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What You Should Know About Property Management in San Diego and the Environment

property management san diegoProtecting the environment is important to San Diegans. Businesses are always looking for ways to reduce their environmental impact, and are looking to their property managers to provide sustainable spaces to improve both the health and productivity of their employees, as well as their bottom line. Commercial property management firms, then, should focus on providing those sustainable spaces, or “going green,” not only to satisfy tenants, but to have a positive impact on revenues.

 

Increasing Environmental Requirements

Over the past 25 years, more and more buildings have been built or retrofitted to achieve LEED (Leadership in Energy and Environmental Design) certification, which was developed by the U.S. Green Building Council and is recognized worldwide to indicate implementation of sustainable construction.

 

Other recognized programs are the Energy Star Certified Building Program, a joint program of the EPA and the Department of Energy; the Green Globes environmental assessment rating tool, maintained by the Green Building Initiative; and the Global Real Estate Sustainability Benchmark. It is especially important that property management in San Diego pursue at least one of these certifications or ratings, since buildings can account for about one-third of a city’s carbon dioxide emissions.

 

Today tenants, whether building their own facility or occupying an existing one, have shown increased interest in their property manager providing sustainable building practices. Commercial property management firms can do so by leveraging technology and installing connected or “smart” devices to control lighting, temperature, water usage, etc.

 

Financial Impact

Recent studies have shown that mortgage holders on buildings that are LEED-certified or Energy Star-labeled are 30 percent less likely to default, and that implementing the recommendations of LEED-related audits can show a nearly 60 percent return on investment. To offer the best property management in San Diego, then, is to take advantage of the link between sustainability and improved financial performance.

 

One way to do so is by use of “green” leases, sometimes referred to as energy efficient leases or aligned leases, because they align the financial and environmental interests of building owners and tenants in conserving resources and ensuring efficient operation of the building. This alignment can result in a reduction of capitalization rates and operating costs and an increase in property values.

 

To that end, the best property management in San Diego will be that which implements strategies and policies geared toward sustainable working environments for tenants and their employees, resulting in improved financial performance for all parties involved.

Thinking of Renting out Your Home? 5 Things to Think about First

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Whether you want to rent your primary or secondary residence, you’ve likely considered some of the benefits and drawbacks already. However, before you take the final leap, review a few more elements to decide if this move is the right one for you.

 

Explore What  Property Management San Diego Has to Offer

As you are deciding if becoming a landlord is the right step for you, you should simultaneously begin to research property management companies in San Diego. Having to constantly take care of your rental property, especially if you live far away, could make the entire endeavor not worth it. Hiring a residential property management company means that you can have a team of professionals address tenants’ needs for you.

 

Calculate the Earnings

If you want to rent out your property, you’re probably then looking for some extra income. Remember that renting doesn’t mean that you’re going to gross all of the rental income. You need to ensure that the property is a safe place for people to live and that any amenities are kept updated and in proper working order. You also have to ensure that you have some extra money in the bank in case someone forgets to pay the rent.

 

Choose Reputable Background Searches

While you certainly don’t want to get into an issue where you’re hounding residents for rent, you could if you aren’t careful. Conducting background searches, and having a secure and reputable means for doing so, is a smart idea before you decide to rent out the property. Make the background check a part of the approval process.

 

Review Your Own Residential Needs

Perhaps you have a home in a popular summer travel destination spot that you’d like to rent out the rest of the year. Once you see how much people are willing to spend on a rental in that spot at the prime travel time, you may be torn between renting it out and using it yourself. Considering these issues now can make for an easier decision later.

 

Make Yourself Available

Even when you have a property manager, you are still going to have to field questions. Also, you’ll need to make yourself available to show the rental. If you aren’t someone who likes to check email or pick up the phone regularly, you should assess whether or not being a landlord is really right for you.

 

Renting out your home can help you to generate extra income. These considerations can help you to decide if this move is the right one. For more answer to questions regarding property management in San Diego contact us at Melroy Properties and Investments and we will be happy to assist you.

 

Property Management in San Diego: Do You Really Need a Property Management Company?

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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.

Proximity

 

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.

Time commitment

 

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.

Cost

 

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.

Special considerations

 

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.

Hiring

 

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.

Conclusion

 

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.

Property Management in San Diego – The Effects of New Technology

Technology is an often underused tool in property management in San Diego, but people in the business are turning more and more to innovative ways to manage their properties. The truth is, every aspect of the industry can be time consuming so any chance to make life easier is not only appreciated, but also capable of giving a company a competitive edge.

There is certainly a fine line when it comes to incorporating the right amount of technology and still maintaining a personal touch that most renters or owners desire. Setting up 3D virtual tours, automated tenant notifications (for rent, maintenance, etc.), online applications and background checks, online payment collection, and self-serve options for scheduling showings make the process easier for you and your clients. You still have plenty of time to focus on customer service when meeting with clients but get a lot of the minutiae out of the way.

Similarly, mobile apps allow maintenance workers to receive requests and check on the progress of a job. Workers get to check in and out remotely and are prompted to take pictures of the jobs on which they are working. These apps can often be fully integrated with existing software but they ultimately save time and money. Whether you are involved in commercial or residential property management in San Diego, this is of utmost importance.

There are numerous property management companies in San Diego, the goal is to make yours stand out to attract clients. Successfully using technology to streamline your business and cut down on overhead costs could be a real difference maker. Of course, your sparkling personality, local knowledge, and ability to sell can never be replaced by even the most advanced technology, so be sure to always remain focused on customer service and adding the personal flair to your business that really sets it apart from the competition.

