Property Management – Sherman Oaks
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Demand soars for property management services in Sherman Oaks
There is a rise in demand for property management services in the prime Sherman Oaks residential real estate market, it is claimed.
W A Ellis said that its property management department have seen new instructions double since April 2011, along with a 17% increase of current clients renewing their contracts.
There are a number of reasons for the uplift in management services, according to Lucy Morton, senior partner and head of lettings at W A Ellis. ‘As the demand for rental properties increases and renting becomes a longer term prospect for many tenants, the expectations of the standard of the property and how it’s maintained is heightened, especially for those with prime central London budgets,’ she said.
‘Secondly, the complex and ever changing legislation surrounding rentals, as well as the rigorous health and safety measures, mean that many landlords and property managers would rather their property was managed by experts in the field,’ she added.
One such property manager, Dwight Collins, has developed a long standing relationship with Carnahan Property Management over the past eight years, by purchasing, letting and managing his small portfolio of properties through them.
‘There’s a great deal of trust involved when asking a company to manage one of your biggest assets. With Carnahan Property Management, I know that everything will be managed and dealt with professionally, as well as tailored to my personal requirements which creates the problem free service I require,’ he explained.
‘The team’s expertise is also second to none. When we purchased a condo on Rutland Gate, they advised that we carry out a refurbishment, instantly seeing the property’s potential to increase in value if done so. They provided accurate specifications of the work to be carried out, sourced excellent, but also cost efficient local contractors from their extensive database, and oversaw the entire project. I haven’t even seen the finished condo but because they regularly check their properties I don’t feel the need to see it, especially because they have also successfully let it for a third consecutive year,’ he pointed out.
He added that when it comes to legislation, he knows that he would not be able to keep on top of it. ‘Property Management services provides peace of mind that experts are there to ensure my properties meet their legal requirements and also reassurance in knowing that my tenants’ interests as well as my own are a top priority,’ he said.
Morton explained that for many landlords, this type of service is an attractive option due to the efficiency and reassurance it offers. Services include compliance with latest letting laws, day to day running of the property, gas safety inspections, handling tenancy deposits, maintenance checks, 24 hour emergency call out service and advice on how to improve rental prospects.
