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Los Angeles Property Management Adding Others To The Lease

Los Angeles Property Management

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Los Angeles Property Management companies know about dealing with all kinds of unwanted visitors. From critters to fellow man. It’s only when guests become pests that it can be frustrating.

Besides annoying the other renters that actually pay rent, a long term guest could be a liability if something was to happen because they didn’t sign to be in the lease.

Los Angeles Property Management Assess The Situation

Assess the situation, especially if they live at on site or happen to be there regularly. There will be tale signs that a unit has an extra person.

How To Tell If There’s An Extra Guest

Los Angeles Property Management companies say that when guests get mail sent to your address and the name doesn’t match the mailbox, that’s definitely an indication that there’s an extra guest staying in that unit.

When Bills Go Up All Of A Sudden

When the water bill goes up, there’s an easy way to ask a renter about extra tenants and approach them about the rise in utility costs.

Do consider that it could be a plumbing issue, or an additional person. Either way it’s an easy segway to discuss and fix the issue with the tenant.

How To Follow Through

Los Angeles Property Management companies add a clause in the rental agreement. The best way to avoid guests that overstay their welcome is to make it clear to what being a guest means in the lease. If living in a state that doesn’t have a clear definition for that, the Property Manager will make their own rules as long as they fall within tenant rights and guidelines.

Any guest staying more than 14 days in any 6 month period would be considered a tenant, instead of a guest, and has to be added to the lease. A tenant is also considered somebody who stays in a unit more than 3 days a week and must be added into the lease agreement.

For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/

What Is The Cost Of Los Angeles Property Management?

Los Angeles Property Management

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To flip a property into an investment worthwhile is hard work. To set a price to such an important skill set is a bit difficult to evaluate. Los Angeles Property Management have to evaluate their overall business in order to know what to charge for their service.

Los Angeles Property Management Calculate The Right Price

Los Angeles Property Management recommend you take your individual level of expertise and quantify it. Relevant aspects should be added to the list. What you should include is schooling, degrees, experience, certifications, work, and any personal achievements.

The first thing to do when managing a new property is to determine what state the property is in before making any type of change. This will help to get a clear vantage point on how to monitor progression or regression.

Getting Paid

Before asking how much to charge for a service, it really depends on what the property owner would like to pay. They may have to prove themselves worthy of setting their own rate.

A possible payment method the property owner might insist on is a commission based payment system. More than likely not a pure commission, but maybe just enough to encourage the new Property Manager to run a pristine operation.

A Set Price

Los Angeles Property Management companies know that the size and complexity of the property that is being managed plays a role into how much property managers should get paid. Apartments and hotels always require constant maintenance and oversight. Services rendered vary.

These properties tend to be quite demanding to manage, even for the most skilled property manager, in this case the rate being charged should reflect the inherent effort that will take place.

For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/

Los Angeles Property Management On Landlord 101

Los Angeles Property Management

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Los Angeles Property Management companies say when becoming a first time landlord, getting organized from the beginning will make life easier. Once take over the role as an owner of a rental property, there are a few couple of steps that you have to take in order to determine any chance of success.

Property Management Software

Make sure to keep all records of payments and expenses, this is an extremely important part of Property Management.

Once tax season passes, if all your data is organized correctly everything should run smoothly. In order to increase deductions, make sure all records were maintained all year, once it gets time to do your taxes it should be a breeze.

Everyone knows what happens when you scrambling at the last minute to find receipts.

Los Angeles Property Management Review State Laws

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Take some time to read the laws on tenant landlord relations applicable in the state you reside. Although, this may not be the most entertaining reading one could do, it does help with what is allowable and what isn’t. It’s never ok to accidentally overstep boundaries because one was not aware of state regulations.

Do keep in mind that some laws are federal laws and will cover everybody, there are often state and even city laws that are required to know at the sametime. Don’t cut corners when it comes to keeping up with legalities of property management.

Insurance Coverage Is Important

If you haven’t gotten insurance coverage once you purchased the property, it is highly recommend you do it now. Protecting your investment should be one of the first moves to make, this will cover the property in case any damage was to happen.

Maintaining liability coverage is important, just in case any injuries or damage was to happen to a tenant or guest. Even if policy was obtained when you were financing the property, make sure to review it to determine if you need higher coverage.

Double check to see if you have the correct coverage. There are a few policies that are meant for property owners that live onsite and may not cover damages if you don’t reside there.

Rental Property Inspections

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Even though you probably had an inspection completed once the property was purchased, look at the property through the eyes of a landlord and on the flipside as a potential tenant. Make updates that need to be made to attract potential tenants to try to keep them long term. Replace appliances that are more energy efficient.

