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Property Management – Canoga Park – Property Management 101

CHATSWORTH PROPERTY MANAGEMENT

Property Management 101

Property management can be defined as the leasing, managing, marketing and maintaining of real estate property that is owned by another party. Most often times in the property management industry these responsibilities are handled by a certified property management company. Property management companies work to facilitate the relationship between property managers, property owners, and tenants to ensure that all aspects of managing, leasing, and maintaining a property are covered.

Property owners are the primary benefactors of the services of a property management company. The property owner benefits by being alleviated from the stress that can be brought on by the complexities of playing landlord in a full time capacity. Most seasoned landlords have learned through experience that property management is a time consuming task that is more complex than merely insuring, listing and periodically maintaining a rental property. In most property management cases, a landlord need be fluent in handling the legalities tied to renting and leasing a real estate property, have the wherewithal to list, screen, and approve tenant rental applications, and be available 24/7 to any tenant demands or property issues so that they may be dealt with accordingly. When a property owner neither has the time nor the skills to become a full time landlord, the property owner turns the responsibility of property management over to a professional property management company to handle the intricacies of property management on their behalf to ensure that the tenants and the property are well taken care of.

Of course property management companies don’t manage real estate property out of the goodness of their hearts, but do so in exchange for a reasonable fee that is deducted from the overall rent. That fee goes to cover the services that a property management company provides to a property owner. One of the most important of those services is making sure that the rental property does not sit vacant but that it is always occupied by qualified tenants. Because the amount of compensation that a property management company can draw upon is tied directly to the rent that is being received, the best interest of the property management company is aligned naturally to that of a property owner, making it a focal point for both to ensure that the property is generating sufficient cash flows from happy tenants that are occupying the dwelling at all times. As a result, property management companies have developed rigorous screening processes for all potential tenants that include at the very least a background check, a credit check, and an evaluation of the tenant’s rental history. A good property management company will have a thorough evaluation process in place for any and all tenants that desire to rent property and will make it a priority to protect the property owner from unqualified tenants that are unfit to pay their monthly rental obligation.

In addition to screening tenants and ensuring that the property is occupied, a property management company will also handle all legal documentation that is required to comply with government regulations and the Fair Housing Act. Property management companies deliver added value by assessing the current rental marketplace to make sure that a fair rent value is being placed on the property, take over responsibility of maintenance and repair, handle any inspections that may need to take place on site, enforce rent collection from tenants, and take responsibility over all advertising and marketing that is required to attract and retain tenants.

by Property Direct

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.