Investing in a Visalia rental property can be a financially rewarding endeavor. However, managing a rental property is complex, especially in California, where there are detailed laws that govern how you lease, manage, and maintain an investment. Managing your rental property is not just about collecting rent and scheduling plumbers. There are a lot of details that go into running a successful rental property, and it’s not always easy to do it all on your own.
You need a Visalia property manager.
How do you decide who to work with?
Whether you own one rental property or an entire portfolio of investments, you need a professional team that’s experienced, capable, and responsive. There are a lot of things to look for when you’re making your choice. Let’s focus on a few of the most important things to look for when you’re choosing a Visalia property management company.
Ask for Referrals and Research Reputation
Reputation is going to tell you a lot about what it’s like to work with a particular company, and you should take some time to research a company online and within the property management industry. Find out what other owners have to say about their experience with the management company you’re considering.
Ask for referrals. The best way to find a good property manager is to ask other investors and property owners about the experiences they’ve had with property management partners. Word-of-mouth recommendations are one of the best ways to find a good property manager.
Read online reviews and dig through testimonials. Take a look at the company’s website and social media sites, and see what people are saying. If there are any negative reviews, take a moment to consider how the company responds to those.
Credentials and relationships are important, too. You always want to work with a company that has strong association memberships. The National Association of Residential Property Managers (NARPM), for example, holds its members to high ethical and educational standards. Involvement in organizations and professional groups tells you that they care about the Visalia community and they know how to network and build relationships.
Look for Visalia Property Management Experience
Once you’ve found some property managers who are reputable and seem to have informative and educational websites and social media, you’ll want to look at their experience. Does it match what you need?
When it comes to Visalia property management, experience matters. Look for a property manager who has years of experience managing properties in the local area. You’re looking for a track record of success and specific experience that meets the needs of your property or properties.
Don’t be too impressed by the number of years they’ve been in business. That kind of experience is important, of course, but more important is the type of property management experience they have. Do they know the Visalia rental market well? Local management is essential when it comes to establishing rental prices, marketing your home, and dealing with things like rent control, evictions, and security deposits.
You also want to choose a company that has experience with your particular type of property. A commercial property expert won’t be much help if you’ve got five single-family residential homes to rent out, for example.
Talk about experience, and ask for examples of the rental properties they’ve managed in the past and currently manage now.
Technology Facilitates Better Communication and Transparency
Talk about communication. A good property manager should have open lines of communication with you, the property owner. They should be available to answer questions and concerns, and should also keep you updated on the status of your property. Make sure to choose a property manager who values communication and understands your goals for your property.
You want to know they can communicate well with your tenants, too. A good property manager is responsive and available to your residents, whether they have a concern about the property or a question about rent. When tenants cannot get in touch with their property manager or they feel like they’re not being heard, they’ll likely leave at the end of the lease term, leading you to an expensive vacancy and turnover period.
An investment in property management technology was once a nice feature, and now it’s absolutely essential. It means those property managers understand the importance of technology in efficiently leasing and managing your home. Ask about the systems they have in place for screening, rent collection, maintenance requests, and lease renewals. With the right property management software, a lot of this can be automated and it also keeps everything more transparent for you.
Talk about property management accounting systems, too. Are there online portals that allow for online rental payments? There should be, and you should receive your rent within days if it’s deposited electronically. Talk about statements and financial reports. What can you expect? Following your income and expenses is not only important at tax time but also in evaluating whether your property is performing the way you expect.
Good technology and open communication leads to more transparency and accountability. These are good signs in a property management company.
Find a Visalia Property Manager Who Protects Your Investment
A good property management partner will also ensure your rental home is protected.
You need to know your property will be safe from damage, bad tenants, and deterioration. You want to work with a team who has a plan for every possible situation.
Ask a potential property manager what they do if a tenant breaks the lease early. Find out how they serve notices if rent isn’t paid. Ask about their screening process and take a look at their move-in inspection forms.
How well do they know California’s rental laws, and what do they do to stay up to date on those laws?
These are just some of the things you should be looking for when you’re hiring a property management partner in Visalia. If you’d like to talk through your questions with us, please contact our team at The Equity Group.