Property Management demands a huge commitment of time and effort–talking to numerous tenants, dedicating hours per day to administrative tasks, attending to frequent phone calls, fact-checking each tenant. The daily to-dos of a property manager require full attention. You may choose to do it yourself if you are ready to commit that. However, if you cannot, you’ll want to hire any property manager.
A good property manager can guarantee a monthly cash-flow whereas a poor one may depreciate the value of your property, suck money from your pockets, and infuriate your tenants. Because it can be difficult to find an ideal property agent, we curated this list of top 10 tips for selecting a property manager in San Diego.
How many properties do they manage? How many employees do they have? A well-trained employee, provided with all the right tools can manage approximately 40 units (properties). If the property manager you hire already has 45 units to look after, and you additional want her to handle five more of yours, she may become overloaded and not serve your properties as well.
Does your property manager have his/her own rental property? If the answer is yes, your answer to hire him/her might be no. A property manager with their own rental property is likely competition for you. Although they may not know they’re biased, it is pretty obvious they will want the best tenants for their properties and leave the rest for you. Is that fair?
What is the area covered by the property manager? Does it cover multiple cities in and around California? If yes, it’s not good for you. It is better to hire a local area property manager that focuses not only on San Diego, but your area of the city. They know the most about property values, tends, laws, and regulations to help you and potential tenants.
A routine check of your property is one of the key responsibilities of your property manager. Some property managers consider inspections a formal routine check while others see it as an additional feature. Either way, make sure they are willing to help you get and understand the inspection before you commit.
Your property manager needs to have some software tools for data maintenance and report generation. The tools used by property managers help create better reports and data management. Check the sample reports when you visit them the first time to make sure everything is well-organized and well-documented.
Make sure that you ask about your property manager’s reporting and payment process. Ideally, you will obtain the report and the rent on a fixed date every month. Stay updated about your properties by asking for information about maintenance requests and any late payments.
Most property managers charge between 7% and 10%. Some charge companies charge only if the property is collecting rent, while others charge every month regardless of vacancy status. Either method is fine as long as they can find quality tenants quickly and keep them. We charge a 8% flat rate with the first month free, so we can help advertise the property and collect applications before you start collecting rent.
You are bound to face maintenance issues once in a while. Although property managers take care of organizing repairs, you need to clear the terms and conditions well in advance. There is a certain limit up to which you can allow the property manager to handle the maintenance before acquiring your permission. Talk to your manager to decide exactly with that limit is and what types of repairs require approval before continuing.
Make sure your property manager is not just good at speaking but also good at listening. You’ll want a property manager that understands your concerns and values. Their listening skills will help them find the right tenants for your needs and make the right decisions to maintain your property.
An ideal property manager has inclusive services and transparent fees. It is important for you to check the list of property manager responsibilities included in the agreement. If you see a huge list of “extra charges,” it’s usually a red-flag.
Finding the right property manager is crucial. You’ll know you found the right one when you feel at-easy knowing your property is being taken care of, and you’ll get that monthly check and report. Are you still searching for a property manager and not sure where to head? Contact Claudette Cooper today at (619) 825-1974