New to the business of renting properties? Regardless whether it is a single home or a unit with multiple apartments, be sure you understand the ins and outs of property management.
You may see yourself as ready to handle the property management process – from showing a place to accepting a renter. And no doubt you are, but do you know all the laws in and around San Diego? Often, different neighborhoods have unique regulations.
A Few Mistakes To Avoid
- Insurance – Are you aware homeowner’s insurance might not cover renters? In many cases, a policy is null and void, should you move out and another individual or family moves in.
- Signing a Lease – Your investment will need to be shown numerous times before you find the right fit. If you have a full-time job, just this portion of management can be exhausting, especially while staying positive for all those viewing the property.
- Evictions – Are you up to it, should it be necessary? Suppose your heart goes out to the family with kids and you drag your feet hoping they come up with the rent, again and again? This can become so costly that you lose the property altogether.
- Property Maintenance – If a pipe bursts, are you able to drop everything to take care of it? Are you handy with tools to fix this, a broken appliance, a roof leak, or damages created by the renter? Do you know what a red tag is and that it can shut down a hot water heater or furnace until repaired or replaced and inspected again?
- Background Checks – Do you know the jargon, red flags and know whom to choose from a long list?
Are you comfortable with the above scenarios? For, these are but a few of the major headaches that ride along with the responsibility of managing your investment property. Do your homework, before you bring in your first tenant, so you are able to have a productive and profitable rental experience. Or, allow us to use our experience of nearly half a century to remove all the headaches for you.
© SOS Management & Property Services, Inc.
San Diego’s Premier Property Management Company
Local: (858) 273-8800
