subject: Temecula Property Management: Three Good Reasons to Hire a Property Manager [print this page] Temecula Property Management: Three Good Reasons to Hire a Property Manager
You've moved into your new home but decided to keep your old house/condo for a rental. Maybe you have taken advantage of fantastic interest rates and low home prices and bought your first investment property. Or perhaps you are a veteran property investor with several properties and you are weary of collecting rents, getting late-night phone calls from tenants, and filling vacancies. No matter what your position may be, the decision that every real estate investor will need to formulate is whether to hire a property manager or manage the property themselves. That choice has more implications than you might imagine. Here are the main three reasons why you need to consider a Temecula property manager.
Legal/Liability
Are you absolutely up to speed with landlord/tenant laws in the State of California? These laws and regulations are constantly changed and updated. Several of them can be very puzzling and the bottom line is this: ignorance of the law is never an excuse when you are standing before a courtroom. As a landlord, it is your responsibility to be familiar with and comply with all laws governing the tenant/landlord relationship. Failure to be in conformity puts you at risk for lawsuits, fines, penalties, and potentially even criminal charges. An experienced and dependable property management company keeps you current on the varying regulations and assures that your property and your contracts adhere to the rules.
Property Maintenance
Most property owners do not reside in the same immediate area as their rental unit(s). They may drive by sporadically and observe the property from the street, but seldom will they investigate the home and evaluate its condition until after a tenant vacates. By then, the damage could be widespread and repairs could be expensive. Yes, the security deposit may compensate for some of these repairs, but in this situation it is better to know before your renter has moved on. A diligent property manager makes weekly checks on the property and investigates when something looks strange or out of the ordinary. In addition, experienced property managers have contacts within the community for reliable gardeners, handymen, plumbers, heat/air conditioning companies, carpet cleaners, painters, and other maintenance companies. As a result, when your property requires attention, you get fast, trustworthy, and frequently less expensive service with only one phone call. When you are active at your job or on vacation or with your spouse, the last thing you want to deal with is the inconvenience of finding a repairman.
Vacancies
Nothing will eat into your profits quicker than a unit that remains unoccupied for an extended period of time. Even a 30 day vacancy is often enough to reduce your annual positive cash flow to virtually zero. An established property management company with considerable ties to the community will almost always have a list of potential renters searching for a home. This not only reduces your "down-time" but also can save you hundreds of dollars on advertising- but the advantages don't end there. Because of the connections the property manager has with repairmen, your rental can be cleaned up and turned over much sooner by a team of professionals rather than you dealing with it yourself. This can also translate into increased rents. Finally, there is little doubt that you have better things to do with your schedule on evenings and weekends than meet prospective renters at the property and give them a tour. Often, these would-be occupants fail to show up at the scheduled time or just don't qualify to rent your property. Why waste your precious time and energy dealing with these hassles when it can all be done for you?
Having a professional property management team handle all of these details will reduce the stress in your life, give you added freedom to spend time with family and friends, and eliminate the hassles of being an investor. After all, when it comes to investment properties, you don't want the property to end up owning you!
