For new landlords or experienced real estate investors, a
property management company can provide a number of benefits to allow you to have peace of mind. They also give you the opportunity to invest your time in expanding your portfolio or enjoying your free time with friends and family.
Below we’ll go over three different signs that you may need a property manager.
Suppose you are showing signs of struggling to keep up with maintenance and tenant issues. This can be the result of underestimating the time required to manage a rental or perhaps your portfolio has grown to the point of spreading yourself thin. Property maintenance, tenant complaints, and urgent repairs may require more resources than some landlords can provide themselves. Over time, this issue can lead to tenant dissatisfaction, vacancies, or in extreme cases legal issues if repairs are ignored or laws aren’t known.
Oftentimes, maintenance and tenant issues require constant availability. Especially if an emergency is presented. A
full-service property management company should be capable of handling calls after hours and coordinating emergency repairs swiftly in order to keep tenants satisfied.
Property managers can also schedule maintenance, streamlining the general maintenance to prevent long-term damage to the property. This can be often overlooked when landlords are short on resources managing multiple properties on their own.
Having a high tenant turnover rate can significantly reduce a landlord’s rental income. This is due to the fact that while the rental is vacant landlords need to maintain the property in a presentable state. Additionally there are high costs associated with cleaning, repairs, and marketing to quickly fill vacancies.
Property management companies not only have the expertise to reduce turnover rates, but they also have the resources to provide tenant screening and maintain positive tenant relationships. This means that a
property manager can reduce the amount of time a rental is vacant, while filling it with a highly qualified tenant.
Property management companies can optimize the leasing process by handling in person showings, lease agreements, and the tenant vetting process. This helps to ensure a qualified tenant will be moving in. This can help to stabilize losses incurred from frequent vacancies and improve your rental income.
Landlords need to stay well informed about all the necessary local, state, and federal regulations that impact rental properties. For example, safety regulations, and tenant rights. California has some of the most strict laws that protect tenants, and it's important to know when these laws change. Property managers specialize in these types of laws and aim to ensure that your property complies with all legal requirements.
Additionally a property management company can provide risk mitigation. If you fail to comply with rental laws it can result in fines, and lawsuits. Property managers can help to mitigate risks by managing leases, handling evictions, and deposit dispositions.
As previously stated, laws dealing with landlords and tenants change frequently and keeping up with these changes may be difficult for some landlords. A full-service property management company should stay up to date on these changes as well as being able to manage any legal documentation. This can protect landlords from potential liabilities and losses.
A property management company shouldn't be seen as an expense, instead it should be seen as an investment. One who’s resources can be used to protect you and your property. If you're interested in hiring a property management company or if you need help managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our
Owner Application online.
