June 19, 2020

If you own investment properties, then you know how difficult it is to manage them. Although at first, it may seem like a good idea to manage it yourself, there will be a time when you ask yourself whether it’s worth handing that major task yourself. Managing property requires a lot of commitment and time, which can quickly run out of your hands. Especially in San Diego! That is why successful investors take the time to research and hire property managers. This blog will go over 5 reasons why you need a property manager.

1. Dedicated Marketing Services for Your Property

An error many property owners make, is assuming that simply listing your property on Zillow is sufficient marketing. However, this level of marketing can lead to more time on the market, thus facing a decrease in overall profits. A professional property manager not only markets on Zillow, but with several sources and social media sites that will give your property a maximized online exposure. Through a property manager’s experience, they’ll know exactly where to market your property and how to craft compelling advertising materials. This is a big advantage as your properties are more likely to fill up quickly, avoiding extended vacancies that can cost thousands.

2. Help with Setting the Right Rental Rates

It can be a difficult task to keep up with the prices of the rental around your property in San Diego. Prices are fluctuating all the time, which can get quite confusing. Besides, pricing incorrectly can lead to losses from underpricing or pricing too high that your property remains vacant. A property manager will conduct a thorough market study to be able to determine the optimal rental price for your property. This ensures that you achieve the perfect balance between maintaining a low vacancy rate and maximizing monthly income.

3. Collecting and Depositing Monthly Rent Payments on Time

When it comes to securing and collecting rent from tenants, we all know that it can be a difficult, not to mention an awkward task. Property managers remove this burden from you and use efficient methods for collecting rent in a timely manner. This is especially beneficial for those property owners with a limited number of properties where it is crucial to have the payments on time to maintain their cash flow.

4. Property Managers Provide Tenant Screening

Wouldn’t you like to have peace of mind knowing that all your tenants were thoroughly vetted before living on your life investment? This is possible when you have a property manager. Property managers have an established screening process for new tenants. This makes selecting quality tenants a piece of cake. During the screening process, property managers will collect identification and documentation on all applicants such as:

• Proof of income from employment
• Other income revenues
• Personal references
• Credit history along with public records
• A current and previous landlord reference
• Any possible criminal records.

5. You’ll Make More Money with a Property Manager

Many property owners are afraid of hiring property manager because of the costs involved in doing so. However, many property owners don’t realize that they’ll actually make more money in the long run due to the increased care of the property. You’ll get better tenants that stay longer and have less damage and repairs to deal with. Your property will remain in great shape, and you’ll have the time to focus on other important tasks, such as expanding your business.

When it comes to managing properties, things can get complicated in no time. However, with a property manager, things like property marketing, rental rates, collecting rent, and tenant screening are done efficiently by a professional. This will help your property investment become more successful in the long run. We hope this blog helped you see why you need a property manager. If you are in need of excellent property management in San Diego, give Herridge Property Management a call at (951) 364-4799 or email us at herridge.mgmt@gmail.com