How Do You Manage Multiple Investment Properties?
Do you want to purchase an investment property in Southern California and are wondering how you’re going to manage it?
This is a very common question that many investors ask because they look at the responsibilities of their jobs or families and can’t see where they will have time in their day or week to manage an investment property.
Thankfully, there are two ways that you can manage a rental property in Southern California.
Hire A Property Management Company
The first way to manage an investment property in SoCal is to hire a property management company.
A property manager specializes in the following services:
- Rental property marketing
- Tenant selection / placement
- Rent collection
- Customer service
- Itemized reports
- And more!
When you hire a property manager in Southern California you can expect them to collect the rent on time every month and take their fee out plus any repair costs before depositing the rent into your account.
The nice thing about hiring a property manager is that you can literally “set it and forget it”. This means that all you have to do is buy the rental property then rely on your property manager to offer you all of the services mentioned above.
Using a property management company will literally take away the traditional headaches of owning a rental property so you can focus on living your life and growing your portfolio of rental properties without having to deal with any stress.
Self-Manage Your Rental Property
Another way that you can manage a rental property in Southern California is to self-manage it.
Self-management means that you will be directly responsible for managing your rental property including all of the property management tasks that we mentioned above.
Self-Manage Vs. Property Management
Should you hire a property manager or self-manage your rental property?
Our suggestion to you is this: If you own one or two properties that are local to you, and you can handle calls from your tenants or making the occasional repair then you should self-manage those rental properties.
However, if you own multiple properties that are far away, you should definitely consider hiring a property management company.
Do you have more questions about hiring a property management company in Southern California? We can help!
Contact the Fred Sed Group today by calling us at (800) 921-9231 or connect with us online.