What to Look for When Hiring a Property Management Company in Los Angeles
Finding the right Los Angeles property management company for your investment goals is an essential part of having a successful and profitable investment experience. With a results-oriented property management company, you can expect that your rental home will be occupied by well-qualified tenants. You can also expect that your asset will be protected and well-maintained.
The company you ultimately choose will depend on your unique portfolio of rental properties and the services you require. There are a few things you should always look for, however, when you’re settling on the right management team.
Los Angeles Rental Market Expertise
Experience is important, and smart investors will look for local experience as well as industry expertise. You want to choose a property management company that has been managing properties long enough to understand what works and what doesn’t. You’ll also need a lot of experience with landlord and tenant law, especially as California’s rental requirements become more complex. There are new fair housing laws to consider as well as just cause eviction requirements and updated Section 8 regulations. Your property manager needs a depth of experience that will protect you and your investments.
It’s also important that you choose a property manager who has the knowledge and the talents required for your type of rental property. If you have multi-unit dwellings and small apartment buildings, using a management company that specializes in single-family homes is probably not your best option. Look for areas of expertise that match what you need, and make sure they’re local.
Property Management Systems and Processes
When you talk to management companies, they should be able to tell you exactly what they do in nearly every situation that may arise. They should have a consistent leasing process, a procedure for screening tenants, a schedule for preventative maintenance and inspections, and a rent collection policy. Ask about what they do when a tenant doesn’t pay rent, or how they handle unauthorized pets. You should hear specific plans and feel comfortable that they have systems in place that solve problems.
Every property is a little different and there should always be room for flexibility and customization. But, a good management company will automate and systemize everything they can in order to efficiently and effectively deliver their services.
Technology and Communication Improves Los Angeles Property Management
Always ask about technology when you’re interviewing potential property managers. You can usually get an immediate understanding of their willingness to embrace technology just by checking out their website and looking at their online presence.
Look for a company with innovative software designed for this specific industry. You want to be sure rent can be collected and deposited electronically. You’ll need an online portal, where you can see statements and reports, especially if you’re an out-of-state owner. Technology helps communication flow better – between managers and owners and managers and tenants.
These are three of the most important things to consider when you’re seeking a Los Angeles property management company. If you’d like to talk about this further or hear about what we can do for you, contact us at MGMT Group, Inc.