Have far off destinations been calling you? Do you regret not traveling more even though you have the financial means from your investment properties?
Hiring an experienced, trustworthy property management firm has numerous advantages freeing you to chase your dreams while relieving your property rental stress and responsibilities.
1. Legal Responsibilities of a Landlord
You may not have traveled as much as you’d like to before because of your legal requirement to be available at all times to handle resident issues at your leased property. Whether the problem is a leaky faucet or the neighbor’s dog barking in the middle of the night for the 6th time, if you have a property manager, you’re not the one who needs to answer that call. You can rest easy, wherever you choose, secure in the knowledge that problems are in your management firms capable hands.
It is easy for an individual homeowner to miss a law or make a misstep that opens you up to lawsuits. Management firms stay current on all federal, state, county, and municipal laws regarding rental property and have processes in place how to manage rental properties that avoid such mistakes. With a management firm you can enjoy the breezes wherever they take you without worrying about what is happening at your property in San Diego.
2. Maintaining Investment Value
Management firms conduct regular maintenance checks as one of their key processes how to manage rental properties. This allows them to catch problems when they are still minor and avoid major costs. A property manager knows that an underbid job could mean cut corners that at best mean a repair job may need to be done twice and at worst opens your property to lawsuits. A management firm also has a full portfolio of reliable, licensed contractors they are familiar with who do quality work at a reasonable price. They can help you identify opportunities to increase your property value, not just maintain it.
3. Property Marketing
Property managers entire business is how to manage rental properties. They know where and how to efficiently market your property to appeal to potential residents. They also know how high rates you can charge and still have quality, potentially long-term residents signing a lease with minimal vacancy time to keep your income flowing.
4. Resident Screening
Along with maintaining your property and being available when residents have a problem, one of the key strategies for having quality, long-term residents is finding the right kind of resident in the first place. Management firms see thousands of applications a month for one property or another. They have a formal screening process to prevent claims of discrimination and are familiar with red flags in an applicant’s background that indicate the applicant would not be a good fit for your property.
5. Accounting Services
Most management firms only provide a file of receipts for bills, income totals, and other tax information for you to take to any accountant. Property Advantage goes beyond the minimal service and has an in-house accountant available specializing in rental property to help you take advantage of incentives, tax cuts, and other advantages a non-specialized accountant might miss. With any management firm, you should be able to ask at any time to see the bookkeeping and immediately be shown an up-to-date account of income and itemized expenses.
6. A Full-Service Firm
In addition to the former aspects of a management firm’s methods of how to manage rental properties, there are other services they provide. Other services include rent collection, bill payment, eviction assistance, lease preparation and execution, move-in and move-out evaluations, lease rewriting and modifications, and large investor asset management. Delegating your responsibilities to a management firm that wants to work with you releases your stress of ownership and frees up time for you at a tax-deductible fee that may pay for itself in headaches saved alone.
Keep Your Resolution This Year
A New Year Resolution isn’t just a vague idea or hope for the next year. It’s a promise you make to yourself to live life more fully.
Before you consider property management companies in San Diego, download our guide of 30 questions you should ask before hiring.