For all the facets you should consider hiring a professional a San Diego property management company, there are 5 primary reasons that are worthy of consideration.
California is a tenant-friendly state, there is a multitude of Landlord/Tenant laws to navigate and it’s very litigious State. Aside from the various business models property management firms in San Diego employ, there are a lot of specific procedures and required documents that dictate how property managers operate. Like Fair Housing Laws, there are actual statutes, codes, and ordinances that Landlords must follow. Primarily these specific laws relating to the subjects of tenant selection and property condition. Property managers are strictly required to use and have adequate knowledge of the proper forms, they will know the general California Landlord and Tenant laws, and they will have business policies and procedures in place to ensure laws are not violated. Once you rent a home out to a tenant(s), the investment property owner is now in the rental business in the eyes of California and must adhere to its underpinning laws. In order to stay in business diligent care must be applied to prevent illegal actions or violations of local city ordinances.
TIME AND PEACE OF MIND
This is the most common reason that landlords decide to work with a professional San Diego property management companies. Unfortunately, in today’s’ environment, Landlords should be warned that electing to manage their own property because they want to save money can back to harm you. My opinion is that landlord doing work below their pay grade in their primary occupation provides diminishing returns. A single property or unit can take upwards of 40-60 hours/year to manage for a full service property management company servicing San Diego. Multiply your hourly pre-tax wage by the medium of 50 hours and see what you get. If fees paid to a property manager are less than the Hours x Wage total, then you should strongly consider the benefit of the marginal expense for professional investment property management and property maintenance.
Hiring an established property management company will provide a higher income over the long run. Whenever you contract for Real Estate Management services, you do so because it adds utility or value to your life. A professional property manager will have the resources to place a tenant faster and reduce maintenance costs. Ultimately the goal is to lease to a tenant that stays long term 3-5 years and that has a lease term that runs summer to summer.
There are always ups and downs, and you’ll always have risks as a landlord. But, over the long haul, a professional property management consultants for your San Diego investment will provide consistent and positive results, with fewer headaches.