Look at the carpet or flooring to make sure it is in good shape, also look at all windows and doors to make sure they also work properly. Don’t forget to look at the exterior as well. The unit will be the very first thing that a potential tenant will see when they look over the property, in seeing that, their first impression could be a deciding factor whether to apply or not.

Meeting With Tenants

If purchasing a rental property with tenants already in place, Los Angeles Property Management companies say meeting them should be top priority. Make sure to introduce yourself and let them know exactly how to contact you for anything and everything. Inform them if any changes are going to be made in the near future.

Gaining a new landlord could be a frightening concept for some and may could cause them to look for a new place. To prevent this from happening, make sure to take time and effort to get to know your tenants.

Payment And Maintenance Schedules

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Assigning responsibilities is part of the deal too. Make sure to set up a list of contractors and companies for various issues, this includes heating, air conditioning, plumbing and any electrical issues.

Setting up a payment system that works for you and your tenants is very important. You could hire an outside company to manage payments and late notices, some Property Management software programs will have this option.

It’s important have an accountant to deal with all finances, if you run multiple properties. This could be beneficial for your accountant to take care of a single property if planning to expand in the future.

For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/

Los Angeles Property Management On The FHA(The Fair Housing Act)

Los Angeles Property Management

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No condo association could turn away a potential condo owner just based on their race, religion, or familial status. Los Angeles Property Management say that is why the Fair Housing Act exist.

Los Angeles Property Management Breakdown The Fair Housing Act

The FHA states that there are to be no discrimination against people based on familial status, and families have brought cases to trial and won by saying that pool rules violate the FHA. An FHA example, pool rules state that children who aren’t potty trained are not enter the pool. People under the age of 18 have to be supervised by a parent. A case can and has been made were these rules were seen as discrimination.

Pool Rules

Rules are set, to keep the pool free of the hazards of non toilet trained babies, keeping the pool available for lap swimming, or maybe just to keep the noise down. If these happen to be the intentions, it’s probably best to make creative rules that have the same end result, but at the same time don’t discriminate against anybody or any family.

Sign Disclaimers Around The Property

Instead of saying no potty trained babies allowed in the pool, insist for them to wear swim diapers. This helps to not bar children from enjoying the pool. Instead of excluding anyone under 18 from entering the pool without parental supervision, consider teen certified lifeguards that are well mannered.

Setting a rule that children under 14 must be supervised does make sense, but the rule should state “adult supervision” rather than “parental supervision.” This would be a better PR(Public Relations) move.

For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/

Los Angeles Property Management Talk Tenant Disagreements

Los Angeles Property Management

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Los Angeles Property Management companies know about how frustrating it is when tenants stop paying rent. Having already gone through the leasing process, and now you’re more than likely going to have to do it all over again.

Instead of giving your late tenants an earful, when enough time has passed and the tenant isn’t able to hold up their part of the contract, begin the eviction process right away. The quicker you get them out, the closer you’ll get to finding the another tenant for your property.

Los Angeles Property Management Must Give Notices

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Of course every situation is different, and many handled differently. While it’s not recommend, a few landlords try to strike a deal with their tenants, this would require them to pay back the rent in installments by a certain date.

Normally, the notice will include your name, the address where the tenant can deliver the rent, office hours and a phone number. Personally deliver the notice, but if the tenant isn’t home you can serve the three day notice by taping it to their door and at the same time, mail it to the tenant.

Make sure to keep the return receipt when you mail the notice. Also, be sure to review your state’s landlord tenant laws closely when getting this form and proceed with the unlawful detainer action.

Eviction Notices

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After the notice period is done, Los Angeles Property Managers suggest you start compiling the documents you’ll need to file an eviction complaint.

More than likely you’ll be needing your housing license or proof of ownership, the lease, and proof that the three day notice was given with the return receipt. You’ll want to bring cash or a check, you’ll have to pay the legal fees.

Make sure to know your landlord tenant laws and call your local landlord/tenant court to ask what documents are going to be needed to file with the eviction.

The End Result

Once the eviction action is filed, the tenant will be served notice of the scheduled eviction hearing date. Be aware that this might take some time, and during this time the tenant will more than likely not be paying rent.

For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/

Los Angeles Property Management On Contract Agreement

Los Angeles Property Management

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Los Angeles Property Management companies have a well understanding when it comes to messy tenants. Most all property managers will have their hearts broken to see their properties in less than ideal condition and stress out about all the repairs and cleaning that is needed after tenants move out.

