How the Right Property Management Consultants Lead You to Make the Right Choices
Multi-family property owners in the Bay Area have more challenges these days than ever before. The Covid-19 pandemic has changed everything in an already complicated investment real estate market. Keeping up with evolving rental housing ordinances, eviction moratoriums, and possible new Just Cause for Eviction provisions are just the tip of the iceberg.
Chances are, as an investor in Bay Area real estate and multi-family property owner, you just don’t have the time, patience and/or hands-on experience for all of this. Enlisting the help of an expert property management consultant and specialist can yield big dividends in a number of ways.
Astute Rental Property Owners Understand That Professional Management Consultancy Services Save Them Time, Money, and the Likelihood of Facing Expensive Lawsuits.
In areas known for stringent rent control and residents’ rights like San Francisco, Oakland and Berkeley, property owners – especially those owning multi-family properties – need someone on their side to provide guidance and strategic thinking around areas like rent control.
As an example, your best approach is to raise rents when it is legal to do so and by as much as each local jurisdiction will legally allow. When your units are renting at less than market value, this can come back to haunt you if/when you decide to sell the property. Investment properties are valued based on cash flow. A property management consultant like Oakland-based Edrington & Associates, one that also has a successful history of working with Rent Boards, can more than justify a retainer fee.
In fact, great property management consultants can provide guidance that can substantially increase the ability of your property to generate cash flow and long-term revenue with the knowledge they possess and the relationships they have forged. The best property management consultants go one step further, as they often know about and communicate proposed new legislation ahead of time. Did you know, for example, that there is a bill moving through the California State Legislature seeking to limit the security deposit rental property owners can seek?
Rental property owners who are also savvy real estate investors certainly don’t want to miss out on opportunities and options of which they may be unaware.
Property Management Consultants Make Sure You Get the Right Residents (and Help You Avoid the Wrong Ones).
Since the origination of the pandemic, you’ve probably heard stories like residents not paying rent while parking a brand new car in their reserved parking spot. When property owners partner with property management consultants who truly are specialists, it eliminates the fear of finding yourself with a nightmarish resident. Although eviction moratoriums have mostly ended, additional residents’ rights ordinances being proposed are seemingly never-ending.
Finding quality residents isn’t always easy, but when your units are being advertised at market rent and your screening processes are thorough (also a value added benefit that a good property manager consultant provides) you are already on more solid ground.
Property management consultants are often investors themselves, and so they know the importance of minimum credit scores and monthly income, deposits, pet policies and associated deposits, reference-checking procedures, development of solid/legal rental agreements; and right to inspect the current living quarters.
If you have existing residents that are difficult to manage, property management consultants know how to manage them and provide guidance on documentation and ultimately, the right solutions.
Fact: if necessary, an eviction may well exceed $25,000, not to mention your valuable time. Proper screening will probably run less than $100. Enough said.
Property Management Consultancy Is a Specialty That Also Applies to Code Enforcement Actions and Inspections.
Rental restrictions and regulations apply to all rental property owners, all of the time. There are countless rules and regulations regarding rental properties in the Bay Area, and it is unlikely that even larger property owners understand all of them. The best property management consultants do, however. It’s also very likely that your residents do, too. The best property management consultants – like Edrington & Associates – want to help you make sure that you don’t get sued by them.
The guidance of an experienced property manager consultant can help you avoid running into legal problems on your property. And when you do need to address a notice of violation, they can also help you resolve the issue more quickly and efficiently. Remember: unresolved issues and violations will most likely lead to additional costs.
A Property Manager Consultant Knows How to Establish Maintenance Programs That Work.
Every rental property needs to be properly maintained, clean and in good working order. You want renters who will let you know of any issues right away, and communicate this to them. As with unresolved code enforcement issues, unaddressed maintenance issues, and lack of scheduled maintenance just gets more costly over time.
You also need to know that as a property owner you are responsible for every maintenance resource you hire, whether full-time or contract, and that they will be on your property and in your renter’s units. Remember: they can and should be screened, too. Edrington & Associates can do that for you.
When faced with developing or shoring up maintenance practices on multi-unit properties, the best property management consultants can step in and add the additional experienced resources to get it done. It’s just one more tangible way that property management consultants add value to and help protect your investment.
Edrington & Associates: If We Can Help You Save Hundreds of Thousands of Dollars Worth of Problems, Securing Quality Residents, Solutions for Problem Residents, and/or Minimizing Maintenance Costs, We’ve Done Our Job.
Edrington & Associates is exactly the kind of trusted property management consultants that smart property owners turn to because of our comprehensive experience. We know how to avoid problems, and we think like investors (because we are). We help you manage everything from:
- Legal Conversions of Condos
- Designing, Building and/or Legalizing Accessory Dwelling Units (ADUs)
- Rent Increase Legality
- Code Enforcement Actions
- Notice of Violations & Corrections
- Compliance
- Zoning Issues
- Building Permit History
- Habitability Inspections & Reports
- Property Valuations
At Edrington & Associates, we know how important it is to maximize your investment property because we’re real estate investors ourselves. When you’re looking for additional expertise and guidance, we thrive on helping clients evaluate different approaches to make informed decisions about their investment properties.