Sometimes people become part of the Property Management family by either inheriting a home or owning rental property, that’s how they became a landlord. With that said, becoming a Property Manager means wearing many hats. With the task of selecting tenants, preparing leases, and maintaining the property, not forgetting that you also have to contend with Fair Housing guidelines. You also have to stay current with market rents, and dealing with a daunting courtroom process. With every roll Property Management has to play, some may have discovered that being a landlord isn’t really for everyone.
#1: Screening A Tenant
Property Management plays a vital role when it comes to screening a tenant. It is a process that incurs verifying credit, criminal and eviction history. With the current eviction process laws, when evicting a tenant, an ex tenant can get their case sealed so it doesn’t show up on the eviction search. Really pay attention to what previous landlords state. If they give a vague response, this could be a red flag. In certain cases, when someone gets evicted, it is specifically stated in the judgment that you can only give a neutral responses to any rental inquiries on the tenant. Some Property Managers that are savvy will understand what a vague response truly means. The current way the court system works right now is not making it easy on landlords.
#2: Los Angeles Property Management Duties
As with many professions, Property Management time is very valuable. Being a landlord can be a stressful time, not only with getting the property ready to rent which sometimes means working after you get off your regular job during the week and weekends, but then also making appointments to show vacancy. If you don’t have a Property Management company in place, wearing the landlord hat means taking time away from family and your main job. Time management plays a huge roll when hiring a Property Manager. With a Property Management company they schedule appointments and show the property to potential tenants.
#3: Legal and Ethical Issues
Property Management also deals with Rental Laws. Many homeowners turned landlords are not up to date on current state laws, as far as regarding to evictions. Fair Housing Laws is an area where it can become problematic when it comes to what you can and can’t say to prospective tenants. That’s why it is keen to hire a Property Management company when it come to filling out a 3 Day Notice to Pay Rent or Quit. If you make a mistake it could mean starting the eviction process all over again.
#4: Collecting Rent
When it comes to chasing down your tenants every month for their rent payment, it can be very frustrating. A professional Property Management Company has software programs that assist in collecting rents. With the world wide web tenants can pay their rent online and as a Property Management company, they are able to track all transactions for each tenant. If tenants like, they can also report any maintenance issues online.
#5: Los Angeles Property Management And Maintenance Go Hand And Hand
Property Management also consist of maintaining a rental property, this is a very time consuming and expensive process. A rental property increases those expenses and time commitments even more. When a tenant moves out there are more expenses like, painting, re-keying or changing locks, cleaning and if there are upgrades that need to be done that is going to take more time and money. Property Management also takes care of marketing, advertising, showing, screening and signing a new lease. Keeping the home or apartment in good showing condition is extremely important to getting high market rents with also attracting a qualified tenant.
Hiring a professional Property Manager is a great way to avoid missing some of life’s important moments. If you have to leave work to rush to show a vacancy and miss dinner with your family because you need to get it rented to pay the mortgage seems a bit too much for one person to handle. It just makes sense to hire a Property Management company to not have to deal with all the stress of being a landlord.
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