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How Can San Diego Property Owners Generate More Return on their Investment Properties?

December 6, 2019Homeowner
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How Can San Diego Property Owners Generate More Return on their Investment Properties 1

Smart investors know that owning rental property is an excellent way to earn passive income. The longer you hold that property, the higher your return on investment (ROI) can go. If you’re looking for a way to increase the returns you earn, we can offer you several suggestions. The most important thing you can do, however, is to hire a San Diego professional property management company. Professional property managers have a direct impact on the amount of money you earn and the success of your investment experience.

RentSimpli is a full-service, residential property management company serving San Diego and Riverside Counties, including a specialty focus in the Temecula Valley and Murrieta areas. We’d like to tell you why a property management company matters when you own investment property.

Property Managers Help to Reduce Vacancies and Turnover

The single largest drain on your ROI is vacancy. When your rental property is unoccupied, you’re not earning any rent while still having to cover your operating costs. These can include utilities, cleaning and landscaping to keep the property functional and move-in ready. The money you lose during vacancies can be tough to earn back. Professional property managers work to rent your property quickly and to high-quality tenants. You’re also more likely to have the right rental price when your home is professionally managed. Many landlords make the mistake of over-pricing their home, extending vacancies or attracting poor tenants who have been denied elsewhere.

Turnover is also best to be avoided, especially when you have a good tenant in place who pays rent on time and takes care of your home. Professional property managers are skilled at being responsive and available to tenants. They pay special attention to tenant retention and will work hard to inspire good tenants to renew their leases year after year.

Better Tenant Placement

Tenants with a spotty rental history or a flawed credit score are likely to seek out independently managed properties because they know professional managers are thorough when screening, and won’t ignore any red flags. Better tenants result in better ROI. Your property manager will know how to identify and attract highly qualified tenants, while avoiding those who are unable to verify income, have a history of late payments and/or prior evictions.

Worry-Free and Cost-Effective Property Maintenance

Routine repairs will be needed on your rental property, even if it’s a new home and in great condition. Landlords who take care of their own properties often struggle to find vendors; if they do find a reliable, licensed, and insured vendor, they have to pay that vendor’s regular prices. Property management companies have access to preferred lists of vendors and often get priority on the repairs they perform due to the volume of maintenance work that we can provide them.

Maintenance is always going to feel expensive when you own a rental property. But, when you have access to the resources of a property manager, you know you’re getting great service with trusted and licensed contractors.

Staying Up to Date with the Law

As you may have noticed, renting out a property is becoming more and more complicated from a legal standpoint. Not only do you have to worry about complying with federal laws like the Fair Housing Act and the Americans with Disabilities Act, but also you have a rapidly changing landscape in California. Everyone in the real estate and property management industry is talking about rent control and just cause evictions. There are habitability standards to meet and security deposit timelines to follow. It’s easy to make expensive mistakes.

Professional property management prevents that. A good manager will stay up to date on the law and all of its changes. You and your property will be protected.

These are just some of the reasons to work with a professional property manager. For more information about how working with us can increase your rental income and reduce your expenses, please contact us at RentSimpli.

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