Experienced investors understand that professional property managers are experts in this industry and leaders in the local rental market. Maybe you own a rental property and have some strong ideas about how it should be managed and maintained. In that case, you’ll carefully look for a management partner that will share your values and ideas.
Establishing a successful relationship with your Los Angeles property management company is important. You want to work with people who have their own plans, processes, and recipes for success. Even if you think you know what’s best for your investment property, it’s usually a good idea to lean on the wisdom and expertise of the professionals who have made a career out of doing this.
A good relationship between owners and property managers is based on good communication and established expectations.
Here’s what we mean.
Leave Los Angeles Property Management to the Experts
Are you planning to be a full-time landlord or a passive investor? There are some critical differences between those two roles, and one of the distinctions is the amount of time you’ll spend on the operations of your rental property.
You hire a management company because you recognize their ability to effectively take care of the leasing, management, and maintenance of your rental property. If you try to co-manage with them, you’re only going to create confusion and inconsistencies.
Move from the mindset of a full-time landlord into the mindset of an investor. This will allow you to be more hands-off when it comes to the leasing and managing of your rental property. You don’t have to get involved in the things that your property management team already knows how to do.
Establish Communication Expectations
Some owners want to check in with their property managers every week while others simply look at their monthly statements and don’t expect to be contacted unless something is wrong or a decision needs to be made. Decide how often you want to be communicated with, and make sure your Los Angeles property manager is able to meet that expectation.
Trust Your Management Team
When you partner with professional and experienced Los Angeles property managers, you don’t have to worry about being hands-on with your rental property. It’s already getting the attention and the service it needs. A good property manager will:
- Reduce vacancy loss with great marketing and responsive showings
- Accurately price your Los Angeles rental property
- Find a highly qualified tenant through extensive screening
- Execute a lease agreement and enforce that lease
- Respond to routine, emergency, and preventative maintenance needs
- Handle accounting and bookkeeping
- Negotiate lease renewals and the move-in and move-out process
You won’t have to worry about any of those things. You also don’t have to worry about the risk and liability that comes with owning real estate in California. The laws have changed dramatically in the last two years, and they continue to change.
Your relationship with your property manager rests in allowing them to do their job.
It’s the job you hired them for, and you don’t have to get involved in the day-to-day logistics of your rental homes. You picked an experienced, proactive property management company that you can trust.
We’re happy to talk more about our Los Angeles property management services. Contact our team at EGL Properties and let’s discuss what we can do to help you.