Property management is a complicated and fast-paced business organization. The market is evolving at a rapid pace and keeping up with the same holds pivotal importance. And, to stay updated on the recent trends, you need a property manager to guide you through the process.
But, the real question arises- how do you choose one, or what qualities should a property manager possess. After all, all investor situations are different, and several factors predispose owners in one way or the other. Now that you know the importance of a property manager for your property, there are some qualities that you need to look at to make a sound decision.
These qualities may be a positive attitude, keen attention to detail, honesty, passion towards real estate, and others. In addition to having these traits, the property manager you hire must have a professional outlook. He should be the one who strives to keep your Los Angeles rental property occupied, ensures apt maintenance, and keeps the tenants content.
However, the real question arises, how do you find a quality property manager for yourself? Like any other job opening, there are some questions you must ask during the hiring process. Some of the most popular ones are:
- What is the distance between your residence and rental property, and how frequently can you visit the property regularly?
When you’re situated near your rental property, you have the flexibility of making regular visits to the property. These visits may be for inspections, collections, maintenance. And, the farther the property manager puts up, the higher will the travel time be and the more significant the expenses. In such a situation, a considerable distance may tempt the manager not to keep a watchful eye on the things, and the chances for a disaster recipe increase.
Thus, always plan on making monthly scheduled visits and ensure that the manager you choose is available to visit the property, even if it’s a middle-of-the-night emergency. Check if hiring one is feasible for you in the long run or not?
- What are the methods of dealing with stress? Are you a tolerant person?
This question can be a little challenging to answer. Every person assumes himself to be level-headed and even-keeled. Still, it takes some abilities to deal with the ups and downs of property management.
After all, the essential tasks run beyond merely collecting rent every month. Yes, some unforeseen problems drive people off their limits. As owners, create hypothetical scenarios and evaluate their reactions and decisions to unfortunate events like:
- Continuous fights with neighbors and other tenants.
- Domestic disputes
- Property trashes
- Unauthorized activities like sneaking extra people or animals into the place.
- Conducting illegal business in the residence
- Domestic disputes
These disputes may be one-time or recurring in nature. Thus, it is always advisable that the property manager you choose handles demanding situations with a clear bent of mind.
- Does your current property overwhelm you?
The art of managing rental properties can be pretty overwhelming. There is always something that needs immediate attention, and getting things out of your hand takes a little time. Thus, with a property manager, you as an owner have the ease of regaining control and restoring stability to the properties and life in general.
- How many rental properties do you manage at the current time?
As your portfolio grows, the management challenges you to take forward steps. Perhaps, falling through the cracks is pretty straightforward. Investors with large portfolios tend to reap significant benefits by leveraging the efficiencies of an experienced manager.
- What is your experience in maintenance and repairs?
Now that one person cannot be perfect in everything, you wonder what should be the final walkthroughs in getting things out of your table?
Check if the manager you hire has reliable handymen and contractors by their side to take up maintenance and repairs? After all, for a los angeles property management company, these general fixtures towards the significant landlording components. Taking this into vital consideration ensures that the work is undertaken and completed promptly. Hence, hiring a company with due diligence holds importance.
- How quickly will you get the unit rented?
Advertising, showing units, fielding calls takes a considerable amount of time. Nevertheless, critical tasks like vacancies may eat up your profit margins. If you question your skills and period or have a high vacancy rate, having a reliable property management company is your key.
- Are you capable of handling the record-keeping and accounting aspects of your property?
From profit and loss statements to tax deductions, the financial aspects need special attention. After all, these can be a massive burden for more extensive portfolios.
Owners with a financial background can easily manage these emergencies, but hiring an accountant for bookkeeping seems to be the most viable option for the rest. However, if you feel finances are weak, hiring a property management company can be your way out.
- Will you be available 24*7*365 on the call?
This question deserves an honest answer because a manager’s availability is a must in times of emergency at the property. Your important meetings, vacations, special events, or personal crisis can’t relieve you of the tenant obligation.
Emergencies can occur at any time, but taking some measures for handling these and making sound decisions is the key. Ask your manager if he’s willing to be called for fixing somebody’s overflowing toilet at midnight?
- Are you ready to confront tenants about late payments?
Many homeowners may dislike the bad guy but try to understand their reasons and consider exceptions? But, is this option good? Maybe not because the problem opens windows to other abuses and tenant excuses.
Thus, ensure dealing with late payments wisely because sometimes a friendly reminder works wonders for tenants. At the same time, an aggressive process may end in eviction the other times.
Doing this holds good unless you’re running a charity rental property; a successful business means enforcing the rules. And, this is good, even if it means evicting a single mother who’s lost a job and is incapable of paying her rent anytime soon.
- Do you have a clear understanding of laws governing land management?
One of the most significant factors of property possession is working by essential laws and regulations. And, that’s for the most obvious reasons. Preventing lawsuits and shield off the liability if you’re sued are some of the many.
A property manager familiar with the contracts should be necessary. The rental agreement is the only agreement that binds you and the tenant.
Asking these questions holds pivotal importance when considering a property management company to make a just and wise decision for yourself. All you’ve to do is assess the opportunity cost based on your unique needs, which is suitable for your financial situation and lifestyle choices. And, with these questions, you’ll be able to do that.