18 May Managing Rental Properties
Managing Rental Properties
Managing rental properties is a hard business. From ongoing maintenance to repairs, unless the rental is maintained properly it will not enjoy long-term tenant retention. That said, a property manager can be very skilled at many of the management funtions, but if they drop the ball when it comes to maintenance, the property will experience a degradation of condition, loss of tenants, and declining rents. On the flip side of that, a property mananager that lacks management skills will be just as unsuccessful as the one who has no follow through. You see, there is a balance one must maintain. With this in mind, we offer some insight on strategies to manage your San Diego rentals.
Keep your property up, running and generating revenue with these simple strategies…
Rental Property Management Responsibilities
Property management responsibilities can be broken into three categories. One, managing tenants, two managing property maintenance and inspections, and three managing finances. Fall short in any of these areas and the property is likely to fall into shambles. That is not say that it cannot be achieved. However, the three areas just mentioned are not as easy as they might seem. The roles and responsibilities of a rental property manager include everything from marketing and filling vacancies; negotiating leases, enforcing, leases, maintaining, and securing the rental property just to name a few. Before you can choose a strategy, you need to understand what your strengths and weaknesses are. Or put simply, you need to understand the different areas that need to be managed before you know which strategy is right for you.
A rental property will not enjoy long-term tenant retention and an acceptable return on investment if it is not property maintained…
Managing Tenants, Are You Good At It?
Good tenants are the lifeblood of profitable real estate investments. On the flip side, bad tenants can not only give you headaches, they can torpedo your financial goals. That said, a happy tenant is a satisfied tenant. And, a satisfied tenant is more likely to renew their lease. However, being a successful landlord involves more than just collecting the rent. You also have to manage:
- Rent Collection
- Lease Agreements
- Tenant Screening
- Move In
- Move Out
- Tenant Complaints
- Repair Requests
Maintenance & Inspections
Maintenance includes cutting the grass, keeping common areas clean, fixing a leaky roof, among other things. From making sure tenants have running water at all times to heat when it is winter. Things like plumbing leaks, missing floor tiles, faulty doors or windows, or loose handrails must be fixed quickly. Aside from having to ensure repairs and maintenance are dealt with quickly, you also have to deal with inspections.
Managing Your Finances
When managing a rental property, you need to know how much is coming in and going out. From fines and fees to a mortgage payment as well as utilities, taxes, and insurance. How much rent you collect each month should be more than what you are paying out. That is, if you want to be successful.
Property Management Strategies
Knowing what you know now, it will be easier to select a rental management strategy that is right for you. So, whether you are the type who wants to brave doing it all, just remember. Managing a rental property successfully, is more than just collecting the rent. With this in mind we offer some insight on strategies to manage your San Diego Rentals.
You Do It:
- This management approach makes you responsible for EVERYTHING, this could become overwhelming if you don’t know what you are doing or lack in any of the areas mentioned
You Do Half & Outsource Half:
- This management approach means you manage areas you feel strong in and you outsource the rest to a property management company
Outsource Property Management Completely:
- This management approach means you outsource all functions (responsibilities) to a property management company, allowing you to have more freedom to do what you want to do
When In Doubt
If you have questions about renting out your house or need help doing so, please contact us. We manage single-family homes, condos, and apartment buildings throughout the San Diego area. Whether you are interested in changing property managers, or simply looking to hire a property management company for the first time, Rancho Mesa Properties can help. We take care of all types of residential rental properties including homes, condos, multiplexes such as duplex and triplexes, and even small apartment buildings. Let us manage your rental properties, so you can enjoy your life! Call us today at (858) 576-2176. We will save you time, money, and the stress that comes along with managing your own rentals.