Once you have invested in a rental property or you find yourself wanting to rent out a home you once lived in, you have a few details to take care of. You’ll have to prepare the property for the market, acquire the necessary insurance, and make sure you have a reserve fund to cover unexpected maintenance costs, vacancies, and other potential expenses.
Then, you have to decide how to set about leasing, managing, and maintaining your rental home.
This can be done on your own or with the help of a San Jose property management company. The best choice for you depends on your level of expertise when it comes to rental laws and management best practices as well as the amount of time you have to take care of your investment and provide a good rental experience for your tenants.
Choosing Self-Management for Your San Jose Rental Home
There are some cases in which an owner is well-positioned to self-manage a rental home. If you have experience leasing and managing homes and you have some great relationships with vendors and contractors, you can do a good job of renting out your own home. You’ll also need to know the laws pertaining to your property and your tenants. They’ve changed in the last two years, and they’re very strict.
Self-management gives you more control over the day-to-day operations of your rental property. You’ll make all the decisions about how your property is maintained and what’s expected of your tenants. You’ll also have the opportunity to establish and maintain a close working relationship with your residents and you’ll gain experience in managing rental homes when you do it yourself. This will be an advantage to the owners who want to build a portfolio of rental homes and grow within the real estate and property management industries.
However, there’s a lot of risk involved in managing your own home. Mistakes are easy to make, and they’re often expensive. If you try to charge a pet fee for a service animal, you’ll find yourself violating multiple fair housing and anti-discrimination laws, for example. A security deposit that’s returned late will land you in court. There’s often an opportunity cost as well for self-managers. You’re basically taking on a part-time and in some cases a full-time job.
Benefits of Professional San Jose Property Management
When you work with professional San Jose property managers, you’re leaving all the details in the hands of experienced professionals. You’re also saving yourself a lot of time. There’s no need to rush to the property when a toilet is leaking. You won’t have to screen tenants or chase down late rent. There won’t be any need to confront tenants or resolve disputes. Instead, your property manager is taking care of all those things, and they’re doing it with tools and resources that self-managing landlords don’t have access to themselves.
You’re also relieved of having to manage a tenant relationship. It can be difficult to enforce your lease agreement or listen to the list of complaints a tenant might have on any given day. Property managers provide a buffer between you and the people renting your home.
There’s also a lot less risk. Your property manager will understand the rent control laws, the eviction restrictions, security deposit laws and all the differences between pets, service animals, and companion animals.
You can also expect to save money with professional property management in San Jose. Many people have the idea that self-managing is cheaper for a property owner. It can often cost more. Property managers generally fill vacancies faster and with tenants who are better qualified. You’ll also benefit from the preferred discounts that many contractors and vendors provide to management companies because of the volume of work that’s provided.
When you work with a professional property manager, you can deduct that cost from your taxes.
We’d love to tell you more about our own San Jose property management services and help you decide if you’re equipped to manage on your own or if you need some professional support. Contact us at Aborn Properties via phone (408) 272-4100 or firstname.lastname@example.org.