Renting out a property requires time, knowledge, and resources. If you’re wondering whether you should manage the rental home yourself or hire a professional Walnut Creek property manager, you have to think about your goals for the property and your understanding of all state, local, and federal rental laws. It’s easy to make an expensive mistake, and while there are many opportunities with real estate investments, there are also a lot of risks.
Here’s how to determine whether you’re prepared to self-manage or if you should hire a property management partner.
California Rental Laws and Owner Risk
Are you familiar with California’s strict rental laws? Do you even know if your Walnut Creek rental property is exempt or included in the statewide rent control mandates? You’ll need to navigate just cause eviction, understand how to screen an application from a Section 8 tenant, and what the time frames are for returning security deposits. As a self-managing landlord, you’ll have to understand habitability laws and the difference between a service animal and a pet.
One of the benefits of working with professional property managers in Walnut Creek is that you don’t have to worry about the additional risk and liability that comes with renting out a home. Property managers stay up to date on the laws. They have processes and systems in place to ensure there are no mistakes with fair housing laws and other regulations pertaining to your property.
Maintenance Response Times for Walnut Creek Rental Homes
Are you prepared to respond quickly to maintenance issues? This is an important part of protecting the condition of your investment and providing outstanding customer service to your renters. If you self-manage, you’ll need to be available to your tenants in case there’s an emergency. There may be phone calls in the middle of the night and leaking pipes over holiday weekends. Any issue that affects the habitability of your home needs to be addressed right away.
Putting together a team of vendors and contractors is sometimes a challenge for landlords who manage their own homes. You’ll need to find licensed, insured professionals who can provide quality work at affordable prices. Property managers often have their own in-house maintenance technicians and they have lists of preferred vendors who can be relied upon to provide high-quality, cost-effective work. Keeping maintenance costs in check without sacrificing the condition of your asset is one of the best reasons to work with a Walnut Creek property manager.
Leasing: How Well Do You Know the Walnut Creek Rental Market?
Professional management is especially valuable during the leasing process.
A property manager will have a deep understanding of the local rental market, allowing for lower vacancy costs and higher tenant quality. Pricing your rental home correctly will lead to higher and more consistent rental income.
You’ll need to understand marketing strategies and manage the process of showing your home to prospective tenants. This can be time-consuming and frustrating, especially if you’re not able to generate enough interest in your property or you’re not sure how to screen effectively.
Some owners find they’re able to effectively lease, manage, and maintain their rental property on their own. But, if you’re looking for ways to increase what you earn while decreasing your expenses and your risk, working with a professional Walnut Creek property management company is really your best option.
If you’d like to hear more about how we can help you have a better investment experience, please contact us at Stokely Properties.