At North San Diego Property Management, we’ve spent years managing multifamily and commercial properties in the North County area, including in Oceanside, Carlsbad, Vista, San Marcos, and Solana Beach. We know that not everyone is familiar with what a professional management company does.
If you’re wondering what you can expect from a good property management company, we’re sharing some of the basic services you can expect.
Caring for the Investment Property
The most immediate and direct responsibility of your management company is to take care of your rental property. This includes finding and placing high quality tenants, setting a rental price that will be competitive on the market, and maintaining the condition of your investment. You can expect efficient and on-time rent collections, tenant follow-up if rent is late, including the posting of notices and eviction, if necessary. There should be frequent property inspections and an immediate response to any tenant issues or repair needs.
Caring for the property includes remaining compliant with all fair housing laws, as well as other state, federal, and local laws and regulations. Protecting you from expensive lawsuits and costly mistakes is a major role of a property manager. You can expect all of your accounting to be handled professionally and transparently. You should expect and receive monthly statements that demonstrate all of the income and expenses associated with your property.
Increasing your Return on Investment
In addition to the daily logistics, you can expect your property management company to help you increase your ROI. This is done in a number of different ways. Your property manager will understand the market and price your property correctly. That cuts down on vacancy costs. You’ll also have access to maintenance services that are better priced. Most vendors and contractors give discounts to property management companies because of the volume of work we provide them. Good tenant retention policies reduce turnover costs. A property manager will recommend updates and improvements that will attract better tenants and help you drive up your rent prices. All of these things increase your income and reduce your expenses, giving your asset a higher value.
Building Your Investment Portfolio
You should expect more than tenant placement and rent collection from your property management company. A good manager will partner with you and offer you advice, tools, and resources that allow you to grow your investment and build an entire portfolio. Your property manager will help you look at your rental properties like a business, and show you how to treat it that way. Don’t be shy about discussing your investment goals with your property manager. When you do, you’ll have an industry leader who is well-connected in the real estate space looking out for opportunities that might fit what you want. This can be extremely valuable when you’re building your portfolio.
We work with investors at all levels. Whether you’re just starting out with one or two properties or you’ve been investing for years, contact us at North San Diego Property Management. We’d love to tell you more about what you can expect when you work with us.