Successfully managing your real estate investment in Walnut Creek, CA means relying on the resources and expertise of a local property manager. If you don’t already have someone who can advise you on your rental properties, work with a management team that can help you reach your goals and make smart decisions before you buy and during your time as an investor. These three tips represent the sort of advice you should be receiving from your property management company.
Watch Local Trends
A good property manager will understand the local market and help you with details like pricing your property, making updates that tenants are looking for, and buying homes that are in desirable tenant neighborhoods. With all the development and activity in Walnut Creek, you need to know what your competition will be and how to find the best, most qualified tenants. Knowing the local rental market will help you find investment opportunities and be better prepared for changes in the market. Working with a property manager is the best way to stay on top of these local market norms. There are other things you can do. Read business news and blogs, follow sites like Zillow and Inman News, and network with local Realtors, contractors, and community leaders.
Prepare for Rent Control
Rent control is not a factor in Walnut Creek, but it is present in nearby communities like Oakland, Berkeley, and San Francisco. Certain properties in those areas are subject to restrictions on how much landlords can raise rents. This impacts profit and ROI, so keep up with the direction that other cities and towns are going when it comes to rent control.
Smart investors are always looking for places where they can grow. Empty lots might not seem like the most glamorous sort of real estate, but you can buy them cheaply and then put some properties on the land. If you have a modest property on a large lot, you can think about adding another unit or perhaps converting a garage. You can always add to your cash flow, especially if you’re creative.
These are just three tips for investors, and there’s a lot more to talk about. For help, contact MSB Property Management.