Month: November 2020

The demand for property management companies in San Diego, California is not going to dwindle any time soon. Property managers are there to keep things under control and act in the best interest of tenants, landlords and property owners. At the risk of oversimplifying things: get a property manager, get peace of mind.

As we already discussed, when negotiating with a prospective property manager, you need to inquire about the scope of property management responsibilities. 

But what else should you ask a potential manager of your most valuable asset? Read on.

What can I expect from a property management company?

You have to do your research carefully before you decide on the property manager or company you will put in charge of looking out for your investment in Mission Hills, San Diego. Below are more essential questions to ask your prospective property management company:

Are you licensed in property management? 

Having a licensed property management company is instrumental in safeguarding you against legal matters and complications. Even if they are not licensed, they should submit another piece of proof that they have extensive industry knowledge and background.

How long have you been in the business?

Long and successful track record and experience in the industry should be an essential requirement, showcasing competence to respond to diverse scenarios.

Do you have any references to show me?

Just like in any other industry, references from past clients are a valuable testament to a company’s credibility and professionalism. 

How many pieces of property do you currently manage?

If your property management company is capable of serving multiple clients simultaneously, they are a good candidate for the management of your property, however big. Being in charge of few clients may be a sign that they lack experience in the business and might not be the most dependable choice for you. Still, in the world of property management, things can become hectic fast, so you want to make sure your manager does not already have their plate full. Remember to ask about the average vacancy time of the properties under their care. Preferably, it should not exceed 2 to 4 weeks.

Do I need to sign a contract?

You would normally need to sign a contract and you should not have it any other way: this is for your legal protection as well as for the protection of the property management company. You can ask to see some sample documents so you can get a better idea of what you are expected to formally agree to.

Examine the contract carefully before you sign it and make sure the stipulations are favorable and that there are no sneaky hidden fees to be on the lookout for. Just to be on the safe side, you might want to have a legal consultant look over the document before you sign. 

Is there a special cancellation policy?

Steer clear from property management companies which ask that you sign a contract without a way out. Make sure the conditions and circumstances under which you are allowed to cancel your contract are clearly defined beforehand. 

Is there a seperate charge for repairs and maintenance?

A part of your property manager’s scope of responsibilities should be to handle the regular maintenance of your property, repairs and emergencies included. Be sure to ask if there is an extra charge for these before you sign anything.

Who handles evictions?

Evictions are, by definition, the worst case scenario. For one thing, quality tenants will never put you in a situation where an eviction is the only remaining resort, and it is the job of a property manager to ensure that you only accept quality tenants who have gone through a detailed screening process. But if an eviction becomes unavoidable, you definitely want the manager to handle it, without any involvement needed on your part.

What is your property management fee?

Some companies will offer a flat monthly fee, while others will offer a fee based on the rent. Find a company that is flexible enough to work out a financial arrangement which works best for you.

Leading the way for property management companies in San Diego, California

We are here to make sure your property is well taken care of on your behalf. We have a zero-eviction track record which we intend to maintain spotless. Should you ever decide to sell your property, we will also advise you on your best course of action and on the most effective ways to boost the appeal of your property to potential buyers.

Schedule your appointment now and let us know how we can help!

If you are new to the world of property ownership, property management and rentals in San Diego, you may not realize just how demanding and challenging property management can be. Unless you are willing to start learning the ropes right away in order to make property management your full time job and make yourself available for emergency situations any time of day or night, hiring a property manager is your safest bet. 

You can probably list the most compelling reasons in favor of getting a property manager. But how do you find a property management company you can trust to do an honest job and make decisions in the best interest of your property and your financial future? 

What does full service property management mean?

On its own, the term property management itself is somewhat misleading, as one may assume it consists solely of handling the technical aspect of things such as conducting leasing and managing procedures. In fact, property management requires a more hands-on approach.

Full service property management entails a full scope of services intended to attract quality tenants, ensure the property is maintained in tip-top condition and bring a stable source of revenue to the owner, thereby protecting your investment in the long run. 

If this is what you expect from your property management company, you need to ask the right questions, such as:

What is your full scope of services?

Full service property management includes critical response, such as handling complex repairs, resolving emergency situations and managing forced evictions. It should also cover the legal aspect of things, such as handling leases, keeping up with the latest changes in legal requirements and regulations.

Who is responsible for marketing my property?’

One of the key reasons to get a professional property manager is that they will go above and beyond to promote and market your property to secure top dollar rent.

How will you determine the rent of my property?

A comprehensive property management service should conduct a comparable market analysis and rental analysis to set a realistic rent. The property manager is also responsible for collecting and disbursing rent and making sure the rent is paid on time.

How do you screen potential tenants?

Screening potential tenants and shortlisting the most eligible ones is one of the primary responsibilities of a property manager. And although you want to spare yourself the hassle of worrying about the tenants and leases, you want to have a say in what the tenant policy and lease agreement stipulate in terms of rules that matter to you the most, in accordance with the applicable regulations. 

Will you send me updates on my property?

A responsible property manager will be responsive to you. They should send you regular updates/monthly statements to provide you with an overview of activities done on and in relation to the lease of your property.

How do you find contractors and vendors?

Only strictly vetted contractors and vendors should be entrusted with the maintenance and repairs done on your property. A property manager with an in-depth understanding of real estate investment will never take their chances with amateurs.

Handling property management & rentals in San Diego smoothly

If you are looking for a property management service to handle leases and top-notch maintenance, timely inspections and in-depth background checks of prospective tenants, contractors and vendors alike in the heart of San Diego and across the area, you’ve come to the right place. 

At Lofty Property Management, we strive to provide a comprehensive service, including solving emergencies, resolving complaints and handling evictions, move ins & move outs.as and when needed. Protect your largest asset and give yourself peace of mind. We will make sure everything is planned and executed in the best interest of you and your property. Schedule your initial consultation today!