Communication You Can Expect from a Los Angeles Property Manager
Hiring a property manager can reduce your efforts of managing your Los Angeles property to a great extent. It saves time, lessens your responsibilities, and gives you more freedom to pursue your own projects.
However, when you hire property managers for your Los Angeles home, you need to expect regular updates on what they are doing to grow your ROI. Here are some of the key reports that you should expect from your Los Angeles property manager.
Reports of Maintenance Issues and Tenant Damages
Normal wear and tear is a common phenomenon while leasing your Los Angeles property. However, if your tenants report a significant maintenance issue such as mold or damage due to natural hazards, the property managers should immediately report it, as they will need your approval if the repairs exceed your maintenance budget. They should inform you about the type of damage, tentative repair costs, and the time required to fix the unit. In case the issue remains unresolved, it can decrease the value of your property.
In addition, the property manager needs to conduct regular inspections to identify the damages caused by tenants due to negligence, misuse, or accident and inform you about the same.
Status of Rental Payments
Property managers are supposed to keep track of all rental payments and inform the property owners if any payments have been delayed by renters. They need to provide you with detailed reports about the total amount of rent collected, dates of rental payments, late fees, delayed rent, the reason behind non-payment, and more. You can ask your property manager to communicate this information through a property management portal or email.
Updates About Lease Renewals
You need to be aware of when leases are expiring whether tenants are renewing their leases so you can discuss rent increase and other concerns with your property managers. Even if you want to continue with your existing tenants, you need to renew the yearly contract, or it will be renewed automatically. Therefore, you should get regular updates from your property manager about lease renewals.
Accounting And Reporting
The property manager should communicate how your property is performing in the annual property management report. This report is useful for landlords as it helps track yearly accounting and finance for your Los Angeles rental. Property managers should attach documents, such as income and expense statements, operating statements, budget report, ROI report, and property service report in the final report.
Updates and Information Regarding Los Angeles Housing Law Amendments
California has some of the most complex housing laws in the country. Whether you live in Los Angeles or are an out-of-state investor, keeping up with these amendments in rental laws can be challenging. Your property manager is expected to keep you updated about any specific law or amendment that is passed, which may affect your property.
Having a good property manager is necessary to maintain seamless and transparent communication between you and your tenants. They understand the requirements of property owners and help them track important details about their Los Angeles rental.
MGMT Group is a full-service residential property management company with over ten years of experience managing real estate throughout the Los Angeles area. We take a proactive approach while managing our properties and believe in working intelligently to provide better results for client portfolios.
For more details on property management reports, contact us at MGMT Group In