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.
As a landlord, you are well aware of the income that can be earned through renting out an apartment or home. While the additional cash flow from managing properties in San Diego is always welcome, there are also downsides to being a landlord; one of the most troublesome is handling evictions. When it comes to evicting a tenant, you will have to allocate your time to remedying the situation and could potentially lose a substantial amount of money if the problem isn’t handled promptly.
One of the most common problems requiring eviction, with single family home or apartment management, is when a tenant is behind on rent. Unfortunately, even if you are not receiving payments, legal processes still need to be followed to carry out an eviction. The first step in this process will be to file an eviction notice. The filing fee for an eviction notice varies depending on the amount that is due to the landlord, and can cost a landlord anywhere in the range of $50 to $400.
Once the eviction is filed, the local sheriff’s office must personally deliver a notice of eviction to each individual over the age of 18 living in the property. For each tenant, the landlord will be required to pay a fee. The fee per person typically ranges from $30 to $60, but varies throughout the San Diego County. Additional fees include fees for the sheriff’s department, the courier to file the complaint and default, as well as for processing the eviction should also be kept in mind and can quickly add up.
If you must go to court for eviction, other costs include those of an attorney. While the entire process from serving an eviction notice to going to court appears lengthy and time consuming, if a landlord uses unlawful methods to evict a tenant, they may be subject to liability for the tenant’s damages. In addition, penalties of up to $100 per day can be charged for the duration in which the landlord used the unlawful methods.
It is no surprise that one of the most important aspects of property management is tenant screening. It is important to thoroughly check the background, references and work income to help reduce the risks for eviction.
Have other questions about evictions? Contact Harland Property Management today and learn about our tenant screening process as well as our Eviction Guarantee Program.
A rental property is an investment geared toward income potential. Aside from taxes, building use costs and insurance payments, there are many costs to consider when buying a rental property. At Harland Property Management, we are helping our clients enjoy the income benefits of their rental property hassle free. However, properly managing a rental property takes experience, industry knowledge and patience. Our expert managers will help you determine a budget, including planning for maintenance costs.
Below are basic instructions on how to estimate maintenance costs for a rental property.
Owning a rental property that generates a positive income flow takes extensive financial planning, regular maintenance and attention to daily operations. Whether you are planning on buying a real estate property for additional income or currently own a residential rental property and require assistance, contact Harland Property Management. Our expert managers are here to help make your investment a successful venture (858-367-0343).
A landlord must provide a quality living standard for tenants; this means that a property has to be up to code with state regulations and mandates. An inspection is necessary for any real estate property that is being bought, sold or rented. The following inspection checklist was prepared by the expert managers at Harland Property Management to help a landlords prepare his/her property for inspection.
Housing quality standards can make the difference between a hospitable home and one that cannot be sold or rented. If you are a property owner looking to rent or sell your property, click here to learn more about Harland Property Management or contact us directly for a complete unit inspection guideline.
Before deciding to become a landlord and renting out your property, there are many vital risks and liabilities to assess. In order to avoid penalties, fees and lawsuits, you must be protected as a property owner and that you know your rights. Landlo
rds are required to abide by certain state and federal owner/tenant laws, as well as provide the necessary disclosures and contracts to the tenant. In addition to the legal matters, landlords must maintain the condition of the property and deal with tenant issues throughout the term of the lease. If you are considering renting out your property, you should first consult with a professional San Diego Property Management company. Harland Property Management is one of San Diego’s premier residential property management companies, offering expert advice and information for homeowners.
There are many responsibilities you must assume as a landlord of a rental property. The most important aspect of renting a property is making sure the lease agreement protects your best interests and will hold up in court if necessary. By taking advantage of the professional San Diego property management services offered by Harland Property Management, homeowners can rest assured their rights and assets are protected in the detailed lease agreement.
Budgeting for maintenance and repairs is another critical aspect for homeowners to consider. If the home is not tended to properly, overtime it can result in costly repairs. In most cases, landlords are responsible for maintaining the yard, roof, windows, pluming and some appliances. The carpet and indoor walls must be redone every few years as well. It is important that you have reliable licensed and insured contractors, gardeners and plumbers on hand at all times to deal with property maintenance issues in a timely and affordable manner. At Harland Property Management we work with our clients to create budget for unexpected repairs and property maintenance.
Our residential property management program ensures that our clients are protected by following state and federal laws, providing necessary disclosures, executing detailed contracts and managing a viable budget. The steps we take as your property management company are designed to make sure that your home is rented out in a manner that increases your profit and available free time, while reducing your risks and liabilities. Contact Harland Property Management at 858-367-0343 to find out more regarding the responsibilities you assume as a landlord and how we can help.
Are you looking to make a profit or cover the expenses from your second home here in San Diego? Vacation rentals are a great source of additional income for many families, but the rental process takes time, effort and expertise. Harland Property Management is the premier management company for vacation rentals. Our professional property managers assist our clients in making the best decisions regarding their property, by providing expert advice on the benefits and challenges of renting out their vacation home. We then implement our vacation rental management program that includes all aspects of management from property analysis and marketing, to scheduling tenants and property maintenance.
The first step to renting your home as a vacation property is to do a property analysis. While San Diego is a top vacation destination with thousands of visitors each year, not all homes are suitable as a vacation rental. For instance, you may not be in the ideal location for vacationers or your HOA may not allow vacation rentals. Following the initial assessment, we will compare vacation rental rates to other similar properties in your area. This detailed comparable market analysis will produce an estimated rental rate for your vacation home.
Once your home is listed as a vacation rental, marketing and advertising are essential to attracting the perfect tenants. Marketing a vacation rental is very different from a traditional rental property. At Harland Property Management, we execute proven marketing strategies to ensure your vacation home is occupied throughout the year. As the leading property management company in San Diego, our property agents are able to maintain an accurate calendar and season appropriate rental rates guaranteeing optimal occupancy.
When the ideal tenant is located and booked, Harland Property Management handles everything for our clients. From the tenant reservation and arrival, to payment and check-out we will collect fees and address any issues during their stay. In addition to these management services, we also help to maintain the home. The home service professionals that we hire are always licensed, efficient and affordable. We have housekeepers, plumbers and contractors on call at all times to address any necessary repairs or home maintenance. Our vacation rental management program also includes organizing your tax payments associated with owning a vacation rental. We always provide our clients with accurate income statements and balance sheets as well.
Harland Property Management clients benefit from professional real estate services and property management, which helps to generate additional income from their vacation home. If you are looking for San Diego’s top vacation rental management company, contact us today at 858-367-0343 or click here for a free property management quote.