Los Angeles Property Management
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
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
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
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/