These days, renting out a property you own is seen as an excellent source of passive income. Demand for quality housing is on the rise, and there’s a large market of renters seeking out stylish, well-maintained homes. But depending on the nature of your property, or properties, marketing your space to the right people might be more work than you can handle on your own. So when do you need to hire a property manager, and what should you expect from a property management expert?
Why Hire a Property Manager?
Is it your first time managing a property? If you’re new to leasing your property, it may be hard to know where to start. What are some concerns you might find yourself facing as an owner? Consider some common questions: how much is your property worth, and how much should you charge for rent? What happens when your rental property needs maintenance, and who is responsible for collecting monthly payments? You could most certainly handle these things on your own. But if you’re responsible for multiple properties or are leasing to multiple tenants at once, things can get confusing fast.
Property managers can help you screen and select prospective renters. An experienced property manager like Hector M. Ruiz can take the lead on marketing your property to possible tenants. You can expect us to take care of vouching for your tenants by reviewing rental history and contacting owners of past rentals, obtaining credit reports of all tenants over 18 years of age, locating any criminal reports, and confirming employment and identity. Personal interviews with prospects is the best way to determine quality after all screening has been done. Your realtor’s goal is to make sure you get the most out of your property, whether you’re looking for a secondary source of income or depending on renting for your own livelihood.
In addition to finding the right tenants, your property manager will take charge of overseeing the regular “operations” that come with your rental. This means ensuring that the rent is paid in full and on time. Your property manager acts as the point of contact between you and your tenant, making sure that any problems or concerns are resolved in a manner satisfactory to both parties. We try to perform scheduled inspections of our rental properties quarterly, at least every six months. Your property manager will see to it that necessary repairs are carried out promptly and that everything is code-compliant and up-to-date.
Are you in a position to keep track of all your taxes, insurance policies, and mortgage payments? Again, if you own multiple properties it can be difficult to stay on top of what’s due on what date. A trusted firm like America’s Finest Property Management is skilled in coordinating all the details that require extensive day-to-day attention. Every property has its own unique needs, which means you need a proper manager who’s prepared to take a unique approach to handling it. In order to keep you posted on what’s going on with your rental, you’ll receive a monthly cash flow report showing income and expenses. Comments are usually included with monthly reports, along with monthly distributions to owners.
America’s Finest Property Management: Property Managers You Can Trust
America’s Finest Property Management, Inc. has been managing residential and commercial properties in San Diego County for over 30 years. The properties we currently manage range from 2 bedroom condominiums to 125,000 square foot multi-unit commercial buildings. America’s Finest Property Management, Inc. realizes that managers, customers, owners and financial institutions all view their aspect of business with different attitudes and perspectives. Let us craft a specialized property management plan with you today!