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All About the Economic Impact Payments

Posted on by admin_lofty

The Treasury Department, together with the International Revenue Services (IRS), is working hand in hand to cushion vulnerable citizens from the economic impacts of Covid-19. They introduce the economic impact payment, which is automatically distributed to the eligible families and individuals. Here is everything you need to know about the payment and what the IRS expects of you.

Are You Eligible for an Aid Check?

The stimulus check will give out an aid payment of up to $1,200 per adult. Every child that qualifies will receive up to $500. This means that a family of four could get a payment of up to $3,400. The conditions are subject to the stipulations that your income must fall below a specific threshold for you to benefit from the full stimulus payment.

The first condition states that individual tax filers with a gross income of up to $75,000 qualify for the full stimulus packages. The same applies to married couples with a joint income of $150,000 and full file joint tax returns.

Filers with annual gross income above this threshold see their stimulus reduced by $5 for every $100 above the $75,000 and &150,000, respectively.

Individuals filing annual tax returns above $99,000 are not eligible. The same applies to couples filing returns for incomes above $198,000.

If you are an eligible taxpayer who already filed your tax returns for the years 2019 and 2018, you will automatically get the economic impact payment of as much as $1,200. Married couples with the same eligibility get $2,400 and up to $500 for every child that qualifies.  

How You Will Get the Money

Most eligible persons will not have to do anything or provide their credentials to get the money. This is because the IRS already has every individual’s direct deposit information. The IRS will use the tax information on their database to remit the economic impact payment to all eligible automatically.

IRS will use 2019 tax information for those who have filed their returns for the particular year. You do not need to worry if you have not because they will still use your 2018 tax return information to calculate payment. You will have the money in the same bank account you indicated when filing your returns.

What Should I Do If the IRS Does Nnot Have My Direct Deposit Information?

The treasury plans to come up with a web-based portal. This platform will enable taxpayers to provide their respective bank account and other relevant information for the economic stimulus payments. The primary aim for this is to help people get payments immediately and do away with the delays in check in the emails.

What Happens If You Did Not File Tax Returns for Both 2018 and 2019?

You can still get the economic impact payment if you have a tax filing obligation but failed to file your returns for 2019 and 2018. However, it would help if you did it first. The IRS is encouraging everyone to file their returns for these years as soon as possible.

Where Can You Get the Latest Information About Economic Impact Payment?

The IRS has an updated coronavirus page where they post all the latest information and instructions whenever they become available. We recommend that you visit this site if you are not sure of what to do. You can do the same if you expect the payment, but you are yet to submit some crucial information.

Get More Info From the Leaders in the San Diego Property Management Industry 

At Lofty Property Management, we love helping customers across San Diego with their tax concerns and property management needs. Feel free to get in touch with us for all your questions, and our dedicated team will give you the answers you seek. Contact us today! 

Insurance Policies That Every Landlord Should Have

Posted on by admin_lofty

Being a landlord makes you liable for most of the things that happen in your investment. This includes damages to the premises and, to some extent, your tenets’ private property. Some of these damages and accidents may require large sums in replacement costs and court battles. 

The best news is that you can pass most of these liabilities to an insurance company. You only need to sign the policy and pay the due premiums promptly. They will have your back whenever such misfortunes arise. Below are some of the insurance policies that you need to discuss with your providers. 

Property Protection 

Also known as the dwelling coverage, the property protections provide insurance protection for damages arising from fire, storm, strong winds, hail, ice, and much more. However, it does not cover losses that result from floods, so you have to apply for a flood protection policy. 

The cover only protects you from specific types of damages. So, if you live in areas prone to earthquakes, hurricanes, or tornadoes, we advise that you contact your provider for acts of nature protection. 

Flood Protection

Flood protection insurance policies fall under the federal government’s National Flood Insurance Program (NFIP). Such covers are a requirement alongside the Landlord’s insurance covers.

The policy may include coverage of replacement costs, building, and consent. 

