Should I Hire a Professional Property Manager for My Los Angeles Multifamily Rental Investment?
Smart investors know that professional property management is an essential resource for multifamily rental investments in Los Angeles. The professional management of your building will be a key factor in how well your investment performs.
There are dozens of excellent reasons to work with a Los Angeles property management company when you’re investing in multifamily rental homes. Today, we’re focusing on three of those reasons:
Maintenance affects the value of your asset.
Customer service affects tenant retention and reputation.
California rental laws are complex and changing.
High-quality property management will increase the value of your investment and allow you to earn more and spend less. You’ll also attract, place, and retain higher quality tenants, which makes a huge difference in the performance of your property.
Los Angeles Property Management and Multifamily Maintenance
Managing your own multifamily investment might seem easy enough; you find tenants and collect rent.
Actually, there’s a lot more to it than that, and one of the areas that independent landlords have a hard time keeping up with is maintenance. If you fall behind in the routine repairs and preventative maintenance of your investment property, you’ll watch the value of your investment plummet. That’s going to hurt your ROI and you may find yourself having to invest more in capital improvements just to bring the property up to habitable standards. If there’s deferred maintenance and deterioration, you won’t attract any tenants. You might even find yourself in violation of building codes.
Good property management will protect you from this. You’ll have a team of experienced professionals who have relationships with licensed and insured vendors and contractors. Maintenance needs will be handled right away, and the value and condition of your asset will be preserved.
Los Angeles Property Management and Tenant Retention
You may not think about your residents as customers, but that’s exactly what they are – paying customers. Responding to their needs is an important part of renting out a property, and you need to go even further by providing an outstanding rental experience. If you don’t, your reputation will suffer and you’ll have a hard time finding good tenants who want to rent from you. Turnover and vacancy costs will rise, and you’ll be left with decreased profits and a lot of frustration.
Customer service is more important than ever, and your reputation can be damaged with a single unfavorable Yelp review from a tenant who has had to beg for a return phone call or a repaired sink. Property managers understand the needs of tenants and can remain responsive, available, and accessible. This is especially important with multifamily properties, where there are often tenant disputes about things like parking, pet waste, and noise.
Los Angeles Property Management and California Rental Laws
Professional Los Angeles property management is more important than ever, thanks to the COVID pandemic and the new laws that were enacted this year in response to The Tenant Protection Act of 2019. An eviction moratorium remains in place for residents who were financially impacted by the COVID pandemic, and there are lots of other legal hurdles to navigate, including rent control, just cause evictions, Section 8 housing, and security deposit requirements. You need to know the difference between a pet and an emotional support animal.
Legal mistakes are easy to make and they’re expensive. Your Los Angeles property management company will keep you in compliance.
If you’d like to hear more about why professional management is so important for your multifamily investment property in Los Angeles, please contact us at MGMT Group, Inc.