The Santa Cruz rental market has always been complex, and this last year has certainly been unique.
While we can absolutely understand the amount of anxiety and hesitation around the challenges that are due to economic shifts and the unexpected global pandemic, we don’t think this means anything negative for the 2021 rental market forecast.
That’s because there are also opportunities. Whether you currently own rental homes in Santa Cruz or you’re thinking about investing, there are some important things to consider when thinking about the state of things and how you can make them work for you. (more…)
No one wants to leave their Santa Cruz rental property vacant for longer than necessary. Not only does it deprive you of rental income, it also leaves your investment at risk.
The dangers of leaving a rental property vacant are more than financial. A long vacancy delivers several additional problems and unintended consequences. You’ll have to pay out-of-pocket for things like utilities and landscaping. You also have to keep the property secure and free from squatters, vandals, and other potential criminal activities. The appliances aren’t being used and there’s no one in the home to let you know when a leak is sprung or something starts to deteriorate.
Don’t put your property at risk for long vacancies and the dangers that come with them. Here’s how you can protect your Santa Cruz investment home. (more…)
Evicting a tenant in Santa Cruz is more challenging than it once was. There are a number of protections in place for tenants who are struggling to pay their rent due to the COVID-19 pandemic. You have to be aware of those before you begin an eviction process.
Even outside of the pandemic, eviction in California requires you to have just cause, otherwise you may find yourself responsible for a relocation payment to your tenants when you make them leave. The most common reasons you can legally evict a tenant in Santa Cruz are:
There’s currently a federal moratorium on evictions for tenants who cannot pay due to the pandemic. California has its own law in place, which protects tenants from eviction if they sign a declaration that their financial hardship is due to the pandemic and if they agree to pay a percentage of the rent that’s due.
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.
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 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?
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.
When a tenant needs a minor repair or a maintenance issue taken care of, we ask that they put their request in writing and forward that request to us. If they would prefer to, they can also go online and make a maintenance request that way. It works well for both the property manager and the tenants when requests are documented this way. (more…)
411 Capitola Avenue
Capitola, CA 95010
DRE #01526597
The Corporation is Capitola Financial
Corporation DBA Real Estate Eight Three One