Your relationship with the property management company you choose needs to be built on trust, communication, and a shared set of responsibilities and expectations. You’re paying your property managers a monthly fee in exchange for a scope of services. If you feel like those services aren’t being provided or you’re not getting the value that you’re paying for, it may be time to re-think your relationship. (more…)
Insurance is part of your risk management plan when you own investment property in Santa Cruz. Your rental property is most likely one of your most valuable assets and it’s important to protect that investment. Insurance can be confusing, especially if you’re a new investor or you’re renting out a home that you once lived in yourself. (more…)
When you want to protect the condition of your Santa Cruz investment property and work towards retaining great tenants, you have to have a reliable and responsive plan in place to address maintenance requests. Sound maintenance practices not only keep your residents happy and secure, they also protect the condition of your investment. (more…)
Placing well-qualified residents into your Santa Cruz rental property is an essential first step in having a positive and profitable investment experience. Good tenants will pay rent on time, take care of the home, and follow the terms of the lease agreement. They’ll communicate well with you and report maintenance issues in a timely manner. (more…)
Understanding the landlord and tenant laws in California is an important part of renting out a property in Santa Cruz. To make the legal landscape even more complicated for owners, these laws change all the time. In 2020 alone, we have seen new rent control and just cause eviction laws. An eviction moratorium went into effect because of the COVID-19 pandemic. (more…)
When you’re choosing a Santa Cruz property manager, there are many questions to ask. The typical questions have to do with fees but there is so much more that goes into choosing the right manager for your property.
One of the most important things to look for is experience. That doesn’t only mean that you want a company that’s been in business for a long time. Experience covers a lot of different things, and if you can find a Santa Cruz property management company that puts its experience to work for its owners, residents, and community – you’re probably working with the right company.
Santa Cruz Property Management Experience: Local Knowledge
Local experience is particularly important. When you work with a local Santa Cruz property manager, you can be sure you’re getting up-to-date knowledge and resources that is specific to the market and the tenant pool. This will help with pricing your rental home and marketing it strategically to high quality tenants. Local property managers will understand the trends of the real estate market and how those things impact what tenants are looking for and what they’re willing to pay for a rental property.
There are many excellent real estate brands with nationwide reach. But, when it comes to managing your local rental property, we think you need a property manager who lives and works in Santa Cruz and understands the unique qualities of this rental market.
Industry Experience and Best Practices
Industry experience is important, too. You want to work with property managers who spend time staying on top of the latest laws, best practices, and industry trends. You need a management company with innovative technology and marketing. You want someone who is efficient and effective, and those are qualities that come from years of experience and continuing professional development.
Before you hire a management company, ask what professional organizations they belong to. A good start would be the National Association of Residential Property Managers (NARPM) and the California Apartment Association (CAA).
Years of experience are only a plus when they are positive. Are they actively invested in the market? What is the pay on time rate for their portfolio of tenants? What is their eviction rate? How have they adjusted to the COVID epidemic? Do they have systems, processes, and procedures that are designed to protect you and your property?
Experience with Your Santa Cruz Investment Property
It’s also important to find a company that is experienced with the type of rental homes you own. When you want to rent out single-family properties in established neighborhoods, a management company that specializes in new construction apartment buildings may not be your best resource. Talk to your property manager about the types of homes they’ve managed and why they’re different from other types of rental properties.
We have some additional suggestions on how to find a great Santa Cruz property management company with the right kind of experience. Contact us at Real Estate Eight Three One for more information.
This is a mistake. To really protect yourself and your investment property, you need to do a thorough tenant screening which should include verifying income, searching for past evictions and criminal issues, and talking to current and former landlords. (more…)
When you own some Santa Cruz real estate and you’re ready to move on, either leaving the area or buying another property or looking for other investment opportunities, you’ll need to decide whether you want to sell that existing property or rent it out.
There are pros and cons to both scenarios. Before you make the decision, consider your personal investment goals and financial position. Then, decide whether you think you’ve finished completely with this home or you still have more money to earn from it. (more…)
Santa Cruz’s geography, population, and economy makes it a unique rental market. You can’t really measure how your property will perform by looking at national or statewide data. Many of the rental property owners we work with want to know how long it will take to rent out their investment home.
Typically, that answer will depend on a number of factors, which we’re discussing today. (more…)
Rental property maintenance is one of the most important responsibilities for any Santa Cruz property manager or landlord. If you’re managing your own property, make sure you’re prepared to take care of it. You’ll have to respond to emergencies as soon as they occur, and you should be just as responsive to routine repair requests so your tenants understand that you care about the property and their needs. (more…)