Managing a rental property in San Mateo goes beyond collecting rent and scheduling maintenance. It requires the kind of time, expertise, and patience that a lot of real estate investors don’t have. There’s more value in this partnership than you may realize, and today we want to explore the worth of a professional property manager and how working with a management team can add to your investment earnings and the ease of your entire experience. 

Let’s determine if it’s the right move for you and your San Mateo rental property.

One of the first and most immediate ways in which you notice a property manager’s value is when you’re struggling to find a tenant for your property. You’re not only looking for a tenant: you’re looking for a qualified tenant. That can often take longer than you anticipated. 

Vacancy is expensive and frustrating. Property managers in San Mateo are particularly good at reducing the amount of time your rental home is unoccupied and ensuring it’s rented to high quality tenants. 

Why are property managers able to rent homes faster? It usually comes down to resources, technology, and access. We can limit vacancy because of: 

• Reliable data that allows us to accurately price your property. A property that’s priced too high will always be vacant for too long.
• Better technology, which includes advanced marketing platforms and an ability to measure how specific marketing channels are working.
• More flexibility and availability when it comes to showings. Property managers have the time to be more responsive to prospective tenants and their schedules.
• Easy online applications and fast, thorough tenant screening that’s compliant with all fair housing laws. 

Let’s not forget the importance of tenant retention. Not only do property managers reduce your vacancy rate by finding you tenants faster, we also reduce your turnover rate by keeping tenants longer. This can be a huge weight off your mind as a property owner, and the money we save on turnovers provide a lot of value in the short term and the long term. 

Saving you from a long vacancy and expediting the marketing, showing, and screening process allows for a successful leasing period. What else do property managers do to provide value once a tenant is placed and things are underway? 

Here’s a brief list.

• Tenant Relations 

Comprehensive property management prioritizes not only finding and retaining quality tenants, but also handling the day-to-day communication with your residents. Property managers answer questions, respond to emergencies, and provide resources and support to your residents. There’s a lot of value to rental property owners when they no longer have to be the first point of contact for their tenants. A good tenant relationship improves rent collection, property maintenance, and overall earnings. 

• Maintenance and Emergencies

Property managers can address maintenance issues quickly and more cost-effectively, often having relationships with vendors to ensure quality service at a fair price. We are also on call for emergencies, saving you from middle-of-the-night phone calls. Your management partner will prioritize preventative maintenance, ensuring there’s less risk of deferred or unreported repairs that are lurking in the background. We protect the value of your property and we make recommendations on any replacements that might be more cost effective than repairs.

• Legal and Regulatory Compliance 

California’s housing and rental laws are strict, and they’re constantly changing. Keeping up with them is essential if you want to avoid mistakes and costly legal troubles. But, who has the time to become intimately familiar with the latest fair housing requirements or security deposit laws? Your property manager does. We stay current on landlord-tenant laws, building codes, and other local ordinances that affect your property. Property managers will follow changes in rent control laws, eviction limits, and habitability standards. 

• Financial Management and Accounting Reports

Collecting rent, processing payments, reconciling security deposits, and maintaining financial records requires a meticulous approach and some great financial software. A property manager handles these fiscal responsibilities efficiently, giving you more time to focus on expanding your investment portfolio. You can count on detailed and accurate financial reports, income and expense statements, and real-time access to the financial performance of your property through online portals and platforms. 

What’s the bottom line, and how can you quantify the value that a property management company provides? 

Costs will vary, but property management companies generally charges a percentage of the monthly rent that comes in on your property. Some will also charge a flat rate. When considering whether to hire a property manager, you’ll want to weigh the potential increase in revenue and quality of life against the fees you’ll pay for management services. 

Most investors find that a property manager is well worth the investment.  

Always consider a property manager for your San Mateo investment if: 

• You own multiple properties, and the task of managing them exceeds your capacity.
• You live far from your San Mateo property, making hands-on management impractical.
• You’re not interested in everyday property management tasks, and you think of yourself more as an investor than a landlord.
• Your time is more valuable spent elsewhere, perhaps in your full-time job or finding new investment opportunities.

Ultimately, deciding whether to partner with a San Mateo property manager for your real estate investments is a strategic choice that hinges on personal preference, investment goals, and financial considerations. While some investors thrive with a hands-on approach to their investments, others find immeasurable value in the peace of mind and professionalism a property manager can provide. 

There’s no reason to make this a complicated decision. Think about your investment goals and your willingness and ability to lease, manage, and maintain your own investment property. Then, consider whether you’re costing yourself money by not working with a property manager in San Mateo.  

We’d be happy to talk through this decision with you, and to discuss the potential options you have. Please contact us at Bayside Management. We lease, manage, and maintain investment properties in San Mateo and around the Peninsula, including San Carlos, Redwood City, Pacifica, San Bruno, Half Moon Bay, Daly City, Mountain View, Foster City, and Palo Alto.