Owning an investment property doesn’t have to be time-consuming or stressful. If you’re tired of creating ads, finding tenants, maintaining the property and everything else that comes along with running a rental estate, consider hiring property management services to do it all for you. Right now, a property management company is ready to take over all the mundane and stressful tasks of running your property. You can get back to living your dream life as the passive income rolls in.
If that sounds too good to be true, keep reading. There are 10 main benefits to hiring a property management company that you should know.
1. Finding Tenants
Say goodbye to writing ads and waiting for potential tenants who never show up for their viewing. A property manager is trained in marketing your property to attract the best tenants (stable income, clean, long-term, etc.). They will create perfect ads and place them in the best spots to attract the tenants you want. They’ll also handle all the viewings for potential tenants, fielding out which leads are serious and which ones aren’t going to show.
2. General Complaints
No one likes dealing with noise complaints or bickering matches between tenants that don’t get along. Luckily, if you hire property management services, you won’t have to. All complaints and issues are dealt with directly by the manager in a professional and reparative way. Your tenants will be happy because their concerns are addressed immediately, and you’ll be happy because you don’t have to be the one addressing them.
3. Rent Collection
A huge part of the property manager’s job is collecting rent each month and ensuring each tenant is paying it on time. The challenge comes when tenants don’t pay or are consistently late in their payments. The management team is highly trained in the legalities of eviction and enforcing them when they need to. Separately, property managers are also trained in determining the optimal rent to charge based on your property, the area, and amenities, etc. You will get the most money possible for your property.
4. General Maintenance
When you hire a property management services, you’re also enlisting their team of contractors and tradespeople who can carry out general maintenance needs (landscaping, plumbing, electrical, handy work, etc.)
Your property will constantly be in tip-top shape because the property manager will ensure every maintenance task gets done without delay.
5. Improve Property Value
In addition to general maintenance, property management services can assess what renovations will increase your property’s value and bring in more money.
They will assess the cost of various property improvements to determine if the return is worth it. Property managers are also responsible for putting systems in place that prevent major emergency renovations from being needed. Some examples are:Routine checks of the building’s infrastructure
- Regular maintenance of the building’s heating system
- Checks for mold and pests
- Checks for working smoke detectors and carbon monoxide detectors
With a property management team, you will save money on future repairs and increase your property’s value now.
6. Employee Management
Property management services include a handful of employees responsible for different aspects of taking care of the property and the tenants.
Not only does that take a load off your shoulders, but you don’t even have to manage those employees because the property manager will.
The manager will take care of employee schedules, training, payroll, concerns, etc.
7. Administrative Duties
This is the really mundane part of operating a rental property: handling all the different forms and administrative tasks that are imperative to your property’s success. Your property manager will be responsible for all these tasks: parking slips, grounds control, safety items, marketing products, computer software, rent receipts, and so much more. These tasks are boring, but they’re crucial to your property’s value and your tenants’ happiness; just sit back, and let your property manager handle everything.
8. Tax Management
When it comes to doing taxes on an income property with multiple tenants and employees, collecting the forms you need can get complicated.
One aspect of property management services is bookkeeping and keeping a record of every rent check received and expense paid. They record, track, organize and store everything you need for your taxes to be done properly. Plus, property managers often know of extra deductions you can claim that you may have never thought of.
9. Legal Knowledge
The Landlord-Tenant Laws go over specific regulations regarding rent, your property, and maintenance. This information is crucial to taking the correct legal steps when necessary to resolve a conflict.
Property managers are trained and knowledgeable in these legalities, so you can ensure each action they take is legal and documented.
This is also helpful for your tenants who want to know their rights. Ideally, they can speak to your property manager to settle any concerns before legal action is needed.
10. You Can Enjoy Your Freedom
The biggest benefit to hiring a property management company is that you can use your time to do whatever you want. These services are perfect for property owners who want to travel or live somewhere far from their investments. You will no longer have to deal with the day-to-day stress of maintaining a property or finding tenants. You don’t even have to deal with the month-to-month duties. Simply hand over the stress and accept the passive income.
Less stress and more time to yourself; what more could you ask for?
Ready to Hire Property Management Services?
There are so many more benefits to hiring a property management company than the 10 listed here. In addition to enjoying more freedom, your property can increase in value and acquire better quality tenants from hiring these services. Your tenants will be happier with someone on-site handling all their concerns and requests.
