Full-Service Property Management From The Pros
Whether you own a commercial or residential property in the Greater Los Angeles Area, there are a plethora of property management companies that can help owners and investors handle administrative and on-site duties when it comes to leasing and tenants.
If you’re looking for the right property management team to assist you with all of the tasks associated with your real estate, it’s important to partner up with a company that can tailor their services and strategies to your unique property.
With over 30 years of experience working with residential and commercial real estate throughout Los Angeles County, RTI Properties knows property management and local market analysis like the back of our hand. That’s why we’ve compiled a list of pertinent questions to ask your potential property management team–because we believe every property owner deserves seamless property management services that increase your investment’s value and profits as well as your overall portfolio!
Questions For Your Prospective Property Management Company
If you’re a Los Angeles property owner looking for a savvy property management company to help you with leasing, maintenance, or any other duties, it’s important to work with a team you can trust. Asking the following questions will help you determine if a particular property management team is right for your investment. Let’s get started!
Minimize Complaints and Any Discrepancies:
Additionally, the portal provides immediacy to tenants for reporting their concerns or complaints directly to the property manager who can then handle the problems accordingly. This streamlined approach leads to swifter solutions, reducing the time whereby tenants are awaiting a response or action and consequently, can, therefore, increase customer satisfaction. Complaints can be a common deterrent to managing properties, but through the use of an online portal, complaints are now an efficient opportunity for landlords and property managers to demonstrate loyalty and commitment.
Due to the online portal’s productivity and ease, tenants retain virtually no reason to withhold rent or claim a right to ‘repair and deduct,’ therefore minimizing financial losses and any discrepancies.
How long has your property management company been in business?
Working with an established property management company will ensure the experience and expertise you need when it comes to your real estate investment as well as local and surrounding markets. We recommend partnering up with a team that’s been in business at least five years, as this is ample time to have a reputation within the industry as well as references–which you ought to ask about as well.
Throughout the years, how has your property management team changed and grown?
Before partnering up with a property management team, it will be important to note if and how they’ve evolved with industry standards and practices as well as trends in technology. This question will determine if their property management services are up-to-date with market forecasts and consumer expectations, ensuring they can keep your property cutting edge in its locale.
What services does your property management team offer?
Gain insight into your prospective property management team’s service offerings and find out if custom plans and packages are available.
How many rentals does your team currently manage?
As a follow-up question, also be sure to ask how large their property management team is. This will give you an idea about the overall scope of the company, and if their labor and resources can aptly accommodate your property’s needs.
Does your team manage any other rentals in my local area?
This will give you an idea if a property management team has experience working with clients in your specific locale. Real estate markets and trends vary even within a single city, so it’s best to make sure that a property management company will have the tools and knowledge to navigate and serve your neighborhood area.
What areas (or how many areas) does your property management company serve?
If you’re a property owner who has multiple real estate investments throughout your regional area or if you’re looking to grow your investments, you’ll need a property management company that offers coverage in multiple neighborhoods and/or cities.
What kinds of properties does your team have experience managing?
This will give you an idea if a property management company is versatile or if they dominate a particular market niche such as single family homes, retail spaces, and etc. Depending on if you own residential or commercial real estate (or both), you’ll want to choose a team that is well-versed in your property type–whether it’s an apartment complex or office building.
How does your team set monthly rates for rentals?
An established, trustworthy property management company will be able to provide their clients a market analysis and report that determines competitive rental and leasing rates based on a number of factors including but not limited to: the local market, square footage, amenities, and etc.
What are your team’s leasing and tenant acquisition strategies?
Before working with a property management team, it will be important for you to gain insight into their tactics for securing tenants and/or leases for your property type. You’ll want to make sure that they’re marketing methods are digitally up-to-date and that they’re capable of setting goals and meeting deadlines.
What are Fair Housing laws?
Any property management company you work with ought to know local jurisdiction pertaining to your real estate investment and property type like the back of their hand in order to provide excellent services for property owners and tenants alike.
Is your property management team cross-trained or comprised of specialists?
Depending on the type of property management services your real estate investment requires, you’ll want to know from the get-go if your team members wear several hats or if fulfill key roles when it comes to marketing, maintenance, accounting, and/or etc. when it comes to your rental or commercial space.
What kind(s) of insurance policy does your company carry?
Be sure to only work with property management companies that have at least $1 million of general liability insurance on top of an errors and omissions policy.
Can I get a breakdown of your company’s monthly management fees?
Get an up front management quote that will give you an idea about pricing compared to your overall budget. Normally, property management companies will charge 8 to 12 percent of monthly revenue, but this varies according to the level of service and management.
What is your company’s protocol for management fees when it comes to vacant units?
Stay away from companies that charge fees for any vacant units under their management. As per industry standard, a property management team will forfeit their monthly charges for any vacant units.
What is your cancellation policy?
Similarly, property owners ought to avoid a property management company that tries to lock them into a contract. If services do not fulfill your property’s needs or standards, you should be able to cancel your plan.
Does your company charge any miscellaneous fees?
For proper budgeting, this will give property owners an idea about whether or not a company is transparent or charges hidden fees.
How does your property management team qualify tenants?
If your property needs tenant acquisition services, it will be important for you to know your property management team’s process. A savvy company will offer tenant screening that includes credit reports, background checks, employment verification, and previous landlord references.
What’s your company’s average vacancy rate?
In order to maximize your real estate investment’s returns and revenue, your rental and leasing units will need to maintain a consistently low vacancy rate. Find out beforehand if a property management team is capable of securing and keeping long-term tenants by asking about the vacancies at their other properties.
What is the average time units stay vacant after turnover?
Again, you’ll want to know if a property management team is adept at lowering vacancies and turnover. A well-functioning property management company will be able to guarantee a 30-day turnaround for any vacant units, which is ample time to make any necessary repairs and secure new tenants.
How does your team handle service requests?
To keep your current tenants happy, your property management team will need to resolve any issues and fulfill any requests in a timely manner. Be sure to work with a company that prioritizes tenant satisfaction and can work with you on an approval/authorization protocol for service requests at varying expense rates.
How frequently will I receive reports and updates regarding my property?
Not only should property owners receive thorough monthly reports, they should also be able to access key information regarding their real estate at any time.
What is your property management team’s primary form of communication?
Be wary of property management companies that only prioritize one form of communication. You will need a property management team that is available to you, the owner, tenants, and vendors through various channels in order to provide the best possible service.
Who are your company’s local vendors and partners?
Be sure to check the credibility of your property management team’s service vendors and subcontractors as well as if discounts are available via these local companies.
Are there any consultants on your property management team who can help me grow my investment portfolio?
The best property management companies will include real estate experts and consultants on their team to provide property owners the guidance and market research they need to manage the acquisition or sale of their assets in an effort to ultimately grow their clients’ investment portfolios.
Do you have any additional questions about how to choose a savvy property management team for your Los Angeles real estate investment. Don’t hesitate to contact our experienced service professionals at RTI Properties, Inc. by calling 310.532.9122. Get your free property management quote today!