Property Management – Winnetka

WINNETKA PROPERTY MANAGEMENT 

Keeping Your Tenants To Produce More Profits

In the real estate game, when we are talking rental properties, one of the most important things that will help you earn more money is long term tenants. The longer the tenant stays, the lower the number of unit turnovers you will have. Turnovers cost money! So as property managers and landlords, we should do everything possible to keep our tenants – and yes, occasionally there is a bad one we might unfortunately have to “fire” and let vacate! So, let’s talk about a few ways to help the cause!

First, when a unit turns over, even if you have a new tenant whose lease starts the next day, it still costs lots of money. If you manage the rental yourself, you have to advertise, take calls, show the property, write up a lease, get it signed, collect a security deposit, deposit it in the bank, etc. This all takes significant time and energy – and time is money! Alternatively, if you have a property manager do it, it’s usually one-half to one full month of rent you need to pay as a commission.

In addition to the leasing process, you need to inspect the property before the prior tenant leaves, schedule the unit and carpets to be cleaned, have your handyman go in and paint, patch, repair, etc. and you must finalize the old tenant’s lease and security deposit. Then you’ve got to do a move in with the new tenant, document the condition, exchange repair requests from them, coordinate utilities changeovers, etc. What a pain!

All in all, you’re probably going to spend several days of your time handling all these issues, probably a whole week of time or more once all is said and done.

Wouldn’t it have been easier to just keep your existing tenant in place?

Most apartment building surveys find that the main reason people leave their existing rentals is because of poor management either by the landlord or the property manager. So that’s not being attentive to their issues, not fixing stuff that breaks, blaming the tenant for broken items, etc. So tenants get frustrated and find a better place to live.

Therefore, to keep your tenants as long as possible, which also reduces your hassle factor on rentals, you need to treat your residents with respect. And, keep your properties updated and in good shape, repair items when they break and don’t point the finger at your tenants, handle issues professionally, and don’t let them even consider leaving! To further your devotion and appreciation of them, you might also consider minimal, if any, rent increases for great tenants who are responsible, take care of your property, and work with you if there are issues.

The longer your tenant stays, the more money you earn, there couldn’t be any more simple math than that! The better you are as a landlord and property manager, the longer residents will stay and keep those rental checks arriving on time. Good luck.

by Leonard Baron

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.