As a rental property manager in San Fernando Valley and other parts of Los Angeles, you are faced every day with stiff competition. This means that you will need to cross your “T’s” and dot your “I’s” if you want to be successful in this business.
As one of the most successful property management company in Los Angeles and the surrounding areas, we have seen so many property managers come and go. Most of these people failed because they don’t want to learn how the game is played. Your job as a rental property manager in San Fernando is to ensure that your tenants are happy and your property owner or the landlord is also happy doing business with you. You can’t do one and leave the other, you must find a way to create a healthy balance; else, your business will suffer for it.
To help you succeed in this business, we have tapped into our experience to create top 5 pillars of every successful property management business. While going through this article, you will find things you can do to ensure that your business as a rental property manager in San Fernando is a successful one.
The first rule of every successful property management company is to have a system in place for taking care of your maintenance needs. The way you go about your maintenance can make or mar your reputation. You need to ensure that you have a system and staff to take care of your maintenance.
Your tenants will always point out things that need fixing. Ensure you take care of these repairs as soon as possible. Meanwhile, have a good financial analysis in place that lets you recover any money you spent on repairs from rent. Doing these will ensure that your property is always in a good condition and that you don’t run at a loss.
We live in a world that is full of uncertainties. No matter how careful you are with the property under your care, you can never completely guess what might happen tomorrow.
Your area may be prone to bad weather conditions such as Monsoons and hurricanes. In some cases, your property may suffer from a fire incident, either way, talk with the property owner to have an insurance that completely covers the property from eventualities and unforeseen circumstances.
- Property Taxes
If you want to avoid having a confrontation with the law, make sure that you pay your taxes or you could run into legal problems with the authorities. Dealing with unpaid taxes will certainly affect you more than you think.
- Occupancy Rate
This should be one of your top priorities before starting your business as a rental property manager in San Fernando Valley. If you cannot guarantee landlords that you can be able to always find quality tenants at shortest period of time to fill their vacant property, no one will like to work with you.
You must have a marketing technique in place that lets you get the best quality tenants once there is a vacancy in the property under your care. You will definitely attract more landlords if you can guarantee high occupancy rate.
- Dealing With Tenants Issues
Apart from maintenance, there are tons of other issues your tenants will always call your attention to. This could be tenant fighting and other problems. It could also be one tenant disturbing others; you need to be able to resolve these issues amicably. Note that how you handle these issues will reflect your quality as a property manager.
There is no doubt that you need to be extremely creative if you want to succeed as a rental property manager in San Fernando Valley. Make sure you follow all the rules listed in this article and also research other ways to stay on the top of your business. As we are about to enter 2018, this is your opportunity to rebrand yourself and attract more landlords and tenants in 2018.