The San Diego rental market is healthy. It has less than a 4% vacancy rate, and rents are steadily increasing. According to The San Diego Union-Tribune, rents hit $1748 in early March 2017, a year-to-date increase of about 8%.
San Diego’s rental market should remain strong for the foreseeable future, while will provide tremendous opportunities for property owners and management firms.
Property management firms oversee the leasing of other peoples’ properties. Their job is to find tenants secure housing and help property owners achieve income goals. Their main responsibilities include screening potential tenants, collecting rent, providing maintenance, writing lease agreements, and marketing available properties. In return, they receive a portion of the monthly rental values plus expenses. Some companies charge a flat fee instead, but this isn’t as common.
Finding Success as a Property Manager
The key ingredient to success for property management firms in San Diego is to develop a reputation built on honesty, reliability, and expertise. Property owners need to know you’re trustworthy, well versed in industry standards, and that you’ll find the best renters at the best prices.
Tenants must feel secure in the fact that they’re paying a fair price for a well-maintained, secure home and that you’ll fix any problems that arise.
Update Property Owners
Keep property owners updated, but don’t bother them with details.
Let them know about upcoming vacancies and what you’re doing to fill them. Propose rental increases when the market can support them, and inform them about upcoming expenses, such as appliance replacement, but assure them you’ll try to keep costs down.
Keeping owners in the loop about important matters builds rapport and trust.
Take Care of Tenants
Keep tenants well-informed and treat them fairly, and they’ll become long-term clients, even during rent increases. Respond to complaints quickly and efficiently, and conduct regular property evaluations to find issues before they become problems.
By keeping tenants happy, you’ll keep owners happy, too. When their properties are rented to stable, long-term tenants who are satisfied with their rental homes, owners are happy.
Network and Educate Yourself
Join professional organizations and attend industry events. You’ll stay on top of new trends and make valuable connections. Volunteer to speak at industry events; you’ll position yourself as an expert and grow your business.
Don’t go it alone. Network with local real estate agents. They’ll help you market your properties and provide exposure you can’t get by yourself.
In San Diego’s booming rental market, property managers must be at the top of their game. By putting people first, both clients and tenants, you’ll build a reputation for trust and reliability. It’s a demanding field, but hard work and dependability are rewarded with long-term, fiscally-advantageous relationships.