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Why Newly Wed Couples Need a Property Manager

residential property management

Residential property management can be an exhaustive full time job for owners who try to do everything with the business personally. Depending on the number of properties and individual owns, it can clearly take time away from enjoying life with their family, even when they are married and run the business together. This is not to mention the fact that it can be detrimental for a newly married couple. Newlyweds often have a packed agenda of things they would like to do together, including vacations and weekend getaways in and around the San Diego and southern California region. Having a San Diego residential property management team handling existing properties can be a real advantage in a variety of ways, but especially when the couple is also considering new purchasers in the area.

 

Property Maintenance

 

Property maintenance is just one area of residential business management that all landlords are required to perform. Even when the work is done by private contractors, property owners must still inspect all problems and make decisions on how to proceed and who will do the work. Property management companies in San Diego handle these types of responsibilities on a daily basis, and having the right management group in charge means you will have a reliable professional property management company ensuring your property is maintained and your renters happy.

 

Maintaining Monthly Records

 

Another time-consuming process in property management is collecting rent on a specified schedule. While this is typically done on a monthly basis, that is not always the case. Many times it is actually necessary to operate a continual office that can become a full-time job. Having a reputable San Diego residential property management company means that all aspects of the business can be handled professionally, from property maintenance to cash flow management by a bonded agency.

 

The Importance of Personal Time

 

There are few things as important to a newly married couple than time management. Enjoying the benefits of wealth that can lead to a property management business still includes making time available to enjoy life to its full extent. This can be more important for couples who have just wed because building a healthy relationship after marriage takes personal investment in time probably more so than anything else. The intense nature of the property management business means this can be a challenge. Even though there are many residential property management companies in San Diego, having the right one for your business is vital. Call our residential property management team today and let us tell you how we can help.

When you are getting married with a property manager

property management san diego

Marriage is possibly the most serious life event for anyone entering into a vow, but there are several aspects of the union that everyone should consider before the final “I do” day. Marriage is an emotional union between the two spouses, but it is generally viewed by the legal system as a business arrangement in many respects. After all, a license is required for any marriage to be official and certain aspects of a business operation also apply to a wedded couple. These applications should be evaluated by any parties entering into holy matrimony, especially if one of the spouses is involved in residential property management. Here are a few reasons why this is important.

 

Income as Community Property

 

While each party to a marriage can have prior personal assets that are not necessarily considered community property in the view of the law, income generated from those assets after the fact of valid marriage is typically the property of both spouses if a divorce were to occur. Married couples are business partners to a large degree, and personal asset allowance will always be a component of a potential divorce proceeding. Prenuptial agreements are usually the legal method chosen to avoid this possible dilemma, even if discussing the topic is problematic. The law of business still applies, and an understanding beforehand is always best.

 

Working in Property Management in San Diego

 

Rental property management companies in San Diego are numerous, and competition for qualified management employees is typically very keen. Having the right person in company employ is very important, and many times the right person for the job is the spouse of the original company owner. Given that a property management business is actually a family business for a married couple, it is often an advantage for the primary owner to train the spouse in how the business functions. Property management can be an intense and competitive industry in high-value areas like San Diego, especially if real estate sales are also part of the process, and a successful company operated by a married couple can also contribute significantly to a happy marriage.

 

Third-Party Management

 

One of the best alternatives for a married couple with extensive real estate holdings is retaining a third-party professional managing company to handle daily business operations. Property management in San Diego can be a high-volume activity business, and many married couples with high-volume cash flow can be much happier by contracting a reputable local property management team who already understands the business, allowing the newly married couple to focus on starting their family.

7 Photography Tips to Improve Your Rental Listings in San Diego

property management san diego

  1. Focus

Photos are the first thing a potential renter will see when browsing through homes or apartments for rent. Draw the viewer’s eye to what you want them to remember most about the property you are renting out. Focus on the best features while omitting anything that may cause distraction.

 

  1. Wide Shots

 

Always take plenty of photos at different angles that will show as much of the room as possible. Zooming in on counter tops and cabinets in the kitchen does not give the viewer enough information on the room size (which many renters find important).

 

  1. Consider the Angles

 

Shooting a room from a straight ahead view will make the room look smaller. Corner shots and different angles and heights will add dimension to the photo while make the room appear larger.

 

  1. Natural Light

 

Great photos is all about the lighting. Try to take photos during the day time with curtains and blinds open, allowing as much sunlight into the room as possible. Dark rooms will appear blurry and gloomy while natural sunlight makes a room appear clean and cheerful.

 

  1. Watch the Glare

 

While natural sunlight helps the room look warm and bright it’s important to watch that the sunlight doesn’t enter the room directly. Consider different angles that will show off the room without causing a glare from the sun.

 

  1. Get Rid of the People

 

Nothing’s worse than rental property photos that showcase the current residents or their pets. This distracts the viewer from the look of the room as they will be more concentrated on the person or animal captured in the picture.

 

  1. Use Photo Editing Tools Sparingly

 

Most smartphones come with photo editing tools that are easy to use, but be careful when it comes to adjusting the brightness or contrast too much. Overly edited photos can make it appear that the property management in San Diego is trying to hide undesirable features.