Landlord’s Liability Protection

Landlords’ liability protection policies cover legal fees and medicals expenses in case of injuries within the property.  For example, a tenant or guest could sue for damages if they get injured by a broken tile or a tripping electric wire while they live on your premises. Some tenants could also sue for damaged property caused by faults and accidents in the property. 

Paying for these damages could be costly. So, it would be best to cover yourself with a liability protection policy to avoid brushing shoulders with our tenant and their lawyers. 

Loss of Rent Protection Policies

You could file for claims with this cover if your property becomes inhabitable due to fire and other accidents. When such disasters occur, your tenants will move out for some time to allow for repair. You do not receive rent during this time, but you need to pay for the mortgage and other expenses. So this is why you need a loss of rent policy cover. 

Before applying for this insurance policy, it is always best to check on the company’s maximum rent payout loss. It will allow you to determine whether they will cover your mortgage costs or not. 

Some policies also pay for tenant’s alternative accommodation during the repairs. However, they have imposed limits on the maximum claim.

Personal Property Coverage

This insurance policy will take care of the property you leave on the premises for day to day maintenance purposes. Some of the items you can cover include appliances like the lawnmowers. It is important to note that this policy only covers the Landlord’s property. Therefore, any tenants that wish to protect their items must apply for separate insurance covers. 

As a landlord, you can always insist that your tenants apply for renter’s insurance. You can include this in the lease agreement to prevent any future disputes with the tenants.  

Learn More About Insurance Policies From the Best in the Property Management Business 

If you are a landlord in San Diego, don’t hesitate to contact Lofty Property Management and enjoy expertise-based services and advice that will help you make it in the industry. We’re at your beck and call for all your property management needs. Reach out to us today. 

How to Become a Profitable Landlord

Posted on by admin_lofty

Renting out properties is a worthy investment, but only if you do it right. The business goes beyond leasing and collecting rents at the end of the stipulated periods. The practices you hold from your very first move will determine whether you make profits or break even. Here are some of the tips from the leading property management pros in San Diego on how you can become a successful landlord. 

Know Your Tenants 

Before you let anyone rent a room or a property under your name, it is best to screen them properly.  It is suitable for security reasons and could save you a great deal in costly forceful eviction procedures. It also lets you know the potential tenant’s financial status and rental history. With that, you can determine if they are suitable to have space in your investment or not. 

It is understandable to get tempted with new tenants, mostly when the property has not been occupied for long. The screening process might be tedious and demanding, but it remains a necessary procedure if you want to be a successful landlord. 

Make Use of the Tax Breaks and Other Advantages 

The tax rates are directly proportional to the landlord’s profit rates. High taxes reduce the profits but waivers or decrease in the tax rates increases the profits on renting a property. Also, paying your tax dues correctly and filing your tax returns in time will save you time and deliver you from unnecessary penalties. 

To be a successful landlord, you must have the various tax laws at your figure tips. The best way to do this is to get professional advice about what to deduct and what to retain. It would be best to hire an accountant to manage your financial reporting and save you from committing costly mistakes.

Vigilance and Organization is Key 

If you want to be a successful landlord, you must pay attention to detail. It would help if you stayed vigilant and did even the little things right, like driving to your rental property at least once every week to have a quick check.  Doing this helps you follow up on the stipulations of the lease agreement. 

Another trait that you must hold on to is organization. It begins with keeping accurate data on transactions involving the property. You will need to invest in filing cabinets for hard copy documents. For soft copies, we advise that you get a computer with enough space. 

Understand Your Numbers 

Knowing your numbers means understanding your financial stream. If you want to be a successful landlord, you must gather enough information. You must also analyze the relevant data and use formulas to plug the numbers.

Being successful in this field does not allow room for optimism when dealing with numbers. You must follow the correct procedure. Also, avoid making unrealistic assumptions with your calculations. 

