To keep vacancy loss down, the best way is to proactively begin marketing that unit as soon as you know you’re going to have an approaching vacancy. A Los Angeles Property Management company should start advertising a unit even before the tenant moves out, doing this would minimize vacancies for clients. As soon as the Property Manager receives a notice that the tenant is moving out, that is when the marketing process should begin. In today’s day in age advertising vacancy on a website and running online ads is common and encouraged. The goal of the Property Manager is to fill that vacancy as fast as possible.
Property Management Throwing Money Down the Drain
If a Property Management company waits until a unit is empty and rent ready, weeks and weeks of rental income has been lost, that adds up over the course of time with an investment. This could result in the loss of hundreds or maybe even possibly thousands of dollars, it depends on the property of course. Getting in front of the market and pre leasing it is extremely important. There’s a strong rental market for landlords today, with this Property Management companies have been on the rise.
Another way a Los Angeles Property Management company could reducing vacancy is to focus on retaining the current tenants. Avoiding a vacancy completely will always help the cause. Keeping current tenants happy will do that. Making sure the tenant gets the proper service they need and even as far as treating the tenant with respect will go along way. If an issue arises, taking care of the problem promptly and reasonably could secure vacancy.
Unrealistic Tenant Expectations
There are sometimes when Property Management companies deal with tenants who think they live in a luxurious complex and they want new carpet and appliances with fresh paint every six months. Unreasonable expectations sometimes come with the territory of being a Property Manager, it’s not cost effective to providing that level of service for any kind of property.
The goal of a Los Angeles Property Management company should be to provide tenants with a clean, healthy place to reside. An apartment Property Manager and company that’s responsive and takes care of issues in a professional manner will avoid conflict altogether. Apartment life is about dealing with noise from other tenants, parking issues and other situations. The way a Los Angeles Property Management company deals with those complaints makes a big difference in whether tenants stay or leave.
Occupancy rates these days runs above 98 percent throughout the Los Angeles area, that is well above average for the L.A. market. The reason for this is because Property Management companies work hard and treat the tenants with care. Because of today Los Angeles Property Management companies have upped their game to keep a great relationship between them and 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/