Encinitas is an exciting place! Picturesque views, ocean-front living, and a mild climate make it an in-demand place to buy and invest. You’ve decided to invest in one of the best rental markets in the nation!
You want to make sure that you find someone who will help you take care of that investment and get the most bang for your buck. Property management can be a complicated business—which is why you don’t want to do it alone. How can you be sure that you’re choosing the right Encinitas property manager? What should you be looking for? Here are five traits that you’ll find in any effective property manager.
1. The Right Property-To-Staff Ratio
Look for a property management company that has the right ratio of staff to properties. This ratio is vital in more than just real estate investing; you want to find a school with fewer students to teachers, for example. A property manager that keeps this ratio lower can dedicate far more attention and energy to each property. Your tenants will get more attention, and you’ll get more attention. This attention has some practical benefits as well: a property manager that isn’t over-extended will be able to do much more. Keep in mind that the right amount of staff isn't always more staff!
- The right amount of staff means frequent and reliable inspections.
- A better ratio means your property manager can address maintenance problems quickly.
- A correctly-staffed property management company can handle tenant concerns with a faster turnaround.
- You’ll receive more responsive communication and individualized attention with the correct number of staff. This responsiveness will help to make your investment experience a better one.
2. The Right Skills
An excellent Encinitas property manager will demonstrate patience and good listening skills. They will show these skills to you and your tenants. Real estate investing is a partnership that gets more complex when you add a property manager to the mix: they must value the time and concerns of both you and your tenants. Your property management team should be giving you individual attention—not trying to shove you out the door right away! Your time and money are important, and your property manager must respect both.
Tenant interactions can sometimes be volatile, especially when dealing with maintenance and money issues. A good property manager will have the people skills to navigate these potentially explosive scenarios with minimal trouble. A skilled Encinitas property manager helps keep your tenants satisfied, and satisfied tenants will keep your properties earning money.
3. The Right Credentials
It’s also crucial for a property management company to have the right credentials. Certifications can be a signal that they are operating above board and that they have the proper oversight to keep them accountable for what they do—or fail to do. In many cases, this can also allow them to provide services that they would be unable to do so otherwise. There are many national certifications that you can look for which signal that a property manager has met specific criteria.
- Certification through the National Association of Realtors
- Residential Management Professional certification through the National Association of Residential Property Managers (NARPM)
- Certified Property Manager certification through the Institute of Real Estate Management (IREM)
These are all examples of certifications expert property managers might have. You also want to look for a government-issued real estate license. In California, this means looking for a BRE number. This number identifies a real estate license granted by the California Department of Real Estate.
4. Clear Policies and Procedures
A competent property manager will be transparent about their policies and procedures. You want to be straightforward and open about the mutual expectations that you share with your tenants. Ensuring that you have the same relationship with your property manager is just as important.
The property manager you choose should be clear about their values and mission and how they organize and operate their business. You should be able to get a good sense of what guidelines will shape decisions that your property manager makes about your properties. You should also have a clear understanding of what you can expect from them and what they’ll need from you. Transparency will go a long way towards ensuring a mutually successful relationship.
5. The Knowledge to Price Things Right
Finally, you want to make sure that your Encinitas property manager understands how to price a property correctly. Your property is an investment! You want it to rent fast and act as a reliable source of income. Any Encinitas property manager that you choose must have an understanding of how to price a rental property to ensure that it rents consistently and quickly.
The right rental rate also maximizes your income. This “Goldilocks Rate” isn’t always an easy thing to nail down: the property manager you choose should have the skill and experience to do this well. This ensures you can be confident that you are getting the best return on your investment.
Choose an Expert Encinitas Property Manager to Secure Your Investment!
Choosing that best property management company for your properties can seem like quite a lot of work. It can be a challenge to handle all the research necessary, but making the right choice is imperative.
When you’re looking for your perfect property management partner, look no further than Raintree Property Management. We’ll bring the right staff, the right skills, the proper credentials, and the right knowledge to work for your properties. Let us put our technology-driven approach to property management to work for you! Get started today with our FREE guide: "How to Choose the Best North County San Diego Property Management Company!"
