Whether you’re an experienced investor or only recently began expanding your real estate portfolio, you’ve no doubt heard about property management companies.
What does a property management company do for you, though?
A
full-service property management company should be seen as an asset and not an expense. Ideally, a property management company will allow you to pursue other ventures and ultimately increase your bottom line.
How is this done?
Join me as we explore what a property management company provides.
Collecting rent is arguably the most commonly used service among all property management companies. To begin collecting rent, a property management company will also develop lease agreements which should always include the most recent laws and regulations. It can be a headache dealing with California’s housing laws, and a property management company can help avoid any unwanted legal issues. Most property management companies are often better prepared to deal with local laws than landlords.
Communicating well with tenants is one of the best ways to keep them happy. A happy tenant is more likely to live in your Long Beach rental property for long periods. Communicating with tenants about upcoming maintenance, rent adjustments, or other events helps the relationship between tenants and landlords be more positive. This, in turn, will give your tenants the confidence to bring up any issues they may see in the property.
Property management companies should be seen as more than just “rent collectors.” Granted, collecting rent is an important responsibility, but a property management company should also be able to handle maintenance requests, tenant complaints, late payments, evictions, security deposit dispositions, and more.
Property managers should be able to handle general maintenance and repair requests from tenants. When there is a slow response to requests, many tenants will feel undesirable, which can lead them to move out. Maintenance requests can range from fixing appliances, repairing the core systems of the house, or eliminating pests.
The property management company must keep your rental property looking fantastic year-round. This includes cleaning, gardening, and painting if it's required. With excellent curb appeal, your rental property will be more desirable to potential tenants. This way, you can minimize the time your units are vacant.
A vacant rental is the least desired outcome of an investment property. Property management companies should quickly inspect the newly vacant unit. Repair any damage caused by the previous tenant. Once the unit is prepared, they should begin property viewings and advertising. Ideally, they should be able to screen applicants, and if the rental allows pets, the pets should also be vetted. Once a new tenant is found, a new lease agreement should be prepared, and the tenant should be informed of any rules you have for your rental property.
As a landlord, you need to be informed of what goes on in your rental property. Weekly or monthly statements should be forwarded to all owners involved. These statements should outline management fees, maintenance repairs, and tenant prospecting.
Additionally, they should include any need or complaint your tenant had during the month.
It's often for new landlords to attempt to manage their properties, and often they do successfully. However, property management companies are meant to help you earn more. If you have more questions about what entails in property management or would like more details about our services, 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.
