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Property Management – Van Nuys – Everything You Wanted To Know About Property Management

VAN NUYS PROPERTY MANAGEMENT

Everything You Wanted To Know About Property Management

Real estate management, which is also known as property management refers to the operation and management of residential, industrial, and commercial real estate properties. It is very much like management in any other type of business. A property management company operates everything on behalf of the landlord. For example, some of their duties include doing credit and background checks on tenants, advertising vacancies for landlords, responding to and addressing maintenance issues, and accepting rent from the tenants.

These companies charge you a specific amount of fee for their services. In most cases, they charge a certain percentage of the gross rent collected every month. In order to save this money, you may like to perform all these tasks yourself. But, if you have lots of properties to manage, you may find all these tasks, highly daunting. Always remember, tenants are not very easy people to deal with. A serious real estate entrepreneur always prefers to invest his/her time on other core issues of the venture. Time is the most important asset in a real estate business. Therefore, it is always worth availing the services of professional property management companies. If you want more detailed information on how to ensure your success in this lucrative venture and how a management company can help you with that, you are recommended to visit a property management blog like carnahanpropmgmt.com

The Role Of Property Managers

You will be glad to know that property managers these days also handle development, construction, repair and maintenance of your properties. If you are looking out for a way to detach you from your tenant constituency, hiring property managers undoubtedly is the best choice for you. They will also help you initiate litigation with insurance agencies, contractors, and tenants. However, this does not mean that property managers are trained attorneys. Though, some managers are attorneys, in most cases, they have an expert attorneys working under them. The legal subjects that gain the most amount of attention from property managers include public nuisance, reduction of prearranged services, harassment, non-payment, and other common evictions. Special attention is given to landlord/tenant law. It is up to you to decide which types of services you want your property manager to perform. Make sure that you have a written agreement with them, explaining each and everything clearly. If you want your property manager to perform legal tasks also, you will have to make sure that the property manager you are hiring is up-to-date with the latest applicable municipal, county and state laws and practices.

How Much Does It Cost?

The amount that property management companies charge varies depending upon the kind of services they provide. In general, their commission ranges from seven to ten percent. These commissions are charged on the gross rental income collected. It means if the gross rent they collect is $10000, you must be ready to pay somewhere around $700-$1000.

Get Rid Of All The Headaches Involved With Managing Properties And Tenants

Typical responsibilities of a property management company include signing rental agreements and rental disclosures, complying with rental laws (such as lead paint tests and disclosures), taking care of all repairs and maintenance, fielding phone calls from tenants, screening tenants, and other such things. What is more, if desired, they will also help you make your accounts much easier by keeping track of everything as how the money is being spent on various properties. Therefore, if you want to get rid of all the headaches involved with managing properties and tenants, you should look no further than hiring a professional real estate management company.

What You Cannot Expect Your Property Managers To Do

It is very important for you to understand that you cannot expect your property management company to do everything for you. There are several tasks associated with your property that are not included in their work profile. For example, they will not pay your bills, such as property taxes or mortgage payments. They will not even register your rental properties with local municipalities. You will have to perform all these tasks yourself. However, if you do not have much time to handle these things, there are some other alternative options available to you. In order to save your time, you can have your mortgage lender escrow for the recurring bills, including ground rents and property taxes & insurance.

Should You Hire A Property Management Company?

There is no direct answer to this question. The answer depends on the volume and type of properties you own. If you have a very small cash flow from your rental properties, you may find the amount of commission much more than what you can afford. But, if you have a very large cash flow and have lots of properties to manage, hiring the property mangers will always be a profitable venture for you despite the seemingly high amount of commission. However, in any case, when you consider the very fact that dealing with tenants can be a very daunting task – something that can even steal your night’s sleep, hiring a real estate management company to perform all the tasks on your behalf is always a great thing. Therefore, no matter whether you have a small or large cash flow, if you want to get rid of all hassles, hiring property managers is always worth the expense.

Property Management Software

Just like facility management, today real estate management is also facilitated by computer aided facility management. Real estate property management software programs are gaining rapid popularity day by day. These programs can be a great help for you when it comes to managing your real estate properties. The very fact that their prices are substantially decreasing adds to their popularity. The importance of property management software programs just cannot be ignored. With the help of these programs, even smaller companies and amateur property managers can work as efficiently as larger companies. The wide availability of these software programs has also played an important role in reducing the commissions of property managers. If you do an extensive research and thorough comparison shopping, you can easily find an affordable property management company.

Benefits Of Using Real Estate Software

If you are a property manager or a real estate entrepreneur trying to manage everything yourself, you can take advantage of property management software in several ways. However, it is very important for you to understand that different software programs come with different features. You must compare their features thoroughly before you buy one in order to make sure that the software you have bought is efficient enough to accommodate all your specific needs and requirements. For example, some programs have special features that automatically record the recurring transactions of a month. This way, you no longer need to make repeated entries in the software. Viewing the payment histories of the tenets also becomes a much easier task with the help of these property management software programs. You will be glad to know that some programs also feature automatic rent reminders, which makes it very easy for you to keep a track of advance rents paid or outstanding rents. You can also use it to keep a detail record of different management decisions of the past. Therefore, even if the manager changes, the newly appointed manager will not find it very difficult to handle everything.

One of the most important areas where the managers have to spend a lot of time is paper work related to tenancy agreements. You will be glad to know that there is a special real estate management software program that make the process of tenancy agreement much easier and completely hassle free. By having the software, you can straight away save plenty of hours that you would otherwise have spent on working on paper work.

The software thus helps you get a better control on all activities associated with properties. The best thing is that they are very easy to install. It does not take more than a minute to get the software installed in your computer system. It not only save your precious time but also eliminates all the hassles involved in the process of property management. However, if you want to get the most out of the software, you must keep it up-to-date all the time. You can download the free updates manually from Internet. Some software programs also come with an option to allow automatic updates. When you turn this option on, the software automatically updates itself whenever a new update is available. Obviously, you must be connected to Internet for that.

Whether you are a property manager or a real estate entrepreneur, it is very importing for you to keep yourself current with the latest development happening in the real estate industry.

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.