The benefits of hiring a professional property manager for your Carlsbad rental property far outweigh the cost of those services. When you work with a property manager, you don’t have to do anything at your property.
Doing routine interior and exterior inspections is a huge benefit to working with a property manager. We have talked to a lot of private landlords, and we know inspections tend to be forgotten. However, it’s always on the calendar at most management companies. At least one a year and preferably twice a year, property managers will get inside the property and look for minor problems and make small repairs. We will replace water supply lines to sinks and faucets, and check the gas lines. These simple checks will save you thousands of dollars in the long run, and you won’t have to worry about having a burst supply line and a flood that requires you to replace flooring and baseboards. Preventative maintenance is very important, and we cannot stress that enough.
Properties that are well maintained usually do not have a lot of repair expenses. That’s great, but it also means you won’t have a lot of write-offs on the income you’re making off your rental property. So, it’s nice to have a minimal management fee every month that will protect your income at tax time. Generally, property managers charge between six and eight percent per month in fees, and having that little bit every month will offset your income, and that will be an asset.
Day to Day Management
With a property manager taking care of your rental property, you’ll have no worries about talking to the tenants, performing the inspections or doing the turnover. You won’t have to rent out the house or process applications or get emotionally involved with the people living in your home. You don’t have to deal with any of the problems that can come up.
Another benefit is having access to financial reports. Property management companies provide you with comprehensive financial reports. We can pay your mortgage, property taxes, association dues and anything else. We can deduct those things from your rent and at the end of the year you see a statement that shows your net income. You can go to your tax preparer and be organized. All your income and expenses are easily understood, and you’re in a much better place than you would be if you were managing on your own.
These are just some of the benefits of property management. If you’d like to talk more, please contact us at Real Property Management.