Property owners are always looking for trusted and reliable property managers to take care of their rental properties. The main function of a property manager is to ensure a rental property is fully occupied throughout the year. If one tenant is leaving, another one should be ready to occupy the unit without any loss of rental income for the property owner. Property managers usually advertise vacant rental units, vet prospective tenants, draft lease agreements, collect rent, withhold rental bonds, maintain the property and evict tenants who default on rent or the T&C’s of their rental agreement. There are also some property managers who can pay property taxes on behalf of the client.
To get the best rental property management LA residents need not rush to choose the first property manager they find. Instead, they should make a list of the top management firms and compare them based on a number of factors, including:
i) Licensing
Nobody wants to work with quacks, so the first thing to check when shortlisting property managers is whether they have a valid license or not. The issuing authority of the license, its expiry date and license category are three important things that you will have to check prior to making a decision. Only properly-licensed property managers should be given any special consideration.
ii) Experience
The best property managers have a lot of experience in the industry. They must have been managing rental properties for many property owners for several years. If you own retail rental properties, then the ideal firm should have a lot of experience managing retail rental properties. This is crucial because experience helps to build competence, so the most experienced property managers usually offer the highest quality of service.
iii) Fees
After collecting rent from a fully occupied apartment building, it will not make sense to surrender close to half of the rental income to the property manager as the management fees. For this reason, you will need to ask each of the shortlisted firms to give you their fee structure. A comparison of the fees and commissions will help you to pick out the most rental property management LA in the city.
Only property managers who offer guarantees for their services should be given any special consideration. This is because you’d like to hire a firm that offers guaranteed services. For instance, there should be a guaranteed occupancy rating, of say 99%. The ideal property manager should also be insured and bonded.