Smart property owners and investors know that hiring a professional property management company to place tenants and maintain the investment is a great way to maximize your returns and keep your costs low. However, not all property management companies are the same. When you’re looking for one to represent you, make sure you choose carefully. These are some of the things to look for.
Attentive to Owner Needs
A good property management company is attentive to the owner’s needs. Your property manager should take the time to get to know you and your property. Make sure you’re working with someone who listens. Each property is unique, and each owner or investor has a different set of goals and objectives. Paying attention to your intentions and your needs is a critical component of developing the right relationship.
Experience in Delivering Results
Talk to your property management company about how you expect your property to perform, and what your investment goals are. Then, ask them if they can deliver. When they promise you that they can, ask to see results. Find out how they have successfully managed properties similar to yours in the past. You want to be able to establish trust so you know they will go beyond your expectations.
Careful Investment Management
A good property management company will be careful with your investment and embrace every opportunity to save you money. At LAPMG, we own a lot of our own equipment, which saves our property owners money. For example, we have an underground camera to detect sewer blockages. We also have the equipment that’s needed to clear any blockages that we find. When your property management company can offer these services, your maintenance expenses are lower.
Expert and Updated Legal Knowledge
The management company you work with should be current in all the state, local, and federal legal requirements. There are a lot of changes to rent control and the market conditions. These changes affect rental rates and your potential liability. For example, new retrofitting laws are now in place, and as a service to our owners we have been managing the retrofitting upgrades at no additional cost. We’re also talking to contractors about the construction that may be necessary to keep our buildings in compliance.
Knowledgeable and Skilled Team Members
You want to know you’ll be working with a team of experts who are efficient and service-oriented. You want to see systems in place that allow for online rental payments and maintenance requests. You should have your own online portal, where you can access statements and get any information you need about your property. Your property managers should be able to educate resident managers on fair housing and other requirements.
All in all, you’re looking or a management team that is qualified, available, and willing to take all of the management headaches out of your hands. If you have any questions about how we can do this for you, please contact us at Los Angeles Property Management Group.