If you've invested in a rental property, you'll find you're going to need to know quite a bit about property management. There are some property owners who decide that hiring a San Diego County property management company is too much of an expense. They perhaps believe doing it themselves won't be difficult--especially if they're only managing a single property--and that taking care of their own management will help to maximize profits. If this is currently your line of thinking, you will want to make sure you understand the following San Diego County property management challenges.
1. You'll be expected to be on call 24/7.
You are responsible for the condition of your property, which means if your residents have an issue, you need to respond to that issue and resolve it as soon as possible. If they've come to a point where they're reaching out to you, calling them back the next day is more than likely not an option. Emergency situations like the air conditioning malfunctioning or the roof leaking are not issues your residents will want to wait on.
It doesn't matter if your resident calls you with a problem in the afternoon or late at night, you have to respond. Not only could you make your residents unhappy by ignoring them, but delaying could result in major damage occurring to your home. As you can imagine, this can be quite inconvenient if it's the middle of the night or if you're busy going about your daily routine.
2. Sometimes, you're going to have to be the bad guy.
The last thing you probably want is for your residents to dislike you - or to dislike your residents. Any kind of tension between you and them can lead to all kinds of misunderstandings and arguments in the future. Unfortunately, you may be forced to be the bad guy in their eyes at one point or another.
Enforcing the guidelines you have set down in your lease agreement can sometimes become a point of contention. Fees for rent not paid on time, residents trying to avoid a deposit for their pet, eviction proceedings, and how much of the deposit you’re going to keep if the residents didn’t maintain your property: these are all unpleasant chores which a property owner will more than likely come across and have to handle on their own.
3. You'll need to have licensed contractors on call.
The last thing you'll want to do is scramble to find a plumber or HVAC technician if there's a problem. The issue could end up getting worse if you can't find someone who can come fix it right away. Because of this possibility, you need to have a number of different licensed contractors on call. In-depth research will be key in making sure you use contractors that are not only licensed but dependable and reputable, as well.
4. Leaving the city on vacation will be a challenge.
You may find it will be a challenge trying to go anywhere far from home while on vacation. What happens if your resident needs to speak to you? What happens if there's a break-in or the hot water isn't working? Taking care of these matters takes a lot of effort on any regular day. Trying to take care of such issues while away on holiday is going to be even more challenging, if not impossible.
If you plan on going on vacation, you will need to find someone to watch over your property for you. Your residents will also need that person's information so that they have someone to get in contact with in case of emergencies. Ths is one challenge that is particularly suited for a property management company to handle on your behalf. Knowing that your rental investment is in good hands while you're away will make it easier to relax, resulting in an anxiety-free vacation.
5. You'll be responsible for finding residents.
Finding residents to live on your property can be a daunting task. Properly marketing your property requires an investment. A property management company will have connections throughout the city to help find potential residents as well as other marketing resources at their disposal.
Once you've found potential residents, there is also the matter of making sure you're in compliance with the Fair Housing Act. Protect yourself by being knowledgeable about the best practices when considering criteria for your residents.
As you can imagine, these tasks could not only take up a lot of your time, but they could make your life a lot more stressful. By working with a San Diego County property management company, you won't have to be responsible for them - they will be handled for you. For information about our San Diego County property management services, contact us at Property Advantage today.