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Property Management & Real Estate Blog
Thursday, November 13 2014

Today we are talking about effective communication skills and how a valued San Diego property manager should respond to property owners. In order to provide the highest service possible and keep a property as a high producing asset, it is imperative that the valued San Diego property manager always employ effective communication skills. So there are three points we would like to bring up.

Utilize All Communication Tools

A good property manager will communicate across all venues. Nothing should be off the table. That means we should use all the available communication tools. This includes office phones, cell phones, sending text messages and emails. We also need to be willing to communicate in person when necessary. Don’t limit yourself to communicating in one way. Use all your tools.

Response Time

It’s also important to pay attention to your response times. The best response time is spontaneous. What I like to say this means is that you pick up the phone and create an answer and resolve issues right away. Spontaneous is always best, but it’s not always possible. Make sure you respond as quickly as you can with tenants or owners. It’s rarely acceptable to respond to a property owner later than the same day.

Documentation

Keep records of any important communication. This is relatively easy to do when you have state of the art cloud based property management software. At Cassidy & Associates, we simply make a note in the file, and we can do this via iPhones, iPads and computers.

These are the three best ways to be an effective communicator as a Property Manager. If you have any questions, or you’d like more information on outstanding communication strategies, please contact us at Cassidy & Associates Real Estate and Property Management Services, and we’d be happy to help you.

Posted by: Tim Cassidy, J.D. AT 01:32 pm   |  Permalink   |  Email
Thursday, November 06 2014

We are talking today about how to provide a memorable San Diego vacation rental experience. Keep in mind the guests who arrive at your property are there to have an extraordinary vacation in San Diego. As the host, you need to come from a place of hospitality and concierge assistance. There are three things we want to point out that will provide the best and most memorable San Diego vacation experience for your guests.

1. Clean, Clean, Clean
Guests, and even tenants, absolutely insist on staying in a clean property. Provide the cleanest vacation rental possible.  This means you have to hire the best and most reliable housekeeping service you can find. After it’s been cleaned, you need to inspect it and then inspect it again. Keep checking on your property to ensure you are providing the cleanest, best looking vacation rental that you possibly can.

2. Updates

Your property has to have all the necessary updates and modern conveniences. This means your amenities must be updated, your appliances must be the best and you should provide newer bedding, furniture and flooring. Everything has to be recent and fresh throughout the house.

3. The Welcome

Remember that your guests have traveled to get to your property, and they’ve usually traveled a far distance.  They are probably tired and when they get into the property and arrive for the check in, they want to collapse in an oasis of comfort and warmth. That oasis should include gifts like champagne, wine, chocolates, flowers and other details that make them feel welcome. Everything in the house should be opened up for them. If there’s an ocean view or a bay breeze, make sure the windows are open. If it’s hot, have the air conditioning on. Everything has to be fresh and looking good.

Another thing to keep in mind when you’re renting out a vacation home is that maintenance and communication are essential. Your communication must be spontaneous or as close to spontaneous as possible. This is a vacation property, so answer the phone right away and take care of any issues immediately. There shouldn’t be any maintenance being completed in the property while there is a guest present. If an emergency maintenance issue occurs, make sure it’s repaired by the best contractors and make it fast. They should be in and out and not disrupting your guests.

If you’d like to see an excellent example of a vacation home, go to Vacation Rentals by Owner – VRBO.com and check out property 514820. This is a Cassidy & Associates vacation rental and it’s a good example of how to present your property and ensure your guests have a memorable stay.

Please contact us at Cassidy & Associates Real Estate and Property Management Services if you have any questions, or you’d like to discuss you r own vacation rental property.

Posted by: Tim Cassidy AT 09:26 am   |  Permalink   |  Email
Wednesday, October 29 2014

Today we are going to talk about how to set accurate rental rates for your property in San Diego. We all know it’s critical to maintain competitive rental rates in order to preserve the value of the asset and your cash flow.

There are three specific methods that we use here at Cassidy & Associates when we are helping people set a price for their rental property.

Rental Rates under Contract

First, we look at recently placed tenants who are living in similar properties to the home we are pricing. We look at what that rental rate is once the property is under contract. That determines an actual rate and we know what the tenants are paying to live there.

Asking Prices

Another part of our pricing strategy is to go online. We take a look at all the sites that list rental properties, such as Craigslist, and we check for similar properties in a geographically close proximity to ours. This tells us what owners and managers are asking for the property. Other property management companies or mom and pop do-it-yourself landlords may be responsible for coming up with these prices, and it helps us to know what’s being asked.

Technology

We have state of the art software that is cloud based and specific to the property management industry. This innovative software is able to go into other property management organizations and look at exactly what the rental rates are for similar properties the area that are under contract with these property management companies. It helps us to price our rental homes competitively.

These are the three methods that allow us to establish competitive and accurate rental rates. As we said at the beginning of this blog – it is critical to maintain competitive rental rates in order to preserve your property’s value and encourage cash flow.

If you have any questions about setting your rental price, or you’d like to try one of our methods, please contact us at Cassidy & Associates Real Estate and Property Management Services, and we’d be happy to help you.

Posted by: Tim Cassidy AT 12:16 pm   |  Permalink   |  Email
Saturday, December 28 2013

Posted by: Tim Cassidy AT 08:11 am   |  Permalink   |  0 Comments  |  Email
Wednesday, April 03 2013

 

Many San Diego landlords find themselves wondering if they should remodel their property, or keep their rentals in as-is condition. The answer really depends on the condition of the property. Whether it is serviceable to begin with will determine how much remodeling you need to do. Before you decide, do a thorough inspection. Look at all the components and systems. Make sure everything works and operates easily and properly. 

 
Once you have completed your inspection, make the necessary repairs, replacements and upgrades, and take care of any safety items. Your repairs are things such as leaky faucets, problems with the irrigation system and other issues that can be fixed. An example of a replacement might be a heater that has stopped working. Minimal upgrades should be made until you decide how much remodeling you want to do. Safety issues include checking smoke detectors, carbon monoxide detectors and all the locks on your doors and windows. 
 
Once you take care of those minimal needs, you have to decide if you want to invest additional money remodeling the kitchen or putting in an extra bathroom. The equation to keep in mind is this:
 
Cost of upgrade vs. anticipated increase in rent
 
For example, if you are spending $20,000 to $25,000 to completely remodel and upgrade your kitchen, including appliances, cabinets and everything else, you have to consider how much more that upgrade will allow you to charge in rent. The rate of return should be considered monthly as well as annually. If your math shows that this kitchen upgrade will bring you only $100 more in rent every month, that big project might not be worth it. However, if you calculate that a remodeling project will earn you around $350 per month in additional rent; it’s something you might want to consider. 
Another consideration is the condition prior to the remodel. If everything looks good and works well, it might make sense to keep it that way until a remodel and an upgrade becomes necessary because part of your property is no longer serviceable. 
 
If you have any questions about whether to remodel or keep your rental property as-is, please contact us at Cassidy & Associates Real Estate and Property Management. I would be happy to come and take a look at your property, and help you decide whether a remodel is in your best financial interests.
Posted by: AT 05:17 pm   |  Permalink   |  Email
 

Kevin T:  "Once again, Cassidy & Associates have exceeded my wife and my expectations and have provided us with a beautiful place to stay."

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    San Diego, CA 92117

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