Maximizing the return on your investment (ROI) is a priority for most real estate investors in San Diego. But, how do you do that?
You partner with an expert San Diego property manager.
We’ve helped investors at every level achieve more on their rental properties, and today we’re sharing some of our best tips.
Here’s how our professional management services can help you earn more and spend less, maximizing ROI and reducing risk.
We Price Your San Diego Rental Property for Profit
In a strong rental market like the one that San Diego is currently experiencing, we will price your property at the high end of what the market demands and still find a great pool of qualified tenants who are eager to rent it. This is especially true when your property is well-maintained and in a good location.
We know what similar properties are renting for, and we understand the competition that’s on the market. We’re gathering the latest data, sifting through insights and analytics, and using a blend of our own experience with our innovative tech to deliver the right rental value. Our accurate, competitive, and profitable pricing strategy helps you increase the rent on your property, which also drives your ROI even higher.
You never want to charge too little for your San Diego rental home. Not only does this deprive you of money you could be earning now, but this mistake also makes it so much harder to bring your rents up to market levels.
Overpricing your property can be just as damaging and even more expensive. Today’s tenants are pretty savvy, and they understand the rental values in San Diego. You need your rental value to be aligned with what similar homes in your specific neighborhood are renting for. A well-priced property will always earn more ROI.
Pricing also impacts retention, and retention is a fantastic way to maximize your ROI. Good tenants understand that even when their rent goes up at renewal time, they’d be paying more to move out and rent a new property in San Diego. We always raise your rent when renewing a lease with your current residents, but we never increase the price so much that we motivate them to look elsewhere.
We Collect Rent On Time
Another way that we maximize your ROI is with a consistent and on-time rent collection process.
Sometimes, it’s really that simple.
Chasing down late rent and investing time and effort in serving notices and filing for eviction will be expensive and time-consuming. We avoid all that, and we create and enforce a process for collecting rent on time every month. It starts with good tenant screening; we won’t approve anyone with a history of eviction, judgments, or terrible rental references.
We also establish and maintain a good relationship with your residents. This helps with getting your rent paid on time and maximizing your earnings. By communicating openly and transparently with residents, we’re able to share our expectations ahead of move-in and let them know what their responsibilities are around paying rent on time.
Our rent collection policies include establishing:
- How much rent is due
- When rent is due
- Whether there are any grace periods for rent to be paid
- The exact date that rent is considered late
- Late fees and other consequences, including eviction
- How to pay rent
Online rental payments, we have found, are the easiest and most consistent for both owners and tenants. You’ll find there’s less of a chance that rent will be late.
We Prioritize Preventative Maintenance in San Diego Investments
Maintenance is perhaps the largest part of any real estate investor’s budget. This is where you’re likely to spend most of your money. And, it’s hard to maximize your ROI without a solid maintenance plan. Preventative maintenance is critical to increasing what you earn because it reduces the expense and the drama of unexpected maintenance emergencies.
At Ann Tasias & Associates, we understand that repair costs continue to rise, and it’s often tempting to put off those minor repairs.
We never do that.
We know that taking care of minor repair issues right away will save money and time by preventing larger or emergency disasters. We are responsive to every repair request that comes in. Not only does it show your tenants that we care (thereby increasing tenant retention rates), it also protects the condition and the value of your San Diego investment property.
Preventative maintenance is necessary. It also helps you earn more on your rental property. Here’s a quick look at some of the preventative maintenance matters we prioritize:
- We recommend having your HVAC system serviced once a year.
- We like to have the roof inspected regularly.
- We keep up with landscaping and pest control.
- We check plumbing and electrical systems.
- We have an entire checklist of preventative maintenance inspections that are needed during turnover periods.
All of this contributes to fewer emergency maintenance calls, less tenant frustration, and reduced deterioration and wear and tear on your property.
Investing in Improvements
There’s maintenance and then there’s renovation.
Upgrades increase rental values.
These upgrades don’t have to be extensive or expensive. They can be as minor as upgrading your faucets and fixtures. You can install some tile backsplash in the kitchen. Upgrade to LED light bulbs and energy-efficient appliances when it’s time to trade the old ones in. Even a fresh coat of paint will get the attention of tenants and make your property look new and inviting.
These things would really get the attention of great tenants and increase your rental value, allowing you to maximize your ROI and earn more in both the short term and the long term.
Consider in-unit laundry if your rental homes don’t already have it. Provide some tech upgrades like smart home devices or video doorbells.
These are the general tips that have worked for us and the investors we support. Let’s take a look at your unique rental property and see where you have room to improve and maximize your ROI. Contact us at Ann Tasias & Associates. We manage investment homes in San Diego County and the I15 corridor including Poway, Rancho Bernardo, Scripps Ranch, Rancho Penasquitos, and Mira Mesa.
