What to Ask a Property Management Company Pt. 1

What does full service property management mean

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!