Here at Property Management 2.0, we are always providing our perspective on property management; apartment leasing, apartment marketing, etc. This week we thought it would be interesting to hear from a writer who is not directly related to the investment property industry and find out his take on what he looks for in a management company. _Trevor
What to Look for in a Property Management Company in Los Angeles (or any other city, for that matter)
Managing your company’s property can be quite stressful. Not all property management companies can offer you optimum services, especially if you are based in Los Angeles. Look for a Property Management Company which can promise you the following features:
Resolving Maintenance Issues:
An ideal property management firm would have the ability to resolve every imaginable maintenance issue. It would use a variety of independent contractors that would provide you and your property quality work at suitable rates and speedy turnaround. Another benefit to this is that they would use their own experts to handle all issues.
Qualified tenants are sought by a proper Property Management Company to lease your investment property. Best market rents are ascertained by first conducting rent surveys in any suitable area. Your ideal property management company will market vacancies by whatever means that are effective. These include print media, online classifieds and classified ads. The property itself should also be made attractive by adding eye catching signs and banners. Lists of interested or potential tenants who call is kept and are followed up through calls or emails later on.
A good property management company gives little leverage on rental collections. Rents should be collected on the first of every month. If there is delay in payments then late fees are demanded and legal action is also pursued in case of non-payment.
All finances in-flows and out-flows in a competent property management company are tracked by the computerized system capable of providing all the reporting needed for tax compliance. All requested expenses are disbursed in timely fashion and rents are recorded in detail.
Monthly management reports should be sent on a specific date of the month. The current leasing activities and other details should be included in the report.
A good property management company should understand that your income property involves much more than a simple investment. Whether your income properties range from single family homes, offices, buildings, commercial properties, shopping plazas, condominiums to large multi-unit apartment complexes the company should be there to serve you.
A good firm approaches property management as a business that generates income. Its aim should be to keep your income high and your expenses low. With such a company, the owners of properties should have the peace of mind that their property is taken care in the best way. To this end, a property management company should maintain a high standard of accountability and reliability.
Guest post by: John Adams, DOW-PRINTING