Property Management – Sherman Oaks

It is every real estate investor’s dream to own a rental property which doesn’t require any expenses, yet provides regular stream of income year round. Some may think of it as unachievable goal and you are most likely correct in your thinking. However, it is certainly possible to manage and maintain your investment without spending more than needed and achieve your target of high profits.

If you own large rental assets such as an apartment building or a condominium complex, it will be most imperative to find a reliable, knowledgeable and well trained property manager. It should be clearly specified from the beginning what your expectations are. The bigger the property is, the bigger his responsibility will be. Nobody cares about your investment more than you do. Finding that perfect match may be challenging. However, it is entirely achievable with the help of the right team.

Continuous maintenance of the building and its surroundings will ensure tenant satisfaction, low eviction rate and will keep your expenses to a minimum. Below is the list of maintenance issues which should be addressed on a regular basis:
1. Monthly inspection of rental units. Standard assessment of the rental property will provide certain compliance with the demands of the lease and prevent the tenants from creating any extensive damages. This should include visual inspection of smoke alarms, faucets, door locks, security alarms and electrical outlets.
2. Monthly inspection of plumbing, heating and air-conditioning units.
3. Monthly inspection of the building’s structure; includes windows and doors.
4. Routine inspection of garage units.
5. Weekly maintenance of landscape; includes lawn mowing, leaf raking, gardening and snow removal when necessary.
It is strongly recommended to become familiar with the property management concept before deciding to hire a property manager. This will ensure your demands will be met and the property will be maintained at all time.

Here is the list of suggestions when looking for a capable property supervisor:
1. Find out if they are large property owners themselves. Although it may seem like an asset at first, it may not be. They will most likely pay more attention to their own investment than yours.
2. Find out how many properties are they managing at the present time. If the amount is too immense, you may want to reconsider hiring them as they will not have the ability to attend to your rental property in a timely manner.
3. Find out their availability in case of emergency. Ask them if they have any back up plan if this should occur.
4. Ensure that the monthly or weekly inspections are part of the package instead of extra expense.
5. Ask them to provide samples of previous property management reports and require that they are supplied routinely.
6. Request that the payments made to them will be based on the collection of rent or lease. If the tenant fails to pay the monthly rent, the property manager will not receive their percentage until the money is collected.
7. Establish dollar amount at which the property manager will have to obtain your permission. The suggested amount is $25. Small repairs can be approved and performed in a timely manner at the discretion of the property manager.
8. It is never acceptable to enter the establishment while the occupant is absent. Arrangements have to be made in order to enter the premises unless a written permission form is signed by the tenant. It is imperative to exercise this rule at all times to prevent any future dilemmas. Future candidates for maintenance managers should always be aware of this requirement.

Becoming a real estate investor has its challenges and so does the property maintenance. Most successful property owners always pay most attention to detail. Beautifully landscaped front and back yard will attract many potential tenants. Parking options are always a huge asset if the property is located within the urban area. Security system installed at each unit provides extra safety and feeling of comfort. Tasteful design will invite professional population into your establishment. Remember, you are looking for return on your investment. Regular maintenance of the property will prevent major expenses in the future. It is always recommended not to allow the property fall into disrepair as the cost to bring it up to date can easily lead the landlord into bankruptcy.

If your assets are located within a small residential area and you are just looking for someone to help you with maintenance of the rental property, you may want to consider contacting your immediate circle of friends and family. It has been a proven method of finding a capable maintenance person to aid with routine repairs and daily upkeep. It is extremely simple to find a good and diligent individual within this difficult economy. The cost is low and the results can be enormous.