Los Angeles Property Management Put A Focus On Finances

Los Angeles Property Management companies want you to remember that, in the end, tenants make you money. The entire time they pay rent, they’re paying your mortgage, covering your taxes, paying down your principal, and at the same time providing positive cash flow as the complex appreciates. With the tenant doing this they get a roof over their head.

More often than not, tenants will take decent care of the property as best as they can. Most tenants are clean. You shouldn’t be shocked if after they move out, the carpet is a little dirty, walls could use a coat of paint, and the yard needs to be trimmed. Compared to how much cash a tenant gives for rent as your home appreciated, fixing those little issues is a small drop in the bucket.

Leaving Emotional Attachments Out

You could be renting out the home you grew up in, Los Angeles Property Management companies say that sometimes this means nothing to a tenant. They’re going be focused on making their own memories.

Los Angeles Property Managers recommend staying away from the area as much as you can. Try not to drive by the house to reminisce about the good old days.

Outsourcing Contractors

Los Angeles Property Management companies say that the DIY approach isn’t recommended. You could be constantly running around like a madman, at the same time trying to save money to address maintenance yourself. If you don’t want that stress, hire a professional.

Whether it’s yearly repairs or a deep cleanse after tenants move out, outsource contractors do all the dirty work.

For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/

Technology Enhancing Los Angeles Property Management

Los Angeles Property Management

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Los Angeles Property Management companies knows what it means when there’s an endless stream of maintenance requests and renter inquiries that have your inbox full. There’s plenty of information online that is undoubtedly filled with amazing tips on how to save time.

Los Angeles Property Management Time Saving Procedures

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You could be an outstanding employee without being suffocated by the pressure of a crazy workload. You’re more likely to excel, in fact, even an efficient employee, because quality is almost more valuable than quantity.

Los Angeles Property Management companies say that there’s plenty of time to focus on customers, be sure to give them the attention they deserve. When tasks around the office are delegated evenly, like entering applications manually, calling the previous landlord, trying to read encryptic handwriting that looks like chicken scratch, it seems random but this helps put a focus on providing better customer experience.

Making Better Choices

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Hours spent manually entering information or running checks to the bank are hours that could be spend on serving residents and prospective renters, that time can also be used to facilitate both your business growth and professional growth. There are plenty of webinars to attend, there’s a lot of people you could be talking with in the industry to help you move forward in your career and be more knowledgeable. Value as an employee truly lies here.

More Focus On Customer Service

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Los Angeles Property Management states that when you begin your career it might seem daunting, just like anything there’s a learning curve. It’s extremely daunting when you’re managing 200 properties and 200+ residents using a variety of Excel spreadsheets. If you were to throw in some maintenance requests, lost checks, and owner inquiries, this seems like a heavy burden to take on. And if this is not taken care of in a well timed manner, that’s when your renter experience takes a hit.

Property Management Software Features:

  • Online Applications and Leases
  • Mobile Inspections
  • Text message communications
  • Single Click Vacancy Post
  • Online Maintenance Requests
  • Online Rent Payment

For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/

Los Angeles Property Management Pet Tips

Los Angeles Property Management

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Los Angeles Property Management companies know the saying, a dog is man’s best friend. There’s a plethora of reasons why, they’re cute and fun, and are comforting when you need them. If you happen to be a Los Angeles Property manager who has a pet, then you understand.

But if you don’t have one, or even are not particularly fond of them, a pet can be your business’s best friend. Animals are assets in attracting potential residents.

Los Angeles Property Management Dog Friendly Environment

A dog friendly environment is one of the reasons why people will love you as a Los Angeles Property Manager. Welcoming a new dog will keep spirits high throughout the day. The foster values are beneficial for a productive and close knit community.

Employees will normally reach out to coworkers for dog care which cultivates a mindset of helping one another during and outside hours of work. And if you’re having a rough day, a small five minute break with a new puppy is all it takes to bring you back.

Los Angeles Property Managers Institute Dog Friendliness

Most people’s pets are like family to them, so for them to be told that there’s no room for pets can be enough for an applicant not to apply. This could be the reason that your listing initially caught their eye, and this could play a part in what keeps the renter happy and feeling at home.

Taking a shift towards dog friendliness can be a bit difficult, but also rewarding for your business. One of the most common things to do is, have a “pet interview” where they sit down with the pet and owner. This could help make renters feel more welcomed while also informing them about the pets living on your properties.

Pet Friendliness Procedures:

  • Educate residents about socially acceptable pet behavior. Having pamphlets available and providing doggie bags on site gives dog owner and other residents all the tools they need to live in a collaborative and successful multi family residence. Educating residents ensures that they are up to date about the acceptable pet behavior.

