Advice on how to list/rent 3BR/2B live/work West Oakland condo
We recently acquired a condo in West Oakland and are trying to figure out the best way to rent it out to a responsible family or professional (it is a live/work permitted space). We are new to this so I am hoping this community can make some recommendations about where to list it and any tips regarding the process of showing the property to tenants. Do people do open houses for this type of thing? Should we rent furnished or unfurnished? These are the types of questions we are trying to answer for ourselves and this community knows so much and has a lot of great experience so I was hoping to tap into that. Our son lives in the building so is on site to show it and can be there for any issues that come up. Because this is a small building, and the place is newly remodeled, we want to get tenants that will treat it well. Any advice is appreciated.
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because your questions (good ones) read to me that you
msy be a first time landlord, i am going to write this as such. and yes it is a ‘hold up, take a breath’ cautionary bit of advice.
do you have a thorough understanding of federal fair housing laws? state rent control laws? city of oakland rent control laws and ordinances? do you understand what all of the above means under covid restrictions? do you know exactly who is and who is not classified as a federally protected class? if you do not understand all this backwards and forwards and/or have excellent professional(s) counseling you on these matters i would run, not walk, away from renting out your condo until you do. i don’t want to scare you, but really i DO want to scare you. being a mom and pop landlord in california is about the single most litigious enterprise one can possibly enter into. do you understand that a reasonable lease agreement that has any chance of holding up in court is at min twenty pages with all the legally required addendums and disclosures. do you have a solid handle on what those are today and what is coming down the pike next week/month/year?
i am speaking as a long time mom and pop landlord here. today we would think long and hard about venturing into this business given the current political and legal climate. but we are in it so due diligence, a good landlord/tenant attorney, an EBRHA membership, continuing education and keeping g upto date on the legal dynamics is how we operate.
a good place for you to start would be to join EBRHA (east bay rental housing association) here in oakland, stat.
i cannot stress this enough, do NOT go into this blind. it is NOT intuitive. it is NOT a friendly business like it once was. you should NOT try to be old school and just go about it under the radar because your friend, neighbor, relative has been renting out a place for twenty years oblivious to current laws etc with no problems. that ship has sailed. the cost of getting things wrong is catastrophic and one really bad situation will drive many LL to simply close up shop and suffer financially and limp away with scars.
having you act together is in your best interest but also very much in your tenants best interest. clueless (but well intended) landlords are not good for residents either. i’m sure you’ll have folks saying jump in, the water is fine. be cautious with that advice. best of luck~
Welcome to the wild and wonderful world of Oakland rental property ownership/management!
I highly recommend that you look into becoming a member of the East Bay Rental Housing Association, https://www.ebrha.com. They offer workshops/seminars for folks who are just starting out, which cover all the ins and outs of property management (there are lots of rules to follow in Oakland) :). As a member you will also have access to their rental housing forms such as leases etc...They also offer tenant screening/ credit check services.
Some quick answers to your questions based on my experience, I also have a live work property...
Listing: Craig's List (has a category for live/work), Zillow
Open House: I prefer to do tours one on one, it's more work, but I find it's more personal.
Furnished/Unfurnished: I only rent unfurnished.
As a fellow landlord in West Oakland my best advice is to ALWAYS run a credit check on potential tenants and never rent to anyone with poor credit. If this sounds harsh, remember that being a landlord is a business and not a charity. We do showings by appointment only and do not rent furnished. You should have a rock solid rental agreement in place and collect first and last months rent and a security deposit before allowing move in after the check clears your bank. Verify that any commercial activity is legal and safe within the space you are renting out and that the tenant has all required permits and insurance. You should understand exactly what type of work will be done in the unit. You don't want to find out from OPD that your tenant is using the unit for criminal activity or from OFD that it is something hazardous. If alarms are going off in your head regarding a potential tenant, don't rent to them. No need to explain to the rejected applicant, the less said the better in this situation. By following these guidelines and having a great onsite manager, we've got good tenants in our West Oakland rentals. Good Luck.
Unfurnished, for sure