The Pros and Cons Self-Managing vs. Hiring a Property Management Company

Although purchasing an investment or rental property is a rewarding achievement, it’s only the first half of the battle. Finding quality tenants and effectively managing your property will make or break the success of your investment.

Often, the most obvious choice for new property owners is to self-manage their property and deal with maintenance issues, tenant screening, accounting, legalities, and marketing themselves. However, even the most experienced landowners still tout the benefits of having an experienced team of property managers taking over the hard work for them.

Before deciding which option is right for your investment property in Orange County, it’s important you consider the advantages and disadvantages of both.

What Exactly Does a Property Management Company Do?

Depending on the company you partner with, property management services can include marketing your property for sale or rent, screening potential tenants, handling maintenance, legal issues, and advising you on landlord-tenant CA rent control laws. A full-service rental home management company should also offer financial statements clearly presenting monthly cash flow and expenses so you have a comprehensive picture of your ROI.

By outsourcing the hard work of property rental oversight to a property management company, you can save yourself the time and stress often involved in dealing with maintenance calls, tenant disputes, legalese, and the possibility of greater cash flow.

The Benefits of Hiring a Property Management Company

Loads of great benefits come from hiring a property management company to take care of the nitty gritty for you, including:

Saving Time

Instead of dealing with all the work involved with managing your real estate, you can outsource it to an experienced team of professionals. This saves you the time spent on phone calls, arranging maintenance, and liaising with your tenants.

More Financial Control and Insight

Making the most of the investment opportunity offered by renting out your property requires you to be in complete control of your property’s finances and cash flow. Working with a results-focused property management firm will give you detailed insight into the expenses, income, and fees your property is generating and allow you to identify where you can trim the fat to give you better returns on your investment.

In-Depth Tenant Screening

Knowing your tenants are trustworthy and stable is one of the most important aspects of successfully managing a property. A great property management company should go beyond the standard credit and background check before proceeding with a lease agreement. Instead, doing a deep dive into everything from rental history and contacting past landlords to checking whether they have pets should be standard practice.

By ensuring your tenants will pay rent on time and treat your property well, you can enjoy a positive experience as the landlord of an investment or rental property.

Prompt Maintenance and Repairs

Dealing with maintenance and repair issues is time-consuming and costly if not handled properly. By delegating these tasks to professional property managers, you can take the hassle off your plate while knowing your property and tenants are in capable hands.

By quickly responding to tenant complaints, not only will your relationship with your tenants remain positive, but you’ll likely also reduce your vacancy rate as tenants prefer to stay on longer.

Factors to Consider When Hiring a Property Management Company in Southern California

Whether you’re planning to rent out apartments or family homes in Orange County, there are a few factors you should consider when choosing the best property management company for you.

Property Management Work Experience in Southern California

Beyond being an experienced property management firm, the company you choose should have referenceable experience managing properties in the Orange County market. Every county and region across the country has its own pressure points and pitfalls, and the property manager you choose should be intimately familiar with local laws and regulations, property management licensing requirements, and the market in Orange County, CA.

Availability and Responsiveness

A great property management firm should be available to you and your tenants 24/7. Whether it’s tenant screening queries, maintenance calls, or responding to building issues, managing a rental property is a demanding job, and your property management company should be able to complete tasks quickly while maintaining quick and informative communication.

Transparent Fee Structure and Pricing

Reputable property management companies should provide their pricing and fee structure upfront. Hidden or surprise fees, unexplained price changes, and sudden jumps in monthly fees are all signs of a poorly run rental management firm.

Variety of Services Available

The property management company you choose should be a one-stop shop for all your real estate needs. This includes offering everything from tenant screening and maintenance to putting you in touch with real estate brokers should you decide to put your property up for sale in Orange County.

How to Choose the Right Property Management Company

Finding the right property management company for you can be tricky. To narrow down your options, follow these steps:

• Research different companies – Conduct broad research on the different companies in your area and what they offer property owners. Weed out companies that appear unprofessional or which don’t provide the services you require.
• Read online reviews – Read through both good and bad company online reviews to get an idea of how they communicate and handle negative energy.
• Conduct interviews with your shortlisted companies – Visit each property management firm in person if possible and gauge how you respond to their company culture. Ensure you ask any pertinent questions relating to their pricing, services, and how they manage common maintenance, tenant, and marketing issues.
• Understand the contract and terms – Some companies have fixed-period contracts that require you to keep paying them for a certain amount of time even if you choose not to use their services any longer. Choosing a month-to-month contract helps you avoid making long-term commitments should you not be happy with their services down the road.

Why Genuine Property Management Is the Right Choice

Genuine Property Management is the premier, full-service property management company in Costa Mesa serving all of Orange County cities. We strive to fulfill each and every one of the benefits and purposes listed above. From marketing your property to maintaining tenant relations, we fulfill every property management-related need you may have while working on a month-to-month basis.

This means we work hard to prove our worth and keep your business month after month, going above and beyond to make your experience with professional property management overwhelmingly positive.

To learn more about the services we offer to landlords, or to schedule an appointment to talk in person, visit our website or call 949-209-9494 today.