When it comes to choosing a property management company in Los Angeles County, there are a lot of options.
That can feel overwhelming.
Your investment property needs more than the basics. Anyone can collect rent, find a tenant, follow-up on maintenance, and negotiate lease renewals.
Who can protect the condition and the value of your investment?
Who can share important information about the rental market, the sales market, and the trends that investors need to know about?
You’re looking for an experienced professional who will treat your property like the priority it is.
Finding the right property management company in Los Angeles often depends on your investment goals, the types of rental homes you’re renting out, and your approach to doing business as a landlord or an investor. You have to align with the principles and policies of your management partner.
We have a checklist that you might find beneficial. Take a look at the most important things to consider when you’re seeking a property manager.
Checklist Items for Los Angeles County Property Management
Before you start your search and put together your checklist, make sure you understand what you need your property manager to do for you. Every investor or landlord is different. Every rental property is different, too. Some things are universal; every rental property owner needs a property manager to handle maintenance. However, you might have specific needs that you want to know your management team can address. You want a property manager to handle all aspects of rental properties, from tenant relations and property protection to rent collection and financial reporting. Our primary goal is to ensure that your investment is protected and profitable.
Here are the universal checklist items that every property owner needs in a management partner:
- Experience in Property Management
Experience is always going to count, especially when you’re looking for a professional who can lease, manage, and maintain your investment. On your checklist, you want property management experience to be front and center. You may talk to some real estate agents who do property management on the side. That can be fine, but you might prefer a property manager who focuses entirely on leasing, managing, and maintaining investment property.
Years of experience will certainly get your attention. Working with someone who has been on the job for two decades can often be more appealing than working with a property manager who has only been doing this for a year. You also need a property manager with substantial experience dealing with properties similar to yours. Whether you own single-family homes or multifamily units and buildings, the right candidate should have relevant experience in managing such property types. It’s perfectly acceptable to ask for references and to better understand their effectiveness and track record.
- Experience in the Local Los Angeles County Rental Market
Not only does the right property manager have industry experience, but they also have local market experience. You want to work with someone who understands the market throughout Los Angeles County (which is huge) and also knows the neighborhoods where you have your rental properties. Los Angeles is a diverse collection of regions and communities. Your property manager should understand the nuance of each location and be able to speak to things like rental values, competing properties, and tenant demands.
- Excellent Communication Skills
No one needs to be working with a property manager who cannot or will not communicate.
This is a relationship business, and communication is crucial in property management. A good property manager will keep you updated on all matters related to your properties and be able to effectively communicate with tenants. They should be approachable, responsive, and proactive in dealing with issues before they escalate. Communicating well will help you avoid a lot of problems. Setting expectations with tenants before the lease term, for example, will reduce the number of conflicts and disputes with residents.
Find out how a property manager communicates best. Do they have an online portal, where messages can be exchanged? Are they phone callers? Do they prefer to text? All of this has to mesh with your preferred communication methods, otherwise there may be frustrations about why they’re not calling or messaging you back. Ask about tenant communication, too, and how quick they are to respond to maintenance requests, late rent payments, and questions.
- Solid Understanding of California and Los Angeles Rental Laws
California has some pretty strict tenant protections in place. This is fairly well-known, and it can be challenging to remain updated on all the changing laws and new requirements. There are state laws, which govern things like security deposits and habitability, and there are also local laws in Los Angeles and Los Angeles County regarding rent stabilization and eviction. Your property manager must be knowledgeable about all of the relevant local, state, and federal regulations concerning property management. This includes understanding tenant rights, fair housing laws, and lease agreements. Our legal expertise will protect you from potential legal disputes and liabilities. The lease agreement that they provide for you should be compliant with California laws and enforceable in the state.
- Strong Organizational Abilities
A property manager has to be detail-oriented. Systems have to be in place that keep everything consistent. Managing multiple properties requires excellent organizational skills. The ideal property manager will be able to handle various tasks simultaneously, such as scheduling routine maintenance, processing rent payments, and ensuring compliance with property standards. You’ll want to know there are processes in place, and you’ll want to know that most of those are automated and effective. When property managers have their organizational systems in place, there is more time for them to spend on helping you be more profitable while delivering an outstanding rental experience to your tenants.
- Proven Problem-Solving Capabilities
What happens when a tenant doesn’t pay rent? What if your property has been vacant for a week and no one has really responded to the listing? What’s the process for emergency maintenance?
Unexpected issues will inevitably arise in property management. A competent property manager should demonstrate the ability to think quickly, make sound decisions, and resolve problems efficiently. Ask for examples of how problems have been solved in the past.
- Investment in Technology
It’s no longer a competitive advantage for a property manager to have excellent technology in place. It’s now an absolute requirement. This is a digital marketplace, and being tech-savvy is absolutely essential when you’re renting out properties and dealing with tenants who expect things such as online rental payments. Property management software can streamline operations and enhance communication. Choose a property manager who is comfortable using such tools to manage your properties effectively. Ask about the technology they’ve invested in and how it helps them to manage properties better.
Evaluating Potential Property Managers in LA County
Now that you have your checklist in place, how do you evaluate the property managers you are considering for your property or your portfolio? Here are some of the steps you can take to make a final decision:
- Conduct Interviews
Prepare a list of questions to ask potential candidates. Inquire about their experience, how they handle difficult situations, and their familiarity with property management software. Take your checklist with you to these interviews and run through your desired qualifications. You’ll quickly see what stands out, whether it’s how easily they answer the questions or how they struggle to understand what you’re looking for. This kind of direct interaction can tell you a lot more than what you read on their website or in their marketing materials.
- Check References and Ask for Referrals
You can get a lot of good information by reading reviews online. Talk to other investors and even the vendors you may be working with who know the local managers. Ask for references from your property manager’s past clients and take the time to speak with them. This will give you valuable insight into their work ethic and reliability. Most management companies will also have testimonials on their websites. Read their blogs. Study their contributions to social media sites.
- Review The Management Contract
You’ll be expected to sign a property management contract before you begin working with a partner. Examine their contract carefully before signing. Make sure you understand their fees, services, and any additional costs that may arise. Ask questions. Do you need to give notice if you want to get out of the contract? Does it renew automatically? Find out what you’re working with before you decide to move forward with a property management partnership.
Choosing the right property manager can make or break your Los Angeles County investment. By focusing on these key qualities and a thorough, personal evaluation, you’ll be well-equipped to select a property management professional who will handle your properties with care and expertise.
We would love the opportunity to tell you more about our own property management services. Contact us at El Camino Property Management.
Please note, this information is deemed reliable, but not guaranteed. Please consult appropriate professionals for specific situations.
