San Francisco is an excellent option for property investors thanks to its growing economy, high demand for rental units, and high rents. Unemployment rates in San Francisco are low, with the city adding 25,000 non-farm jobs last year.
If you're a property investor who's managed to get your hands on one of the highly desirable rental properties in the city, you're likely keen to get your home onto the rental market. Before you advertise, there's one important question you must answer.
Should you hire a professional turnkey property management company or manage your landlord responsibilities yourself? Read on to find out what to expect from both options.
What's Involved in DIY Portfolio Management?
Rental property management involves many important tasks to ensure you avoid costly vacancies in your San Francisco properties. When you take care of these aspects alone, you have ultimate control over everything that happens on your property.
You can also enjoy more personalized relationships with your tenants.
The time and expense involved in real estate asset management can soon become stressful and a burden for busy landlords, though. This is especially true if you live out of state or in another town.
You can hire in-house personnel to oversee your properties and free up your time, but this is a costly exercise.
The Pros and Cons of Turnkey Property Management
For inexperienced or busy landlords, turnkey property management is often a more appealing alternative to self-managing their properties. Property marketing companies give you access to a team of experts for a fraction of the cost of hiring them.
This helps save time and results in long-term cost savings.
Full-service property management services take care of every aspect of managing your rental properties. Their services include:
- Property marketing
- Tenant screening
- Lease services
- Property inspections
- Maintenance coordination
- Property repairs
Many property management companies also offer assistance with evictions when needed. They can also provide you with a wealth of knowledge about landlord-tenant law in California.
These services offer many positives for landlords, especially in terms of reducing rental vacancies and staying legally compliant. The only negatives are the costs associated with the service and having less control over daily operations.
If you don't want to surrender too much control or enjoy some aspects of managing your property, you can opt for a leasing-only service instead. This means a property manager will take care of the following:
- Tenant screening
- Lease negotiations
- Security deposits
You do the rest.
Simplified San Francisco Property Management
There are pros and cons associated with both self-managed properties and those in the care of turnkey property management services. If you aren't overly concerned about controlling your properties in minute detail or live far away, hiring a property manager is the perfect solution for you.
PMI San Francisco is at your service when you need help managing your rental properties. We are backed by over 20 years of real estate experience, and our teams offer a wealth of industry experience and expertise.
Discover the benefits of working with a property management company today.
