paint
- Military Ordinance Disclosure
- Periodic Pest Control
- Methamphetamine Contamination
- Tenant Obligation upon vacating premises
- Breach of Contract
- Temporary Relocation
- Damage to Premises
- Tenant Estoppel Certificate
- Attorney Fee
- Other Terms and Conditions
- Time of Essence; Entire Contract
- Foreign Language Negotiation
- Owner Compensation to Broker
But have no fear since Cloud computing solutions from companis such as Cozy can help you. With Cozy (a Google company), tenant screening is done online using their service and therefore no private information is supplied to you as the landlord. Another benefit of using Cozy is that tenants can make their payments online. Payments are processed using clearing house which is secure and fast.
As for help with Contracts, there are some cloud based Contract providers such as Rocket Lawyer, but not all of these contracts are not legal and accepted in California. So, you might be taking a risk if you are managing your own rentals with a contract from your local stationary store.
Are you using any unique technology to manage your real estate investments? We would like to hear from you.