Is it Time to Change San Diego Property Management Companies?

Change can be scary, especially when we’re talking about change that affects some of your most valuable assets, like real estate. However, if your San Diego property management company is falling short of what you expect and what you’re paying for, it may be time to look elsewhere. 

Hopefully, any minor disputes or conflicts can be worked out by talking, sharing expectations, and setting new goals. However, if you find that your management company is not consistently delivering these five things, it’s time to change property management partners. 

Here’s what you need for a successful relationship.

1. Responsive and Accessible Communication

Yes, property managers are busy. So are tenants and vendors and contractors. So are you. Communication cannot be put on hold, however. If you find your calls aren’t being returned and your messages are left unanswered, there’s a problem in the way your management company is handling their business and their relationships. You should have an online portal where you can see the details of your income and expenses as well as view invoices and accounting statements. But if you have a question that falls outside of what you already have access to, it’s reasonable to expect your property managers to assist.

A greater concern is that if they’re not responding to you, they’re likely not responding to your tenants, either. That’s going to lead to a higher vacancy rate, additional expenses, and the degradation of the rental experience for all parties. Find a new management company that values communication and accessibility.

2. Preventative and Cost-Effective Maintenance 

Maintenance costs do not go away. Repair issues do not get better with time. You need a management company that understands the importance of routine and preventative maintenance, otherwise you’ll find yourself spending more than you have to in the long run.

A reliable response to routine and emergency maintenance is a basic function of any property manager. They should balance keeping costs down with responding to the needs of your investment.

Proactive maintenance policies protect the condition of your investment. They also keep your tenants happy. If you find that repairs aren’t being made or there is a lot of deferred and unreported maintenance discovered during inspections and turnovers, there’s something wrong with the way your management company is handling the repairs at your property. 

3. On-Time Rent Collection 

A consistent rent collection process isn’t too much to expect from your property manager. If you find that rent is coming in late or not at all, there’s a serious problem that needs to be addressed. Before you hire a management company, ask about their rent collection process. Talk about the consequences of late rent and who keeps the late fees. 

You want to know that your tenants have the incentive they need to pay rent on time every month. If you aren’t sure when you’re getting paid, find a new management company.

4. Accurate and Detailed Accounting Statements

In addition to on-time rental payments, you should also expect to receive routine accounting statements that reflect what you’ve earned and spent on your property in a given period, whether it’s a month, quarter, or year. 

If you don’t understand what you’re reading or financial reports are unclear and lacking detail, you need to find a new property manager with better accounting practices. You’re not only trusting a management company with your property - you’re trusting them with your money.

5. Protection Against Bad Tenants, High Costs, and Asset Deterioration

Owning rental property in San Diego or elsewhere comes with risk. It’s unavoidable. But, with the right property management partner, that risk is mitigated with sound practices, plenty of experience, and a thorough understanding of tenant protections and legal issues. You want to make sure your property manager is protecting you against lawsuits, troublesome tenants, and deferred maintenance that may lead to damage.