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Los Angeles Property Management Landlord Mistakes To Avoid

Los Angeles Property Management

Los Angeles Property Management Services | Los Angeles property manager

Los Angeles Property Management knows that everybody is going to have their reason why they’re a landlord. Some may have inherited a home, they may want to rent out the house to make extra money.

Others, may have wanted to purchase one or more homes to capitalize on their income. For any reason, becoming a landlord can an either turn a profit, or, it could be a costly one.

Los Angeles Property Management Landlord Knowledge

3 Mistakes Los Angeles Property Management Avoids:

1. Los Angeles Property Management Tallies In Maintenance Cost

When a vacancy is difficult to fill, it would be safe to set aside some money to pay for the mortgage.

Maintaining a rental property comes with it’s surprises, sometimes it’s damages or unexpected repairs. Los Angeles Property Management recommends you put together a cash flow analysis, this helps you put a budget in place so that any potential costs will be covered.

2. Bad Time Management

Many landlords sometimes manage more than one property.

When you manage a property, you have to secure a tenant, bookkeeping, maintenance, the list goes on and on. Any investment property will be a large commitment.

Take time for yourself to create a list of reliable people, just in case you need call up for backup. A network of people can help when you’re in a pinch..

3. Not Treating The Rental Like A Business

Los Angeles Property Management Companies understand that a rental property is a business, and, that is how it needs to get treated.

Consider setting up a Limited Liability Company (LLC) for ownership. This helps to protect you personally from any legal action or claim.

Also, consider using accounting software or a spreadsheet to keep close track of the business income expenses and any return on investment.

Make sure to always document all procedures and communications with applicants and all tenants.

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 Today’s Needs With SEO

Los Angeles Property Management

Los Angeles Property Management Services | Los Angeles property manager

Los Angeles Property Management knows that most millennials are tech geeks, they’re generally quick with today’s trends. With millennials being so tech savvy, tablets and mobile phones are ruling the digital world.

Five Tips From Los Angeles Property Management

1. Internet Marketing

Los Angeles Property Management knows that today’s marketing is highly internet based, we’re all joining millennials because we go straight to our phones, tablets and computer.

Everything needed today is accessible at the palm of our hands. Listings should be available on all mobile friendly websites for faster response from potential tenants.

2. Property Management Website

Three things to make note of when creating a website, easy to get to, easy to use, and easy to look at.

Millennials do love simplicity, but a high end look is important in today’s world.

Aesthetics are extremely important, a website that is mobile friendly should be easy to navigate.

3. Evaluating Los Angeles Property Management

When your company retains value, it normally means wanting to be on top. Today everything is a touch, swipe, or click away.

Today, we can click and compare amenities and features, even filter what type of flooring you’d prefer.

Aware of the phrase “you never get a second chance to make a first impression”. First impressions are everything, make them count.

4. Incentives

Los Angeles Property Management Companies know that future tenants always look for some type of incentive when moving into a new property.

Everyone loves a good deal or some type of perk, even if it’s something as small as free laundry coins every month.

Some offers sometimes include a discount off 1st months’ rent, free WiFi, and even a no pet deposit.

A high pet deposit can sometimes push a potential renter away, that alone can make or break a lease.

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 Procedure Breakdown

Los Angeles Property Management

Los Angeles Property Management Services | Los Angeles property manager

Los Angeles Property Management planning is always key to maximizing on profits. Getting vendors lined up when knowing that a tenant is moving out is the best way to not only save time, but get the property rent ready.

Los Angeles Property Management And Vendors

Scheduling a vendor to arrive on the day a tenant moves out, even the day right after they move out a vendor should be called in. You could compare this to owning any other business.

It wouldn’t be a good idea to close for a few days and then HOPE that the business comes back once reopened. Proper planning for vendors and organizing a timeframe beforehand is important to keep business ongoing.

Pre Renting

Usually property managers will wait until a unit is vacant but you don’t always have to wait until the current tenant moves out.  You can beginning to advertise the vacancy if a tenant lets you know when they are moving out.

Early ads allow for more marketing and pre screening, allowing you to find the best tenant.

Touring the unit will be a bit of a challenge, you have tocoordinate with the existing tenant.

Time To Relax

Los Angeles Property Management knows that managing some vacancies will have its downtime. When you properly line up vendors, you’ll encounter a short turnaround time.

The goal is to get vacancies back on the market within three to five days.

Bigger items need to be taken care of first, like installing new flooring.

Inspections

Always walk through the property, make notes before any work begins.

Right when the tenant moves out, inspect each vacancy and record the condition by taking pictures.

In doing this, the client will see what the property looks like.

