At Earnest Homes, we work with a lot of homeowners who aren’t sure what to expect from professional Los Angeles property management. Perhaps you’ve been managing your rental property on your own, and handing over the leasing, management, and maintenance of that property feels a little unnerving.
We get it.
Making the decision to partner with property management professionals is a big step. It’s also a smart one. The laws protecting tenants in Los Angeles are stricter than ever, and renting out a home is more complex than it’s ever been. You’ll likely find that not only do you have more peace of mind when it comes to your investment property, you also have the opportunity to save money on expenses. Property managers keep costs down. We implement strategies that increase what you earn.
Here’s what you’ll need to know about working with property managers.
Leverage Los Angeles Rental Market Expertise
Your property managers will understand the local rental market better than you can as a homeowner. While you might have used online rental sites or general data when gathering information for pricing and marketing, we have specifics that come with our years of experience and our presence in the rental industry. We’ve been in Los Angeles for years, and we are familiar with the competition and the opportunities. We know the properties, we know the tenants, and we appreciate the complex local laws and regulations that come with renting out homes in our market.
Working with a property management team will increase what you earn by:
- Limiting vacancy time.
- Accurately pricing your rental listing.
- Recommending upgrades and updates that will increase your rental value and attract better tenants.
- Engaging the best showing and screening technology to ensure a fast leasing process.
We have relationships with some of the most reliable vendors and contractors in and around Los Angeles. Your maintenance costs will be lower and the work will be completed professionally and quickly. There’s less to worry about when something minor happens. There’s nothing to worry about when something unexpected happens – we’re able to respond right away.
Understanding the market is an important part of our process. As a homeowner who works with us, you can take advantage of our local knowledge, which combined with our industry expertise delivers innovative and impressive results.
Creating a Custom Los Angeles Property Management Plan
Property management is pretty personal. Your rental home is different from all the other rental homes we manage. You have different goals, you’ll attract different tenants, and you’ll have different needs when it comes to maintenance and upkeep. Maybe you have a pool. Maybe your property is in a gated community and includes HOA restrictions and requirements.
When you work with a property manager, you should expect a customized approach to the way your property is leased, managed, and maintained. Don’t settle for a one-size-fits-all approach. It won’t work.
You need to know that when we’re marketing your property, establishing rental criteria, considering preventative maintenance, and negotiating lease renewals, we’re doing it with your specific needs in mind. That’s why you hire a property manager – so you don’t have to do all of this yourself.
Screening and Selecting Tenants in Los Angeles
If you’ve been managing your own property, you likely choose your own tenants. If you’ve never rented out a property before, you might be wondering how tenants will be selected for your home.
Leave this to your property manager.
We don’t think it’s a good idea for homeowners to choose their own tenants. It sets you up for a lot of liability, especially if you don’t understand the fair housing laws in California.
You can rely on our expertise. Placing your own tenants can be risky because you don’t really know who they are unless you do a thorough screening and background check. Placing the wrong tenant will create stress and frustration. It will cost you money. It’s hard to find peace of mind when your tenants aren’t paying rent on time or you suspect they’ve moved in with a vicious dog that hasn’t been approved or screened.
We screen tenants carefully and rigorously. A good property management team understands that your whole rental experience depends on having tenants in place who pay rent on time, take care of your property, communicate well, and follow the terms of their lease agreement.
We’re fair and consistent, following all the requirements of federal, state, and local fair housing laws. Our screening process includes the following:
- Checking credit history
- Looking at criminal backgrounds and prior evictions
- Verifying income and employment
- Conducting reference checks of past landlords and property managers
You should not have to worry about the tenants who are occupying your property. When we rent your home, you can enjoy the peace of mind that your tenant is well-qualified and responsible.
Los Angeles Rental Property Maintenance and Repairs
Property managers will respond to routine and emergency maintenance situations, and they should also make preventative maintenance a priority. Cost-effective maintenance is one of the advantages to working with a property manager. You should expect relationships with preferred vendors who offer discounts and provide outstanding workmanship.
Lease Enforcement, Rent Collection, and Accounting
Enforcing the lease is an important part of property management, and your property manager can be counted on to collect rent on time and make sure your tenants are following the terms of the lease agreement that they signed. We’ll have online rental payment options, which is a huge convenience to tenants.
We’ll enforce the lease agreement and hold your tenants accountable, even while maintaining positive relationships with our renters. You want to know there’s a good relationship in place between your tenant and your management company because tenant retention is important in saving you money.
Accounting is something else you can count on from property managers. Our software and technology is a huge help to owners, who simply need to log onto their online portal to see a careful accounting of income and expenses.
Working with a Los Angeles property manager can be a huge game changer when you’re renting out your home. For more information about what we can do for you, please contact us at Earnest Homes.