If you’re ready to learn more and inquire about hiring an exceptional property management company, send us a message on our Contact Page.
There are approximately 43 million renter-occupied housing units in the United States. That statistic sheds light on the fact that more Americans are opting to rent every year and that property owners stand to benefit big time! Owning a rental property can be a tremendous investment. As we’re sure you know though, there’s a lot more that goes into buying to rent than collecting checks.
As a property owner, you need to take care of maintenance requests, screen tenants, and much more. All of those responsibilities can dissuade many that are thinking of investing in rental properties. Fortunately, professional property management can help! A property management team can take care of the day-to-day things involved in renting and leave you to enjoy the benefits.
Our Los Angeles team at Westside Property Management has put together this post to educate you on 7 benefits hiring a management company can provide!
1) Ensure That Your Rent Gets Collected on Time
Collecting rent is the best part of owning a property. It can however also present headaches. Staying on top of tenants to ensure timely payment and dealing with the possibility of bounced checks and other issues can take a lot of time out of your week. With a professional property management team, you don’t have to think about it! A property manager will work directly with your tenants to make sure rents get paid. They will also assess late fees for delayed payments. All you have to do is sit back and wait for your rental income to be deposited in your bank account.
2) Finding The Perfect Tenants
Not all tenants are created equal. Some will hold up their end of the renter/landlord bargain well, taking care of your property and making timely payments. Others can represent a severe liability. Professional property management companies are skilled in the ways of weeding out bad tenants. Credit checks are run, references are checked, income is verified and more to make sure that your investment property stays lucrative and well kept.
3) Staying Abreast on the Laws
Federal, state and city ordinances are changing constantly in rearguard to rental properties. Keeping up can be a job in itself and not keeping up can mean serious consequences. If you own a home that you’re renting and are not maintaining your property or managing your relationship with your tenant in a way that’s up to code, it could equal grounds in which rent can be withheld. Withholding of rent can be troublesome by itself. If the issue is serious, you may even need to show up to court. To avoid legal issues, professional property management companies review regulations constantly to make sure you’re never in violation.
4) Managing Day to Day Activities
When you own a property it’s to be expected that you’ll need to perform routine activities to keep things running smoothly. Things like responding to maintenance requests, running routine inspections and more. If you’re doing this by yourself it could mean needing to field requests from renters and dealing with contractors on a weekly basis. With a professional property management team, they take that work off your hands.
5) Marketing and Advertising
Your rental property only makes money if there is someone in it. That can be a real challenge in today’s competitive housing market. Finding quality tenants can mean launching full-scale marketing efforts locally and online. If the idea of putting up listings, running ads in papers and getting “for rent” signs printed seems daunting to you, leave that task to a property management company.
Property management companies are uniquely versed in marketing efforts that work best in their particular area. You can be sure that they will employ marketing tactics that are appropriate to catch a wide group of potential renters.
6) Setting the Right Rental Rates
Real-estate markets are constantly shifting. Not staying up to date on the changes could mean having a hard time finding a renter or signing a renter to a lease that undervalues your investment. A professional property management team has their fingers on the pulse of the local market. They look at comparable rental properties to figure out a price range you can reasonably get. They then zone in on the perfect price to maximize your income. If eyeballing the ebbs and flows of real estate sounds like a chore to you, leave it to the professionals and hire a property management company.
Every advantage to hiring a property manager listed above will add thousands of hours of free time to your life. Time is the only commodity that is finite for all people and because of that you need to ask yourself – Why did you buy to rent in the first place? For most, it was to provide a reliable income stream so you could maximize the enjoyment of your life. Purchasing a property and needing to actively manage it can be counter-intuitive to that end. For the nominal cost a property management company charges in relation to the value they give, hiring one is a no-brainer.
Wrapping Up Professional Property Management Benefits
Owning a rental property can be an excellent investment. It also means a lot of responsibility. If you’re more interested in collecting rent checks than managing your property day in and day out, a professional property management company is the solution you need. And if you’re in the Los Angeles Area, there is no better property management choice than Westside Property Management.
Westside Property Management has been helping property owners lucratively rent their spaces for years. Our family-owned operation takes your investment as seriously as you do. We hope you’ll give us the opportunity to maximize your investment’s value today!
Contact us for a free property management quote!
For more general property information, read more on our blog.
