Renting Out a Loft, Condos or House: 3 Easy Steps to Manage a Property
How to Self-Manage a Property Easier, without Spending an Arm and a Leg
Greater Los Angeles Area — Whether its a Downtown loft condo unit or house in the suburbs, landlords and other property owners who rent out their properties often seek the easiest and most profitable way to: determine the maximum rent price by analyzing comparable homes recently leased nearby; advertise to find renters; screen for the best tenant; do the lease paperwork; negotiate to get the most money and best terms; coordinate the move-in; ensure that the tenant pays rent on time every month; handle the payment and do proper bookkeeping; maintenance and repair of things that need to be fixed; coordinate move-out (or try to keep the renter happy so they will stay a while); repeat the process for the next renter, and hopefully avoid having to evict a bad renter. This is all a tall order consisting of many tasks that most landlords don’t wish to take on all by themselves. #propertymanagement #alternatives #self-manage
To make matters more challenging, Southern California has relatively few property management companies, and so they tend to be expensive. Due to the nature of renters/manager relationships, they often tend to have poor satisfaction levels from tenants and property owners alike.
The State of California requires that property management companies be operated under the license of a real estate broker. Most real estate brokers, however, have no desire to do any property management because it tends to be fraught with complications, yet less profitable than real estate agent transactions with home buyers and sellers.
For landlords who prefer to mange their rental income property themselves with plenty of help from a team of successful professionals, the owner may receive payments directly, enhancing everyone’s satisfaction by communicating with the tenant directly, and let the professionals do most of the more difficult and tedious work. Some rental agents already have a list of the best renters who are looking for a place.
It generally takes help from three parties to get all of the work done helping landlords to easily self-manage at the lowest cost, with the best results:
- Find and screen the best tenants, negotiate and prepare the lease paperwork
- Accounting
- Repairs and Maintenance
and rarely, evictions and other legal matters
Landlords and property owners may request a free list of rental income property specialist leasing agents, accountants, repair contractors and attorneys who specialize in helping self-managing landlords. Fill out the online form:
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.