The real estate market in Roseville is believed to have reached its peak and properties are extremely expensive. It has actually become impossible for beginner investors to acquire properties in the area because prices are literally unaffordable. However, those who have enough capital to acquire rental properties in the area are in luck because rental rates increase year after year.
It is true rental properties are very profitable in the area, but you must hire a reliable Roseville property manager to look after your investment if you want to maximize rental returns. Property management is extremely competitive in the area and it can be difficult to manage your investments effectively by yourself, unless you are a professional property manager. On the other hand, hiring a dubious person to take care of your rentals can really make you regret having invested in the area because tenants are very cautious about their interests and expectations. Any violation of the laws established to regulate tenancy in the area can result to expensive lawsuits and huge penalties.
Having said that, you should be very cautious when hiring a Roseville property manager because the company you hire to take care of your investments determines the amount of rental income you are going to get at the end of the month.
1. Should be a local property manager
I always go for local property managers and local property management companies because they understand the local market than non-local property managers. Tenants in the area are very selective and the only way to avoid regular tenant disputes is by hiring a local property manager or management company that understands their needs. More so, local property managers are conversant with the housing laws that regulate tenancy in the area and how to avoid getting into trouble with law enforcers. Generally, a local property manager is likely to offer better services than non-local property managers do.
2. Must embrace accountability
Accountability is a very important aspect in property management and you shouldn’t compromise that. A good property manager should be able to account for their achievements and any action they take. You want a property manager who will keep you informed about the money they have spent on repairs and renovations, marketing, legal fees, tax and other fees deducted from my monthly rental income. In other words, the property manager should be able to explain to you any activity and action they take as long as it affects your investments.
3. Should have standard operating procedures
You should be very categorical about the procedures that the person you hire to take care of your investments will use. All property managers should have clear and practical operating procedures. In other words, the property manager should explain to you how they would be filing taxes, designing tenancy agreements, screening tenants, inspecting properties and the financial system they are going to use. In other words, their operating procedures should match with your expectations for an ideal property manager.
4. Ability to screen tenants
You need to be very cautious about the type of tenants that live in your investment property. Therefore, the person you hire to take care of your rental property should be able to screen potential tenants and accept only those who are reliable and trustworthy. Additionally, the property manager should be able to resolve tenancy disputes whenever they arise amicably, without involving me or having to evict a tenant. Generally, the property manager should be able to avoid tenancy related disputes and represent me whenever there is an issue to solve.
5. Should have a good reputation
For you to qualify as my property manager, you have a history of excellence. I am aware that potential tenants are attracted to properties that are managed by a manager who has a good reputation because they are sure they will get quality services. Tenants in the area pay a lot of money for housing and they expect to get total value for their money. To avoid high vacancy rates in my rental properties, my property manager should have a good reputation in the area based on his/her past services.
6. Should be a good listener
You should be clear-cut about how you want your property managed and the person or company that you have hired should be able to help you do exactly that. The property manager should therefore be able to listen to your instructions from day one and respond accordingly. Additionally, the property manager should be able to listen to tenants queries and respond to their demands promptly.
7. Should be a good leader
Often property managers do not work alone, but have other employees that help in delivering different services. In that case, the manager should be able to lead and guide members of his/her team to offer excellent services. You should also be concerned about the support team that will be working with the property manager and whether he/she is always in control of the support team.