When you’re a property owner in Los Angeles, leasing out your rental property can be a full-time job.
From ensuring compliance with local laws to dealing with tenant issues, it can be overwhelming.
That’s why many property owners turn to property management companies. Finding the right company can be a challenging task. Here’s what you need to know before hiring a property management company in LA.
If They Follow Local and State Rental Laws
Not only are there state laws you’ll have to follow, but Los Angeles also has its own rental laws.
These laws cover everything from tenant rights to property standards and eviction processes.
When you hire a property management company, you have to gauge whether they’re well-versed in these local laws and regulations. They should be able to navigate the complexities of rent control ordinances and tenant protection laws.
This will ensure that your property stays compliant and helps avoid legal troubles arising from non-compliance.
How They Handle Tenant Selection
One key role of a property management company is selecting tenants.
A good company will have a thorough screening process in place to attract reliable tenants who pay rent on time and take care of the property. They should conduct background and credit checks and verify employment and rental history. Focusing on attracting good tenants willing to pay market or near-market rent can help maintain tenant satisfaction and minimize turnover, which ultimately benefits your investment.
What Tenants Have to Say About Them
How a property management company handles interactions with tenants can determine the reputation of their business. If everyone knows to stay away from them, then it will make it significantly harder to find new tenants, while retaining existing tenants. The goal should be to provide value to tenants, ensuring they feel the price of their rent is justified and they’re being treated fairly. This approach not only helps in retaining tenants but also encourages them to take better care of the property. Look for a company that prioritizes tenant satisfaction over merely maximizing profit at the expense of tenant happiness. Of course, this comes down to the initial tenant selection process, but tenant satisfaction can go a long way.
Are They Going to Be Commutative With You?
Effective communication is key in any business relationship, and property management is no exception. You want a company that is communicative with the property owners and tenants. They should inform you about important matters like maintenance issues, tenant concerns, and financial reports. Similarly, they should be responsive to tenant inquiries and problems, ensuring a smooth and efficient management process. Look at reviews for that company to see whether landlords or tenants have had any issues communicating with them.
What Does Their Cost Structure Look Like?
Management fees vary widely, so it’s important to get a clear breakdown of all fees and charges. This includes fixed management fees, leasing fees, and additional maintenance or legal services charges. Don’t forget to ask about hidden fees that might not be immediately apparent. Knowing exactly what you’re paying for helps determine if the services are worth the cost.
How Do They Handle Maintenance Requests?
A good property management company should have efficient procedures for routine maintenance, emergency repairs, and long-term property upkeep. Ask about their response times for maintenance requests and how they ensure the quality of the work done. Proper maintenance not only keeps your tenants happy but also preserves the value of your property in the long run.
Get Started With a Trusted Property Management Company in LA
Finding a reliable property management company in Los Angeles doesn’t have to be a challenge. By focusing on the key aspects outlined above, you can make an informed decision that benefits both you and your tenants.
RentalHouse Property Management is here to help. Partnering with us can make all the difference in your property investment journey. Let us ensure your property is well-maintained and your tenants are satisfied.
Contact us today to get started and take the first step towards hassle-free property management in LA.