Whatever the current economic climate happens to be, San Diego is always going to make an excellent market for real estate investors. Even if you live outside of the area, rental homes in and around San Diego can earn you money in both the short and long term. Our military presence and our thriving economy as well as high quality of life ensures there are always going to be well-qualified tenants looking for great rental homes.
If you’re thinking about purchasing investment property in San Diego, it’s a good decision. However, if you’re not in the market yourself, we know the investment can feel risky. Being out of state or even out of the country makes it difficult to know whether the home is in good condition and if the residents living there are taking care of it. Owners who aren’t close to their investments have good reasons to worry about unreported maintenance or neighborhood nuisances.
Being an absentee landlord makes professional San Diego property management even more critical. You’ll want to work with a management company that’s local and experienced working with owners who live outside of the area.
Look for San Diego Property Management Technology
Communication will be essential for out-of-state owners who have San Diego rental properties. Hire a good property manager who can communicate well. If there’s a major problem at the property or a tenant provides notice at the end of the lease term or an expensive repair needs to be made, you’ll want to know about it, and you’ll want your management company to be able to provide all the information seamlessly and quickly.
The right management company for out-of-state investors will have a great online software system so you can log in from anyplace in the world and at any time and see how your property and your tenants are performing. You should have access to accounting statements, repair records, leasing documents, and anything else you need to know that your property is in good condition and bringing in rental income.
California Rental Laws are Complex
The rental laws in California are complicated, and they’re only getting more difficult to navigate. Being outside of the area will make compliance even trickier.
You’ll need local expertise when it comes to state and city rental laws. In San Diego, we are dealing with rent control, eviction moratoriums, and a lot of fair housing nuances. There are security deposit deadlines to follow and screening requirements that must be understood.
Look for a property manager who understands the law, stays up to date, and keeps you and your property in compliance. This local insight will also help you effectively price your rental property, market it as a vacant unit, and select tenants.
Mistakes are easy to make, and when you live out of state, keeping up with local, state, and federal housing laws can be a challenge. Your property manager should continually educate themselves and you on what needs to be done.
Responding to Routine and Emergency Maintenance
As an out-of-state investor, you need the peace of mind that your property will be well-protected. You cannot respond to maintenance issues from afar, even if they’re emergencies. So, you’ll need a management company that answers their phone 24 hours a day in case there’s a fire or a flood or some other disaster at the home which requires an immediate response.
Talk to your property manager about the concerns you have for maintenance. Routine maintenance should be taken care of swiftly and economically. Emergencies should inspire immediate action. You also want to know there are preventative plans in place so that your investment remains in excellent condition and growing in value.
These are a few things that long distance landlords and investors must really think about. We have experience managing homes for investors and owners who live elsewhere. Contact us at Chase Pacific Property Management & Real Estate Services to talk more about your San Diego rental property needs.
