The scoop on property management companies in West Los Angeles

Posted by on Jun 16, 2017 in Uncategorized | Comments Off on The scoop on property management companies in West Los Angeles

Whether you’ve just bought your first property, or already have several properties under your belt, hiring a property management company could be a key factor to your long term success. Not every property management company is the same, and that rings even more true for property management companies in West Los Angeles. In this blog post you’ll learn: what property management companies can do for you, how much property management services cost, the pros and cons of property management companies, and if a property management company is right for you.

Property management companies in the broadest term, deal with tenants and tend to your properties on your behalf. That might seem like an obvious statement to some, but things start to get a little complicated as not every property or tenant have the same needs. These companies help you determine an accurate rental rate, and will also screen and select your tenants for you, handling all the required paperwork in the process. The companies don’t stop there. They can also handle tenant move ins, rent collection, evictions, and tenant move outs. Some property management companies can even represent you in court when settling a legal dispute.

Some property management companies may charge a flat fee, but a large number prefer to charge fees and percentages based on their performance or based on the lease amount of the property. Locking in a definitive number proves challenging with so many variables. Before reading any further however, please realize that similar to any service based company, price alone does not indicate the best option. Some common fees to look out for would be: lease renewals, maintenance fees, reserve refund fees, advertising fees, bill payment fee, eviction fee, and unpaid invoice fee.

The pros and cons of property management companies can be summarized using the last two paragraphs. While there are a number of services property management companies can provide to help your properties run smoothly at maximum efficiency and profit, those services are not done for free. These services can become quite expensive as well. There is no evidence either that you are getting higher quality work for higher priced property management companies. The best balance of pros and cons for these type of companies would be somewhere in the middle. Your wallet may take sometime to adjust to the fees, but the headaches and stress you will avoid by using a property management company may be well worth the price.

There are several important factors in deciding if you’re ready to use a property management company. How many properties do you currently own and manage on your own, and how well do you manage your properties? If you are against the ropes and feeling overwhelmed managing your properties, it’s time to begin using a property management company asap. Another factor to consider is how fast are you able to get your properties rented? If you are doing this slow enough to the point that you are hurting your bottom line, then you may be ready to use a property management company.

Property management companies can greatly increase your long term growth and success as a profitable property owner.