Real estate investors are always looking for reliable property managers. This is because managing all their rental units can be next to impossible for them. After all, investors are always looking for the next next deal and don’t want to be bogged down by the nitty gritty of the day to day running of their properties. Fortunately, there are many property managers who can take care of the responsibilities of the landlord on behalf of their client.
Property managers usually advertise vacant rental units to ensure the properties they are managing have 100% occupancy rate. They also draft and sign tenancy agreements on behalf of the property owner. They vet prospective tenants, withhold rental deposits, collect monthly rent, resolve disputes between tenants, evict rent defaulters and maintain the property among other things. As you can see, property managers are incredibly helpful. To get the best LA property management, below are things you will need to take into consideration when comparing property managers:
i) Licensing
When you need to hire someone to manage your real estate portfolio, it’s best you only consider licensed service providers. Therefore, you need to make a list of licensed property managers who are based in LA. The license category, issuing authority and expiry date are three things you’ll need to check before you can make a decision. This will help to ensure that you can choose the right property manager.
ii) Experience
The number and types of properties a property manager has been managing should be looked into. This is because you are searching for the most experienced property management firm. It is going to take time to find the right property manager, so be sure to take ample time to consider all the necessary factors before making your decision. If you own commercial properties, the ideal property manager must have plenty of experience managing commercial real estate.
iii) Fees
Some property managers usually charge exorbitant rates for their services. Others charge reasonable rates. Since nobody wants to lose a large fraction of their rental income to property management fees, be sure to do a comparison of the fees or commissions charged by the shortlisted firms. This will go a long way in helping you choose the right firm for the job at hand.
As you may very well know, there are risks associated with LA property management. That is why only firms that carry liability insurance and performance bonds should be added to your list.