These are just a few ways technology is changing the property management business. If you need more advice or have other questions about how to prepare your rental property, please reach out to Melroy Property Management and Investments at (858) 780-5111. Our professional and experienced staff is ready to help you in any way.

Questions to Ask When Hiring Someone to Handle Property Management in San Diego

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Property management in San Diego is not an easy thing. As a result, many people with rental property decide not to deal with the hassle of managing their property on their own. However, if you do not pick the right property manager you could be just adding on to your responsibilities. Below are some important questions to ask when hiring a property manager.

 

First, you should ask how long the residential or  commercial property management business has been in operation. Property managers with experience in your market are a must. They will know how to address concerns specific to your property and neighborhood and can advise on current trends in the local market. You can follow up the question by asking how their business model has changed over time. This will let you know how they have used new technology and adapted to changes in the industry. Property managers should be able to adjust with the changing times.

 

Secondly, you should ask what services the residential property management service provides. Not all property managers offer the same services, and you could have very specific needs depending on the location and type of property you are looking to rent.

 

Lastly, you should ask if they manage any other properties in your area and how many properties they manage all together. If they manage other properties in your area, they will be aware of certain nuances in the neighborhood that can help you rent your space quickly and get top dollar. However, you want to make sure that the company does not manage so many properties that they will be stretched thin and not give your property the attention it deserves. consider the amount of employees the company has compared to how many properties they manage.

 

These are just a few of the most important questions you should be asking when you are looking to hire a property manager. If you need more advice or have other questions about how to manage your rental property, please reach out to  Melroy Property Management and Investments at (858) 780-5111. Our professional and experienced staff is ready to help you in any way.

Property Management in San Diego – How to Avoid Late Payments

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One of the most common difficulties facing owners dealing with property management in San Diego is dealing with renters who are late with payments. Money that comes in late could lead to you putting off repairs, possibly overdrafting a bank account, or simply being late paying yourself and your vendors. Below are a few ways you can reduce late payments and make your life easier in the process.

 

One simple way for those involved in residential and commercial property management to increase timely rent payments is by creating a payment reminder system. Around three days prior to the due date send out an email blast or text to your renters to make sure they are aware of the impending date.

 

Another way residential property management professionals can increase timely payments is by enabling electronic payment. For many, having to physically write a check, find a stamp, and mail a payment is a hassle. There are software options for making payments online, or you could consider accepting payments through Venmo or PayPal.

 

If late payments are a consistent problem, you might want to consider starting to charge late fees. Some renters might find the implementation of late fees as a shock, but as long as it is implemented fairly and consistently it should not be a problem. Additionally, you need to document all communication mentioning the late fees and you should consider allowing a grace period and not charging for payments sent by the due date even if they were not processed on time.

 

A final, easy way to reduce late rent payments is by hiring a property manager. Your manager can increase communication with your renters, provide valuable expertise, and help implement a stronger payment policy moving forward. Many owners of rental properties have other businesses and daily concerns and tracking down late payments or communicating with irresponsible tenants can be a hassle. With a property manager, this minutiae is handled by an experienced professional, leaving you free to relax and address other concerns.

 

These are just a few simple pieces of advice to keep in mind when dealing with late payments. If you need more advice or have other questions about how to collect rent on your rental property, please reach out to  Melroy Property Management and Investments at (858) 780-5111. Our professional and experienced staff is ready to help you in any way.property management in San Diego

Property Management in San Diego – Design Trends to Avoid When Renovating Your Rental Property

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When you are preparing your property for rental you want it to look its best so you can get top dollar. However, there are certain trends that some renters follow when renovating that are either too costly or could end up turning renters away after the trend passes. Below are some pieces of advice from experienced professionals with years of experience in property management in San Diego.

 

One popular trend that has been noticed by professionals working in both residential and commercial property management is white on white bathrooms. These bathrooms have white walls and fixtures which are meant to make the room look clean and modern. However, they only look good when they are sparkling clean. It is generally easier and smarter to choose a neutral pastel and add natural elements to your rental unit’s bathroom, as it minimizes the necessary upkeep and is equally attractive.

 

Granite countertops are another trend that have been noticed on countless home improvement shows and by residential property management professionals. While it looks nice, granite is expensive and marble, quartz, or treated laminate are much cheaper and similarly durable. Also, with granite countertops being so ubiquitous, a backlash is almost inevitable, meaning that in a matter of years these countertops will look dated and need replacement.

 

Another popular trend from recent years is distressed cabinets. However, more and more renters and owners are realizing that, just like distressed jeans, the cabinets simply look old and used. If you have distressed cabinets, this could even be a good place to start renovations by updating them. Choose a neutral color or finish for cabinets. It is not a good idea to use very light colors because, similar to all-white bathrooms, light cabinets will show dirt, dust, and wear more than a darker shade. Very dark tones, though, like dark gray or black, will make the room look smaller. Light or medium walnut or pine stains, or basic colors such as ivory or even gray-blue, are suitable choices.

 

These are just a few simple pieces of advice to keep in mind when you begin renovating your rental property. If you need more advice or have other questions about how to prepare your rental property, please reach out to  Melroy Property Management and Investments at (858) 780-5111. Our professional and experienced staff is ready to help you in any way.property management in San Diego