 

If you’re responsible for property management in San Diego and looking to improve your rental listing, Melroy Properties can help you. Give us a call today or visit us online at https://www.melroyproperties.com/

5 Ways a Property Manager Can Improve Your Retail Shopping Center

property management san diego

Buying a shopping center was meant to be a slam-dunk investment. And, while you realized that there would be certain responsibilities as the owner, but you never thought they would impede your life! It may have become more demanding, tedious, and unrelenting than you ever imagined. While you enjoy the extra income, you never wanted to sign yourself up for what is essentially an additional part time job.

 

That is why is imperative that you hire yourself a property manager to handle the everyday duties that you don’t have the time or patience for. Commercial management is much more complicated than residential property management. But, if you hire the right person, they may even enable you to add value to your property by enhancing its ability to be rented without ongoing issues. While working with property management San Diego property owners can lessen their burdens and add value to their shopping centers in the following 5 ways:

 

  1. Increasing Property Value

 

When your shopping center is properly maintained, and is constantly in its best condition, tenants will flock to you and will be cooperative and happy to rent from you. This means that that your property is destined to makes you a ton of money!

 

Also, investors are just salivating for commercial properties that mean these conditions, and if you decide to sell in the future, they may pay you above-average prices compared to the surrounding marketplace.

 

  1. Refraining from the Worry of Repetitive Tasks

 

There are many worries that come with managing a shopping center property. They may be insignificant or complex, but they never seem to end, regardless.

 

It can be time-consuming and life-altering to stay on top of so many responsibilities when you are already managing a family, marriage, and another career. Maybe you are retired and you want to spend time with your grandchildren or traveling. Hiring a property manager can take this pressure off of you. They also are likely to have the expertise and experience to get the job done more effectively than any layperson could.

 

  1. Communicating with Tenants

 

Tenants can be a pain in the neck sometimes, and outside of a few exceptions, they are expected to live up to the terms of their original leases. After all, they will expect you to do the same. However, when a tenant requests something, or makes a complaint, you may feel overwhelmed. No one wants to be the villain in such a situation.

 

That is why it is crucial to hire a property manager to communicate with your tenants in your place. There are many property management companies in San Diego and they will enforce the terms of the original lease, and act as a mediator between you and your renters.

 

  1. Keeping your Property Maintained

 

If your property is not well-maintained, your tenants cannot attract the retail business of their customers. If they cannot make money, they can’t pay you. Also, maintenance issues can lead to accidents that may result in major personal injury lawsuits, and that means income loss and increases in insurance premiums.

 

You cannot handle all maintenance issues alone. Not only will it get overwhelming quite fast, but you may not even know how to handle a problem or who to contact to take care of it for you. However, one of the many property management companies in San Diego will have the time to meet with contractors and secure bids that are reasonable and competitive.

 

  1. Managing Recurring Vendors

 

There are several vendors that you will work with on an ongoing basis, such as trash removal and landscaping companies. It can be cumbersome to supervise these vendors to ensure that their work is being performed regularly and properly. That is why when it comes to property management San Diego citizens know hiring a helper can be a lifesaver. He or she can monitor the quality and frequency of such services so you will never hear complaints about service that is sub-par.

 

In conclusion, hiring a property manager can make life so much easier for a shopping center owner. And, when it comes to property management San Diego residents know that hiring someone to run their property for them is much more than a good idea, it’s a wise investment.

5 Responsibilities of a Property Manager

property management san diego

Property management in San Diego is a great life. Living in such a beautiful area, tenants can have a tendency to expect a lot from their property manager. Here are five responsibilities for a property manager to be aware of before you get involved.

 

  1. Maintenance and repairs

When something goes wrong, you are the person that everyone calls. You need to be prepared to handle a variety of different possible problems. You must handle them within a reasonable amount of time, and you need to fix the problem properly. Your tenants deserve to live in a safe place with proper facilities.

 

  1. Finding tenants

Tenants aren’t going to knock on your door unless you announce that you are renting. It’s your job to place ads in different areas and put up signs to let people know that there are rooms available. People in commercial property management might want to network at local business functions.

 

It’s also your responsibility to run any credit checks or background checks on the tenant. Property management companies in San Diego can run background checks quickly and easily online.

 

  1. Knowledge

With property management in San Diego, it’s expected that you be up to date with the laws in your area so that you can abide by them properly. Be sure to get yourself educated. It’s also important to keep up on any changes that may occur. Knowledge is power for both you and your tenant.

 

You’ll also need to be knowledgeable about the market in your local area since you set the rent. You want to know what other people are charging for similar properties.

 

  1. Finances

Being a property manager can be profitable, but it can also be quite expensive. It’s the property manager’s responsibility to manage the finances and ensure that there is enough money set aside to handle any emergency that might happen. This means not spending money on things that they can’t afford and saving for when something needs to be done.

 

  1. Managing employees

Many property managers need help to manage their affairs. This is especially true if they have multiple properties. It’s the property manager’s responsibility to manage the employees and any vacant apartments or properties.

 

Property management companies in San Diego must know their responsibilities so that they can complete them properly and create a good living environment for tenants. This also applies to commercial property management.

 

For more information on Property Management, contact Melroy Property Management at (858) 780-5111.

 

It’s the property manager’s responsibility to manage the employees and any vacant apartments or properties. Contact Melroy Property Management at (858) 780-5111.

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

property management san diego

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?

property management san diego

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.