Leasing your San Diego-area property instead of selling can be a great way to bring in additional income over a regular period of time. In fact, you could end up making more money over the long term by leasing out your property - especially in areas where property values are likely to increase in the future.
If you decide to lease your property, it's a good idea to hire a professional property management company. A lot of work goes into leasing a property - and if you have more than one rental property, then you'll definitely want the assistance of a property management company. The following are ten ways a property management company could benefit you:
1. They have marketing expertise
A good property management company has plenty of experience with marketing properties. They not only know how to put together an effective ad for your property, but they'll know exactly where to place it. They also already have pre-established relationships with other real estate professionals in the area that can help find qualified residents for your property. Using a property management company will typically help fill vacancies much quicker than if you attempt to do it on your own.
2. They will provide professional advice
If you ever find yourself in a spot where you're not sure what to do in terms of leasing your property, your property management service will be able to assist you in finding the best solution to your problem by giving professional advice.
3. They will help assess your property
They will be able to perform move-in assessments along with regular inspections to make sure that your property remains in good condition. They can even make recommendations that can help to improve the value of your property, allowing you to charge more for rent.
4. They will perform proper screenings
Property management companies know exactly what to look for in a good resident and will be able to weed out bad apples based on interviews and background checks. They'll ensure that prospective residents undergo credit checks, income checks and criminal background checks.
5. They will monitor the residents
A property management company will keep an eye on residents to make sure that they are abiding by the lease agreement and they are following the community rules. The last thing you want, after all, is to find out one of your residents has leveled a wall inside your property and has rented out the bedrooms to other people without your knowledge!
6. They will maintain the property
A property management service will have a support team that includes maintenance and repair specialists on call to do plumbing work, HVAC work and electrical work, just to name a few potential maintenance tasks. This ensures that maintenance and repair work is done quickly and properly, thereby keeping residents happy.
7. They will collect the rent
In a perfect world, collecting rent from your residents should be easy. Either a check appears in your mail the day rent is due or the proper amount is deposited into your account. Unfortunately, it's not a perfect world. A property management service will collect rent for you and deal with late payments, late payment fees and damage fees.
8. They will handle all legal matters
A property management service fully understands the state's laws in regards to leasing property and will pursue legal assistance on your behalf if needed. For example, if the resident has become delinquent in rent payments or has damaged your property. They will begin the eviction process by filing the required notices and work with legal counsel to remove the tenant in a timely manner. This process can be difficult and is probably something that is best left to the professionals.
9. They will keep up with the paperwork
Keeping everything organized can be quite a task, especially if you own one or more properties. A property management company will provide you with detailed financial statements you need and keep all residential paperwork organized for easy access.
10. They will give you peace of mind
Don't underestimate how important peace of mind is. A good property management company takes care of everything relating to your property so you don't have the stress. That's their job, after all. This means that you can invest in several properties and focus on what's important in your life while you enjoy the additional income that comes in.
As you can see, there's a lot involved with managing a property. Even if you are just leasing a single property, the tasks involved could become overwhelming, which is why you should hire a property management company. Be sure to inquire about our property management services in Southern California by contacting us at Property Advantage today.