Today, we’re discussing a question that most San Diego investors and rental property owners have probably asked themselves once or twice: do I even need a property manager?
Professional San Diego property management comes with a lot of benefits, and it makes sense for most owners. Let’s talk about why.
What are the Benefits of San Diego Property Management?
Property managers specialize in a particular field and have a unique set of skills, talents, and resources. Your property manager will play a critical role in the landlord and investor process.
You hire a property manager to access their expertise and experience in a wide range of real estate and property management functions.
Property managers handle a lot of things on your behalf, including:
- Screening potential residents
- Communicating with prospective and current residents
- Handling routine and emergency maintenance requests
- Understanding legal responsibilities and keeping you in compliance
Property managers are specialized in our field. We know the local San Diego rental market, and we also understand the best practices and standard procedures within the entire industry.
Avoiding Rental Property Risks with Professional Management
Property managers handle all of the day-to-day duties and responsibilities associated with your rental property:
- Collect rent
- Enforce the lease
- Document the condition of your home before a resident moves in
- Handle the security deposit.
But, some of the best value you receive you’re your property manager is in the protection of your asset and your finances.
It’s easy to make an expensive mistake, even if you’re an experienced investor.
New San Diego Laws and Legal Compliance
Understanding the laws and legal requirements of renting out property in San Diego can be difficult. The new laws are complex and challenging, particularly the new statewide rent control laws that impact San Diego rental properties. These laws went into effect January 1, 2020, and they require a lot of work to understand and implement.
Even if your property is exempt from the new rent control law, there are steps you need to take to remain in compliance.
Maintenance and Identification of Problems
Deferred maintenance is another danger that we know can hurt your property. If your resident isn’t reporting small repair needs, those small issues can become huge complications with higher price tags.
A good property manager will identify potential problems and take a preventative approach to maintaining the condition of your home.
Self-Management vs. Professional San Diego Property Management
A lot of the San Diego property owners and investors we now work with have managed their own homes before, and they know that professional property management is the best way to protect their investments and earn more with them.
Investors want the freedom to do what they do best, which probably isn’t responding to resident complaints and looking for plumbers. Most people don’t buy San Diego real estate because they’re looking to take on a second or third job. That’s often what ends up happening if you try to manage a property on your own.
Improved Time Management
Don’t waste your time running from property to property. It turns you into a reactionary investor instead of someone who is intentional and purpose-driven.
Investors buy real estate for the value and appreciation and cash flow.
Having a successful San Diego property management company that knows the local laws is crucial. That’s why you hire someone to do it; because you don’t have the time or the interest to learn everything you need to know about the laws and the vendors and the rental market. It is like getting on an airplane and having the airplane pilot fly the plane while you sit in the back. Could you fly yourself? Probably.
But it’s not the best thing if you don’t know how to fly.
An Extension of Your Team
A good property management company in San Diego is part of your team. A property manager can help you succeed by working with you to strategize your approach and reach your goals. You want a company that’s going to do more than collect rent and deal with residents. A successful property management company will make sure you are aligned together and working towards the same investment goals.
San Diego is a great place to invest. But it’s not easy to buy and management property here, even if you are local. You can’t manage your property full-time and do everything you have to do in the normal course of your life.
Property Managers Provide Peace of Mind
Peace of mind is another great example of why having a property manager is important.
If you are an investor and a homeowner, you want to have that peace of mind and trust and confidence that your property manager has your best interests at the heart of what they do.
Here at Mynd, we do take pride in that. We care about your property like we care about our own properties, and we try to make sure our core values line up with yours. We maintain a high level of professionalism, and we are experienced. We’ve dealt with a lot of issues, and we have a level of confidence as property managers because of our experience and knowledge.
Bottom Line on Hiring a Property Manager in San Diego
If you’re looking for professional San Diego property management, please contact us at Mynd Property Management. We’re friendly and fun to work with, and we know a lot about the San Diego market and the entire property management industry. In fact, we’re eager to show you why we are the best in property management.
You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor.