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Property Management – NORTHRIDGE – Real Value Of A Residential Property Management

NORTHRIDGE PROPERTY MANAGEMENT

The Real Value Of A Residential Property Management Company

The value of professional residential property management for an investment property isn’t seen in a handsome shade of taupe exterior paint or in a reflection on a stainless steel refrigerator. The real value of a property manager can be seen in the bigger picture; a well-marketed home that rents quickly, a unit that remains occupied by a carefully screened tenant, a tenant who lives happily in a well maintained property, and a rent check that is received on-time each month.

Money spent improving a home’s appearance offers curb appeal which increases property value almost instantly. Upgrading the appliances in an outdated kitchen makes a home more sought-after, warranting a potential rent increase at the next lease renewal. Hiring a professional residential property management company to manage a residential property works in much the same way, but in a more intangible fashion to protect and preserve the value of the property. A property management company on the owners’ side is assurance that real estate investments-the most valuable investments-will be well-maintained, properly cared for in the case of an unexpected emergency, and will be aggressively marketed when a tenant presents a notice to vacate.

Marketing
Vacant properties don’t generate re-occurring income; therefore it is imperative that days a property sits without a tenant are kept to a minimum. The likely route a landlord takes to execute a newly signed lease begins with a listing on the internet or an ad in the local paper, followed by screening phone calls, showing the property and finally processing the application. Property management companies market rental properties from all angles, newspaper ads, the internet and the multiple listing service (available solely to licensed real estate professionals including property management companies). Effective marketing can generate multiple applicants, cuts down on the number of days a property sits idle and allows the listing to reach the eyes of other local real estate agents who might have tenants waiting for the right rental property to hit the market. Marketing a vacant property to a broad range of renters helps ensure the perfect property-tenant fit. Property management companies are in tune with market trends and specific attributes that potential renters seek, such as allowing pets or permission to sublease during the summer months, all factors that can justify an increase in monthly rent.

Applicant Screening Process
Good tenants don’t just happen by chance, they happen by choice. Anyone can find a tenant by running an ad in the local paper or on-line website, having a quick telephone conversation, taking a deposit and handing over keys. However, finding a quality tenant requires a thorough screening. Although it may seem difficult to differentiate between one qualified renter and another from a pool of seemingly strong applicants, a professional property management company has experience in the applicant screening process and the tools to execute the transaction smoothly; conducting background checks, confirming references and generating and evaluating credit reports. A good fit often leads to a longer term stay. Finding a qualified tenant is just the beginning of a relationship that will last for the duration of the lease. Once the tenant moves in there is an ongoing process of collecting rents, conducting maintenance and emergency management.

Responsive Service
Although it is difficult to be thankful for a middle-of-the-night phone call by a tenant for a leaky roof or broken window, the best source of information regarding the condition of the property during the tenure of the lease is the tenant-who must feel comfortable calling at any hour in the event of an emergency. A residential property management company has an understanding of home maintenance and repair. Managers are prepared to handle emergencies, and are familiar with the rules, regulations, and laws as they pertain to tenant/landlord responsibilities. A reputable property management company will refer to a list of readily available home repair and service providers when the need arises and will have the resources to employ a specialist at a moment’s notice; assurance that routine maintenance and emergencies will be handled in a timely manner. Residential property management companies establish relationships with service professionals in the community allowing them to schedule regular maintenance and emergency repairs at discounted prices.

Property management companies are industry professionals that accept the worry and headaches that commonly plague landlords. Working directly in cooperation with tenants, the services of a property manager are a combination of following a schedule of routine property maintenance, responding quickly to emergencies, satisfying tenants with a pattern of responsive service and keeping properties rented. The benefits of professional property management add up. Dollar for dollar, finding a trusted property manager is a most valuable investment aside from the purchase of the property itself.

Posted by Property Management 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.