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Questions you Might Have About Property Management Companies?

Dustin Edwards • February 23, 2023

The Importance of A Good Property Management Company

When looking for a property management company, it's natural to have questions to see if they are suited to your needs. Asking the right questions increases your chances of finding an efficient, reputable, and distinguished property management company. Below are a few questions you may have about property management companies before hiring them.


What Services Do They Provide?

The first question that comes to mind is what services do you provide as a property management company.


A
full-service property management company should be able to provide all the services needed to give you peace of mind. This means providing monthly reports of maintenance or repairs, support for tenants and owners via email, phone, or online, year-end owner tax statements, collect rent, collections and eviction coordination. One of the most important questions you can ask before hiring a property management company.


Do Property Management Companies Find Tenants?

Finding good tenants can be a delicate process. It's well known in the industry that long-term tenants are highly sought after, as this can significantly improve your bottom line. It should not only be important to find tenants for your vacancies. However, a property management company should be able to find the best tenants available. This means having a screening process to make sure only the finest tenants are contacted. This means finding tenants who can pay on time, have no prior evictions, and have a clear history to be considered.


Do Landlords Call Prior Landlords?

Vetting references is important when looking for tenants. Landlords will collect rental references from interested tenants through the application process. Many landlords will want a comprehensive background check on the applicant's tenant. This will include calling the tenant’s references. Fake references will result in a rejection of the application.


Why Do Property Management Companies Get Terminated?

Terminating a property management company involves not providing the promised services or a breach of contract. Some owners aren't sure when it's time to switch property management companies. Entering into a property management agreement means the property management company represents the owner of the rental. The property management company becomes legally responsible for managing the property.


A bad company will be called a “rent collector” by the tenants. This usually means the property management company has poor response times and awful property maintenance practices. They generally lack knowledge of the local laws and ordinances and often lack the resources to provide vetted tenants and deal with legal litigation.



What Are The Signs of a Good Property Management Company?

There are many ways to see if you’re dealing with a quality property management company. However, there are some key elements to keep in mind. Professional relationships and good communication are important for both the tenants and the owners. Though having good relationships with tenants is important, maintaining professionalism is critical. Ensuring policies are in writing and well communicated to each tenant can eliminate miscommunication between tenants and landlords.


Low vacancy rates can distinguish a good property management company as well. Making sure the vacancies are filled with quality tenants is equally important. A vacancy rate of 3% is ideal and considered a healthy representation of the market balance between tenants and owners.


A good property management company will also have the resources to provide a complete proof leasing agreement and have legal knowledge of the area where the rental property resides.


A property management company should be a time saver and investment asset.
Understanding what property management companies charge can help you decide whether or not you need one for yourself. If you need help finding the right property management company to hire or need help deciding if you need a property management company at all, consider calling us at (562) 888-0247, or feel free to fill out our free rental analysis to see what your rental could yield today.

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By Dustin Edwards December 19, 2024
If you're properties are suffering from lack of heating this winter, these 3 common issues could be the cause.
By Dustin Edwards December 12, 2024
Although Southern California’s winters are typically mild when compared to other parts of the country, tenants still value a warm home during the cooler months. Taking steps to maintain a comfortable living environment shows your tenants that their needs are being prioritized. This is crucial for tenant satisfaction, especially during the holidays. Below are three methods to help keep tenants warm during the winter season. Maintain Heating System It's required for landlords to provide rentals with a working heating system, however, it's not uncommon for these to fall into disrepair either because of lack of maintenance or negligence. Scheduling regular inspections and maintenance before the coldest weather can help to ensure the heating is reliable and efficient. Cleaning air filters, and checking for cold spots, or irregular noises can help prevent small issues from escalating into expensive repairs. Preventative maintenance can help to reduce the chances of inconvenient calls for emergency repairs. Being proactive with your maintenance can also help you protect your investment while earning goodwill from your tenant. Another factor that can affect your heating system is drafts around windows and doors. These drafts can cause your heating system to overwork which makes the system less efficient, and reliable and ultimately reduces the lifespan of your heating system. You can address this by inspecting the seals around doors and windows for gaps or cold spots. Replace worn-out seals and caulking where it's needed. Offer Smart Thermostats Consider providing your tenants with a smart thermostat for energy-efficient heating. This can not only give tenants control over their comfort, but it's also a great tool to reduce energy usage. By providing this upgrade to your tenant, you show a commitment to your tenant’s satisfaction which can in turn result in a long-term tenant. These kinds of devices definitely benefit your tenants, though they can also contribute to the longevity of your rental property as well. Additionally, you can give your tenant a smart thermostat as a holiday gift . This can show your tenant that you’re not simply collecting rent while protecting your investment. Reverse Ceiling Fans The direction in which a ceiling fan rotates is oftentimes overlooked, and it can have a great effect on the temperature of a home. A ceiling fan is typically seen as a way to cool down a home during the hotter seasons without using the air conditioning . Reversing the spin of a ceiling fan can help to circulate warm air more efficiently during the cold season . This is because warm air rises, and a fan rotating clockwise will push the warm air back down helping maintain warm temperatures. Most fans have a switch on the motor and it is easily accessible for most people with a step ladder. This easy adjustment helps reduce the need for your tenant to use the heating system. Tenants will notice a more consistent and comfortable temperature indoors. This should also help reduce costs on their energy bill. Reversing the rotation of the ceiling fans also takes some of the strain off of the heating system. This helps to ensure it operates efficiently for years by reducing the wear and tear on it. Taking proactive steps this winter season to ensure your tenant’s comfort demonstrates a landlord’s commitment to their tenant’s comfort. A comfortable tenant is a satisfied tenant , which can lead to a long-term tenant and steady rental income. Consider it a small investment for long-term success. If you need help keeping your rental warm or managing Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
By Dustin Edwards December 5, 2024
Discover 3 Gift Ideas for your tenants this holiday season.
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