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/

10 Tips Los Angeles Property Management Uses For Approvals Pt.2

Los Angeles Property Management

Los Angeles Property Management Services | Los Angeles property manager

5. Los Angeles Property Management On Co Signing

Los Angeles Property Management has learned to take extra precautions when co signing a lease with someone. This means vouching for the person. This means co liability for any issues with the  apartment, everything from rent payments to evictions. If you default on rent the landlord can also put liens on you.  

Co signing will also do damage your credit score if anything goes wrong.  By co signing, you are agreeing responsibility for the rent being paid in a timely manner. The main reason, to be sure you can trust the person you are cosigning for.  And also be sure you are ready to step in if they get themselves in trouble with this.

6. Joint Accounts

Be sure to consider all possibilities when getting into a joint account with someone who has less than a decent credit history. This could hurt your credit history in the long run.

7. Not Just Having One Credit Score

Los Angeles Property Management knows that everyone’s credit score is not a single number. This depends on where you’re inquiring your credit from, even having as many as three different scores to represent your credit. This happens because not all financial activity is reported to all three credit bureaus.  

Timing could be a factor because of the information that is reported to each bureau could vary. You could be assured all the sources will have similar scores. Some evaluators take an average of your credit scores from a few sources.

8. Three Categories Your Credit Score is Made Up Of

Typically, there are three categories that go into a credit score. The first is account info, inquiries about credit and loans.  Second are public records, this could mean liens.

Finally, credit inquiries made. Putting personal information such as address, age, gender, race, etc. is not going to impact your score.

9. Not Making Regular Rent Payments

Los Angeles Property Management knows that making monthly rent payments on time can build a credit score. This is building a track record for yourself to show enough responsibility to staying consistent when paying rent.

The only condition is that a landlord has to report the rental history data to the credit bureaus.

10. Each Time Your Credit Score Is Ran

This means that each time your credit is ran, depending on the information available at that current time.  

Do consider, not to look at your credit more than once a month.  

Looking at your credit more frequently could show a significant change in your score.

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/

10 Tips Los Angeles Property Management Uses For Approvals Pt.1

Los Angeles Property Management

Los Angeles Property Management Services | Los Angeles property manager

All Los Angeles Property Management Companies have an approval process in order to fill in a vacancy. Here are a few tips in order for potential renters to understand what it entails to get approval. A bit of a guide into Los Angeles Property Management guidelines.

1. How A Credit Score Ranges

Even though credit scores can range marginally, credit reporting sources range an approval rate from 300 to 900.

Property management studies show that about, 58% of Americans have a credit score of 700 and above, while the other 42% have scores below the 700 mark.  Knowing before you look to rent your next apartment is one of the first steps to take. Check your credit often. Equifax and TransUnion credit scores are one of the two main sources Credit Karma uses on their site to evaluate a credit score.

2. Requirements Of 720 To 740 And Above

The majority of people, in the future, will need to secure loans for either auto or buying a home.  In order to make your credit score more attractive to lenders, they’ll suggest to at least have a credit score of 720. Although, each lender will have different criterias and some could require to see a higher score.  Not too much trial and error to see a score at 650 or below, will more than likely prompt a more in depth look into your credit.

Take into consideration, that your credit score is just one of many factors that Los Angeles Property Management takes into account because of what decision they make.  Even though for approval they have plenty of factors they look at to make a decision.

3. Overcoming A Low Credit Score

Los Angeles Property Management knows that a good credit score is an important criteria most landlords weigh in when they see a rental application at their Los Angeles Property Management company. Make sure to meet or exceed the required criteria by the landlord, in doing that being accepted is more than likely.

What could be included:

  1. Showing multiple years of unbroken rental history with positive recommendations from prior landlords
  2. Not having evictions on record
  3. Have a monthly income that requires three times the monthly rent amount.

Sometimes even if not accepted, based on the landlord’s criteria, you could have to pay extra for the security deposit. Maybe even needing a cosigner ready with a good credit score who would be able to use their credit to help.

4. Los Angeles Property Management – Late Or Missing Payments Are No Bueno

Making payments to a Los Angeles Property Management company is not necessarily enough to ensure that your score will rise.  There are few common mistakes people make that end up hurting their score.

  1. Having a high balance in relation to your credit limit will do some damage.  If a limit on your credit card is $5,000 and you’re always spending up to $4,800 each month, this can have a negative effect on your credit score.
  2. Maxing out your card is another common mistake. Make sure to keep in mind that credit bureaus are not to fond of this spending pattern because it means you are spending a lot in comparison to your income.
  3. Sometimes having too many credit cards can also bite you. From a Los Angeles Property Management perspective, the more credit cards in your name, the higher amount of debt you could put yourself into.
  4. Also, a lot of hard credit inquiries could damage your score. Most credit inquiries commonly occur when a Los Angeles Property Management company runs your credit to evaluate rental approval. A lot of inquiries can indicate that you are unable to secure a loan for a first option and will likely take on more debt down the line.

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 Handle Tenant Issues

Los Angeles Property Management

Los Angeles Property Management Services | Los Angeles property manager

Los Angeles Property Management companies find that many tenants rarely complain, it definitely pays to know how a company hired somebody to manage a rental property, and they’re able to handle tenant complaints whenever they arise.

Good Rapport For Los Angeles Property Management

A good Los Angeles Property Management team knows that if you want to build good rapport, and long term relationships with tenants, you have to act quick that their complaints are resolved whenever possible.

A Los Angeles Property Manager looks into all aspects of the building and tenants.

Los Angeles Property Management With Six Helpful Tips:

  1. Documentation of the complaint or problem. With documenting complaints or problems as soon as you are aware of them, this is where the tenant relationship could take a turn between a happy tenant and one that will find another place to live.
  2. Attesting determination of the complaint. In some cases there are always going to be occasions when there are no valid reasons for a complaint whatsoever. To complain about the color of the living room walls wouldn’t be a valid complaint considering that a tour of the property was taken before even moving in.
  3. Investigating noise complaints. If it is legitimate, immediate action should take place. If it is not, the Los Angeles Property Manager needs to make the tenant aware of what a valid noise violation is.
  4. Prioritize every complaint. In particular situations where there is more than a single complaint, the property manager must prioritize them so that they are resolved in an orderly fashion. In doing this, you’ll be able to keep all tenants happy.
  5. Resolving the issue or problem A.S.A.P.  A complaint that regards a constantly running toilet can escalate into a tenant to possibly getting upset and complaining to the property owner about their lack of care and ineffectiveness with the matter. Quick resolutions will equal to all parties happy.
  6. Handling Of The Matter. Respond to the tenant in writing, naturally, you will have to respond to them when they alert you about an issue. Although, when the complaint is put in writing this provides the tenant assurance that the problem will be dealt with.

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 How To Find The Best Tenants

Los Angeles Property Management

Los Angeles Property Management Services | Los Angeles property manager

When talking about Los Angeles Property Management, if you have space for rent, whether it being commercial or residential, something to always take into consideration is your tenants. Always properly vet tenants to find reliability on maximizing income from a property.

Los Angeles Property Management Use Four Strategies To Find Tenants:

1. Going Through References

This is the most obvious way to find a tenant, although, it’s not just word of mouth or other types of recommendations that should be used.

References to look for should be from the previous landlord, and any other statements that would support the track record of the potential tenant. Character references, even friends are ok, but what is needed is hard facts.

Even being able to use the assistance of professional companies to do run a background check or process credit score inquiries.

2. Using A Property Management Company

Property management companies are one of the most common ways to manage real estate, especially if you own a few units. Los Angeles Property Management say that sometimes landlords don’t want to be involved in any process, and would much rather pay a reliable property management company to manage the property.

Although, the great thing about these companies is that they also tend to tenants a lot more effectively than almost any other service. It is a given that it’s part of their job, and in their best interests as well to offer only to the best potential tenant to sign the lease. Being able to attend to tenants is one of the most popular reasons that many property owners use these types of companies, but do make sure to know what you’re paying for, and especially how much.

3. Los Angeles Property Management Don’t Say Yes Immediately

When a property management company reviews for potential tenants, this at times can be tricky. There are times you’ll meet people who look to be a dream renter, whether because they may offer to pay more in order to secure a property or because they have a good credit rating.

Forbes has stated that although finding a potential tenant who loves the property and is excited may seem like a good fit, an over eagerness could also mean that property owners sometimes make decisions a little too swiftly.

4. Keeping Good Tenants

Los Angeles Property Management companies know the most common and effective ways to retain a good tenant is through proper maintenance management.

Having a service available to fix problems as soon as possible is very important, but there are times when a simple fix done by the renter will get the job done faster, especially if it’s a light handy job.

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 Training Employees

Los Angeles Property Management

Los Angeles Property Management Services | Los Angeles property manager

Los Angeles Property Management has recently seen a study that shows a third of workers say they don’t have the education or training they need to get a successful career, but many are trying to do something about this. It’s important to the company to have trainees ready for the property management world.

Los Angeles Property Management Daily Operations

A recent study shows a major change that is going on in the software realm as more and more companies switch to the flexibility of cloud based products. Studies have shown that “nearly 80 percent of U.S. small businesses will be fully adapted to cloud computing by 2020.”

Property Management software can prepare you with a personal implementation consultant who works with you to ensure your account is configured to what your business needs are.

