• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • Twitter
  • YouTube

Owner Login | Tenant Login | Get a quote: 323-255-9400 ext. 4

Los Angeles Property Management Group logo

Los Angeles Property Management Group

Property management in Los Angeles & the Valley, done right.

  • Residential
    • Services Provided
    • Single Family Residence
    • Luxury Property Management
    • Tenant Selection
    • Maintenance
    • Video Marketing Your Property
    • On-Site Managers
    • Agent Referral Program
  • Commercial
    • Services Provided
    • Maintenance
    • Agent Referral Program
  • Why Choose LAPMG
    • Mission Statement
    • Recent Reviews
    • Awards and Recognition
    • Why May 12th Matters
    • True Property Management Horror Stories
    • Video Resources
  • Articles
    • David Crown in Forbes
    • Q & A with CEO David Crown
    • LAPMG Talks
    • Case Studies
    • FAQ
    • Featured Article of the Month
    • Featured Elsewhere
    • Industry Blog
  • Areas Served
    • Burbank
    • Culver City
    • Glendale
    • Hawthorne
    • Inglewood
    • Los Angeles
    • North Hollywood
    • Pasadena
    • San Fernando Valley
    • Santa Monica
    • Sherman Oaks
    • Studio City
    • West Hollywood
  • Contact
    • Our Team
    • Portal Logins
    • Prospective Tenants
    • Employee of the Month
    • Careers
    • Privacy Policy

Effective Property Management Tips for Landlords

September 7, 2018

Effective Property Management Tips for Landlords

Effective Property Management Tips for Landlords

 

Real estate investments have the potential to yield high returns, profits, and rewards. Investors and landlords always look towards obtaining the best results from their investments. However, owning property goes beyond collecting rent and reaping benefits. Property management is the core of every real estate investment and goes a long way to determine how well your property can serve you. If they are not managed correctly, it could lead to losses and costly solutions.

 

You don’t have to be a pro or an experienced landlord to manage your property in Burbank effectively. Simple tips can provide you with the knowledge you need to stay committed to your investment and obtain long-term results.

 

Here are 6 tips for effective property management:

 

  1. Choose your Tenants

Tenants are the people who pay a fee for the use of your property. This means that they will live in the buildings and be majorly responsible for its care. In property management choosing the right tenant is the first step. You do not want to rent your building to just anyone that can pay the fee. Why? Because being a landlord is long-term and one tenant can go a long way in frustrating your achievements. Secure a responsible tenant that would care for your property and pay their rent on time. A credit report or credit score is an excellent way to start a background check and assessment of your potential tenant.

 

  1. Know your rights and tenant rights

Tenancy laws are similar across states but differ in some ways. As a landlord, you must be informed of tenants’ rights as well as your own. Not only does this help you to maintain an understanding relationship with your tenant but it also educates you on the best ways to manage your property with or without the tenant’s assistance. Avoiding conflict with tenants and violation of any laws will guarantee that you continue to benefit from your investments.

 

  1. Prioritize Rent and Finance

Rent is your return on the investment. Handling issues regarding your revenue with carelessness are unwise. Ensure that the tenancy agreement states the exact amount of the rent and other details such as its due date, late fees and so on. Choose suitable ways to collect rent and avoid any complications.

 

Be firm about your expectation and always provide rental receipts to your tenants. If your tenants default on any payments, take the appropriate measures and remind them of the lease’s terms. Always be prepared for the possibility of an eviction.

 

Stay updated on each person’s payment record and other financial engagements on your property. Remember that accurate bookkeeping is a useful part of property management. Understand the financial details of your investment such as mortgage payments, insurance, taxes, utilities and so on.

 

  1. Inspection

Regular inspections of the property help to keep you organized and informed of the state of your investment. Inspection will also provide you with the opportunity to evaluate your tenants and their comfort using your property. Set periodic dates to visit and inspect everything from the building to its surrounding. Remember that only a well-maintained property can attract good returns. Fix minor issues to prevent them from developing into much more significant problems.

 

  1. Personal Property Insurance

As an investor or landlord, it is always important to keep some funds aside for unexpected events. After discussing all the terms and conditions of the lease with your tenant, stay prepared by setting aside a part of the rent each month. Your property requires your utmost commitment and finance to remain well-kept for long-term returns.

 

If the tenant violates the lease agreements, take proper action and ensure your landlord insurance can cover the eviction process.

 

  1. Hire a Professional Property Manager

Most times there is hardly the time to practice any of these tips for your property. The best choice is to hire a professional property manager to help you get the best from your investment. A professional property manager is an agent that represents your interests and ensures you make maximum returns with less hassle. They are experienced and knowledgeable in all sectors of real estate. A professional property manager is well aware of their responsibilities and is better equipped to fulfill them.

 

A property manager is efficient and allows you to maintain your life’s balance while owning several real estate investments. The best agents can be daunting to find, but we make your search effortless. At Los Angeles Property Management Group (LAPMG) you can find the experts you need to offer excellent services and results in property management. Visit www.lapmg.com to work with us today.

 

 

 

 

 

Filed Under: Commercial Properties, Property Management Education, Residential Properties Tagged With: advice for landlords, los angeles landlords, property management burbank, tips for landlords

Primary Sidebar

    PROPERTY OWNERS: CONTACT US FOR A FAST FREE QUOTE

    (This space is not for tenant contact)








    Loading...

    Footer

    Award-winning management means:

    Best property management in Los Angeles - Our Awards

    • Maximum profits.
    • Responsive service.
    • Vacancies filled quickly.
    • Accurate understandable monthly reports.

    Proud Members of:

    AAGLA AOACA AIR Commercial Real Estate Association Member BOMA 2022 Member of Forbes Real Estate Council

    Contact Information

    
    

    YouTube LAPMG   Facebook LAPMG   Twitter LAPMG

    Los Angeles Property Management Group
    10960 Ventura Boulevard Second Floor
    Los Angeles, CA 91604
    Phone: 323-255-9400
    Contact Us

    Los Angeles Property Management Group is registered with the California Bureau of Real Estate License #01931033.
    Kyle Crown License #01936385
    David Crown License #01157354

    © 2023 Los Angeles Property Management Group · Privacy Policy
    10960 Ventura Boulevard Second Floor, Los Angeles, CA 91604 · Phone: (323) 255-9400
    LAPMG is committed to ensuring digital accessibility for people with disabilities. We are continually improving the user experience for everyone and applying the relevant accessibility standards. If you have any issues, please contact dcrown@lapmg.com.