Investing in rental property is one of the biggest commitments a Los Gatos property manager can make and almost always a rental unit will take up a chunk of any free time one might have.
Now a days everyone is taking on more and more; creating less time for themselves. We manage our families, our work and what we can’t manage; we hire someone else to do.
So, why wouldn’t a real estate owner invest in a property manager to manage their most valuable asset?
Property managers know the ins and outs of the business and can take care of every aspect there is in maintaining a rental unit. For example, Real Estate Connections, Los Gatos property managers have in depth knowledge of the Santa Clara County current Real Estate market and where it’s likely to go. Since they understand the market they know when to raise rent and when not to.
Various issues can arise when managing a rental property and often times you need to be readily available. If these are predicaments you don’t think you can handle then let a property manager take care of them for you.
What problems do property managers take care of for you?
- Vacant Properties – Sometimes landlords don’t know how to affectively market their rental unit. This can leave a unit vacant for months, therefore, costing you more to keep it maintained. However, a property manager knows how to advertise, show the property, and find a qualified tenant fast. In fact, finding a tenant who is a right fit for your rental unit is the most important component because it’s the relationship you are going to have deal with for a long-term period. You want to make sure you find someone who will maintain the property, keep it in good condition, and pay rent on time.
- Tenant Issues – On occasion there could be a problem tenant. It’s essential that if there’s an issue you must handle it professionally; this is not personal, it is a business. By allowing your property management firm to handle the matter for you, they can make sure that the situation is dealt with professionally and that everyone stays in good standing. Also, if a tenant calls on any maintenance issues they can handle those phone calls as well as, discuss if there are any larger maintenance items with the owner and deal with it immediately.
- Rental Laws – California is a very tenant-friendly state meaning that it’s crucial you understand and stay within the rental laws. Every year new laws are being implemented, so oftentimes it can get confusing. Property managers can take away the hassle of understanding the laws because they can take care of it for you. They know what’s really going on and how to stay on top of the new, and old, regulations.
- Record Keeping – A lot of people use record keeping for tax purposes. They have income property, so it’s important that any bills that are paid out of that account are tracked. Most property management companies offer monthly financial statements and will send them to the client. These statements allow the owner to see what’s going on with their property. Collecting rent and paying bills on time are also part of the contract.
- Move-Out Process – Security deposits, walk-throughs when tenants move out, inspections; these are all things that property management companies do. Security deposits are probably the most sensitive portion of a move-out for a tenant and the most common disagreement that landlords and tenants encounter. Property managers, however, understand what steps need to be taken in order to avoid the possibility of being sued.
Although hiring a property management company can cost you a portion of your property income, it can also save you money in the long run. Property managers save you time, find qualified tenants quickly, deal with any tenant issues, and help in the move-out process. Hiring a property manager can ultimately guarantee that your property is in good hands.