If you’ve recently decided to get into the property rental business, you may feel confident that self-management will be fairly simple. The truth is, most new landlords don’t expect the ins and outs of finding and keeping good residents to be all that complicated. After all, they think, I already manage one home, how hard can a second one be?
For many, the responsibilities that come with maintaining and managing a rental property can quickly become overwhelming. This is when a competent San Diego property manager can add significant value to your investment.
Rent collection and daily maintenance of your property are only two of the responsibilities you face – and they alone can be tiring. There’s a lot more that goes into running a rental property than you may have imagined.
Why Hire a Property Management Company
Some things really are best left to the professionals. When you hire a property manager, you gain more free time and lose the worries that come with managing a rental. Still not convinced? Here’s what a property management company can do for you:
Higher Quality Residents
The idea seems simple enough. You find yourself some great residents, treat them right and avoid the expense of hiring a property management company. But finding those ideal residents takes a lot of work, including a thorough screening process that ensures those residents will:
- Pay on time
- Lease the property for a longer period
- Treat your property as if it were their own
An experienced San Diego property manager knows how to quickly and competently screen potential residents. Time has taught them the warning signs to look for, and they are your greatest ally in avoiding scams and lawsuits. You can’t put a price tag on this type of experience, and it may be the most significant benefit you receive.
Reduce Legal Problems
Avoiding just one lawsuit can more than cover the cost of property management fees. One troublesome resident is all it takes to cause you costly legal and financial headaches. Your property manager is also up-to-date on the latest landlord-tenant laws, including fair housing practices and these related areas:
- Resident screening
- Rent and security deposit collection
- Property safety requirements
- Evictions and lease terminations
Shorter Vacancy Cycles
Preparing your property for lease takes time. A property manager has a lot of experience in performing these three critical tasks:
- Determining if cosmetic improvements must be made in order to maximize revenue
- Help you decide on the best rental rate based on their knowledge of the local market and access to rental rate tools
- Market your property to the largest pool of candidates in a shorter period of time
Better Resident Retention
Property management problems are not limited to lost rent. High resident turnover rates mean performing time-consuming tasks like cleanings, lock changes, painting, and carpet replacement. Add to that the marketing, showing, screening, and settling in of a new resident, and you’re looking at an expensive process that can be avoided if the right resident is found in the first go-around. Your ideal property manager is one with a time-tested retention policy that ensures lengthy leases.
Solid Rent Collection Process
How you handle rent collection and late payments will affect how successful you are as a landlord. If this is your first time dipping your toe into property leasing, you may soon find yourself in over your head. Collecting rent is not easy and your resident needs to know that is a non-negotiable item. A property manager can be a wonderful buffer between you and the resident if and when there are excuses about being late.
If you find yourself faced with evicting a resident, a good property manager understands the law and will help you achieve the best possible outcome.
24/7 Maintenance Calls
A property management firm has an on-call maintenance staff to handle routine maintenance and repairs. This not only keeps your residents happy; preventative maintenance also protects your valuable investment.
So, Do You Need a Property Manager?
The answer is a resounding yes! Hiring a property manager will result in more free time, less worry, and a better overall landlord/resident experience. Contact us today to learn more about how to benefit from the professionalism and local connections of an experienced property manager.