Investing in real estate in Encinitas, California is one of the most lucrative financial decisions you can make, but finding the time to handle the day-to-day responsibilities of managing a property can be daunting. That’s why finding the right property management company or independent contractor is crucial to your success. Whether you own a multi-unit apartment building or a single-family home, a reliable property manager will help you collect rent, choose tenants, market to customers, and maintain the quality of the property itself. The following are some tips you can use to make the right choice.
Get Referrals
Like choosing a dentist or construction contractor, some of the most reliable choices for property management in Encinitas will come from other investors in the area you already know. The key here is to get referrals from multiple sources as each individual recommendation could be biased for a variety of reasons. If one individual or company is recommended by more than one industry colleague, you can be more confident that they’ll provide reliable service.
Check Online Reputations
Whether or not you get quality referrals from other investors, it’s important to do your own online research. There are a variety of Internet resources you can use to check the reputation of Encinitas property managers, including social media, review websites, general searches, and the manager’s own website. No individual review should hold enough authority to persuade you one way or another, but absorbing a lot of information will give you a better idea about the reliability of a candidate.
Interview Potential Choices
Once you’ve narrowed down your choices, it’s time to start performing interviews. You’ll want to ask a variety of questions when speaking with potential candidates to find out how informed they are. A quality candidate will answer your questions thoroughly and provide insights that exhibit their experience in the industry. Managers that are evasive or seem unwilling to speak about certain topics should be avoided. During this process, you want to make sure the philosophy of potential managers fit with your objectives as an investor.
Check for Licenses and Certifications
Property managers throughout California are required to have a real estate broker’s license. When finding Encinitas property management companies, you should request proof of this license. You can check with the California Department of Real Estate to find out if a license is currently valid. While other certifications aren’t required to manage properties, you might feel better about a manager if they’ve obtained recognition from certain organizations like the Institute of Real Estate Management or the National Association of Residential Property Managers.
Examine the Management Agreement
Before signing the final paperwork that hands over authority to your new property manager, examine the management agreement as thoroughly as possible. The agreement should clearly define all of the responsibilities of the manager, so make sure the terms you discussed with the company or individual match the actual agreement. You should also make sure that all fees are clearly explained. You have the right to hire a lawyer to examine the agreement as well.