Renting out a multi-million dollar home certainly isn’t the same thing as renting a small house or apartment, and it shouldn’t be treated as such either. As the owner and landlord of one of these properties, you have a more to gain, however you also have more to lose if you don’t manage the property effectively.
When acting as the residential property manager in San Diego for a multi-million dollar property, you must be aware that renters are looking for the highest quality. Therefore, it is crucial that you keep your property in tip-top condition and continue to have it regularly cleaned and maintained even if the home stands vacant for a certain period of time. By doing so, your property will maintain its value, attract the best renters and you will be able to stay on top of your duties as a landlord.
Similarly, with larger properties, it is important that you account for the cost of repairs. Unlike apartment management in San Diego, properties with more square footage will have more things to care for in general. When plumbing, electrical or other maintenance issues arise, you can expect the repairs to be more expensive than that of a 1 or two bedroom condo or apartment. As the landlord of a high value home, it is important that you are prepared financially for any maintenance issues and should set aside a substantial amount for any repairs that may arise.
It is also essential to make sure that you screen prospective tenants carefully. The wrong tenants may not take care of your property and could do damage that could negatively impact the home’s value. While this is a problem that all landlords face, it can be incredibly costly if you have the wrong tenants living in a multi-million dollar home.
In regards to tenant screening, you also stand to lose a lot of money in the event that your tenant doesn’t pay his or her rent on time. Because the value of the home is higher, rent will be higher as well, putting you at a deep loss if rent is not paid. You will need to check potential tenants’ credit reports, rental history and references prior to allowing them to move into your property, and should also make sure they make enough money to pay the rent on time each and every month.
Taking these precautions ahead of time will help ensure that your high value rental provides you with the best return on your investment. Want more tips for how to maintain a multi-million dollar property? Contact Harland Property Management in San Diego and speak to an expert property manager who specializes in high value real estate.