Are you an aspiring real estate investor looking for your next investment opportunity? Look no further than the thriving city of Los Angeles.
As a landlord, it’s important that you familiarize yourself with state and federal anti-discrimination laws. They are meant to provide certain groups with protection when it comes to renting or buying a home, or obtaining a mortgage.
Los Angeles is a city in California with many amazing features. The city attracts a lot of people, both residents and tourists, because of its amazing weather and beautiful beaches. LA reports about two hundred and eighty sunny days per year making it perfect outdoor weather!
Do you intend to purchase a rental property in Los Angeles, California? The potential for long-term wealth growth and a reliable source of passive income make investing in rental homes in Los Angeles, CA, a smart financial decision.
When it comes to tenants breaking a lease, you, as a landlord in the state of California, are required to be aware of the rules and regulations surrounding breaking a lease. In this article we will discuss both unjustified and reasonable grounds for early lease termination on both the part of the landlord and tenant.
When a tenant signs the lease, they are legally bound to abide by certain terms. Such as, paying rent on time, respecting the property, and abiding by certain policies under landlord-tenant law. Sadly, some tenants chose not to honor these terms.
Both landlords and tenants obtain certain rights and responsibilities when a tenancy is established. In California, a lease agreement can either be made orally or through a written document.
A security deposit is there to protect a landlord when tenants violate or breaks the lease agreement. It can be used to cover missing rent payments, damage to the property, cleaning or rekeying of the doors. Essentially, the tenant’s security deposit serves to protect your investment and your interests.
But with so many companies to choose from, how do you know which one is right for you? Here are a few things to look for when choosing a Los Angeles property management company:
1. Experience and expertise:
Ideally, you want a company that has at least five years of experience managing rental properties in Los Angeles. This way, you can be confident that they’re familiar with the local market and laws. In addition, they should have a team of experts in various aspects of property management, such as accounting, marketing, and maintenance.
2. A comprehensive approach to tenant screening:
One of the most important services a property management company can provide is thorough tenant screening. This includes conducting background checks and verifying employment and income. A good company will also conduct credit checks and check references. By taking these steps, you can be confident that you’re only renting to qualified tenants who are likely to pay their rent on time and take care of your property.
3. Clear communication channels:
Good communication is essential for any business relationship, but it’s especially important when it comes to property management. After all, your rental property is likely one of your biggest investments. You should expect timely updates on everything from maintenance requests to late rent payments. In addition, the property management company should be accessible by phone or email so you can always get in touch with them when you need to.
4. Customizable services:
Not all property owners have the same needs when it comes to property management. Some may need full-service support, while others may only need help with advertising and screening tenants. Choose a company that offers customizable services so you only pay for the services you need.
To sum it up, finding a reputable Los Angeles property management company doesn’t have to be difficult if you know what to look for. Be sure to choose a company with experience, expertise, and clear communication channels. And most importantly, make sure they offer customizable services so you only pay for what you need.
Looking to hire a property manager?
Whether you own commercial or residential real estate, finding excellent tenants and managing both them and the building can be a full-time job. Hiring a property manager is not only an important part of guaranteeing things operate smoothly, but it will also help you save money and get the best return on your investment.
There are several things to look for when vetting property management companies. You want to be sure you’re getting only the best because you’ll be trusting them to represent you as the landlord.
Any mistakes they make will be issues you’re inevitably responsible for, so choose wisely. This may sound like a lot of pressure, but don’t worry. We’ve broken down a guide to finding the best property manager (who does the property valuation for free) for your building.
Read on to learn more so you can feel confident with the company you select!
Managing a property can be a complicated task. There are many things to consider and take care of simultaneously so you’ll want to be sure you hire someone with experience.
Whichever company or person you go with should have at least one year of experience under their belt. This is important because you’ll be trusting the manager to make decisions regarding the building and its tenants. One wrong move could be costly.
Your property manager should know that any time there is water damage to the ceiling, walls or floor of a unit, they’ll need to open up the saturated area to try it out and ensure there is no mold growth.
This simple error and oversight could end up not only costing you dearly when it comes to repairs but it could put the whole building and your tenants in jeopardy as mold spreads quickly and can also make people sick.
Nowadays, people can review property management companies on Google, Yelp or Facebook among many others. This is an excellent way of vetting a company and seeing what other clients think about who you may decide to hire.
See what people say. Are their reviews positive or have they experienced difficulties when dealing with the company? People usually only write a review when they have something either really good or really bad to say, so you’ll be able to get both ends of the spectrum by using this tool.
Reputation is important because you want to hire someone who is a trusted professional in this industry. Talk to other building owners. See what companies they know and trust and get their information.
You’re always better off getting a direct referral from someone who has experience with a company and can vouch for them honestly.
This is a very important part of whether or not a property manager is qualified to run your building. They should be a good judge of character and take all necessary steps to ensure whoever is about to move into your building is screened properly so you don’t encounter issues with them once they’re in.
You’ll want to be sure you’re on the same page with them about what kind of process is in place to interview and accept new tenants. Double check with them that they have anti-discrimination policies in place so a tenant can never accuse you or the property manager of treating them with bias or in an unfair manner.
The property manager should have a very clear system for vetting new tenants. They’ll need to run a background check, credit check and get references from previous landlords, colleagues or friends who can vouch for them.
If these procedures are not in place when you interview the company, run the other way since this is basic property management knowledge and if they don’t have it, it’s not a good sign.
Ask your potential property manager what system they implement when a tenant moves out and a new one moves in. How long of a vacancy period do they typically have? Are they able to get new tenants in quickly, therefore saving you money on lost rent?
They should be able to tell you how they go about securing new tenants when a unit becomes available because the faster the turnover time, the better for everyone involved. After all, why miss weeks or months of income if you don’t have to?
Aside from how they screen and secure tenants, your new property management company should have routine procedures for every element of the building and how it’s run.
For example, they should have a number of reliable vendors they can turn to if there’s a problem in the building. These vendors should be ones they’ve used before and had a relationship with so they can get them there quickly and for a fair price.
There should also be a routine for how and when there is maintenance done on the building. This goes for plumbing, electrical, landscaping and more. This routine maintenance is important because it will keep small issues from becomes worse and costing you more money down the road.
There should also be a procedure in place when it comes to dealing with tenants. How are work orders for problems within the units dealt with? What happens in someone is late on rent? These are just some of the things to consider and be sure the company has a definitive answer to.
Find a Property Manager Today
Finding a property manager doesn’t have to be complicated now that you know the right things to look for. Be sure to keep an eye out for a reputable company that has great reviews and strong policies.
If you can do this, you can rest easy knowing your income property is being taken care of and working for you. Don’t stress about your investment, just reap the rewards of it!
Looking for the right property manager? You’ve come to the right place. Contact us for more information and be sure to check out the rest of our blog for more tips.