New landlords often attempt to manage their own properties to save money, and this is a good idea for some. Though many others can easily become overwhelmed by the duties involved with managing a Long Beach rental property. A full service property management company should be able to deal with your rental property and provide peace of mind.
As we come towards the end of the year, it's a good time to evaluate your property management company to see if they are fulfilling what a full service property management company should do. Below is a list of important responsibilities that any full service property management company should be able to fulfill.
In an attempt to provide relief for families unable to financially cope with the pandemic, the federal government implemented a rental moratorium. A moratorium is essentially the government authorizing a period of delay for rent. Although federally the moratorium was set to expire in 2020, Los Angeles county decided to extend the rent moratorium until June 30, 2023.
A full service property management company should be able to know if your property is being affected by the current moratorium. They should also be able to tell you whether or not the laws are changing around it when asked.
The state of California has some of the most strict laws to protect tenants. This includes the amount of rent a landlord can raise. These laws can be different depending on state and county guidelines. Navigating these laws is something to be expected from a good property management company.
A full service property management company's goal should be making sure you are earning consistent income month in and month out. Therefore, they should be able to give you that information for each property you may have.
Understanding your local rental competition is important to your bottom line. Just because a rental unit has a high estimated value, doesn’t necessarily mean you should aim for the highest amount of rent. Similar homes in your area dictate how much a tenant is willing to pay for your Long Beach rental. Vacancies in your rental properties means you’re not earning any income.
A full service property management company will be able to check the rental amount for units similar to yours, and compare that price to the local competition to be able to give a competitive rental offer. You can also check rentometer.com to see how your property compares.
Quickly filling a vacancy may be impressive, but is the vacancy being filled by a quality tenant that will respect the lease. Full service property management companies should have a tenant vetting application as well as a number of approved applicants looking to move to your rental property.
A full service property management company should also be able to understand when you do have a quality tenant, as it's easier to keep a good tenant than to find another one. You can show your
tenant appreciation with small gestures. Such as rewarding them with modest rental increases instead of the maximum allowed amount.
As previously stated, vacancies in your Long Beach rental property means there is no income from that property. Full service property management companies should be able to fill vacancies with quality tenants efficiently. Meaning they should be able to not only take care of advertising and vetting potential tenants, but they should be able to clean, fix and maintain a unit to minimize its downtime.
Full service property management companies should be able to give you peace of mind and the freedom to focus on your personal life. If you are looking for a quality full service property management company or if you require any further information on the services they provide call us at (562) 888-0247 or feel free to fill out our
free rental analysis to see what your rental could yield today.