When doing your calculations, you must factor in the following costs and expenses, 

  • Property taxes
  • City and local authority taxes
  • Insurance covers
  • HOA dues
  • Repair and maintenance costs
  • Vacancy rates (approximately 8 to 10 percent of the property rent)

Make It in the Industry With the Help From the Leading Property Management Pros in San Diego

Lofty Property Management is at your beck and call if you are interested in learning more about being a successful landlord and make your investment worthwhile. Our property management services are designed to help you streamline operations, from tenant screening to dealing with evictions. Get in touch with us at any time! 

What Are the Pros and Cons of Airbnb Hosting?

Posted on by admin_lofty

Hosting short-term rentals and Airbnb in particular seems like a lucrative opportunity to make money without having to make an outrageous investment into the venture. Whether as an attractive side hustle or the main source of income, it can be. And there are even ways to organize things and streamline the Airbnb process so they require minimum engagement on your part, as long as you are compliant with the San Diego Municipal Code requirements and other current or future regulations concerning short-term rentals in the area. 

But there are pros and cons to consider, depending on your situation, way of life and expectations. What are they? La Jolla property management companies share knowledgeable, experience-backed insight.

What are the pros of Airbnb hosting?

Running a modern Airbnb near La Jolla Cove can be much more attractive from the traditional landlord approach as it is more dynamic and flexible, which is what hosts love best about Airbnb and what usually makes them turn to Airbnb in the first place. 

Here at the top three arguments in favor of joining Airbnb:

1. Better flexibility

Running an Airbnb is convenient if you do not want to be a slave to your property and have a long-term commitment and obligation to a single tenant. Flexibility is the number one advantage of short-term vs. long-term rentals. 

You can simply block off dates when you want your home to be off-limits to potential guests, such as if you need to have a home improvement project done, need to leave town and have no one to be in charge while you’re away or want to ensure the place is available for your out-of-town friends and family.

2. You will stay in charge and in control

Being an Airbnb host means you are still in charge of your home’s upkeep and maintenance and things are unlikely to get out of hand. On the other hand, long-term landlords are always at risk that the tenants may cause lasting damage to their property and that repairing the damage, if at all possible, will cost a fortune and take ages.

You are also in control of how and when you are getting paid and you will never have to stress over late rental fees and evictions.

3. A possibly steadier source of income

Depending on the demand and  Airbnb coverage in your area, Airbnb can be considerably more profitable than traditional rentals. One of the reasons for this is that more and more people turn to Airbnbs as opposed to overpriced hotels.

What are the cons of Airbnb hosting?

When it comes to Airbnb hosting, what is the dark side of the moon?

1. Possible uncertainty

There is no guarantee that your Airbnb will bring you a steady and dependable source of income, especially not throughout the year, which can be stressful, especially if you are a beginner Airbnb host with high expectations. If you prefer to play it safe, traditional rentals may be your game. As a landlord with a responsible long-term tenant, you will have rental income that you know you can count on month in, month out. This will allow you to plan and predict your cash flow and budget.

2. Less social and personal freedom

If you want to earn and keep the Airbnb preferred host status, you need to be responsive and respond to all inquiries within 24 hours at most, which means less personal and social freedom and fewer opportunities to travel and entertain. Expect to be contacted by prospective guests, guests scheduled to arrive and your current guests who may have questions, issues or requests they need you to address. Keeping up with multiple lines of communication on a daily basis can be demanding and overwhelming. 

Organizing and executing the cleaning routine is a challenge in its own right, whether you are doing it by yourself or have a cleaner doing it for you. As a result, the concept of alone time, privacy and your social life will become changed forever, unless you have a dependable co-host or property manager to take over and handle these things on your behalf.

In certain aspects, being an Airbnb requires a more hands-on approach than the role of a traditional landlord does.

3. Instant payback not likely

With the exception of the major appliances, you can rent your place with or without furniture. AIrbnbs, on the other hand, come with a set of criteria you need to meet. Your home needs to be fully furnished, and not just in terms of furniture. You will need to stock up on towels, sheets and toiletries for the bathroom and kitchen dishes, utensils and supplies.

