Rental properties can be an excellent source of income,but only if you are able to fill them with tenants. Landlords who do not know how to market their properties will have difficulty finding good tenants and may struggle to generate enough rental income to keep up with property taxes and maintenance costs. If you want to market one of your Malibu rentals,use these tips to make the process as painless as possible.
Determining How Much to Charge
You may not realize it,but the price you set for rent can help or hurt your marketing. If the price is too low,it could make potential tenants think that the property is in disrepair. If the price is too high,you will lose potential tenants to properties with rents that are more in line with your local market. One of the best ways to see what others are charging is by looking at the rental listings in your local newspaper. Look for ads for Malibu Point Dume homes that are similar to yours in size and available amenities. You can also look at real estate websites to get an idea of what other landlords are charging.
Lease Terms
Your lease terms also affect your marketing strategy in the Malibu real estate market. Although renters expect that they will not be able to make too many changes to a property,some landlords are now letting their tenants choose paint colors and flooring options. This makes the rental space more homey,which can keep tenants in place for longer periods. If you are very restrictive and do not allow tenants to make even basic changes,they may rent from someone who will allow a little more personalization. How long you are willing to rent is another consideration. Someone who just wants a short-term place to live will probably not consider an apartment or condo that comes with a two-year lease. Someone who is tired of moving around and wants to settle down might be put off by a six-month lease.
Staging
Home staging is no longer just for sellers. It is difficult for renters to picture themselves living in a property when there is no furniture and no personal touches. Staging the unit with some basic furniture,a vase of flowers and a few pictures can be just the thing you need to entice a new tenant to sign a lease.
Improvements
It is not easy to convince someone to rent a property when the fridge does not work and the carpet looks like it is worn right through to the floor below it. You have to decide which improvements you want to make,as making some basic repairs might be enough to successful market the property. Painting the walls,fixing flooring defects and repairing or replacing appliances is one way to make the property more marketable. It may not be worth it to make major repairs that cost a lot of money,as you may not be able to recoup those costs by renting the property.
Russell Grether of Coldwell Banker Previews International is a real estate agent based out of Malibu,CA. He specializes in Malibu real estate,Malibu homes for sale,Malibu properties,Malibu Land for sale,Malibu rentals and surrounding area real estate from Montecito to the Pacific Palisades.
Why Look at Malibu Beachfront Homes for Sale
Unlike many neighborhoods in more suburban areas,Malibu offers an excellent variety of living situations for various lifestyles –from the quaint neighborhood of Malibu West to the homes way up the canyons with expansive land and awesome views to the luxurious beachfront estates on the sand,each area can appeal to different types.
When considering Malibu beachfront for sale here are a few things to consider.
1. Consider your proximity to neighbors and major roads.
Fact –The only major street in Malibu is the Pacific Coast Highway. This highway serves as the main thoroughfare by which thousands of cars travel everyday. During summer months it is no secret that traffic can get jammed at times and sometimes parking on the PCH can be an issue.
Many often forget that they live on such a busy street as soon as they close their garage door and look out at the waves and hear just the sound of the ocean and begin watching the dolphins play outside their back porch again.
To that end,one of the best parts of having a Malibu beachfront home is that you have immediate access to the main highway and can easily drive to anywhere you need to go. Many people commute to Santa Monica or further because being able to come back home and look at the sunset overlooking the ocean is worth it!
2. Do you prefer more land or less land?
People who live on the beach usually love it and for good reason. Not only do you have a pristine environment that is constantly changing and showing its moods but you also have immediate access to an incredible source of beauty,entertainment and fun!
One consideration,however,is that if you are a family with young children or prefer a yard that you can tend to,perhaps the ocean is not the best place for you.
3. Maintenance anyone?
Fact –The ocean is salty.
Fact #2 –If you have a beachfront home you will need to do more maintenance.
Living on the ocean definitely has more pros than cons but the main con in my opinion is that you will need to spend more money on maintenance and be very diligent to make sure that you take measures to combat the corrosion and wear that living on the beach causes.
4. Hello neighbor?
Fact –There is not more oceanfront land being made in Malibu.
Unfortunately,there is only so much coastline in Malibu and as a result the properties and home that exist on Malibu beachfront are limited. Most properties are very near their neighbors so as a result sometimes privacy can be limited.
5. I thought you said sand?
When considering a Malibu beachfront home for sale take into consideration as to why you want to live on the beach. Is it the just the views,the walks on the beach,the sand,etc? In Malibu,property values usually coincide with the quality of the beach that the home is built on.
In Malibu there are many different types of beaches that exist. To name a few:
- Dry sandy –commands the highest price and for good reason. These beaches usually have sandy beaches throughout the year.
- Wet Sandy –Can be sandy but usually at low tide
- Rocky –Many homes in the Big rock area can be built over large boulders –access to the water is still possible but launching kayaks or other small crafts can be difficult/impossible.
- Seasonally sandy –Sand moves. A lot. One day you will wake up and the sand will be three feet lower and the next day it can be four feet higher. Some beaches are seasonally sandy with the sand moving based on the predominant swell direction (Winter swells = swells from the W and NW. Summer swells = South swells)
- Rocky with access to sand –Some homes are built over the rocks but a small walk
- Beach key –There are several private beaches in Malibu. Little Dume,La Costa Beach club,Sea Level Drive are a few. Sometimes to the homeowner,it is not important to be directly on the beach that is the most important but rather it is having the access to the exclusive beach that can be more coveted.
6. It smells funny!
In Malibu,one aspect of the Point of Sale Ordinance 321 is that in order to transfer ownership of a house,one needs to provide evidence that the existing septic system is functioning properly with an operating permit.
In some homes,particularly the older ones,the systems are antiquated and do not pass the stress tests to indicate that the home has a functioning septic system. If the system does not pass costs to put in a new one can be between $80,000 to several hundred thousand!
Beach houses usually require retaining walls and even more engineering to protect the system from the relentless force of the sea.
If you are interested in buying a beach house be absolutely sure that you get a septic inspection done - Even if the home has an operating permit! Other agents will disagree with me on this. I have personal experience with saving clients hundreds of thousands on insisting they get systems with operating permits tested that have failed!
Call me for questions on this.
For more information from the City –click here:http://bit.ly/ImCIPd
Right now inventories are high and prices are very good so if you have ever considered buying a beach house now could be a great time! Just in time for summer!
If you have any questions regarding Malibu Beach front homes,please do not hesitate to contact me. I would be happy to answer any questions you may have! russellgrether@coldwellbanker.com or 310.589.2471
