Managing Your Palm Springs Investment Property –
Why Our Concierge Service Makes Sense.
Whether you are in the process of buying an income property this fall or are already an owner, your decision about whether to work with a local property manager is pivotal. And you may ask: How to go about managing your Palm Springs Investment Property? Do I need a property manager or is there another way?
And once you make that decision, what next?
When you lack the time or capacity to effectively manage your investment, hiring a professional property manager is certainly the right business move. But suppose you have already decided that you will use a pro – does that solve all management issues for your investment? If you have chosen well, the answer is almost ‘yes’ – but not quite. As you would with any service provider, keeping tabs on their performance is simply prudent.
The happy truth is that managing your Palm Springs property will not command a large amount of your attention: a little will go a long way. Maybe a full-time property manager is overkill for you. Maybe you live a distance away from your investment and just need a little help.
And consider there is another way to go. Have us list your property for rent on the Multiple Listing Service; we then place you in touch with the perspective tenant and will assist with the lease. Once complete, our Concierge Service will help with the walk through, key exchanges and at the right time, with the check-out walk through.
If you decide on a Property Manager, the fees are high and can cost as much as 25 to 30% of the rent you will collect. Do you really need that cost?
Some areas to monitor are more obvious than others. Keep in mind for that fee a PM will take care of many details and tasks if you just don’t have the time to do it yourself but it also cuts into the profits.
- Rent collection is one process that almost monitors itself. When the checks are slow in coming, you’ll know it soon enough. If a regular pattern seems to be developing, discuss your manager’s strategy to improve the tenant’s compliance. Good property management pros have proven strategies for timely rent collection.
- Maintenance is one main reason a property manager is invaluable. When a repair issue arises, take a look at the invoices. Not only at the cost, but also the time it took to solve the problem. Your manager should have contracts in place with competent maintenance and repair companies. So complaints from the tenant should not be a regular occurrence. You can also ask for vendor references from anyone who performs services for the property. After all, they are really working for you.
- If part of your property manager’s job is to act as a leasing agent (or to oversee one), be certain that he or she emphasizes the importance of ensuring that tenants thoroughly read and understand the lease terms. Ask how your manager would handle any tenant non-compliance if that occurs. Situations that could cause sleepless nights for you is ho-hum affairs for your pro!
Buying an investment property in town is exciting and profitable but it must be managed. We strive to help our clients find and identify the right investment properties for long-term profitability. If you are considering buying a Palm Springs area property, contact us anytime to go over your options.
You will find that good ones are out there! Call us at 760-413-2871 for more information.