Should I Hire a Property Management Company?

Whether you’re a seasoned property owner, or just invested in your first property, you may be asking yourself: Should I Hire a Property Management Company? 

Owning a piece of property requires an immense amount of resources, time, and effort.  It can be challenging to narrow down what San Diego property management company you should choose. In this blog, we discuss if hiring a property management company is right for you.

11 Questions to Ask Yourself Before Hiring a Property Manager

This choice can significantly impact your experience as a property owner, and it's essential to consider various factors before making a decision. To help you in this process, here are 11 key questions to ask yourself:

• Experience: Are you an experienced landlord, or is this your first time owning rental property?
• Time Commitment: Do you have the time and expertise to manage all aspects of your property effectively?
• Property Count: How many rental properties are in your portfolio?
• Tenant Relations: Are you comfortable handling tenant issues, from complaints to lease renewals?
• Location: Is your rental property nearby, or is it in a different city or state?
• Availability: Are you willing and able to be on-call 24/7 for emergency maintenance requests?
• Network: Do you have reliable contacts for contractors, handymen, and service providers?
• Involvement: Do you want a hands-on role in property management, or do you prefer a more hands-off approach?
• Financial Responsibilities: Can you handle financial tasks like rent collection, accounting, and budgeting?
• Legal Knowledge: Are you familiar with local and state rental laws and regulations?
• Marketing Skills: Do you possess the resources and skills to market your property effectively and attract quality tenants?

When You Should Hire a Property Management Company

Property managers can help alleviate a lot of stress and anxiety when it comes to managing a property. Here are some reasons hiring a property manager could be right for you:

• Locate Quality Renters: Expert property managers have access to a variety of advertising and marketing tools to help attract potential renters to fill your vacant property quickly. Property managers are also responsible for screening tenants. This includes conducting background and credit checks, and employment verifications to secure reliable tenants. 
• Limited Knowledge: If you don’t have experience handling property management or just do not wish to manage the property on your own, a property manager can assist you. Managing a property is complex, and requires a large amount of legal, financial, technical, and interpersonal skills. Property managers must also be knowledgeable of:
• Local and state laws
• Real estate and rental trends
• Marketing and advertising
• Maintenance, repairs, and inspections
• Rent collection and expense payments
• You Just Don’t Have Time: If you are busy managing other aspects of your life, managing a property could be challenging. Hiring a property management company can make managing your property easy. Once assigned, a property manager can help oversee important tasks and responsibilities  v to your investment property. 

Factors To Consider When Choosing a Property Management Company

You’re ready to choose a property management company, but not sure where to start. When choosing a property management company, there are many factors to consider prior to finalizing your contractual agreement. These factors include:

• Record of Success: When looking for a property management company, having a clear understanding of their reputation in the community is crucial. Gathering information from customer reviews and current clients is a useful method to gain an insight into the property management company's operations and reputation. 
• Offered Services: A good property management company helps guide its clients through every step of the management process. This includes offering services that are relevant and tailored to each individual property owner. 
• Cost of Management: Property management companies generally structure their fees in two main ways. These ways can include: a percentage of the rent collected or a monthly flat fee. Property management fees are also not always all-inclusive. It is important to discuss this with your potential managers, as they may charge for additional services that are out of their scope of management. 

In Need of a Property Manager in San Diego? Contact Pasas Property Management!

Purchasing a property in San Diego can be a great investment. With its thriving real-estate market and beautiful sunny weather, it is not only a popular choice for tourists, but also potential renters. 

If you are looking to rent out your property and don’t know where to start, contact Pasas Property Management. Pasas Property Management is centrally located in Ocean Beach, making it convenient to manage your rental properties. Our goal is to help property owners maximize their properties potential, and also help tenants find their ideal home.