Many rental property owners begin their investment experience by managing their own homes. Before long, it becomes too time-consuming, too risky, or too difficult to keep everything organized.
If you have a lot of time, local resources, and experience with leasing, managing, and maintaining rental properties, you can probably succeed as a self-managing landlord. However, if you want to avoid the costly mistakes that often come with managing your own property, hire a professional San Diego property manager right from the start. It will save you money and provide a more pleasant rental experience.
High Quality Leasing Leads to High Quality Tenants
A good tenant can make your life as a landlord easy. You’ll collect rent on time, maintenance issues will be reported, and your tenant will follow the lease and take excellent care of your home. It’s possible you’ll place such a tenant as a self-managing landlord. But, there’s also a chance that you’ll have a bad tenant who neither pays on time nor follows your lease agreement. This can lead to a lot stress as well as property damage and eviction.
A professional property manager has the tools and resources needed to conduct a thorough screening process. Credit and criminal backgrounds will be checked, employment and income will be verified, and prior landlords will be contacted. You can be sure you’re getting a tenant who hasn’t been evicted in the past and doesn’t owe former landlords thousands of dollars.
Protecting Your San Diego Rental Property
When a problem occurs at your property in the middle of the night, a self-managing landlord will need to have a reliable list of preferred vendors who can respond right away. If you cannot be available to your tenants 24 hours a day (or you don’t want to be), you’ll need professional management. Renting out a home requires relationships with vendors and contractors. You’ll also need to budget for large and minor expenses.
Property managers have a network of licensed maintenance professionals they work with. The repairs are often more cost effective, and you’ll be kept informed about the maintenance that’s needed at your property. An additional benefit is that you have an experienced professional keeping an eye on your investment, ensuring its condition is preserved and its value is always increasing.
California Landlord and Tenant Law
Renting out a property in San Diego is a lot more complicated than it once was. New laws have been passed recently, bringing statewide rent control to many properties as well as requirements that need to be met for just cause evictions and restrictions on how you screen tenants. Section 8 vouchers must be considered income, and there are strict deadlines when it comes to returning the security deposit.
If you’re not up to date on these laws, you could find yourself facing a lawsuit that may cost you thousands of dollars. Property managers in San Diego understand the legal requirements, provide lease agreements that are compliant and legally enforceable, and protect you from any potential risk and liability.
These are only a few of the reasons you should work with a professional property manager. If you’d like to hear more about the benefits of working with a great San Diego management company, please contact us at Chase Pacific Property Management.