Often times, hiring a Los Angeles Property Manager takes the hassle out of running your rental properties, but choosing the wrong property manager could have disastrous results. Generally, a good Los Angeles Property Manager is responsible for filling vacancies, screening tenants, responding to maintenance requests, collecting rents and any other duties pertaining to your rentals.
A handful of landlords prefer to handle these responsibilities themselves, while others don’t have time or live too far away to deal with them. If you’re evaluating whether or not you need to hire a property manager, consider the benefits and drawbacks carefully.
- Placing rental ads
- Replying to messages
- Meeting prospective tenants
- And dealing with maintenance issues
…takes up a lot of time, which is only multiplied by the number of rental properties you have. Hiring a Los Angeles Property Manager removes these responsibilities from your schedule to give you time to do other things.
This is extremely valuable if you have a day job. If your rental is your primary income, hiring a Los Angeles Property Manager gives you more time to seek out new properties to expand your business.
Dealing With Tenants
While some landlords enjoy building relationships with tenants, many prefer not to have to deal with them, especially when things go wrong. Additionally, a Los Angeles Property Manager responds to tenant complaints so that you don’t have to worry about them. As the property owner, you might have the tendency to take things personally when it comes to responding to a difficult tenant, but a professional Los Angeles Property Manger handles disagreements objectively and professionally.
Often times, an experienced Los Angeles Property Manager will also know the ins and outs of landlord-tenant law. If you’re a landlord who’s not up to snuff on legal requirements, a property manager saves you from potential trouble down the road by ensuring that you are in compliance with all regulations.
Squeezing the Bottom Line
As a result of working so hard, a Los Angels Property Manager will often times require a cut from your rental income. In addition, a Professional Los Angeles property Management Company will typically charge 5 percent to 10 percent of the rent for each unit it manages, in addition to any other fees. Some property managers charge a placement fee equal up to one month’s rent for signing a new tenant.
Additional costs for maintenance work might be imposed as well, so negotiate these before hiring a property manager.
Not All Los Angeles Property Management Companies Are Honest
When you hire a property manager, you trust that they work hard to fill vacancies and manage your money honestly. Unfortunately, not all property managers are honest or competent. A property manager has the opportunity to collect extra money from tenants and put it in his own pocket, or overcharge for maintenance.
Handling your own properties is the only way to make sure that no one is taking advantage of you. If you plan to hire a property manager or a Los Angeles Property Management Company, check references and with the Better Business Bureau.
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