Selecting Top Property Management: A Guide for Investors

Any successful real estate investor will tell you that good property management in Marin is the key to maximizing what they earn on their properties. You rely on the experience, the resources, and the technology of your property manager to effectively lease, manage, and maintain your investment.

But, it has to be good property management.

How do you know who to choose when you’re looking for a property management partner?

Here’s our guide to selecting a top property management company in Marin, CA.

Start with Researching a Marin Property Manager’s Reputation

Thanks to our immediate access to any information we need, you can go online and get an idea of how a company does business within minutes. This can be problematic in some ways, but it can also be extremely helpful when you want an idea of what people think.

Reputation is going to tell you a lot about what it’s like to work with a Marin property management 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. Find out what tenants have to say, too, because ultimately you’re going to count on them to establish sound tenant relationships.

Read online reviews
Check out featured testimonials
Take a look at the company’s website and social media sites

See what people are saying. If there are any negative reviews, take a look at how the company responds to those. Are they responsive? Professional? Defensive? Combative?

While we’re on the subject of reputation, you can usually count on a property manager who has strong association memberships within the industry. 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 Marin community and they know how to network and build relationships.

Marin Area Property Managers and Local Expertise

We’re going to talk about the importance of experience in a moment. Expertise is something different. You might have a lot of experience playing golf, for example, but would you call yourself an expert?

You’re looking for local expertise when choosing a property manager.

A local presence is critical. You need a local property management company that understands the rental rates, the real estate trends, and the tenant pool. You can benefit from property managers who live and work in the same communities as your investment properties. It provides a unique ability to deliver expertise that improves several processes, including:

Pricing
Marketing
Screening tenants
Handling routine and emergency maintenance issues

You also need expertise around the local laws pertaining to fair housing, security deposits, leases, and Section 8 housing. An expert won’t allow mistakes to be made; you and your property will be kept in compliance, thus reducing your risk and liability.

Marin, CA Property Management Experience

Once you’ve found a short list of local 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 their experience in property management match the type of experience that you need?

A lot of management companies will promote the number of years they’ve been in business. That can usually build up some solid experience. But, more important is the type of property management experience they have. What kind of properties do they work with? If you rent out luxury homes, you want to make sure they have worked with luxury tenants before. A commercial property expert won’t be much help if you’ve got five single-family residential homes to rent out.

Talk about experience, and ask for examples of the rental homes they’ve managed in the past and currently manage now. You want to hear their success stories, but you also want to know about the challenges they’ve encountered and overcome.

Evaluate Property Management Systems, Including Technology and Communication

When you’re choosing a property management partner in Marin, CA, you want to know how they work. Are there consistent procedures in place? Do they automate what they can in order to save time on daily tasks and focus on tenant retention and investment planning?

Here’s what you want to ask about:

Technology. An investment in property management technology is essential. You want a management partner who understands 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.
Communication. You want to know they can communicate with you when you need them to. If you’re an out-of-state owner, online communication will be especially critical. If you’re someone who likes in-person meetings, make sure your property manager is equipped for that. Find out how they communicate with tenants.
Accounting. Are there online portals that allow for easy and convenient electronic 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.
Maintenance. One of the most critical roles of a property manager is to maintain your property. A good maintenance policy will protect your investment’s value and condition. Responsive maintenance also keeps good tenants in place. Ask about vendors, whether you’ll be notified before a repair is made, and if maintenance reserves are required.

Choosing a property manager for your Marin, CA investment property is important. This is a relationship that should make your life as an investor much easier. It should help you be more profitable and less stressed.

We’d love to tell you about the benefits of working with us. Please contact us at Bayside Management. We lease, manage, and maintain investment properties in San Mateo and around the Peninsula, including San Carlos, Redwood City, Pacifica, San Bruno, Half Moon Bay, Daly City, Mountain View, Foster City, and Palo Alto.