Do you have rental properties in Silicon Valley? Are these properties already occupied? Will you benefit from hiring a property manager?
Well, the short answer is a solid “maybe” and that’s because you might not need ALL the services of a property management company.
For instance, if your Silicon Valley rentals are occupied by long term tenants, then you won’t need tenant screening. And tenant screening is one of the most critical services that could get a novice landlord into trouble since most of them are ill-prepared to handle the challenges with identity theft and privacy issues that rental applicants can pose.
Another reason you might need a property manager is the age of your rentals since if they have deferred maintenance issues, you could get consumed with request for repairs. In fact, we inspect our older rentals much more frequently that the one’s which are 10-20 years old since we do not want our clients to be surprised by large repair requirements.
In fact, we recommend reserve funds to be set aside on older properties to cover plumbing, appliance and other repairs that are common to older properties.
Finally the most important reason you might want to hire a property manager is your proximity to your rental properties. We often hear from the immediate neighbors of our rental properties since we have made a point of introducing ourselves to them and given them our contact information. So, if the tenants has loud parties or unruly pets, they will contact us and we often hear from them.
And if you are not local to your rental properties, you could fall victim to rental scams where your properties are advertised on CraigsList without your knowledge and scammers collect application fee from un-suspecting applicants.