Being a landlord requires a lot of work. Especially if your rental properties are in San Francisco. There are even more factors to consider given the complex nature of the market. The steps involved in renting and managing a rental are countless. It becomes even more consuming when you have several rental properties. If you are doing everything on your own, you may want to consider hiring a property management company. Some of their responsibilities include; property appraisal, marketing, tenant screening, and lease preparation. Before contacting a property management company think about questions you would want to ask yourself and them.
Is the company licensed and certified?
What kind of properties do they manage, and how many?
What are the average days on the market?
How long does it take before getting the rental proceeds?
Are there any hidden fees?
What services do they provide? Such as:
Would you prefer to work with a small or large-sized company?
Can you get referrals from your friends/network?
When you narrow it down to two or three companies, dig a little deeper. Go onto their website and look at the rentals they manage. Browse through the pictures of their properties. Look them up on the Better Business Bureau. Also, read testimonials and reviews from their current clients.
To get the most for your rental property, it needs to be competitively priced. Some companies offer this service to their clients. It can be very valuable especially for a rental in San Francisco. When choosing a San Francisco property management company it’s essential for them to have market knowledge. Because of the complex landscape of the rental market, possessing this competency is critical. Keeping a close eye on the trends and fluctuations in the market can ensure your rental gets top dollar.
One challenge landlords face is knowing the best method of listing a rental property and marketing it. In San Francisco, there are several good options to advertise your property for rent. But, it can take up a lot of your time and if you have several properties, this can be a huge inconvenience.
Finding a good tenant is like striking gold. When your tenant is respectful, responsible and low maintenance, it can make the renting process easier. The key is having the tools to find the perfect tenant. Companies like Blueground rely on their expertise and knowledge to place the right tenant in your rental. We have more than five years of global property management experience. Many of the properties we manage are in San Francisco. We vet prospective tenants with a thorough screening process. Most tenants are business executives, embassy staff, and freelancers. And they tend to occupy a rental unit for an average of nine months.
For the unexpected repairs and maintenance calls, working with a property management company can give you peace of mind. All repairs and maintenance get handled by the company to ensure fixes get made timely. With the price of rentals in San Francisco, tenants expect the best care.
As with any legal agreement, they can be lengthy to draft up or costly if you pay a legal firm to do it. Yet, this is one of the most important aspects of renting a property. There are several sections to include to remain compliant. In San Francisco, this can be even more challenging because of the local and state laws. Not only that but ordinances, rent control/compliance are factors as well. A good company in San Francisco will have to understand the laws in their entirety and be able to stay abreast of changes as they occur.
If you currently prepare financial records on your own, then you know the hassle it can be. So, when you have many rental properties, this service is invaluable. Companies have the software and capability to accurately record and report the financial data you’ll need to file your tax return.
One more thing to note before selecting your San Francisco property management company. Take a close look at their management agreement. If you feel necessary, have a lawyer review it before signing. Being comfortable with the arrangement is very important. When you are confident in the company you choose, everything can fall into place.
As we often hear, time is money. Time is our most valuable asset. If too much time is being consumed by managing your rentals, consider hiring a San Francisco property management company. Companies who have a proven track record of satisfied clients can help.