The common misconception among many landlords and rental property owners today is that all Los Angeles property management companies are created equally. While this mentality may be based on past experiences, it is definitely not the case. Although a property owner may be able to save a few dollars by partnering with a property management team that offers the lowest fees, there is a much greater risk of losing a considerable amount of money over the long term.
There are certain qualities that separate great property management companies from those that are average at best and the top 12 are listed here:
- Ability to collaborate and listen to any board members or investors in order to understand what every rental community truly needs
- Ability to grow your portfolio with off-market purchases that have returns which are higher than what is found in the market
- Being prepared to respond immediately to emergencies and other maintenance issues that may arise over time
- Commitment to providing further education and on-going training within the industry so that all personnel are equipped to deliver the highest service levels possible
- Excellent communication skills that keep landlords and/or property owners informed about their rental communities
- Financial stewardship that follows accounting protocols and rigorous internal reviews
- Focuses on sustainability and reducing their carbon footprint, energy consumption, and operating expenses in order to develop a cost-effective and healthier living environment
- Greater attention to detail and an understanding of what makes a rental property tick
- Leadership that produces success in the future
- Long-term relationships with maintenance professionals and vendors
- Never resting on their laurels while remaining collaborative, open-minded, and continually improving their levels of customer service
- Operates under full transparency so that you are provided with information regarding affiliates that the company is doing business with
- Standard operating procedures developed through years of industry experience
In addition to the above, many landlords and rental property owners are not always aware of local, county, state, and federal rules and regulations that must be adhered to in the industry. Landlords and owners are oftentimes subject lawsuits should they fail to comply with these guidelines and laws. Consequently, the best Los Angeles property management teams will help you avoid any potential legal issues by ensuring that you adhere to and are knowledgeable of these different laws.
Most property management companies in the Los Angeles area have built their reputations on ethical practices, honesty, and integrity. At the same time, they are working on an unwritten honor code when handling large sums of money (e.g. late fees, rents, and security deposits). Therefore, property management companies maintain fiduciary relationships with landlords and owners. The bottom line is that they have entrusted there properties and thousands of dollars every month while at the same time helping to improve that value of these rental community properties in the process. If you are looking to have your property managed professionally, look for the best company today.