As the current COVID-19 pandemic has shown us, being prepared for the worst case scenario is a good way to stay one step ahead of market trends and business disruptions. Whether you’re a new real estate investor or an experienced real estate professional who has successfully rented out Long Beach properties for years, there’s only so much you can control. You have to be vigilant about staying up to date on the news, the industry, and the potential disasters that can stall the economy and create new challenges for tenants, owners, and property managers.
Disaster Planning for Long Beach Rental Homes
In Long Beach, we’re always worried about earthquakes. Lately, we’ve also had to worry about wildfires and droughts. Excessive rains can bring mudslides, and there’s always the possibility of a tsunami or another series of blackouts.
Now we know that global virus pandemics are also a threat.
You have to be prepared, because trying to think straight in the middle of an emergency is difficult. Everyone around you is emotional and stressed, and it’s hard to stay focused on solutions rather than the drama of the problem itself.
Put together a crisis plan or an emergency response plan. This should cover every possible scenario, from earthquakes to floods to fires to pandemics. Include the steps that need to be taken at your property to prevent damage, and the process for communicating with and protecting your Long Beach tenants. Make sure you and your tenants know how to reach the nearest hospital, emergency responders, Department of Health, FEMA, and CDC offices.
Preparing for Legislative Changes
This year has ushered in a lot of changes for California landlords, even before the eviction moratorium.
The Tenant Protection Act of 2019 went into effect, unleashing statewide rent controls on property and increasing the standards that need to be met before you evict a tenant. There are new requirements for screening tenants who receive Section 8 housing vouchers, and in some California communities, it’s no longer permitted to run a criminal background check.
The law is always changing. You have to be aware of all federal, state, and local regulations that impact you and your rental property, and you must stay informed when the laws are altered and new legislation is introduced.
Long Beach Property Management
There has never been a better time to work with a professional Long Beach property management company. With all the new laws and all the uncertainty around the current pandemic crisis, landlords are scrambling to protect their investments while meeting the needs of their tenants and keeping their properties profitable. It’s a strange time to rent out a home in Long Beach, and you need the experience and resources that professional property managers can provide. There’s too much risk and liability to take your chances.
Being aware of external forces that affect your Long Beach rental property is important to the return you earn on your investment. We stay on top of all the market trends, changing laws, and industry best practices. We’d be happy to help you manage your Long Beach rental home better. Contact us at CMC Realty.