Every property owner knows that owning a rental in San Diego can be quite welcome in financial terms. However, what they also know is that property management demands a lot of time and effort. Landlords who decide to be their own property managers find out that the additional income doesn’t come cheap.
The do-it-yourself principle could make sense if you’re a very practical person who lives nearby and doesn’t mind spending a few hours a month to deal with the property. If none of the mentioned apply to you, or you have multiple properties, or you’re thinking of scaling and expanding your business, hiring a professional property manager can help you in a lot of ways.
- Right rates – A lot of landlords decide to browse through the classifieds to compare their property to other similar ones in the neighborhood. This may be a good enough method to approximate the rate, but a professional property manager will be able to carry out a market study and evaluate the elements of your property carefully to help you set up a rate that will maximize your gain and keep your property competitive and occupied.
- Timely rent collection – If you have ever had to collect money from clients, you must know how strenuous and energy-consuming this may be. Property management services have their own efficient ways how to collect rent on time and keep your cash flow regular and predictable. This is particularly helpful if you have a few properties to manage.
- Marketing your property – Professionals are well versed at advertising property through the right channels and with appealing advertising materials. This gives you edge over non-professionally managed vacant properties as it boosts the pool of potential residents and reduces vacancy times.
- Finding the right residents – Property managers have the means and know-how to carefully screen potential tenants, ensuring your property is occupied by reliable people. The checks they can run include employment and criminal records, credit rating and previous landlords’ references.
- Tenant management – Dealing with tenants for sure doesn’t end once your property is filled. Property managers will conduct regular checks and maintenance to make sure your property retains its value during occupancy and they will also be the buffer in any possible conflicts. Their role is to be mediators and relieve you of constant hands-on involvement (which is not to say you won’t be kept posted on everything requiring your attention).
- Securing the best maintenance – Professionals in property management have a developed business network with contractors, suppliers, maintenance companies and vendors and they can secure special rates through those connections. That means you could get the best maintenance and repair work with a discount, which you wouldn’t be able to get otherwise.
- Legal compliance – It’s very difficult for non-professionals in real estate to keep track of all the ever-changing regulations regarding renting and maintaining rental property. The regulations run on local, state and federal levels and hiring a professional will mean making sure your property is in line with all the legislation. It could also mean avoiding costly lawsuits.
- Investing in distant properties – When you’re your own manager, you’re geographically confined to invest in properties you can reach quickly, which limits your opportunities for profit. Having a property managed professionally means you can do it from distance – that opens up a lot of options.
- Saving time – When a professional deals with the daily handling of your property, that means you have more time to look for more opportunities for investment or to deal with your career and private life.
- Profit boost – If you try to convert the time and nerves you need to handle your property or properties alone into money, you’ll see that the financial compensation for professional property management is far lower. You’re losing money when your property is vacant or improperly maintained. In a way, you’re also running at a loss if you spend too much time handling your property – time you could have spent more wisely and profitably.
Realevate Specialists is a team of skillful professionals with nationwide experience in managing properties. If you have a rental property in Point Loma, Mission Beach, Pacific Beach, or anywhere else in San Diego and you would like to have it professionally managed, don’t hesitate to contact us today and start making more money from your rental property!
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