How To Handle Property Management In Los Angeles

Property management in Los Angeles can be very difficult

. For one thing, there are hundreds of potential tenants, and you will have to go through all of them to find the ones you feel are best suited to rent your property. You have to do criminal background checks, check social security numbers, verify credit and rental histories, get references from former landlords, and verify that the potential tenant is employed. Even then you can end up with a client who damages your property or who you will have to evict, landing you in court and forcing you to pay attorney fees, filing fees, and court costs. This can make even the most careful landlord lose his or her cool and want to stop renting. Add to that the time it takes to travel to all the properties, maintenance and repairs, and the fight to keep costs down and you have a recipe for potential disaster, or at least, a major headache.

The answer to handling property management in Los Angeles is to use a property management company. There are many companies for you to choose from, but you should have some basic knowledge of what they do and what to look for before you simply pick a company from the phone book.

For one thing, you will pay a fee to a property management company. You'll pay based on how many units the company will have to manage. You can pay either per unit or a certain percentage of the gross rent amount. This is a small price to pay to have the hassle of property management in Los Angeles taken off your hands. However, while you could end up getting what you pay for, be careful in dismissing companies that don't seem to charge enough. Don't go just by price; cheaper companies could actually have better service.

Find out about contracts with the companies that you are interested in. Some companies require a six-month or a yearly contract. Others you deal with on a month-to-month basis. This lets you decide to switch companies whenever you need to. There's usually a requirement for a 30 day notice, but that's a lot better than trying to get out of a yearly contract if you're unhappy with your management company.

You should also find out how maintenance and repairs are handled. Many companies use only their in-house maintenance services. This is a lot more costly to the property owner, and there is no guarantee that these in-house maintenance services are any better than a third party would be. Try to find a company that will let you use your own maintenance services, or that at least uses a third party to do maintenance as this will save you money.

The property management company should offer you protection from eviction fees. This means the company pays the costs of lawyers, filing fees, and court costs, saving you money and keeping you from having to pay anywhere from $700-$1000 out of pocket.

The management company should handle all the tenants' needs for you. They should be the ones who distribute keys, after giving potential tenants a tour and answering questions. They should run the background, credit, and eviction checks, as well as employment verifications. They are also the ones who should handle rent payments. But you should be the one who gets to have the final say about whether a tenant moves in.

With all those services available, it's easy to see why people choose to use property management in Los Angeles. It frees up time for the owner to enjoy life instead of running around on their properties, and makes sure that everything is running as it should be.

by: Sergei Klyazmin

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