 

  • Make sure to charge a fair fee. Accepting pets are also another avenue of collecting payments. This is providing an additional service. This is a service that accommodates to a pet. It’s absolutely reasonable to introduce security deposits or additional fees for pets. It could be worth considering putting limitations on the type and amount of pets that are allowed.

 

  • Los Angeles Property Management companies recommend to host pet friendly events to promote resident mingling. This is the best way to avoid conflict between pet owners and non owners, hosting a social event that encourage co mingling. People who love pets, but who don’t own one, are more inclined to forgive their infractions if they get to know the pet. This helps to introduce new members into your housing community, and it helps both pet owners and their neighbors feel more comfortable around each other.

For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/

Los Angeles Property Management On The Many Hats They Wear

Los Angeles Property Management

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Los Angeles Property Management companies know that there are plenty of blog post out in the world wide web about becoming a Property Manager and how important it is to have an expert come in and regularly perform the scheduled maintenance on a property.

Duties

Some tenants may need in home health care, while some have physical issues, some have mental problems and some are just old (no offense).

Property Managers will chat with the caretakers, some have learned something interesting, apparently, in being a caretaker it can actually take a toll on your health than being care taken.

There’s endless amounts of information online about how a caretaker should take care of themselves.

Los Angeles Property Management Compare And Contrast

Los Angeles Property Management companies can compare the duties of a caretaker to a Los Angeles Property Manager. Now this is only an analogy to be made here, reason being is because if you’re a landlord for over 4 or 5 properties all by yourself, you can stretch yourself too thin.

One property can sometimes be a pain in the you know what, imagine three or more properties you have to take on. It can be a bit overwhelming.

This might not happen right away, but surely a month will come where two people or more are late on rent, another has a broken furnace, one has been arrested, and one just let you know that they’re breaking their lease early due an emergency.

Caretaker Duties

  • Reduce stress in other areas of your life.
  • Set aside goals that are not work related for yourself and work toward them on a regular basis.
  • Be extremely clear when you communicate with your tenants, and make sure to document everything.
  • Taking a legitimate break when it’s needed.

Los Angeles Property Management companies understand most of those are straightforward and applies to most if not all professions but how does that last one work for a landlord?

How to ‘take a break’ when you need to be present for rent collection, repairs, family emergencies, natural disasters and any of the other dozen circumstances that come up as part of everyday tenant life?

Taking A Breather

It’s a question that there’s no good answer to. Sometimes landlords just leave and take a break and hope that nothing goes wrong, but that’s risky.

Some have friends that are fellow landlords and work out agreements to cover each other’s properties. Others bite the bullet and hire a property manager, and accept the reduced revenue knowing that someone else is taking on that stress.

For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/

Los Angeles Property Management Disaster Prepping

Los Angeles Property Management

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Los Angeles Property Management companies understand that it may not be the responsibility of a Los Angeles Property Management company to prepare tenants for an emergency or disaster.

Although, the way a tenant responds could become your problem. They could panic or become angry when something bad happens. Often a Los Angeles Property Management company would be the first target or scapegoat.

Los Angeles Property Management Preps The Tenants

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Los Angeles Property Management companies cannot predict, avoid, or prevent an emergency. Although, you could be able to educate tenants/residents on how to avoid a home fires or help them with a plan on what to do if a hurricane or flood come out of nowhere.

It takes some planning but in doing this, it could make a difference when times are stressful.

Do educate and train tenants on emergency/disaster in different ways. What is of importance is to relay this information often to all tenants.

Methods To Use:

  • Rental agreement
  • Tenant newsletter
  • Company website (if available)
  • Resident/Tenant Handbook
  • Emergency/Disaster Handbook for residents

There’s information out that is available that you can pass on to tenants.

The tenants know, the better it is for the tenant to prepare themselves to cope independently of your Los Angeles Property Management office until the worst happens.

Important Information:

  • The importance of obtaining resident/tenant insurance
  • What residents can or cannot expect of their property management company during an emergency/disaster
  • How to prevent interior and exterior fires
  • How to prevent chemical hazards
  • What to do during a power outage
  • What to include in an emergency/disaster kit for the residence
  • How to create an emergency/disaster plan for the resident’s household
  • What to do during the emergency/disaster
  • What to do after an emergency/disaster passes

For the latest in Los Angeles real estate and Los Angeles property management news, trends and tools, make sure to stay connected with our blog at: http://tgnpropertymanagement.com/blog/

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