If you love to travel, but keep putting if off because you have your rental property to manage, it may be time to rethink your decision to go it alone.
Building a Trusted Team
Once you decide to rent out a property, it becomes an investment. And just like other investments, rental properties perform better with professional management. A professional San Diego rental property management service knows that rental properties can become a great source of income for owners when they’re managed like a business.
Like the owner of any business, if you want to be free to do the things you want, you need to put in a place a team you can trust to look after and manage your investment while you’re enjoying life on the road.
There are a couple core people you need to make your rental business run strong while you explore the world:
Licensed Contractors
Expert, proper maintenance plays a major role in the success of your investment. Hiring un-licensed contractors to realize upfront savings, though, can be a costly mistake in the long run. It’s normal to want to pay the least amount possible to realize the best return, but it’s important to consider the entire picture.
Unlike un-licensed contractors or companies, licensed contractors know the importance of carrying their own insurance and keeping their license current. They know from years of experience that underbidding a job can lead to big problems. They also know what is required by local laws and are unwilling to risk their reputation or business by trying to circumvent them.
The bottom line? You should use a licensed contractor to avoid and reduce your own liability. It’s just plain old smart business sense to entrust one of your most important assets to a highly-qualified contractor. And improper workmanship can lead to more than do-overs on repairs – it can also lead to lawsuits. Make sure the contractor working on your investment property has the right qualifications and insurance, and meets government requirements to do the work.
Property Management Company
Working with a San Diego property management company can be of great value, particularly if you love to travel. In addition to common tasks such as advertising, screening and handling leases, a property management service also offers numerous other benefits:
- It has the infrastructure in place to handle all rental related items such as office staff, paperwork and signage.
- It works with a reliable number of licensed local contractors.
- It has a comprehensive lead system in place for attracting the perfect residents.
And, of course, a qualified property management company frees up your time to spend more time doing the things you love, including traveling with family and friends.
Insurance Agent
Invest in the right insurance and you can travel to your heart’s content knowing that you and your residents have the protection you both need. Be sure to ask your insurance agent if your investment property has the right insurance – a homeowner’s insurance policy is not enough. Your property’s residents should have their own renters’ insurance, but your own policy should at a minimum cover:
- The property’s structure and any attached or detached structures.
- Lost rental income if the property becomes uninhabitable after a covered disaster.
- Personal property that you own but is left on site for residents’ use, such as appliances.
- Liability coverage that covers any legal fees for injury claims.
Accounting Professional
The most successful real estate investors are those who get the basics right. Many first time investors are reluctant to hire a CPA, accountant or other tax professional, but more experienced investors know that by enlisting a professional’s service they actually save money. Why should you hire an accounting professional?
- They help you structure your operations and investments in a tax-efficient manner.
- They bring you year-round access to the bookkeeping twists that may make or break your investments.
- They help protect your investment from sudden market shifts or shocks.
- They know how to help you leverage prudently and at a very low risk to realize your best return.
Go On and Make Those Reservations
Don’t let owning an investment property stop you from traveling. At PropertyADVANTAGE, we offer you full-service residential property management services that will give you the peace of mind you get only from knowing your investment is in good hands.