Property management in Palm Springs or in the East Bay or anywhere in California is crucial if you’re planning on being more than just a landlord. The fact is, a property management company is the only way many investors can afford to hold onto the properties that keep them in the black.
Whether you’re investing Riverside County, or Alameda County – or anywhere else for that matter, understanding the essential role of your property manager is step one to owning and maintaining rental properties. In fact a good property manager can even advise you on which properties to buy and project nearly the exact returns you can expect from each.
First and foremost is simple logistics. A property owner or investor simply can’t manage more than a handful of properties. Even five properties would test the limits of many landlords, as renters come and go and each one still needs to be looked after – year after year. And the moment the service drops, you’ll have unhappy tenants, and one, two, or three empty units.
Second, is the money. If you’re already an expert on all the far flung places, streets, neighborhoods and counties where you own, then good. Landlords generally make lousy financial forecasters, but your property management company has buying, selling, renting and re-renting units in this community and many surrounding – for years. So rely on them. Maximizing your rent is always in their interest too.
What about managing? Well, just providing infrastructure for making payments, collecting rent, and taking and keeping security deposits is too much for a kitchen-table landlord. What about repairs? Contractors? Inspections and maintenance? It seems easy when you’ve got a single apartment in a bigger building. But what about a free-standing house?
Empty units are not investments. Improperly screened tenants will take you to the cleaners. They’ll leave, right when you were starting to like them, and getting someone else in there takes a degree of know-how. Fortunately, your new property management company is interviewing and professionally screening tenants all the time. It’s what they do. Not just when a place is empty, but week in and week out. Landlords are simply not able to devote time and energy to tenant recruitment and screening.
The Law! You barely know what it is where you’re at. How about three counties over where the rents are much higher? The regulatory environment is usually much thicker with the higher rents. And then there are some older lark-type regulations – things that only the locals know. Well, the locals and the local property management team. They’ve already dealt with every possible compliance issue in a given market, so why not let them show you to your next big investment and then let them manage it too! Palm Springs property management is not exactly the same as property management in the East Bay – or in other parts of California. But then again, it’s not that different either.