If you own a rental property in the San Jose area, chances are that it’s a substantial investment. One of the last things owners of expensive rentals want to do is spend even more money.
Hiring a property management company to oversee an investment might be viewed as another thing that just increases costs. While fees are usually 6 percent to 8 percent of the gross monthly rent, however, the costs can sometimes pay for themselves.
Here’s how a San Jose property manager saves owners time and money.
Marketing and showing the property
When a rental unit goes vacant, new tenants must be found in a timely manner. And time is of the essence because every day of vacancy is a day without rental income. A property management company can professionally market the property and show it to prospective tenants, which saves the owner time and therefore money. A good property manager also promotes longer tenancy duration with good tenants to minimize turnover and vacancies.
Handling applications and screening tenants
One of the ways to ensure a rental property is profitable is to attract and retain quality tenants. Time is required to process rental applications, then screen the applicants and select the most qualified. Tenants who consistently pay rent promptly and stay in a property for a long time can be worth their weight in gold. The property management company that finds such tenants quickly is often worth it, too.
Rent payment set-up and collection
If you’re a rental property owner, one of the things you love is dependable, on-time rent payments. There are few things more frustrating and time-consuming than having to chase tenants for rent.
Most property management services include the set-up of payment systems that streamline the process. They collect the rent, subtract their fee, and deposit the rest into your account. They also handle any collection procedures when rent is late.
Inspections and regular maintenance
One of the best ways to avoid expensive emergency repairs is to regularly maintain a property. That consists of scheduling recurring maintenance as well as periodically inspecting the property, both of which require time.
Regular maintenance is meant to prevent surprise costs, and inspections ensure that your structure is in compliance with all codes and ordinances. A safe property is more likely to keep you clear of fines and legal issues, both of which can be costly.
Round-the-clock emergency service
No rental owner likes to be awoken at midnight by a phone call from a tenant. Nobody wants to be lying on the beach on vacation and get a call that there’s a problem. Most reputable property management companies offer 24-hour emergency service. You won’t receive those untimely phone calls; the property manager will.
It’s a service that both saves the owner time and provides peace of mind. A good property manager also will provide quick communication and tenant follow-up.
Document-keeping and financial reporting
No rental property is an entirely passive investment, and one of the required tasks is the processing, organizing, and filing of documents. With every property, there are invoices, deposit receipts, payments to be made, and more. It all requires time.
Property management services that handle all the document-keeping and reporting for an owner might also provide secure online access to records so that the owner can have it all at their fingertips.
Pre-qualified contractors and providers
If you’re a rental owner and pipe bursts or shingles blow off the roof, do you know whom to call right away?
Not only does a management company handle the calls for such emergencies, but they also tend to have a list of trustworthy, reliable contractors or service providers at their disposal. An experienced San Jose property manager, for example, knows the local providers and contractors who will do the work promptly, reliably, and at a fair price.
Valley Management Group provides affordable and trustworthy property management services and has been serving the needs of both property owners and tenants in San Jose and Santa Clara County for over 40 years. Get a free property management quote and one free month of management services when you sign up as a new client.
Reviewed and Approved by Lloyd Kipp
Property Manager and Owner of Valley Management Group