Data from ATTOM shows that the median value for a single-family property in California is $750,000 as of August 2024. This is a 6.4% increase over the same time last year, indicating that the California real estate market has a lot of potential.
Managing a rental property isn't easy, and if you own multiple, you might quickly find yourself being overwhelmed. If you want to stay on top of things, the best solution may be to hire a property management company. They can provide several benefits that can help you get the most out of every investment property you own.
Let's take a look at some of the key services property management companies offer that can help you maximize your income.
Property Marketing
Before you can start making an income from a rental property, you need to find tenants. Attracting renters isn't always easy, particularly in a tough market. However, with effective property marketing, you shouldn't have too much trouble.
A property manager can effectively market your properties based on the current real estate market. They know what tenants are looking for, making it easier for them to craft enticing listings that will draw people in. They'll also ensure you have high-quality photos that highlight the best aspects of your properties.
Tenant Screening
Attracting tenants is the first step, then you need to select the best among them. A property manager can conduct a thorough tenant screening process which will help narrow down the pool of applicants to find the most suitable ones.
Proper tenant screening will look for potential red flags such as a criminal history or false application details. This can help you a lot in the long run, so isn't something you should neglect.
Lease Negotiation
Once you have your ideal tenants, your property manager can help you draft a suitable lease agreement. It will focus on the best interests of both you and your new tenants.
Leases can be complicated, so you definitely want someone experienced to oversee this. Their work will help prevent any ambiguity or issues that could lead to disputes down the line. They can also step in to help when it comes to renewing leases.
Property Maintenance
Keeping your properties in a good state is essential. If you let them fall into disrepair, they'll quickly lose value. Not only will this make it harder to sell if you decide that's what you want to do, but it will also lower your rental value and can have an impact on tenant satisfaction.
A property manager can conduct regular inspections and organize a routine maintenance schedule. They can also oversee any unexpected maintenance as and when it's needed.
Professional Property Management Services in San Jose
Working with a professional property management company is one of the best ways to protect your investment and maximize your ROI. They'll make things significantly easier for you, especially as your real estate portfolio grows.
Fireside Property Management company has been providing exceptional property management services to clients throughout San Jose for over 25 years. Take a look at our residential property management page to find out more about how we can help you.