Because of the fierce competition in the world of Airbnb, you need to make sure the finished product looks attractive. That does not necessarily mean you will have to spend a fortune upfront, but it does mean it will take time, energy, patience and attention to detail to get Airbnb-standard results.

Can you pay someone to manage your Airbnb?

While your investment property can help you generate stable monthly income, it takes time and effort to get there. A decade ago, renting out a place would have been much more simple and straightforward, but now that you have an Airbnb, there are certain rules you need to follow and it takes time to learn. 

Becoming an Airbnb hosts comes with perks and responsibilities, so so whether this is right for you really depends on the current situation you are in. 

So how do you make money off of your Airbnb without draining your other valuable resources, time and energy? The answer is Airbnb property management which can make Airbnb a fantastic fit with your lifestyle.

We set the standard for La Jolla property management companies

Whether you decide to enter the world-famous and globally present Airbnb community or stick to the basics as a landlord, you could certainly use a helping hand, especially if rentals are your additional source of income and you are strapped for time. At Lofty Property Management, we offer a comprehensive set of property management services. Reach out to us today and find out how we can help!

What Are the Legal Considerations for Short-Term Rentals?

Posted on by admin_lofty

Navigating the world of property management in La Jolla, San Diego, CA can be a challenging feat, especially in terms of new amendments to associated regulations which are already difficult to keep up with. The debate over sharp new restrictions on short-term vacation rentals in La Jolla and other areas across San Diego is still ongoing. 

Those negatively affected by the potential new regulations have lodged legal protests on multiple occasions, while supporters continue to advocate for a step in this direction. 

What actions are being considered in order to legalize home sharing and Airbnb and Airbnb-style rentals according to the decision reaffirmed in the recent second reading of the July 2018 ordinance? So who will eventually call the shots and what do these potential changes mean for those in the short-term rental business?

What do the new regulations stipulate?

According to supporters of the new regulations, short-term rentals are wreaking havoc on San Diego neighborhoods. Furthermore, renting a house in a single-family zone for a period of less than 30 days is not permitted by the current San Diego Municipal Code. 

By majority vote, the Council has reached the following decisions:

  • Short-term stays will be limited to a person’s primary residence only. The only exception are additional units on the same property for which a second vacation rental license can be obtained.
  • Hosts will be able to rent out the primary residence in their absence.
  • The maximum rental period is up to 6 months a year.
  • Hosts must apply for special permits and pay annual fees in a timely manner.
  • The annual fee shall be $949. 
  • A three-night minimum stay duration will apply in the more saturated areas of San Diego such as downtown and coastal areas.

What are the key issues with the new regulations?

Slashing the number of Airbnb and Airbnb-style rentals which would reduce their numbers by roughly 60% according to some estimates on account of the primary-residence-only requirement would devastate the business economy in the coastal and downtown areas of San Diego.

The matter is further complicated by the following issues: 

  • The City Council and the California Coastal Commission have to chime in before any such regulations can be enacted. The City Council has voted in favor of the regulations, but the California Coastal Commission generally favors vacation rentals so the regulations are unlikely to fly.
  • A written description of the regulations could be interpreted as a violation of the Brown Act as it erroneously exempts Mission Beach community from the new set or rules.
  • Adopting these regulations would mean that new code enforcement officers would need to be hired, which in turn would lead to a rise in license fee costs. 
  • A compromise plan was initially proposed by San Diego Mayor Kevin Faulconer, but it was rejected by the Council. The plan envisioned that up to 2 short-term rental permits be available to the residents of San Diego and a single permit be available to non-residents. The only exception to this rule would be that San Diegans who have two units within the same property, namely, the primary residence and an additional unit, could apply and be issued a licence for the second vacation rental.
  • There is a risk that imposing the new regulations could lead to a rise in property listings on the black market.

What is compliance in real estate?

Real estate compliance encompasses the sets of regulations that govern properties, including short-term rentals. A property manager can help you keep up with applicable regulations and stay compliant. A responsible and responsive property manager will be at your service to address your concerns and enable you to respond to changing regulations in a prompt and timely manner.

