You’re a landlord in California looking for property management in Merced. What should you be looking for? What matters here, in our local market that might not matter elsewhere?
You have a lot of options when it comes to professional property management. Whether you’re a local landlord or someone who needs help leasing, managing, and maintaining a Merced rental property from afar, you don’t want to hire a California property manager.
You want to handle a Merced property manager.
Why does it matter? Because local market knowledge is far more important than anything else, including number of years in business. Merced is unique. It’s in a part of California that doesn’t get as pricey and competitive as markets like Los Angeles and San Francisco.
But, there’s a lot of opportunity to earn money in the short term and the long term.
It helps if you have the right property management partner.
Here’s our property management checklist – Merced edition. These are the things to look for as a landlord with local properties who wants to have a pleasant and profitable investment experience.
As a landlord looking to hand the leasing over to a professional property manager, you want to be sure they’re setting the right rent.
Rents in Merced have been rising consistently over the last several years. They continue to do so now, even as they have stabilized elsewhere in California. Merced rents are 26 percent lower than the national average and 31 percent lower than the California average. But, they’ve risen every year recently, even as things have peaked and settled since the pandemic. The average rent in Merced, according to Zillow, before the pandemic was $1,387 per month. Now? The average rent in Merced is $1,927.
That’s a significant jump. You want to make sure you’re leveraging the trend and maximizing what you earn. A local property manager in Merced with good access to reliable data and experience setting rental prices here will be a huge asset when it’s time to market your property and find a good tenant.
Another checklist item that’s especially relevant in Merced property management is vendor relationships. You need a professional partnership that you can leverage when you need vendors, contractors, and service professionals. These services are more difficult to find. Especially if you’re on a budget.
There’s a bit of a construction boom in Merced.
This is good news, because our housing inventory needs new properties to meet the growing demand.
It’s bad news, however, because it’s keeping a lot of our plumbers, electricians, roofers, drywall experts, etc. quite busy. According to the California League of Cities, permits for thousands of multi-family units and single-family residences have been issued since 2021, meeting the needs of the local community but stretching resources thin when it comes to labor and supplies.
There’s also the higher costs. Maintenance services are more expensive now than they have been. What you spend on a turnover can often be the equivalent of a month’s rent.
So, you’ll want to find a property management partner who can reassure you that maintenance will never be a problem. You’re looking for:
A strong maintenance plan is essential for anyone looking to find the best property management that’s available. In Merced, there is a sense of urgency thanks to new construction.
You’ll need a property management partner who understands all of the state, federal, and local laws. There are especially strict tenant protections in Merced and throughout California. It’s impossible to effectively manage a property in Merced without understanding:
Many more nuanced laws are in effect in Merced and throughout California. You have to provide organic waste recycling for your multifamily property, for example, and you cannot prohibit e-bike storage.
If you cannot keep up with these local, state, and federal laws on your own, a Merced property management partner is critical.
We think working with a local property management company gives you the best chance at succeeding with your investment property. If you’re a landlord who wants to do it all themselves, however, we can add a few important items to your checklist for smart property management:
Whether you’re going to manage your rental property on your own or partner with Merced property managers, make sure you’re keeping a close eye on what is happening in the local market and responding to what your specific property needs.
We’re here to help. Contact us at Wisdom Property Management. We lease, manage, and maintain rental homes in Merced, Atwater, Livingston, Winton, and Delhi.
