Partnering with a Marin County property management company is essential when you’re crafting an investment strategy and looking for ways to earn as much as possible on your real estate investments. Whether you’ve been investing for years or you’re new to renting out properties, property management can have an enormous impact on what you’re able to accomplish with your existing portfolio and with the properties you eventually acquire.

We know several real estate investors and landlords who lease, manage, and maintain their own rental properties. If you’re going to do it on your own, make sure you have at least a little experience, a good network of vendors and contractors, and reliable experts you can reach out to if you run into a problem.

Whether you’re working with professional property managers in Marin or taking care of your own property, we’re sharing some essential tips today that will ensure you have a better and more profitable investment experience.

Educating Yourself on California’s Landlord Tenant Laws

Here’s why we always recommend that you work with a professional property manager: renting out property is risky. Especially in California.

This is one of the most tenant-friendly states. There is a long list of tenant protections that you need to be mindful of. Complying with these laws may seem easy enough, but you can also make a simple mistake without realizing it, and that simple mistake can lead to expensive penalties.

One of our most important tips is to understand local landlord-tenant laws. Get to know the basics before you begin renting out your property, it’s important to familiarize yourself with the local landlord-tenant laws in Marin, CA, which include:

Rent control
Just cause eviction
Security deposits
Section 8 tenants
Habitability standards
Organic waste recycling
Fair housing

Not only are the laws complex, but they’re also constantly changing. Get to know the guidelines and put all the plans and processes in place that you need to ensure compliance.

Tenant Quality is Critical…and So Is Retention

Screen potential tenants thoroughly. This is a huge piece of property management advice that will help you have a more peaceful and less frustrating experience as a real estate investor. When your tenants are paying rent on time, taking care of your property, and following the terms of the lease agreement, you’re having a better rental experience. You may not realize it, but you’re having a more profitable real estate investing experience, too.

Bad tenants cost you money. They leave property damage behind. They’re late paying rent. They push the limits of your lease by sneaking in unauthorized pets, painting the walls without permission, or neglecting to report the maintenance your property needs.

Prioritize tenant screening. This is essential to ensure that you are renting out your valuable investment to well-qualified individuals. Good screening includes checking for prior evictions. You’ll want to verify income and document past addresses to be sure they match the background reports you collect. Look at credit; you don’t necessarily need perfect credit, but you don’t want to see an irresponsible financial history, and you definitely don’t want to see a record of money owed to former landlords or apartment buildings.

Once you have excellent tenants in place, do what you can to retain them. Avoiding vacancy and turnover costs is an excellent way to earn more on your rental property. If you’re working with a Marin property manager, you can expect them to focus on tenant relationships and responsive maintenance so that your residents are likely to renew their lease agreements year after year. This creates stability for your investment and saves you a lot of money on the turnover process.

Protect Your Investment by Prioritizing Maintenance and Investing in Improvements

Smart real estate investors will tell you that repair issues do not get easier or cheaper with time. Property managers will tell you the same thing.

Don’t put off the maintenance that your property needs. Respond to tenant maintenance requests right away. It’s good for your tenant relationship and it’s good for the condition and the value of your property.

Properly maintaining your rental property is essential to ensure that it remains in good condition and to minimize the risk of expensive repairs later on. Regularly inspect your property for damages and address any issues promptly.

It’s more than maintenance. You need to invest in upgrades and updates from time to time to increase the rental value of your property and ensure you’re able to continue attracting the best tenants to the home.

Working with Marin Property Managers

Consider hiring a property management company, even if you’re confident that you can manage your rental property on your own. Do you want to? Would you rather identify as a real estate investor or a landlord? Keeping up with rental properties, legal obligations, and tenant needs can often feel like a full-time job – because it is. You probably have better things to do.

In addition to saving you time, professional property management will provide a more thorough, more experienced way of taking care of the issues that may come up at your property. You can leverage the technology, resources, experience, and professional networks that a property manager brings to the table.

Managing rental properties can be overwhelming, especially if you own multiple units or if you’re working hard to continue growing your real estate portfolio. Consider hiring a professional property management company to handle day-to-day tasks like rent collection, maintenance requests, and tenant communication. This will free up your time, minimize stress, and ensure that your property is well-maintained.

Managing properties in Marin, CA can be a challenging task, but by following these essential tips, you can ensure a successful experience. Remember what we recommend: stay up to date with local landlord-tenant laws, screen potential tenants thoroughly, prioritize maintenance and repairs, and think hard about the value of hiring a property management company. With these strategies, we’re confident you can take your real estate investment to the next level and achieve long-term success in Marin County.

We’re here to help. Contact our team at Bayside Management and we’ll talk about how we can help you have a better property management experience.

Founded in 1982 in Marin County, Bayside Management has expanded to offer full-service San Mateo property management to the entire San Francisco Peninsula. We manage single-family properties, multi-unit complexes, commercial properties, and homeowner associations.