Property Manager – West Hills
Property Management Companies Help Give Peace of Mind to Landlords
Many landlords, regardless of the size of their rental portfolio or the location of their property, have probably experienced these same scenarios:
- Their tenant is late paying rent – again – and must be contacted.
- The property has an emergency maintenance issue, and they must drop everything to handle it.
- The property is located in another city or state, and they have to travel to check on the property, make repairs or show the property to potential tenants.
How can landlords better handle the demands and challenges of managing rental property? Hiring a property management company can offer many advantages. Property management companies typically handle all operations of the property, including maintenance, setting and collecting rent, selecting tenants, preparing rental units and marketing. Most importantly, they have the expertise and experience to manage rental property.
Pros for Hiring a Property Management Company
Robert S. Griswold shares some pros of hiring property management companies in his book Property Management Kit for Dummies. According to Griswold, “deciding how your rental property is managed is one of the most important decisions you make as a rental property owner.”
He says good property management companies can help landlords operate rental properties better and more efficiently than they can on their own. The company’s experience can result in lower costs, higher rents, better residents and well-maintained property. Working with a property management company also allows landlords to take on additional properties or pursue other interests.
Here are Griswold’s pros for hiring property management companies:
Tenants:
- Have tenant screening procedures and can typically select tenants more objectively.
- Handle rent collection and have established rent collection policies and procedures for late payments.
- Respond timely to tenant complaints.
Maintenance:
- Handle property management issues during the day and have staff for after-hour emergencies.
- Have contacts and special pricing with qualified, licensed and insured suppliers and vendors who complete work quickly and efficiently.
- Can complete quality maintenance and repairs.
- Perform physical or drive-by inspections of property.
Finances:
- Perform rental market surveys and offer advice on setting rental rates.
- Manage bookkeeping, bank deposits and paying bills, such as mortgage, property taxes and insurance, if the owner doesn’t pay them directly.
Laws, rule enforcement and legal documents:
- Are up-to-date on federal, state and local laws and liability issues, such as mold and fair housing policies.
- Enforce rules, regulations and compliance with laws.
- Prepare leases, rental agreements and all legal forms.
Marketing:
- Prepare, advertise and show rental units.
- Have a website that provides information and photos of available rental properties, enabling them to market property more easily.
- Can serve as an excellent source for purchasing additional properties.
Nolo.com, a site that offers business and legal advice to consumers, recommends hiring a property management company when landlords 1) have lots of property or rental units, 2) don’t live near their rental property, 3) aren’t interested in hands-on management 4) have limited time and 5) have property that is part of affordable housing, which requires complying with many complicated rules.
In addition, Nolo.com says landlords should hire a property management company if they don’t want to be an employer. Hiring a resident manager or other employees to assist with property makes landlords responsible for payroll and other legal obligations. A property management company can handle time sheets, calculate and submit payroll, generate paychecks and oversee legal requirements.
From: http://www.bickerstaffparham.com
Carnahan Property Management Services Woodland Hills,West Hills,Bell Canyon, Hidden Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys, North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, WestLake Village, Agoura, Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500.
