Many owners wonder why they should hire a property manager for their investment property. We often hear questions like:
- How much do property managers charge?
- If the owner is living out of state, who is going to run their investment property?
- What kind of services does a property manager offer?
If you’ve never worked with a property management company before or you’re not sure about the value you can expect, we’re here to tell you why you should hire a property manager.
Bayside Property Management has been in business since 1982, with established offices in Sausalito, California and Novato. Most recently, we have opened an office in San Carlos, California to service the San Francisco peninsula, Northern San Jose, and the coast. Our experience and our large service area make us an excellent resource if you’re looking for more information about professional San Carlos property management.
Property Management Fees and Costs
The everyday details of running an investment property can be overwhelming. Property managers are well-versed in the day-to-day operations of managing a rental property. Typically, you will pay a percentage of the monthly rents and leasing fees that your manager collects. These costs are quite low when you consider the services that are offered by a good property management company.
Collecting and Depositing Rents
Securing rent is difficult, especially for self-managing landlords. It’s surprising, but a lot of people forget to pay their monthly rent. A professional property manager will have systems in place to collect rent on time and to follow up with late payments. Remember that not collecting proper and consistent payments can undermine your entire investment strategy.
Establishing Correct Rental Rates
A professional property manager will be in tune with the local markets and will make sure your rents are competitive. This is key to securing and retaining good tenants. Pricing a home too high can be just as damaging to your ROI as pricing a home too low. Your property manager will be accurate and strategic when it comes to pricing.
Housing Laws and Regulations
At Bayside Management, we are always talking about the multitude of applicable laws, statutes, and ordinances that govern income-producing properties, especially in California. A professional property manager will understand all state, local, and federal laws such as habitability ordinances or ADA compliance. This expertise will help you avoid lawsuits by keeping you and your property in compliance.
Marketing and Advertising Rental Homes
Professional property managers will have access to a multitude of marketing channels. With the proper mix and timing, you’ll get the greatest exposure for your property. This leads to finding the best and most qualified tenants. Remember, a vacant property costs money, and that’s an expense you want to avoid.
Routine Property Inspections
A professional property manager will conduct regular inspections, typically when a tenant moves in, throughout the lease, and when the tenant leaves. Through regular inspections, a property manager will be able to recognize problems before they become too expensive. You’ll have someone checking for deferred or unreported maintenance, and you’ll be sure your tenant is following the terms of your lease agreement.
Managing Tenant Relationships
Securing tenants can be overwhelming and time consuming. It’s not unusual to show a property 10 or 12 times before finding a qualified candidate. Property managers can screen people better than individual landlords can, and with our processes and systems, we can do background and credit checks as well as employment and reference checks.
Access to Professional Vendors and Contractors
A professional property manager will have developed relationships with licensed vendors and contractors, thus ensuring quality work when needed. This is a huge benefit when you have a plumbing emergency in the middle of the night.
Remote Access for Out-of-State Landlords
Do you live out of state? Are you in another country? Property managers can be here to run the day-to-day operations of your investment property when you can’t.
When you work with professional property managers, you get more protection, less liability, and a lot more time. If you have any questions, please feel free to contact us at Bayside Property Management.