Premium standard of property management in La Jolla

We understand that being on the lookout for the latest changes to applicable laws and regulations can be daunting, tedious, time-consuming and even frustrating. The pressure continues to rise and the future is uncertain. But that is where we come in to share some of the burden and make things easier for you. 

At Lofty Property Management, we offer our clients running Airbnbs or similar short-term rentals the opportunity to stay in full control of their property while streamlining the whole process. You get a steady stream of revenue without having to worry about all the pesky paperwork, non-background checked tenants, vendors and contractors and nasty evictions. Let us take over the management of your property and give you back your peace of mind. Call now!

What Is the Moratorium on Evictions in San Diego

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What Is the Moratorium on Evictions in San Diego

Covid-19 caused many financial difficulties leading to business closures and rapid job losses across the United States. To help tenants affected by these losses, both local and national governments moved to cushion vulnerable citizens.  Among the strategies put in place is a moratorium on evictions law, seeking to protect tenants from forceful evictions. Below is an illustration of how it works.

Financial difficulties covered on the moratorium on evictions law

While the whole system looks to cushion tenants with financial difficulties, it considers some factors. They may arise due to the pandemic or government effect to curtail the virus-like public health orders. 

The following highlights the criteria to qualify for the moratorium on evictions:

  • A significant drop in household income for residential tenants
  • Significant decrease in commercial income due to business closing or drop in sale for commercial tenants
  • Loss of job or much reduction in working hours
  • Significant medical expenses

Conditions that san diego tenants Have to meet

The temporary ban on eviction means that landlords cannot take action to evict occupants for rent arrears. However, there are conditions that the tenant must meet to be safe. They include:

  • The tenant must notify their respective landlords of their inability to pay rent on time. The notification must be in writing either by, mail, email or text communication.
  • They must provide the written notice before on or before the rent deadline day.
  • They must provide verification or evidence that they cannot meet their rent obligation due to the Coronavirus’s economic effects within one week of giving the above notice.

They can either provide a letter from the employer confirming a substantial pay cut or loss of job, Pay slip records documenting a reduction in income, or a bank statement showing the drop in revenue caused by the Covid-19 pandemic.

If the tenant does not provide the above documents, the landlord is free to seek enforcement action. They can either settle the dispute with the state or federal jurisdictions.  If the tenant vacates the premises when the moratorium on eviction is in effect, they are obligated to pay all the rent owed. However, the two can handle this differently if they had a prior agreement.

The City of San Diego ordinance protects vulnerable residents for six months from the date it becomes effective. The reprieve can, however, be cut short with Governor Newsom’s withdrawal through executive order.

The CDC also imposed a moratorium on evictions orders seeking to protect vulnerable tenants across the nation. Unless this rule is extended, altered, or terminated, it prevents landlords from evicting their tenants due to non-rent payment up to December 31, 2020. 

However, the landlord may evict the respective tenant due to factors unrelated to rent payments. Such factors must be in accordance with the law or stipulated on their lease and rental agreement.

The moratorium orders cover every type of rental housing, including mobile homes and related lands. It, however, excludes hotel rooms, motels, and guest houses.

Find out all about the moratorium on evictions with help from Lofty Property Management

Lofty Property Management is here to help you learn all about the minutiae of the moratorium on evictions and help you manage your property in the best possible way. We provide a comprehensive property management service that includes everything from tenant screening to handling the eviction process. We are here to help you out. Contact us today!

What to Ask a Property Management Company Pt. 2

Posted on by admin_lofty

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

Are you licensed for property management

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!

What to Ask a Property Management Company Pt. 1

Posted on by admin_lofty

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

How do you screen potential tenants

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!

How to Hire a Property Manager

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Good things take time. But if you are a property owner or landlord with little time to spare, this is not exactly the type of news you want to hear. Well yes, even the process of hiring a property management company in San Diego, California can be time-consuming but if you want to hire a responsible property manager, the time and effort you put into it will be worth your while and save you time going forward. 

