If you’re a new owner of a rental property, you may feel elated and excited to manage it, and with good reason! Having a rental property is a great way to boost your finances long term.
Wanting to self-manage your rental investment is understandable, but sooner or later, you’ll realize how time-consuming it can be. Real estate investing is lucrative in the sense that you earn passive returns. However, managing your rental property on your own can take up a huge amount of time. Sometimes, it can feel like anything but a passive way to earn income!
You might think you’re saving on property management fees, but the amount of time you’re giving up is also considerable. For inexperienced landlords, you could even be making fewer gains without the help of professional oversight! However, what it comes down to are everyone’s own priorities and abilities. There’s no wrong answer to any choice, just some routes might be a better fit for your own circumstances!
If you’re feeling uncertain about what to do with your rental property, don’t worry! North County Property Group has prepared a guide to help you find out which form of management is best for your needs.
Should You Hire a Property Manager?
Before embarking on your rental investment, study the responsibilities of a self-managing landlord. Owning a property and taking care of a rental property are two different things. You might be quick to spot a lucrative opportunity for owning a rental unit, but then find it challenging to deal with the different tasks that a landlord is expected to deliver.
Here are some of the things you should think over when you’re preparing to take on the role of self-management:
Am I willing to learn the skills required to boost the income of my rental investment?
Am I prepared to dedicate a large bulk of my time and money to ensure my property is rent-ready, and do I need to oversee major upgrades and improvements of the unit?
Can I remain professional and avoid getting carried away in the heat of the moment when dealing with tenant complaints and issues?
Do I have a sufficient resource of vendors and professional contractors who I can easily call on for maintenance repairs? Do they deliver excellent results and offer discounts? Can they quickly perform the repairs without sacrificing the quality of their work?
Am I able to manage the rental property without it creating a huge impact on my career or family?
Is the rental property located nearby or am I managing a rental property from out-of-state?
Is it impractical to manage a rental when my presence is needed to attend to tenant issues and conduct property showings?
Do I have plans to expand my real estate investment portfolio? Am I content with managing a single rental unit?
Would it cost less for me to pay a property management fee instead of sacrificing my valuable time?
What Are the Responsibilities of a Property Management Company?
Initially, you might balk at the idea of paying a management fee. It might be difficult to let go of a small portion of your rent earnings. However, good San Diego property management companies are worth investing in!
They can be counted on to best oversee the problems that your rental property faces. This can be anything from tenant conflicts and property maintenance issues to filling vacancies. Remember that taking care of your rental space means being on standby every day of the year, no matter the time.
Here are some of the duties that a property management company performs to help you and your rental unit succeed:
1. Marketing and Handling Tenants
Gauging the fair market rental rate for optimal earnings
Advertising the rental property with proven strategies and resources
Conducting property showings and dealing with tenant applications, conducting background and credit assessments, calling up references
Collecting security deposits and performing move-in inspections
Finding effective solutions to tenant complaints and working out tenant conflicts to help with tenant retention
2. Overseeing Property Maintenance
Doing regular property inspections, viewing both the interior and exterior conditions
Conducting drive-by inspections at different times to ensure that all is working well and the leasing agreement is being properly followed
Engaging the services of vendors and contractors with favorable rates
3. Performing Finance and Accounting Services
Collecting the rent on time every month
Handling the payments that cover the contractors’ work, utilities, property loans, and taxes
Providing clients with updated monthly and yearly financial reports
Depositing the net income into the property owner’s account
Recommending valuable property upgrades
Reducing overall costs while increasing income and total property value
Why Hire North County Property Group
Professional property managers like North County Property Group share their extensive knowledge when it comes to the local real estate market. In fact, we’ve been in the rental management business for over 20 years!
We’re a high-end, full-service property management company based in San Diego. We can maximize the value of your investments, whether you own single-family properties, multi-family properties, or vacation rentals.
For six years in a row, North County Property Group has been awarded as a top Property Manager by the San Diego Business Journal. This is an honor based on being a trusted property manager, the number of units managed, and the total value of properties managed. Your property is in good hands when you trust us to manage it! In fact, we’re even the only San Diego property management company that has been awarded the Certified Residential Management Company (CRMC®) designation!
Ultimately, we’ll handle all of the above services and more. Your financial success is our priority, and we truly care about the aspirations of our clients. We’re dedicated to making these goals into reality as your rental property partner. We’re a transparent, family-owned business, and nothing makes us happier than seeing our clients succeed!
If hiring an excellent property management company is best for you, then please reach out to North County Property Group today! Call us at (858) 792 5797. We offer comprehensive property management services with transparent pricing. We’d be happy to speak to you and determine how we can serve you best!