It can be tough to find the best property management company in San Diego. With so many options, it’s easy for your search process to get overwhelming and leave you feeling lost without any direction. In an attempt to help, we put together this 4 step checklist:
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Choose Two Or Three Companies
Property management companies are usually challenging to find, but fortunately, there is a simple way of finding them. Search for “property management San Diego” or your desired and see what pops up! It may take some digging around if you don’t have any luck with these sites, so be patient because it can pay off big time when searching online.
If you’re looking for a property management company or realtor, ask around to see what people recommend. Your friends and family members may know of someone who has had good experiences with a particular business before!
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Check Their Online Reputation
When you’re looking for a property manager, it’s essential that the company has good online reviews. You should always consider companies with at least four stars and no negative feedback because that means that they care about their clients and their reputation!
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Phone Call Test
This is an easy way to see how responsive a property management company is. Call them during business hours and see if they answer. You might think this isn’t that important, but we have found that only 20% of companies typically pick up the phone (or respond promptly).
If you’re serious about finding your new home, make sure to consider this factor before choosing one: if nobody answers or responds within 15 minutes, then rule out any potential matches – no good can come from wasting time on unproductive calls.
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Ask The Right Questions
You likely have your questions that you want to ask your potential property manager. Consider adding in these, as well.
- How is your company set up? Portfolio, departmental or hybrid?
Most companies are in one of these three categories for their business model.
Portfolio. It means that one person takes on all aspects to leasing and managing properties while they may also be responsible for marketing them as well;
Departmental. The responsibilities are divided into teams who specialize according to need (e.g., maintenance), with expertise now allowing specialists within those specific fields so employees can focus more deeply on what they do best instead of spreading themselves thin across many areas.
- Who will be my property manager?
When it comes to renting out your property, you want the best experience possible. And that’s why we recommend partnering with a company that will have only one point of contact for all interactions and communication regarding your property – so there are no miscommunications or confusion.
- How are repairs handled?
Ideally, you want your property manager to be notified of every repair. However, most companies have a maintenance threshold. They will still inform the owner unless specifically instructed not to by them, usually between $250-$500 or less per incident (an incident being any one-time occurrence).
- Do you inspect the property regularly?
A home inspection is a key part of maintaining your property. Your manager should inspect the house at least once per year and provide an annual report with detailed photos to show any significant damage or issues in need of repair.
- What are your fees?
It is essential to find a company that uses percentages for their management fee rather than flat fees. This will provide motivation and the incentive of getting the best possible tenant to maximize rental rates based on your home’s space requirements or value!
The commission is like oxygen for a business. When the cost of something has been tied to an individual’s income, they’re more likely not to spend time and effort on improving.
- What will my property rent for?
Renting a new home is complicated. Renters should always get an estimate from their manager, and even then, it can be off by 10%. You want the data-backed analysis of rental reports with clearly defined boundaries to make sure that any number you see on paper reflects reality for both parties involved: landlord and tenant.
- How much will I spend on maintenance in the first year?
A home is often a reflection of our lives. It’s where we raise families and store memories that shape who we are today, but as with any investment, there can be maintenance costs associated with the property. To prepare for these expenses, ask yourself what you’ll need to rent out your property again once repairs/upgrades have been made.
One way to estimate how much your home will cost is by its age. For properties less than ten years old, setting aside 3% of annual rent income makes sense as a reasonable budget for updates and maintenance costs; this percentage increases according to the number of years since construction (5%, 8%, 12%).
If you are looking to hire a property manager for your San Diego home, this article will give you the four steps and some additional things to look out for.