Landlord San Diego Archives - Page 3 of 4

How Does Property Management Handle Evictions?

Posted on February 5, 2021 by admin_lofty

As a landlord, you have what seems like a neverending list of responsibilities, but it is having to go through the complex eviction process that may be every landlord’s worst nightmare. In an ideal world, evictions would be non-existent.

However, this is the real world, and in the real world, tenants can be late on rent, property damage is a legitimate concern and evictions do happen, especially if tenant screening was not done to professional standards. That is why the leading Clairemont Mesa property management companies put focus on the tenant screening process, at the end of which they are able to shortlist responsible tenants with an impeccable record.

But if an eviction does happen, what can you do as a landlord and what exactly is the role of your property manager?

Do property managers handle evictions?

The role of a property manager is to optimize the process and secure the optimal outcome for the landlord. They do so by:

Providing a rental analysis
Finding quality tenants
Marketing the property
Performing thorough tenant screening
Collecting and tracking rent payment
Providing 24/7 emergency service
Coordinating tenant move-ins and move-outs

In other words, although handling evictions is among the responsibilities of a property manager, one of their key objectives is to keep the risk of an eviction at a minimum.

Namely, evictions come with serious repercussions for both parties involved. Despite being the damaged party, the property owner also needs to bear the costs of court proceedings and cover the legal fees associated with the eviction, such as filing fees, serving fees and attorney costs.

Can a property manager evict?

Property managers do everything in their power to maintain control over the situation and avoid evictions. However, if an eviction does become inevitable, a property manager can complete the entire process on the landlord’s behalf. They normally do so by working with a specialized legal service.

In California, an eviction is possible if a tenant:

Fails to pay the rent on time
Breaks the lease or rental agreement and fails to cooperate and resolve the problem
Causes damage to the property and lowers its value
Causes disturbance to other tenants and neighbors and ignores warnings
Uses the property for illegal purposes
Prolongs their stay at the property even after the lease is up
Prolongs their stay at the property even after the landlord has canceled the agreement by issuing proper and timely notice.

If the tenant does not vacate the rental property even after being issued the proper notice, an eviction can begin and the landlord can file an unlawful detainer lawsuit.

The problematic aspect of searching for tenants is that many tenants look good on paper, which may trick the landlord into thinking they’ve found the right match. This is exactly why having an experienced, competent property manager oversee the situation is a sensible step every landlord should take.

Does an eviction go away after 7 years?

If a tenant is evicted, the eviction could show up on their public record and stay there for a minimum period of 7 years, after which it goes away. Although they can attempt to improve their chances of appealing to and being accepted by other landlords, the fact is that any reputable landlord will take a close look at the person’s rental history.

The bottom line is that evictions come with serious consequences which may take 7 years to disappear, among which is a detrimental effect on the individual’s ability to rent and their credit score.

Put your trust in one of the leading Clairemont Mesa property management companies

Matching you with responsible tenants for your rental in Clairemont Mesa and other communities has been our mission since day one and we are proud to say that here at Lofty Property Management, we have had an extremely low rate of evictions so far.

If there is no way around an eviction, we will facilitate all its aspects to make the whole situation as painless as possible and start looking for your next tenant as quickly as possible.

We will also match you with a competent, experienced attorney for a minimal additional charge, making it possible for you to recover your funds and restore your peace of mind. Everything we do, we do in accordance with your best interests. Contact us now!

What Landlords Need To Do To Track Their Expenses

Posted on January 26, 2021 by admin_lofty

Truth be told, tracking expenses takes quite some investment in terms of time, and we don’t all have the privilege of doing something for long. Nevertheless, failing to find time doesn’t really go well with processes such as loan applications, filing tax returns and dealing with IRS audits.

As a San Diego landlord with a property to manage, you want peace of mind just like everyone else. If so, you need to up your game. To streamline the above processes, you need to have your expenses accurately tracked. You want to ensure that whoever you are supposed to pay for a particular service receives their payment in time.

What records do landlords need to keep?

Ongoing and past tenant leases
Insurance policies
Property deeds
Legal documents, fines, inspections and eviction notices

Some deductible expenses ought to be tracked too. These include:

Evidence of rental payments
Advertising costs
Property repairs and maintenance
Legal fees

How to track expenses incurred by rental properties?

Hard documents are a good way to go, but they really don’t beat the efficiency that comes with digital methods. These digital solutions are tuned to the specific needs of your industry, meaning that there is no need to worry about using a wrong tool.

They are referred to as rent collection apps and boast of the following crucial features.

1. User friendly mobile apps

The creators and designers of these applications understand the nature of work that landlords do. You really can’t sit and record data all day! You have to ensure that your business operations are in top shape and still be able to swiftly access your documentation and transactions.

With your property management application live and ready in your hands, you are truly in control.

2. Monitoring expenses

You need to possess the copies of deductible expenses that you include while filing tax returns. For the case of an audit, even the expenses that you incurred while taking your client out need to be included.

You can easily record expenses using a property management application. All you need to do is take a photo of receipts, give them a name and categorize them accordingly. Just say bye to paper receipts!

3. Integrate your accounts

Your bank accounts can be connected to your app. This way, you are able to attach individual properties to their specific transactions and grasp their profit position.