Helping Our Middle-Income Earners Act or the HOME Act
This bill amends the Internal Revenue Code to allow individual taxpayers an income-based tax deduction, up to $5,000, for qualified homeowners association assessments paid during the taxable year. The bill defines “qualified homeowners association assessments” as regularly occurring, mandatory financial assessments: (1) that are paid by a taxpayer to a homeowners association for the taxpayer’s principal residence, (2) that directly benefit such residence, and (3) that arise from the taxpayer’s mandatory and automatic membership in such association. The bill requires homeowners associations to file an informational return that sets forth the name, address, and taxpayer identification number of a taxpayer from whom the association receives assessments and the amount of such assessments.
Halloween’s around the corner and that can only mean one thing: a night of ghoulish revelry and ghostly fun. Los Angles, as always, seems to be ready for the night of terror as there are numerous events lined up across town. So, if you happen to be in the L.A. area or nearby, here are some Halloween events you should probably check out.
Los Angeles Haunted Hayride
Far from those kid-friendly rides through a pumpkin patch, this hayride unleashes all sorts of demons, and bogyes on Griffith Park. It’s an actual hayride—a long one—paired with a “scary-go-round” for wee ones (and ‘fraidy cats), a number of scare zones and a pitch black maze filled with “demons and maniacs,” and probably lots of frisky teenagers. This year’s theme, “Boogeyman,” drags attendees through a trail of nightmarish characters.
Check it out at the Old Zoo (Griffith Park), 4730 Crystal Springs Ave. Los Angeles, CA 90027
The only thing better than a haunted attraction is a haunted attraction on a giant boat. You’ll find all the usual horrors here—fog, mazes, and monsters—as well as a vintage Ferris Wheel and a full bar. What sets Dark Harbor apart is its use of its surroundings; the dark, cramped confines of the Queen Mary are already pretty spooky even without monsters—just be prepared to climb a lot of skinny staircases. There’s also an R.I.P. Lounge (see what they did there?) if you’re looking for a first-class experience (fewer monsters, more booze, made-to-order taco station). Tip: Arrive before 8pm for $20 “Happy Haunting Hour” tickets.
Happening at the Queen Mary, 1126 Queens Hwy, Long Beach, CA 90802.
Evil Twin Studio’s – Ward 13
Evil Twin Studios 2015 haunted attraction will make nightmares come true at a new location in South Pasadena. This Halloween season, sanity comes to die at WARD 13. Since its earliest days, rumors about the Raymond Hill Sanitarium have circulated. Rumors of neglect. Rumors of abuse. And most disturbing of all, rumors of an undocumented area where finding a cure was secondary to exploratory experimentation. This was the one thing patients feared more than death…WARD 13.
1020 El Centro St, South Pasadena, CA 91030
Rise of the Jack-O-Lanterns
Take your family on this awesome ride and watch in awe as a brilliant team of artists create objects such as celebrities, automobiles, and animals using nothing but a bunch of Jack-O-Lanterns. The event will exhibit over 5000 Jack-O-Lanterns that are carved by skilled sculptors and artists. This is an event that’s fun for all ages.
So, go check it out at 1418 Descanso Dr, La Cañada Flintridge. The event ends on October 30th.
Tips on finding the right Santa Monica Rental
Finding a rental in a highly desirable area can be an extremely challenging task. Running around and hunting for a place is always stressful, but if you are on the hunt for a Santa Monica rental, it can be way worse. However, finding the right Santa Monica rental isn’t impossible. The key to success lies in using the right approach and these small, but useful tips can go a long way in helping you find what you need.
Make a list
Before you start looking for Santa Monica rentals, sit down, relax, and make a note of things that rank high on your priority list. Decide on what specific Santa Monica neighborhood you want to live in; Main Street, North of Montana, Ocean Park, Sunset Park, Downtown or Midtown and so on. Decide on how many bedrooms and bathrooms you need. Jot down your budget. Then write out what core updates, upgrades or amenities you require. Once you get a picture of what you need, you can weed out all the locations and rentals that do not sync with your requirements.
Get in touch with a local Santa Monica Property Management company
Another great way to locate Santa Monica rentals is to contact a local property management company . Property management companies work with landlords and homeowners to find good tenants for their properties. In other words, they are a very good local resource if you are looking for a Santa Monica Rental.
Following these basic tips can really give you a jump on your hunt for the right Santa Monica rental.