Takes about 10-14 business days, the implementation consultant works through the following steps with you:

  • Begins with a meeting
  • Review of the business data
  • Complete a workbook and data collection
  • Account is reviewed with a follow up call
  • All data to be migrated within 10 business days
  • After a month, you’ll receive a call to ensure that bank reconciliation services are working.

There are plenty of Property Management apps like AppFolio, Tenant Pro, Manage IT, Management Plus, PROMAS, or Property Manager EDGE, all these apps can help migrate your data. Property Management apps specialize in supporting and training all Property Management professionals.

Apps Help With Training

The size of your Property Management business right now doesn’t really matter, because certain Property Management apps offer free Property Management training. Property Management software is able to help you to support all your tenants and owners more efficiently.

A great app to use is Propertyware’s support page. Their team of experienced property management professionals help to optimize an experience with Propertyware. At Propertyware, stated by Todd S. Cop of Cop Properties.

“As always, you are the best support team I have ever experienced. Glad to know that the support group is always a phone call away to help me as needed.”

Networking Is A Key Component

Los Angeles Property Management companies say that online training is extremely convenient, although, nothing replaces face to face meeting.

With a solid foundation, when networking, you become more adept at satisfying the needs of tenants, landlords, and other properties.

Be wise when choosing a software that can provide ongoing support and training to ensure that your property management team continues to provide great service to not only tenants but the owners too.

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 Being The Best Property Manager

Los Angeles Property Management

Los Angeles Property Management Services | Los Angeles property manager

Los Angeles Property Management companies know that renters are frustrated with higher prices, these trends are welcomed by Los Angeles Property Managers looking at lower rental vacancies and keep a steady amount of good tenants.

Upcoming Los Angeles rental trends are going to impact Los Angeles Property Managers’ roles and their list of responsibilities.

Los Angeles Property Management On Rent Fluctuations

Los Angeles Property Management has seen an increase in rent growth varied across city submarkets, Axiometrics reported. The Palmdale/Lancaster area had the highest rent growth of 10.8 percent, followed then by Studio City/Sherman Oaks/North Hollywood and Encino/Woodland Hills/Tarzana all with 9 percent each. Pasadena had about a 7.5 percent rent growth.

Even though landlords in other areas raise rent significantly and are still able to attract scores of tenants, a few are somewhat limited in how rent rises they can affect those making ends meat, so to speak.

Unhappy Tenants

Around September of 2015, the average rent Los Angeles Property Management set was about $2,180, that is up $145 from a year before.

For Los Angeles Property Managers, these trends tend to bring greater stability to apartments and condos. Tenants will be less likely to leave knowing how few rentals are actually available.

In the midst of all of this, higher residential real estate with its prices of today make it a bit difficult for renters who were thinking about taking a leap to homeownership.

The market scarcity and high prices, now a days getting that single family home in Los Angeles or Long Beach is out of reach for a lot of people.

Developments On The Rise

With this new construction boom, it’s a win for landlords who happen to own new units, which can rent for a higher amount than a comparable renovated apartment. Landlords who have an older stock of apartments should plan to invest for property improvements, this will allow the units to attract renters.

For Los Angeles Property Managers, the tricky is when you have to juggle scheduled improvements and unit vacancies and at the same time renting freshly renovated units in order to reduce the amount of vacancies.

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 To Get Or Not To Get A Loan

Los Angeles Property Management

Los Angeles Property Management Services | Los Angeles property manager

Los Angeles Property Management companies have an understanding on rental properties as a long term investment that when managed well, the property can become a reliable source of rental income.

Financial Documentation

Some businesses may go through potential lenders that need to confirm financial responsibility, even when the unit is unoccupied and the monthly mortgage is still being payed.

Los Angeles Property Management And Due Diligence

All Los Angeles Property Management companies know before applying for a loan, it is important to investigate the rental market and the viability of the property, especially as a rental unit.

Property Details

Los Angeles Property Management companies have recommended to apply for a loan on a rental unit, that ensure the property is well maintained, making sure it has no outstanding issues and does not face any substantial cost increases. Collecting these details will show the lender this property could be a smart investment.

Three Detail Strategies:

  • Inspection. Conduct a thorough inspection of the entire property, looking for any major issues that may require fixing or replacing. Put a focus on existing signs of damage, looking at the condition of the roof, HVAC unit and plumbing, and the condition of finishes such as exterior and interior walls, driveway, sidewalks and flooring.
  • Utility costs.You could review past utility expenses for the rental property, taking into account the expenses you will be responsible for and the ones the tenants will cover. It’s smart to contact the local utilities to ask about any upcoming rate increases, this could impact your rental income totals.
  • Insurance. Los Angeles Property Management companies recommend securing a quote for insurance for the rental property. Your lender will want to know how much insurance cost will be, and needing to factor this amount, and all taxes, into the picture to provide a clear view of how much the rental property will cost

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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