A lot of people question: “Well, what does a Los Angeles property management company actually DO?” People who are skeptical about a property management services have a right to be! If you read Yelp reviews, majority of Los Angeles property management companies have HORRIBLE reviews.
What most people don’t realize is if they find a QUALITY Los Angeles property management company, they can do a LOT, LOT, LOT of good for the owner.
What a Good Los Angeles Property Management Company Actually Does:
- A GOOD Los Angeles property management company should collect rents, but more importantly, account for ALL payables/receivables. They should keep a detailed report of all income and losses so at the end of the year all you have to do is hand your owners statement and 1099 to your CPA. No other work is needed on your part.
- A GOOD Los Angeles property management company should give you 24 access to your owners statement, A.K.A P&L, profit/loss, statement. They should also be able to send you MANY other financial reports like cash flow, ledgers and much more.
- A GOOD Los Angeles property management company should have a thorough knowledge of material and labor costs for ALL maintenance and repairs. If they don’t, vendors will over charge your manager and you end up footing the bill!
- A GOOD Los Angeles property management company should track work orders and maintenance. This helps protect against a tenant filing a frivolous lawsuit saying the property wasn’t maintained.
- A GOOD Los Angeles property management company should fill vacancies in 30 days max. If they aren’t able to do this, then they are marketing properly. We use the most technological marketing software out which gives our clients units maximum exposure!
- A GOOD Los Angeles property management company should be responsive to tenants and make them feel like they are actually worth something. Happy tenants, happy life! Forget happy wife, happy life!
- A GOOD Los Angeles property management company should reconcile their account each month and be open to outside audits from clients. We have an open book policy. If you ever question our integrity, PLEASE audit us. You will owe us an apology! Integrity is our main focus.
- A GOOD Los Angeles property management company should know how to talk to an angry or problem tenant to find a resolution. I see so often that people get emotionally involved and end up arguing with a tenant which only makes them more upset. Your Los Angeles property manager should have the ability to be firm but also come to a solution everyone can agree to. Why? Because if your manager goes in and starts yelling and screaming and is unreasonable, chances are the tenant won’t respond positively and you’ll end up in court. I have saved hundreds of clients from going to court simply because I remain calm, remove emotion and help the tenant see both sides of the coin. LISTENING to a tenant vent is extremely valuable. Remember, they are people too!
There are many other things good Los Angeles property management companies do that I didn’t list here. But if your current manager doesn’t posses these traits, you truly should look for a new manager!
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