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Property Management – Sherman Oaks – Property Manager Skills

SHERMAN OAKS PROPERTY MANAGEMENT

Does Your Property Manager Have The Necessary Skills?

It would be sound advice for anyone who is thinking about buying a rental property as an investment to employ the services of a property manager to handle the day-to-day tasks for them.

With the economy as it is today, it is important to have a property manager that cares for your property as if it were their own, particularly when it comes to the expenses.

To be certain that your rental property will be handled by the best people and run without the need for you to oversee them, there are things that you should look for when selecting a possible manager.

Find a reputable firm and assess their property managers. There are things you should know about them and what knowledge they have about the world of property management. The areas of discussion could include:

Familiarity and knowledge of the local market

The first thing you should look for is a property manager who is familiar with the area where your rental is located. The right property manager will be conversant with the rental market in regard to the going rates are per square foot and what amenities he expects prospective renters are looking for in a rental property. If he is knowledgeable he will know the maximum amount you can expect to receive from your rental and still remain competitive.

What is their customer service policy?

What is their turn-a-round time with renter’s needs and requests?

Do they have any referees that you can call?

Ask these referees about the manager’s strengths and weaknesses.

Was the service they received of good quality?

Were the renters happy with the services they received?

Are they able to competently handle the financial transactions i.e. rental and expense payments for you

If they will be handling the bookkeeping part of the rental, ask what experience they have in handling the financial transactions for you.

What is their policy on collecting rent?

Will they provide you a monthly financial statement of all transactions?

Do you feel as though you can have absolute trust in them?

Do they have a legal background in leases and rental agreements?

Are they familiar with all the local codes and laws pertaining to rental property?

Are they aware of the local body requirements such as keeping lawns mown and the trash collected from residential properties? Do they know the fire codes and disability parking requirements for commercial properties?

Are they cognizant with formal leasing requirements and are they able to handle leases and rental agreements?

Of all the properties they manage, what is the occupancy ratio?

What medium do they use to advertise vacancies and how do they screen candidates?

Do they perform background and credit checks?

Do they ask prospective renters for their previous rental history and then cross-check with those landlords?

What are their policies in accepting or denying an applicant?

Will they run each application past you for the final word or do you want to grant them total autonomy?

Your tenants are your livelihood in the rental property business, thus you need a property manager who is experienced, a very good communicator and one who takes pride in their occupation.

A successful professional relationship is important between you, the property manager and the tenant to ensure a satisfactory tenancy and the maintenance of a fair return on your investment.

By Midge Hand

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.