Barrett Property Management has a comprehensive understanding of the economic forces that drive the Grass Valley property management and real estate rental markets.
Grass Valley Property Management: Uniqueness and Concerns:
Property Management in Grass Valley, CA (and surrounding Nevada County areas) carries with it uniqueness and concerns, which distinguish it from property management in the rest of California. The following factors demand special knowledge from property management professionals. At Barrett Property Management we have the skills necessary to accurately evaluate Grass Valley properties in terms of operating income, forecast their potential for the future, and construct a management plan that reflects the owner’s objectives.
Some of the reasons why Grass Valley property management requires a different approach include:
Lack of Residential Subdivisions:
The majority of California cities have numerous subdivisions, which makes accurately pricing both real estate for sale and for rent much easier on the professionals in that city. In Grass Valley, CA we have only one well known subdivision, Morgan Ranch, with a few smaller subdivisions here and there including Eskaton and the Cedars to name a couple.
Having fewer subdivisions requires the real estate professional (including real estate agents, property managers, lenders, etc.) to have extensive knowledge of both the current Grass Valley real estate activity and the history of the Grass Valley real estate market. Barrett Property Management’s diverse background in the Grass Valley real estate industry (including real estate sales, independent fee appraisals, property tax appraisals, and property management) allows us to accurately price a property for rent, or suggest a market rental rate range.
Diverse Geography and Terrain
Grass Valley and Nevada County’s unique geography lends itself to the adventurous outdoor community that we are! From the 1,400 foot elevation in Penn Valley to the 4,000+ foot elevation at the top of Nevada City, Nevada County provides an abundance of diverse geography and terrains. Residences range from being lake front, agricultural, recreational, city lots, rural, and everything in-between. Some of the steepest terrain can be found in neighborhoods like Cascade Shores and Alta Sierra, where driveways are often steep grades due to the topography of the areas.
The diverse geography and terrain in Nevada County provides for perfect “paring” of tenants with homes. Tenants can choose from different areas like Penn Valley, Alta Sierra, Rough & Ready, Peardale, Chicago Park, Grass Valley, Nevada City, Lake Wildwood, or Lake of the Pines to fit their desires and recreational activities. Nevada County holds a special trait compared to the rest of California cities in being able to accustom so many different tenant preferences.
Nevada County’s Medical Marijuana Cultivation Ordinance:
On November 5, 1996, California voters adopted Proposition 215, an initiative statute authorizing the medical use of marijuana. Additionally, the state legislature passed Senate Bill 420 in 2003; it became the Medical Marijuana Program Act and took effect on January 1, 2004.
With the passage of proposition 215 and Senate Bill 420, Nevada County has passed and adopted Medical Marijuana Cultivation Ordinance 2349 on May 8, 2012. Because of this, our rental community faces special concerns. Per Nevada County’s Medical Marijuana Cultivation Ordinance 2349, the implementation serves to “establish reasonable regulations regarding the manner in which marijuana maybe be cultivated, including restrictions on the amount of marijuana that may be individually, collectively, or cooperatively cultivated in any location or premises in order to protect the public health, safety, and welfare in Nevada County.”
As of March 6, 2013, minor revisions to Ordinance 2349 are being considered and can be viewed HERE. These revisions affect the Grass Valley property management industry because if passed, will allow tenants to cultivate marijuana as either Qualified Patients or Primary Caregivers on a legal parcel or premises that is occupied and serves as the primary legal residence for at least one of its members.
It is the duty of both the investment property owner and the tenant to interpret and understand this ordinance in order to be in compliance with local and state laws.
Lack of Professionals Utilizing Multiple Listing Service (MLS):
Most professional property management companies in California list their rental inventory for lease in their county’s Multiple Listing Service (MLS), which is also a hub for Realtors to list their inventory for sale. However, this is not the “norm” for Grass Valley property management companies. At Barrett Property Management, we believe that if all Grass Valley (and surrounding Nevada County areas) property management companies were to utilize the Nevada County Association of Realtor’s MLS system, the community, as a whole, would become more successful in filling vacancies and having a stronger and healthier real estate rental market.
Local California MLS systems are run by a county’s Association of Realtors (or Board of Realtors). For Grass Valley, our local MLS is the Nevada County Association of Realtors. Listing rentals (either for rent or for lease) in the MLS exposes them to a broader range of people, which in turn, gets them sold or fills the vacancies more quickly. Property management professionals are not required to be a Realtor member of their local MLS. However, Barrett Property Management chooses to be a Realtor member of the Nevada County Association of Realtors. This allows us be in touch with the Grass Valley property management and real estate industry. We also lobby for the implementation of property management professionals utilizing the MLS to their benefit, to their client’s benefit, and to the benefit of the Grass Valley real estate rental market.
Grass Valley, CA property management carries with it many unique issues and concerns, which distinguish it from property management in the rest of California. It is important to hire a professional Grass Valley property manager that not only understands these issues, but has the knowledge and skills necessary to address them. At Barrett Property Management, our number one goal is to deliver superior service. Part of this superior service includes addressing and finding solutions to the unique Grass Valley property management issues and concerns.