If you are thinking about acquiring a rental property in San Diego, or changing how you manage your current property or properties there, you are likely wondering how to handle property management in San Diego. For some landlords, a property management company is completely unnecessary; others find that hiring a company to take care of property management in San Diego is the key to success. Here are factors to consider:
Number of rental units
The more rental units you have, the more likely it is that you will need a residential property management company to adequately oversee and maintain your properties and meet the needs of your tenants.
If you are renting your winter home out during the summer after you head north, or if you otherwise do not live near your rental units or if your rental units are spreproperty management in San Diegoad out over a large area, you should begin researching property management companies in San Diego. Otherwise, you might find it difficult and troublesome to meet the needs of your units and tenants in a timely and convenient manner when problems arise.
Even if you have only a few rentals and live conveniently close to them, you might simply not have the time to commit to maintaining a property and collecting payments as needed. If so, a property management company could keep your investment generating money with minimal time and effort from you.
The downside to property management companies generally – and especially property management companies in San Diego – is that they tend to charge a substantial fee for their services. Be prepared to spend up to 10% (sometimes even more) of the collected rent, or a flat fee between $100 and $200 per month.
If you participate in the San Diego Housing Commissions Section 8 Housing Choice voucher program, you can look forward to enjoying almost no vacancy, you will not have to list your property to get tenants (but you can still screen them), and the housing commission’s portion of the rent will always be paid on time by direct deposit. However, participating in these programs requires compliance from landlords who might overlook program requirements due to lack of experience. Hiring one of the property management companies in San Diego with extensive experience managing Section 8 housing is a safe way to learn how the system works and allow landlords to assess whether they want to manage their properties without such expert assistance.
The above points might lead some landlords to choose to hire an individual to manage their properties in place of a property management company. While this can initially appear to be a thrifty option compared to hiring the services of a company, it also comes with substantial risks. As an employer, you would not only have to find and retain individual employees, but you would ultimately be responsible for anything that might go wrong. A property management firm would not only have extensive experience to address any complications that might arise, but would have insurance to cover costly hassles.
While some landlords live conveniently close to their rental property, have extensive experience running it, and like being hands-on about how they manage their property, others will likely benefit from spending at least some time as a landlord using the services of a well-researched residential property management company.