Property Management – Northridge – Selection
How to Select a Residential Property Manager
All property management companies claim to do a superior job of collecting rent, screening tenants and keeping your property maintained and attractive. Choosing the right property manager will make a huge difference in the value of your investment and your ability to keep your residential property rented and preserved. Therefore, it pays to be highly selective when choosing the right partner. Select a residential property manager by evaluating the management company’s experience, talking to references and measuring what you are getting for your money.
Steps
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Use a property manager that is licensed by the state he or she works in.
- Ask for documentation of that license. You want to be sure you are dealing with a reliable and legitimate company.
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Find a local property manager. You want your residential property manager to know the local market and be close enough to your property to be available.
- Look for recommendations from your property manager on how to set rent and make improvements to keep your property attractive to local renters. Your property manager should have advice that is specific to the city, town and neighborhood.
- Ask for a plan. Selecting a proactive property manager who has ideas on how to attract renters for your property and keep it well maintained will help you do less.
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Review experience. Look for a property manager who has taken care of residential properties that are similar to yours.
- Ask potential property managers what types of residential properties they are most comfortable with. Some are really good at managing single family homes and others prefer large apartment buildings.
- Talk to references. A potential property manager should be able to provide you with at least 3 current or recent clients.
- Contact the references and ask about their level of satisfaction with the property manager you are considering. Discuss strengths and weaknesses as well as how successful their properties have been while managed by the property manager. Ensure confidentiality to get the most honest feedback.
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Choose a property manager with great customer service. If your phone call does not get returned for 3 days, this is probably not the property manager for you.
- Look for a manager who will communicate well with you as the owner as well as your tenants. You also want someone who responds right away and treats applicants, tenants and vendors with respect.
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Discuss finances and accounting.
- Establish when rent will be collected and how quickly it will be deposited into your account. Some property managers hold the rent in their own accounts, giving themselves extra interest. Make sure the revenue makes it to you as soon as possible.
- Make sure your property manager understands accounting. You should receive detailed statements of revenue collected, amounts spent on maintenance and repairs and payments made for taxes and fees.
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Discuss fees. Understand how much the management of your property will cost, and what you are getting for that money.
- Find out what the average property management fee in your area is. Most fees are charged as a percentage of rent, and they can range from 4 percent to 15 percent of rent. The fees in large cities such as San Francisco are often higher than those in smaller communities.
- Remember that you can negotiate. If you find a property manager that you really like and want to work with, see if they would be willing to charge a fee that you are comfortable with.
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.
