Property management companies tend to be very active in housing markets such as Irvine, where homeowners are more likely to become real estate investors or seasonal residents. Even the most hands-on Irvine real estate investors agree the right property management company can greatly increase the potential for profit and success. Most people associate property managers with the front offices of rental apartment complexes. While many management firms act as landlords, these companies handle various duties to help you make the most out of your property investment in Irvine.
Attract the Right Tenants
When you entrust a property manager with listing your property for rent, you can be very specific about the types of tenants you would like to attract and retain. Let’s say you bought one or more Turtle Rock townhomes for sale near UCI. You can direct your property manager to only look for graduate students in advanced programs so you can be guaranteed high rent payments for a few semesters. Alternatively, you can also task your property manager to look for faculty staff who would be likely to extend 12-month lease contracts.
Manage Lease Contracts in HOA Situations
If your home is located in a gated community or condo building, the terms of your lease agreement will largely be subject to the bylaws of the homeowners association. If you are not a board member of your HOA, you will come to learn that renting your property is not exactly a cut and dried affair. Handling lease agreements according to California tenancy laws is complex enough on its own. Having to manage additional HOA provisions could make it even more challenging. Once property managers are retained, they take on the responsibility of answering to HOA board members.
Increase the Value of Your Property
If you believe better days lie ahead for the Irvine housing market and for your property, you can work out a strategy to derive rental income in the interim while at the same time preparing your home for future listing. With the right property manager, you can devise a maintenance and improvement plan that also includes a period of tenancy to offset some expenses.
Provide the Freedom to Execute on Your Business Plan
A full-time landlord who lives next door to the home he or she intends to manage will likely have a lot of time taken up by property management duties. If you want to explore various business opportunities aside from your rental property, you should retain a property manager. Otherwise, you will end up fixing plumbing issues, working with landscapers, collecting late rent payments, and handling complaints. Asset management is not the same as property management. Investors work on their properties, while landlords work in them. In other words, property management companies allow you the freedom to grow your business.
If you’re interested in home listings in Irvine you can turn into rental properties, make sure to connect with a trusted local agent who can help you find the ideal living spaces. Contact OC Residential today at 714-454-6304 to schedule an appointment with one of our friendly agents.