There are many compelling reasons to hire a property manager. Whether it’s property marketing, scheduling prompt property repairs and timely maintenance, rental analysis, tenant screening or even evictions, your trusted property manager will stay on top of things. But how do you hire a property manager who will do the job diligently?

When do you need a property manager?

Hiring a property manager is a convenient solution. You should definitely consider hiring a property management company if any of the following apply:

  • You are not interested in performing day-to-day hands-on management duties
  • You are not interested in hiring a resident manager and becoming an employer
  • You doubt your ability to handle conflict
  • You already have a day job and landlording isn’t it
  • Your scope of management tasks abruptly got much bigger
  • You are strapped for time
  • You have multiple properties/rental units
  • You life far away from the property
  • You have the means to afford the property management service
  • Your property participates an affordable housing program

How do I choose a property manager?

If you want to make the most out of your property’s potential, you first need to make sure you are surrounded by associates you can trust. Full-service property management takes time, skills and, preferably, experience.  

A competent manager you can trust to manage your property in a responsible manner needs to be responsive to you but at the same time demonstrate self-reliance and independence during the problem-solving and decision-making process pertaining to property management, leases and maintenance. 

Outstanding communication skills are among the key assets of a professional property manager. In their capacity, property managers need to interact and manage relations with tenants, contractors, vendors and prospective investors. 

In order to find a professional property manager to take over the full scope of management services, here is what to pay attention to:

  • Do I need to pay for the initial rental analysis?
  • Will they advertise and market the property using listing services and online tools?
  • How will they find and attract potential tenants?
  • Do they conduct full tenant screening (credit, income, criminal and eviction history)?
  • Does the service cover responding to emergencies and handling evictions?
  • Who coordinates tenants moving in and moving out? 
  • Who is responsible for lease agreements?
  • What does the maintenance aspect of the service involve?
  • Will they address legal issues and ensure compliance?
  • Will they manage finances and rent collection?
  • Will they require any engagement or involvement on your part?

How does hiring a property manager work?

If you do not want to do the job yourself or hire a resident manager but definitely need someone to manage your asset, you will need a property management company. Before you outsource the management of your asset to a professional property manager, you need to practice caution during the selection process to protect yourself and minimize risks. 

To shortlist prospective property management companies, you should:

Your full-service property management in San Diego, California

We can help you build a strategy to make your property located in a premium San Diego location of Cortez Hill even more attractive to prospective tenants or investors. Lofty Property Management has a strong reputation and track record in the industry. 

How does hiring a property manager work

We will handle everything: property marketing and promotion, budget planning and rent collection, paperwork and technicalities such as lease and maintenance agreements, tenant, contractor and vendor management, evictions and crisis resolution and more. 

We will do our share of the work confidently and responsible to give you a high standard of service that you want and need for your property. Contact us to schedule your appointment today!

10 Reasons to Hire a Property Management Professional

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We’ve all heard this one before: if you want something right, do it yourself. But the DIY approach can be fraught with risks, especially in the domain of property management. If you take this tempting but possibly treacherous road instead of outsourcing to professionals, you may jeopardize everything you’ve worked so hard on building. But what exactly do you stand to gain from hiring a property management company in San Diego and how will that translate into the success of your real estate & property rental business? Read on!

Are rental management companies worth it?

If you find the right rental management company, you will soon feel the immense relief of not having to deal with any aspect of the property management process or the associated paperwork. One of the key functions of a property management company is to take actions on your behalf to protect your investment and boost its resale value. 

Should I use a property management company for my rental

Whether or not a property management company is worth it depends not only on whether you have a stable stream of revenue but also on your plans for the future of your property and the scope of your property management needs.

So how do you know that you have found a property management team you can rely on to be productive, professional and self-reliant, save you time and money and, most importantly, spare you stress and frustration?

Should I use a property management company for my rental?

