San Diego rental properties come with a lot of opportunities, but there’s also a lot of risk. It’s easy to make a mistake, and those mistakes are unfortunately expensive.
RentSimpli is a full-service San Diego property management company specializing in single family homes, townhouses, condos, mobile homes, small commercial buildings and small apartments. We understand the complexities involved in renting out real estate, whether you’re an independent landlord or an investor with a growing portfolio.
These are the three biggest challenges we believe you’re facing as a landlord in San Diego. We’d be happy to help you work through all of them.
California’s Rental Laws
Fair housing laws, rent control, security deposit requirements, and eviction moratoriums are just some of the legal headaches that face landlords today. In California, the laws are especially seen as tenant-friendly, which leaves many rental property owners feeling like they’re at a serious disadvantage when it comes to protecting themselves and their properties.
Staying up to date and compliant with all federal, state, and local laws is non-negotiable. You don’t get to pick and choose which laws you’re going to follow.
It can be overwhelming to stay on top of the changes and to follow the legislative activities at the statehouse and in your locality. Working with a professional property manager can help. We are continually educating ourselves on the new and existing laws, and we’ll protect you from unintentional legal mistakes.
Managing Maintenance on Rental Properties
When it comes to maintaining your rental home, you understand the importance of protecting the condition of your investment. But, you also don’t want to lose more money than you have to on high repair costs and emergency replacements.
Maintenance is frustrating for your tenants, too. They expect everything to work perfectly, and they often don’t have the patience to wait while you collect bids and quotes from vendors.
It’s important to have a reliable list of preferred vendors who can be relied upon to respond quickly when you need help. These should be licensed, insured professionals who are committed to giving you the best prices on the high quality work they provide. We’re at an advantage because of the volume of work we provide to our vendors and contractors. Individual landlords have a hard time negotiating those discount prices.
Adopting a good preventative maintenance plan can help you keep costs down. It’s also likely to eliminate surprise repairs. Having your HVAC system inspected and serviced once a year, for example, will extend the lifespan of your heating and air conditioning units, and reduce the risk of having to replace an expensive cooling system.
Reducing Vacancy and Turnover
Vacant properties are extremely expensive for owners, and you don’t want to do anything that will increase the number of days, weeks, and months that your rental home is unoccupied. Make sure it’s priced according to the market, evaluate its condition so you know it’s attractive to prospective renters, and market it strategically – to reach a large pool of prospective residents.
Once you have a great tenant in place, establish a consistent plan for retaining that tenant. Turnovers are even more expensive for owners than vacancies. You don’t have any rent coming in, and you also need to invest money on repairs, cosmetic upgrades, and the effort it takes to find a new tenant.
These are only three of the challenges that are facing landlords today. We know that owning rental property is often more work than investors expect. We can help. Contact us at RentSimpli.
RentSimpli is a full-service property management company serving landlords, investors and property owners in San Diego & Riverside Counties, including La Mesa, El Cajon, Chula Vista, Santee, Rancho Bernardo, Escondido, Fallbrook, Temecula, and Murrieta.