Landlords – are you looking for a full-time job or a passive income?
Being a landlord can be either, but if you want to avoid 3am calls about broken water pipes, you need property management.
There are many more benefits besides avoiding emergency repairs. Giving tree property management will take responsibility for every step of the rental process. All you have to do is collect your check at the end of the month.
Are you curious to find out exactly how property management can help? Let’s take a closer look at everything you need to know.
San Diego’s property market is red hot with rental prices rising by 29.3% in the last year. But before you can list your North County rental, you need to get an accurate rent analysis.
Rent analysis ultimately helps you to arrive at the right price to ask for your rental. It takes into account factors such as the neighborhood, amenities, and comparable properties. You will then find a rental price that is competitive, attractive, and achievable.
North County property management companies are well placed to perform this analysis for you. They work with local landlords day in and day out. They know the current rental prices in the local area and know what tenants are looking for.
Accurate pricing is crucial because it helps you find tenants who will pay and stay. A property manager can then conduct an annual rent review in consultation with the landlord.
Modern property marketing involves using a complex blend of traditional and digital media. The goal is always to maximize your rental’s exposure and reach the right people in the process.
Many traditional real estate marketing methods are still effective. This includes maintaining databases of potential tenants that they can match with your rental. They will also tap into their network of contacts for referrals.
Newspaper advertising is still effective! But along with that, they utilize social media and local real estate portals.
Your rental will be listed on property management rental listings for maximum exposure. This will generate lots of interest in your property, leading to faster turnaround times.
Tenant screening is about finding the best-qualified tenants for your rental. It gives you a higher chance of avoiding tenants who will use your property for nefarious activities or won’t pay the rent.
However, you need to be very careful, as this process is governed by both state and federal law. Some counties and cities also weigh in with prohibitions against criminal background checks.
California Landlord-Tenant Law allows for the following:
- Landlords charging an application fee for tenant screening
- Criminal history check, with certain limitations
- Credit report checks
- Previous address checks
Landlords can gather this information, but it is illegal to discriminate because of a protected characteristic. While you may lawfully run a criminal history check, you can only refuse housing on the grounds of a directly-related conviction.
For example, a DUI from ten years ago would not likely speak to the tenant’s ability to pay the rent and keep the property in good order. Therefore, to refuse housing on these grounds would probably be seen as discriminatory.
Clearly, you need to have full knowledge of all the laws that apply to your area. This is the advantage of working with a North County property group.
Their tenant screening processes comply with all relevant laws. They will help you find the right tenants in a non-discriminatory way.
Point of Contact for the Tenant
Many landlords prefer to maintain distance between themselves and the tenant. However, tenants still need a point of contact they know they can call on for both mundane and emergency requests.
The property manager fills that role. They are at the end of the phone at all times and can arrange repairs as needed.
When it’s well managed, it can help the tenant feel secure and comfortable in their home. This translates into tenants that stay longer. This reduces the potential for vacancies and marketing expenses.
Rent collection is one of those jobs that sounds easy but so often isn’t. First of all, you need to send out monthly bills on time. Then you need to collect the rent and liaise with tenants.
Any late payments need to be chased and investigated. Rest easy knowing that, with property management, all you have to do is watch your payment arrive in your account.
Your property is generating income now as a rental. In the future, you may want to sell your property and benefit from the rising market. In order to do that, you need to prioritize maintenance.
Maintenance requests come in from tenants all the time. You don’t want them doing DIY repairs. At the same time, these small jobs need to be taken care of.
Without property management in San Diego, that means finding a contractor or using your spare time to do the job yourself.
Property managers keep on top of both preventative and reactive maintenance. They may have their own team of contractors or repairmen or relationships with local vendors. This often translates into better rates for landlords.
They will follow up on a tenant’s request but will also maintain a schedule of regular maintenance jobs. By staying on top of this year in and year out, your rental remains in tip-top condition.
Property managers also inspect the work done by contractors and repairmen. This helps to keep tenants happy and your rental in good order.
Regular property inspections are crucial to ensure that the rental is in good condition. They allow issues to be spotted early and addressed before they become serious.
This is not about not trusting your tenants. Even the best tenants can forget to report issues or simply don’t notice small issues. The trained eye of property managers can pick up on problems and handle them quickly.
Inspections can be conducted every quarter, six months, or annually.
With any investment, you want to know how it is performing 24/7. Choose a North County property management company with an owners’ portal.
This eliminates the need to request information and wait. Real-time information about the health of your investment is never more than a few clicks away.
This information is also crucial for preparing your taxes. Landlords can claim expenses related to:
- Professional services, including property management fees
Having all the evidence in one online space makes this much easier. *Note: we are not financial advisors and recommend all clients to check with a qualified tax professional.
There are certain legal documents relating to your property that require careful management. These include:
- Legally required disclosures
- Safety documentation, including electrical reports
It is the responsibility of property managers to gather and safely store this documentation. Additionally, you should be able to see the history of maintenance requests, complaints, and records of rent collection.
As well as marketing houses for rent in North County, property managers also deal with the downside of owning a rental – evictions.
Eviction is a legal process. Landlords and property managers must at all stages comply with the law. There is a potential five-step process:
- Give notice
- Start a court case
- Request a trial date
- Go to trial
- Comply with the judgment
There are different types of notice that must be served in writing, depending on the situation. Reasons a landlord may pursue an eviction include:
- Late or non-payment of rent
- Breaking the lease and not rectifying the problem
- Damaging the property
- Illegal activity in the property
You can also give notice for other reasons, in accordance with the rental agreement. You cannot evict a tenant because of a protected characteristic. Also, you cannot retaliate when they exercise their legal rights.
Does this sound like a minefield? It can be. That’s why you’re in safe hands with a North County property manager.
They are experienced and have seen it all before. They know how to handle the process in strict accordance with the law so that your case is not thrown out on a technicality. Also, they can often work with the tenant so that the situation does not escalate to this point.
Complying With the Law
As we’ve seen, property law can be complex. There are federal, state, and local laws to keep up with. You also need to keep up to date with insurance requirements. Even if you just have one rental property, this can be overwhelming.
Let your North County property management company take the strain for you. They keep up to date, so you can remain compliant.
Choose Giving Tree for North County Property Management
It’s clear that property management is the best way to manage your rental property. Let property managers navigate the complex waters of compliance, tenant screening, and eviction. Take advantage of their connections to market your property and find the best tenants.
Giving Tree Property Management allow landlords to maximize real estate investment returns. Our experienced, San Diego property managers take full responsibility for your rental. Our online portal allows you to monitor your performance 24/7.
Call our office at (858) 350-7575 or start the process with a free rental analysis today!