Full-service property management is a full-time, day-to-day job. Unless you have the time and the energy to do it, hiring a professional for the position would be your safest choice and a step in the right direction if you intend to protect your investment against financial and liability risks as well as maximize its profitability. You can rely on your property manager to cope with all the challenges that come with the job, including:

  • Handling lease agreements and other paperwork 
  • Handling technicalities such compliance with the latest amendments to Fair Housing laws
  • Managing tenant relations and coordinating move ins, move outs and evictions
  • Developing transparent rental criteria and tenant policies
  • Handling regular maintenance and repairs
  • Problem-solving and providing prompt response to emergency situations
  • Taking steps to maintain or improve the resale value of your property

What are the top 10 reasons to hire a property manager?

If you are still not convinced that you need a property manager, take a look at the top 10 benefits of receiving a personalized property management service from a professional property manager. They will:

  • Analyze similar properties and your property’s potential to set a realistic rental rate
  • Advertise and market your property to quality tenants
  • Perform in-depth tenant screening and prepare rental criteria and tenant policiies
  • Manage tenant relations, including move ins, move outs and evictions
  • Handle rent collection & budget management
  • Estimate and help you maximize investment profitability
  • Connect you with reputable contractors and vendors
  • Solve issues rapidly and coordinate repairs and maintenance
  • Save you time and spare you stress
  • Ensure your compliance with applicable laws and regulations

Of course, before you hand over the reins, make sure you have an in-depth consultation with the property management company to get answers to all your questions.

Experience comprehensive property management in San Diego

We strive for consistency and unwavering professionalism every step of the way. Our carefully coordinated process will leave you free to focus on new business ventures. Lofty Property Management can help you add to the appeal of your building in Little Italy and attract quality tenant applicants and prospective investors. We offer competitive prices for all our services. 

Airbnb Troubles for Homeowner. Why having a Property Manager might be a better investment for your investment

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Gatecrashers Trash Airbnb House During All-Night Party, Cause More Than $30,000 Worth of Damage

Police arrest 5 linked to Halloween shooting at Orinda Airbnb party

Airbnb’s ‘party house’ problem could spoil its public listing. Here’s why its new rules to stop the rowdy blowouts may not even work.

Teens ‘rent out’ home on Airbnb before throwing wild house party

We have all seen the news stories lately. Parties that cost thousands in damages, shootings, robberies and more. Companies like Airbnb and VRBO sound like a great opportunity to rent out for top dollar making your investment work for you but how do they screen the short term tenants? Do they have someone available in the area that will go and check to make sure your property is okay in case of an emergency, does someone go and meet with the renters to hand over the keys? These are just some of the things that you should be thinking about prior to making a decision to use a company for short term rentals or a full fledge property management company.

Property Managers do their due diligence prior to renting. They call all references, work and personal, they run a credit check to see if they have every been evicted and pay their bills on time, and check employment to make sure your get your rent payment on time. They are there in the middle of night to handle any emergencies, tenant questions and issues and to make sure move in and move out go smoothly. How are short term rental companies screening your potential renters?

Don’t get put in a situation that could jeopardize your largest investment.

BENEFITS OF APPOINTING A PROPERTY MANAGER IN SAN DIEGO

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by Emma Sneddon June 23, 2019
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Being a landlord can be a particularly stressful and time-consuming experience. Not only are you managing the wellbeing of a house and investment property, but you are also dealing with tenants, legal considerations, and insurance matters. Things can get complicated pretty quickly when there is some dispute or a legal matter to deal with.

According to a report by the Rental Protection Agency, every day 544 individuals are entering the rental market as landlords. For all these landlords, it is not possible to service these properties themselves. That is why it makes sense to appoint a property manager to look after your rental property. Let’s take a look at 10 of the main benefits of appointing a property manager.

Frees You Up

Arguably, the most obvious benefit is the fact that you don’t have to worry about the day-to-day aspects of managing the property. Between marketing vacancies, choosing and communicating with tenants, ensuring the property is well-maintained, organizing repairs and the various other tasks involved with being a landlord, you might find it difficult to find any spare time.

