Before you hire a San Diego property management company, make sure you have taken some time to research who they are and how they work. Owners should consider the services and support that a few different companies can provide, and then make a decision after talking to someone in those companies.
Every investment property owner looks for different things, based on their own values, strengths, and weaknesses. We believe there are five key things to look for when you decide to hire a property manager.
1. Property Management Experience and Expertise
You don’t want to provide training to a brand new property manager. Instead, you need a management company that has been in business for a while and understands the local San Diego rental market. There is a lot of nuance to the neighborhoods and the residents here.
Make sure the type of experience a management company has matches the type of property you own. There’s no sense in hiring a company that specializes in commercial properties and apartment buildings when you’ve got a portfolio of single-family homes. Find out where their properties are located, and where they keep offices. This will tell you if they really understand your market.
2. Attention to Rental Property Maintenance and Repairs
A solid process for routine and emergency maintenance is essential. Before you hire a management company, ask who the vendors are, and whether they are licensed and insured. Find out how maintenance is paid for and whether you’ll need a reserve fund or if the invoices are paid out of the rent that’s collected.
You’ll need to know how much can be spent without your approval and what types of maintenance will require your approval. Look for a management company that can answer these questions, explain their process, and help you see how it protects the condition of your investment.
3. Technology and Communication in San Diego Property Management
Find a management company that’s willing to invest in technology. Owners can judge this by checking a company’s website or reviewing their online presence. When you are interviewing a management team, ask about software and accounting statements. Is there a portal for owners and tenants?
Technology helps make leasing, management, and maintenance more efficient. It allows for better documentation and transparency. Technology can also help with communication, especially if you’re a rental property owner who doesn’t live in San Diego. You’ll want to be able to keep in touch, access information, and send messages at any time that it’s convenient for you.
4. Property Management Accounting and Systems
How does the company actually manage your property? Owners should ask to see the systems and processes that will ensure their investment is protected. Ask what happens if rent is late and ask about security deposit disputes and how those are handled.
The accounting statements owners receive should be detailed, accurate, and easy to read. You should be able to see your income and expenses, and everything should be transparent.
5. California Landlord and Tenant Laws
Finally, hire a property manager who understands the current laws and how they are applied to landlords and property owners. The Tenant Protection Act has delivered a lot of new regulations when it comes to rent control, eviction, and Section 8 applicants. You need a property manager who understands the laws and takes the time that’s required to stay current on any changes or legal challenges.
If you’d like to talk about the ways in which we manage San Diego rental homes, we’d appreciate the opportunity to meet you and hear more about your unique investment properties. Please contact us at San Diego Residential Property Management.