Acquiring rental property is a great way to diversify your investment portfolio, and protect it from stock market volatility. And one of the best places in California to invest in real estate, at least over the long term, is the San Francisco Bay. The Bay Area has the highest rents in the country, along with incredibly strong demand for apartments. But what if you don’t reside in Northern California and want to acquire San Francisco rental property?How can out-of-area investors protect their assets while living far away from their property? One great way is to hire a San Francisco Bay Area property management firm to take care of it for you.
Rental Appreciation Appeals to Remote Investors
Investment properties primarily appeal to out-of-state investors for two reasons: their immediate returns or their long-term appreciation. San Francisco is a great place to find properties with strong prospects for long-term appreciation. Rent growth for San Francisco rentals soared from 2010 to 2014, peaking in 2015 with annual gains exceeding 6%. In total, asking rents have increased by 38% since the end of the Great Recession, according to a first-quarter 2019 CoStar report.
Tech Removes Geography as a Barrier to Real Estate Investing
The common belief that you should own investment property near your personal residence to keep an eye on it is outdated. In today’s world of iBuying and proptech advancements, you don't have to worry about being located near your rental. The notion of real estate as a hyper-local business has turned upside down since the arrival of online proptech platforms, according to TechCrunch.
The same technology advancements that power home buying and prop tech platforms also enable great property management. Great property management makes out-of-area investing a reality. To ensure your piece of the California dream is managed efficiently, hire a property manager with decades of experience investing in and managing California rental properties, Mynd Property Management.
Trust a Local Investment Partner
Being an out-of-region investor presents a unique set of challenges that can be best handled by a property manager in San Francisco. They include:
- Leasing up your units quickly
- Handling repairs and maintenance
- Understanding local laws
Lease Up Your Units Quickly and Efficiently
If you’re located far away from your property, how can you fill vacancies at your Bay Area rental unit fast? You need an on-the-ground expert who understands the local market so that they can find the highest-quality tenants.Mynd’s comprehensive leasing platform uses technology to market your units on more than 40 websites, all from the comfort of your own home. You don’t have to lift a finger. We do all the work to lease your units, which means we fill your vacancies in 16 days on average across our portfolio of AUM.
Residents Receive Fast Repairs and Maintenance
Mynd uses technology to diagnose maintenance issues at your San Francisco rental property. We don’t dispatch a technician to complete repairs or maintenance issues until they’re clearly identified. This saves you money as a remote investor. In fact, we save our owners up to 20% on repairs and maintenance costs by operating this way.
Understanding Bay Area Rent-Control Laws
Rent-control laws and regulations are ever-changing in the San Francisco Bay Area. That’s why you should hire a property manager with boots on the ground, and local expertise on laws impacting local residents. For instance, do you know which buildings are controlled by San Francisco’s Rental Control Ordinance? Or, did you know that you can petition the Rent Control Board to increase rents, in some cases, even if you’re property is rent-controlled?You may or may not know the answers to these questions, but Stacy Winship, Regional Director of the Bay Area for Mynd, sure does. She has nearly 25 years of experience as a San Francisco Bay Area property manager.
Now that you can trust your valuable San Francisco rental property to an expert handler when you’re located in another time zone, you can focus on growing your California dream by purchasing more rental housing in San Francisco.