4. Set recurring payments

Property management apps have a ready solution for you as a landlord to stop worrying about meeting mortgage payment obligations.

In addition, the monthly rent can be set as a recurring payment. Once you try the apps, you will discover an imminent reduction in the amount of late rent payments.

What are some other benefits of working with apps?

Receiving rent payments: This is an incredible feature that allows tenants to pay you via credit and debit cards, eCheck rent payments and ACH transfers.

Automation: When you decide to decrease late rent payments, you can easily send email or text reminders to your tenants.

Notifications

Take advantage of digital solutions to enjoy simpler life!

Swift property management solutions for San Diego landlords

At Lofty Property Management, we have the solution designed to spare you the headaches, stress and hassle of keeping track of your expenses.

We are committed to providing landlords in San Diego and beyond with a higher standard of property management service which can be as comprehensive as you like. For more details on what we bring to the table and how what we do can make your life easier, contact us today!

A Definitive Guide to Tenant Screening

Posted on January 26, 2021 by admin_lofty

Profitability and tenant screening go hand-in-hand in the rental property and property management industry in San Diego. Tenants may seem like good people, until they start dragging your business down by accruing hefty bills, damaging valuable furnishings and failing to pay rent for months on end.

How do you ensure that your tenant won’t be your worst nightmare?

Tenant screening is the all-encompassing answer!

What is the process of tenant screening?

The first step is the collection of the application form. It gives a general idea of who your prospective tenant is by highlighting information such as their rental and employment history.

Be wary of possible red flags such as wide gaps in employment history. You also need to cross-check their financial information to understand whether they will be able to afford the rent.

What are some useful tips for the screening process?

1. A credit check

Credit checks tell you how often a person pays for their compulsions on time. The scores begin at 300 to signify a poor record, all the way to 850 for someone above average. The ideal score is anywhere between 600 and 850.

2. Criminal records

A common criminal report is the nationwide criminal history. It can prove to be very essential if the tenant’s name and date of birth are correct.

Compare the tenant’s address history with criminal records to confirm whether they were residing in that particular area during the crime.

Some states impose limits to the extent to which information about tenants is made available for the purposes of screening them.

3. Eviction history

Because evictions are costly affairs, it is imperative that you discover whether your prospective tenant has faced one in the past. If one is given an eviction notice, to which they comply, the report won’t show this incident.

You want to candidly ask the tenant whether they have been evicted before and the circumstances that led to the incident. If they were to refuse to comply to evict when you issue them with an eviction notice, you might have to take legal action, a process that is exceedingly costly.

4. Establish contact with their references

References offer intuitive checks for potential tenants because you can inquire about things that are excluded in reports.

A tenant’s former landlord will provide insight into how the renter terminated their policy, the extent of damage on the property and complaints about them by neighbors.

Colleagues of your tenants might confirm the employment status of your prospective tenants, but won’t be very helpful in determining their true nature.

By confirming with references, you are able to understand whether what your applicant states is indeed true.

5. Interviews

There are limits to the questions that you can ask. You are required to avoid discriminating them by their impairments, race, color, religion or gender.

You can inquire whether they smoke, have pets, a tight schedule or possibility of taking on a roommate in the future.

Why use property management applications?

Some apps feature the ability to conduct background and credit checks on tenants. You might incur some cost to get access to the reports, but nothing more than you would pay for other methods. Applications are more efficient because they save time by collecting rental data in a central place.

Your go-to resource in the property management industry in San Diego

At Lofty Property Management, we have the means, tools, experience and expertise to take over your tenant screening process.

We will help you build a strong reputation for your property to ensure you attract quality applicants, as well as conduct detailed background checks to make sure the applicants you accept are responsible individuals you can trust. There is a reason we have a zero-evictions track record. To find out more, reach out to us today!

Insurance Policies That Every Landlord Should Have

Posted on December 25, 2020 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 December 22, 2020 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 to Ask a Property Management Company Pt. 2

Posted on November 12, 2020 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 November 12, 2020 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

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

Posted on October 16, 2020 by admin_lofty

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:

Seek recommendations from people in the know
Search professional directories online
Interview property management companies so they can answer your questions and address your concerns

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.

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

Posted on October 16, 2020 by admin_lofty

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

Posted on November 19, 2019 by admin_lofty

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

Posted on July 23, 2019 by admin_lofty

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

Rents Rise Year-Over-Year In Nearly 75% Of Cities In The US

Posted on February 14, 2019 by admin_lofty

Rising rents have been a problem in the US for quite some time. According to a recent Market Outlook Report from Realtor.com, in 2017 rents rose in a whopping 78% of markets across the US. And according to recent data, that trend is still going strong in 2018.

According to a recent article from Apartment List, 72 of the 100 largest cities in the US have seen rents increase over the last 12 months, with this past summer showing significant hikes around the country (rental prices increased month-over-month in 85 cities in June, 62 cities in July, and 54 cities in August).

The Takeaway

As the price of renting continues to increase, homeownership is fast becoming the more affordable option. In fact, according to a recent study by Zillow, homeownership is more affordable than renting in many of the major markets across the United States. If you’re currently renting—and watching your rental prices consistently increase—it may be time to explore purchasing a home of your own.