It’s going to be a particularly busy and stressful time if you’re also working full-time. Giving these responsibilities to a property manager can free you up to worry about other duties in your life like finding and analyzing more investment properties to build your portfolio. A property manager can also find a high-quality landlord insurance cover for you.

Tax-Deductible

An underrated aspect of hiring a property manager is the fact that the fees that you pay them are 100% tax deductible, much like all costs associated with keeping your rental property well maintained. At first, having a manager look after your investment property may seem like an unnecessary cost, cutting into your profits, but it can, in fact, wind up saving you money over a longer period.

Tenant Selection

Tenant selection is a hard job that almost every landlord has to face. The process includes checking the background and previous behavior as well as knowing how responsible the new tenants are. Rushing things creates a high chance of getting a bad tenant. Meaning that they will not pay the rent on time, and will not look after your property. A property manager can use his/her expertise here to access tenant history and make a thorough background check before renting out your property.

Showing the Rental Property

A prospective tenant will want to view the property before renting it, and in most cases, it will be after work hours. Showing the whole property will take time and waste your weekend. Property managers are experts at this and are available after office hours or on weekends. They will be able to find the best tenant and give them a walk through your property, getting you a tenant in the fastest time.

Resolving Conflicts

Conflicts with tenants are arguably the most stressful aspects of being a landlord and property investment. They can also cut into your profit if not resolved quickly. Property managers are used to these situations and have the expertise to handle them and calm down angry tenants while also keeping your financial interests as a number one priority. This ensures that any disagreements are diffused without you having to get involved in the drama to any great extent. Their experience in this field can even help you get the best rental property insurance proposals.

Tenant Retention

Coming across a good tenant is harder than you think. It is critical that you hold onto them. Dissatisfied with the level of service, most tenants consider moving out. Vacancy rate rises as you take days to fix the air-conditioner, solve the electricity, water, and drainage problem. Employing a property manager here can help you deal promptly with the tenant’s requirements.

Maintenance

Not having to worry about repairs and maintenance is the ideal situation for a landlord. Unfortunately, there are times when you’ll have to repair part of the rental property as a result of wear and tear. Property managers will often have contacts and ongoing relationships with contractors and tradesmen, meaning you may be able to pick up reduced rates.

Plus, there is the fact that you won’t even need to worry about finding a tradesman that offers a decent quote, etc. They may also have landlord insurance quote recommendations for you if you’re struggling to find a high-quality investment property insurance provider. Regular inspection reports can help you maintain the value of your asset.

Marketing Experience

The job of being a landlord is obviously something you get better at with experience, particularly the way you manage your time. That’s why it makes sense to have a property manager take on the role, given that they have a great deal of experience and do this for a living.

Marketing a property is a key area in this discussion as well; property managers are going to know how to attract the right kinds of tenants that you’re looking for, given the kind of property in question. This can lead to fewer disputes and tenants that are in it for the long-term, which works to maximize your profits. Property managers are also experts about the market and know exactly how much you should be charging for rent given the state of the market.

Ensuring Rent Is Paid on Time

It’s human nature to work harder if there is a personal goal attached to it. Property managers get a commission of the rent plus the GST as their payment. So, unless they get the tenant to pay the rent, they don’t get their salary. This works as a catalyst to keep them motivated to collect rent in a timely manner. If they come across a problematic tenant, then they can use their experience to deal with it, including issuing an eviction letter.

Legal Issues

A property owner can get entangled in litigation if they fail to follow legal responsibilities concerning the investment property. This can include fixing any item that could lead to an injury. Having a property manager who is fully briefed on these responsibilities, a property owner can have additional peace of mind.

Working with a property manager is a convenient, cost-effective option for a lot of US and Australian landlords. If you’re just starting out as a landlord, it’s well worth considering for the reasons discussed above.

This article has been contributed by Emma SneddoN IN MASHVISOR