Granada Hills – Property Management

GRANADA HILLS PROPERTY MANAGEMENT

ENCINO PROPERTY MANAGEMENT

VAN NUYS PROPERTY MANAGEMENT

TARZANA PROPERTY MANAGEMENT 

The Advantages of Hiring a Property Management Company

If you are thinking about investing in property that would eventually become a rental unit, hiring a property management company can be a very wise decision. Not only would it take some of the stress off your plate, but the property can be better managed. A proficient property manager can add significant value to your investment, which is why many experienced real estate investors will tell you that a good management company is worth their weight in gold. Here are a few ways that a good property manager earns their keep:

Higher quality tenants.

Think of tenant screening as the moat and draw bridge around your castle. It is certainly possible to get a bad tenant out of your home once they are in, but it’s a real hassle and you are better off never accepting them in the first place. A thorough screening process results in more reliable tenants that pay on time, rent for longer periods of time, put less wear and tear on the unit  and generally cause less problems.

Having a skilled property management company deal with this process –  one who knows how to quickly search for exact facts about candidates –  is able to screen a great deal of potential renters in a short amount of time. They can expertly analyze all of the information and will quickly see the red flags and warning signs. You will also be protecting yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. This kind of experience takes time, and insomuch as it means avoiding bad tenants, scams and lawsuits, it is arguably one of the most significant benefits a property management company will provide.

Fewer costly and time-consuming legal problems.

Property owners and landlords who’ve been at it for a while know that it only takes one troublesome tenant to cause significant legal and financial frustrations. A good property manager is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential law suit. Each state and municipality has their own laws; these plus federal law cover a number of areas including but not limited to:

• Tenant screening
• Safety and property conditions of the property
• Evictions
• Inspections
• Lease addendums
• Terminating leases
• Handling security deposits
• Rent collection

Avoiding a single law suit can more than pay for the property management fees, and save you time and anguish.

Shorter vacancy cycles.

A good property manager will help you perform three critical tasks that affect how long it takes to fill your vacancies:

• Improve and prepare the property for rent – A property manager will recommend and oversee cosmetic improvements that maximize revenue.
• Determine the best rent rate – Too high and you are stuck waiting; to low and you’re losing money every month the tenant is in the unit. Establishing the optimal price requires knowledge of the local market, details on recently sold comparable properties, and access to rental rate tools, all of which your property management company should have.
• Properly market your property – An experienced property management company has written hundreds of ads and recognizes what to say and where to advertise so as to get a larger pool of candidates in a shorter time period. Additionally, due to their volume, they can usually negotiate cheaper advertising rates both online and in print. Lastly, they are familiar with sales and know how to close when they field calls from prospects and take them on showings.

Better tenant retention.

While it’s easy to see the ill effects of lost rent, there can also be equally serious issues with a high tenant turnover. The turnover process involves an extensive cleaning, changing the locks, painting the walls and possibly new carpet or small repairs, in addition to all the effort associated with marketing, showing, screening and settling in a new tenant. This is a time-consuming and expensive process that can often be avoided by keeping tenants happy and well cared for.

A good property management company will have a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where a good property management company will shine.

More secure rent collection process.

Handling rent collection and late payments could be the difference between success & failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. Having a property manager handle rent collection, and in turn have them, when needed, be the bad guy who has to listen to excuses, chase down rent, and if necessary, evict the person living in your property, puts a buffer between yourself and the tenant and they see you more as the provider of the roof over their heads and not the person hounding them for the rent.

If you allow them, your tenants will walk all over you. They need to be more or less taught to follow every aspect of the lease or face the consequences. Property managers have an advantage because tenants realize that they, unlike the owner, are only doing their job and are obligated to enforce the lease terms. Even property managers will tell you that it is considerably easier to manage other people’s units rather than their own for this reason.

When it comes to evictions, there are strict laws concerning this process, and doing it wrong, or trying to evict a “professional tenant ” could be a MAJOR fiasco. A good property management firm knows the law and has a good process for obtaining the best possible outcome given the circumstances. Never having to handle another eviction can be a convincing reason to consider hiring a property management company.

Assistance with taxes.

Personal taxes are a hassle, but when you include trying to figure out all of the tax documentation needed with a rental unit as well what deductions to claim, etc., it can become one huge, confusing headache. A property management company can help you understand all of this as well as organize all of the necessary forms. Furthermore, the property management fees themselves are tax deductible.

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.

• Tenant placement
• Tenant screening (including: credit check, landlord and employment verification, social security trace report, California eviction check and criminal check)
• Regular property inspections
• Accounting and landlord bill payment
• Monthly financial reporting
• Maintenance service and supervision (we use only proven independent vendors)
• Collections
• Evictions
• We supply all the necessary forms to meet California’s Landlord/Tenant laws
• 24 hour emergency phone service
• Advertising to the broadest tenant base possible

Call or e-mail us today for more information. We’re ready to get started!

• Carnahan Property Management services Woodland Hills,West 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, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 and check if we can service your area.