Why should you hire a professional property manager when it seems easy enough to take care of your Sonoma County rental property on your own?
Leasing, managing, and maintaining an investment property is not as easy as it may look. While finding a tenant and collecting rent may seem straightforward enough, there’s a lot more that goes into it. There are Federal, State, and local laws that you must follow, best practices that ensure you’re earning money instead of losing money, and tenant relationships that need attention if you’re going to effectively retain your good residents.
We’re focusing today on three specific benefits of partnering with a professional property manager. First, you’ll save time and gain expertise, resources and technology. Second, you’ll earn more and spend less when you’re leveraging the relationships, systems, and tools that your property manager brings to the relationship. And, finally, you’ll be less likely to make an expensive legal mistake.
Reasons to Hire a Professional Sonoma County Property Manager
There are perhaps hundreds of good reasons we could list for why you should hire a property manager. Let’s focus on a few.
- Saving Time. The amount of time a professional has to dedicate to what they do best is different from the time you can dedicate when you also have your own career, family obligations, and other passions to pursue. We have processes and policies in place that automate a lot of the property management day-to-day tasks that are necessary. It takes us a lot less time to market your property, for example, than it would take you on your own. We screen tenants instantly, thanks to our technology, and we’re able to automate rent collection, accounting, property inspections, and property maintenance. Take your time back.
- Property Management Experience. When you hire a good property manager, you’re gaining years of experience both in the industry and in the local Sonoma rental market. Do you know what you’ll do if a tenant stops paying rent? Do you know how to handle a tenant who requests an accommodation for a disability? Property managers have encountered just about every situation, and we’ve spent some time establishing and improving procedures to address those situations. Leverage the expertise that only a professional can provide.
- Relationships and Technology. Property management is a relationship business and fiduciary commitment to our clients. We establish and nurture excellent relationships with residents, owners, vendors, and members of the communities that we serve. All of those relationships are supported by the technology we invest in. Thanks to our systems, software, and platforms, we’re able to spend less time on basic tasks and more time retaining tenants, improving your property, and talking about your next investment moves.
You want to hire a property manager so that tenancies run smoothly and being maintained. You want to know that the property is in good condition. You want to know that tenants are feeling supported and happy in their residence and that they’re paying rent on time.
Property managers deliver services, relationships, technology, and value. When you invest in professional management, you’re taking preventative care of your valuable asset.
Professional Management Saves You Money
Smart investors know that professional property management is the best way to keep your rental income and long term ROI high and your expenses low. The cost of property management is actually pretty low when you think about the value you gain in exchange for that monthly property management fee. Property management pays for itself by reducing expenses in the following ways:
- Accurate and Profitable Rental Values
The amount of rent you’re charging will impact your immediate cash flow as well as your long term earnings. Rental values also influence vacancy and how quickly you’re able to find and place a good tenant. Property managers have access to data that will allow us to accurately and profitably price your Sonoma rental property. There’s less guesswork and a lower risk that you’ll underprice or overprice your home. This makes a big difference in how quickly we can market, show, and lease your property. Our analytics and market insights also help us establish smart when the lease term ends and is up for renewal. We’ll make sure you earn more with your lease renewal, but we won’t over-price it and give your good tenants a reason to move.
- Identifying and Attracting Quality Sonoma Tenants
Property managers also save you money by placing qualified tenants. If you think there’s no real financial difference between a good tenant and a bad tenant, there are some important things for you to think about. For example, with a bad tenant, you run the risk of late or unpaid rent, property damage, and expensive lease violations. Paying for an eviction is going to be a lot more expensive than paying for a professional property manager. A good property management partner will have tenant screening systems, marketing strategies, and experience with on-time rent collection and lease enforcement that allow you the peace of mind that a qualified resident is in place and you won’t have to pay for court costs cleaning or damages
- Reducing Vacancy and Turnovers
One of the largest expenses you’ll face as a Sonoma County rental property owner is a vacancy. When your property is unoccupied, you’re not bringing any rent. You’re also paying for the utility bills and general maintenance. Vacancies are hard to recover from financially, and professional property management will always keep your vacancy rate lower. With expert and automated marketing and showing processes, we’ll get your home rented a lot faster.
Turnovers are also less of a financial risk because property managers understand the value of retaining tenants, and we implement retention plans that focus on responsive maintenance, good communication, and reasonable rental increases at renewal time. When it is time for a tenant to move out, we’ll be able to clean, repair, and prepare the property for a new tenant in far less time than if you were doing it on your own. That saves you money.
- Cost-Effective Maintenance for Sonoma Rental Homes
Maintenance costs have risen over the last few years, and we don’t expect them to come back down. There’s a lot of demand for labor, and the vendors, contractors, and service providers you once took for granted may be a lot busier and a lot choosier about who they work with. Property managers will have good vendor relationships and resources in place, and we’ll also be able to negotiate the best deals and the deepest discounts which is passed on to our clients. We’ll protect the value of your property with routine, emergency, and preventative maintenance plans.
Save money with professional management. Don’t waste it trying to manage your home on your own. Each mistake, delay, or disaster will only cost you more. And remember: those property management fees and other professional costs are tax-deductible.
Protect Yourself from Risk, Liability, and Lawsuits with Sonoma Property Management
Whether you are renting out a single-family home, a condo, a small apartment complex, or multiple rental units, professional property managers provide peace of mind and also reduce the risk of risk and liability. Making a honest legal mistake is pretty easy, especially here in California, where tenant protections are detailed and extensive.
You cannot effectively and safely rent out a property if you don’t understand your legal responsibilities on a federal and state level. For example, you’ll need to understand California’s security deposit laws (which are changing in July of 2024). You need to know which steps to take if your tenant isn’t paying rent. Is your Sonoma County rental property included in statewide rent control laws? It’s essential that you understand just cause eviction laws and habitability standards.
Professional property managers are Knowledgeable and experienced in federal laws such as:
- The Federal Fair Housing Act
- The Americans with Disabilities Act
- The Fair Credit Reporting Act
Property managers understand what can and cannot be considered during the screening process. We know the difference between a pet, a service animal, and an emotional support animal.
Compliance is mandatory when it comes to rentals and safety requirements such as smoke alarm placement.
Your lease must be legally compliant and enforceable in California. There are disclosures that need to be made, and tenant protections in place that prevent you from showing up at the home unannounced.
Protecting you and your property from risk and liability starts with understanding the laws and extends to solid tenant screening practices, preventative maintenance, and ongoing lease enforcement. You don’t want to be stuck with a bad tenant who may cause property damage or put neighbors in danger.
If you don’t know the laws that pertain to you and your rental property, you’ll find it’s essential that you work with a Sonoma property manager who does. It’s too easy to unintentionally make a mistake.
These are some of the best reasons to work with a property manager in Sonoma County. Now, let’s talk about why we’d make the best property management partner for you. Please contact us at D & G Equity Management.
Experienced Sonoma County property managers, D & G Equity Management serves area landlords and real estate investors with furnished or unfurnished single family homes, multi-unit properties, and commercial units throughout the Sonoma County area since the mid 70’s
