Are you a landlord in Los Angeles, navigating through a maze of properties scattered across the sprawling cityscape? From the glitzy high-rises of Downtown to the serene suburbs of the Valley, every corner of this metropolis presents a potential avenue for investment.
But how do you ensure your portfolio is properly managed? We're here for you. Let's go through the top portfolio management tips for landlords in Los Angeles.
1. Screen Properly
You need to ensure you have a plan for your tenant screening.
Have all possible tenants complete a rental application form. This will provide you with the necessary information such as contact details, employment history, and rental history. Reviewing these applications can help you identify potential red flags early in the screening process.
Familiarize yourself with landlord-tenant laws specific to Los Angeles. This includes regulations on security deposits, eviction procedures, rent control ordinances, and fair housing laws. Staying compliant with these regulations will protect both you and your tenants.
2. Plan For Problems
Make sure you know what to do if any issues arise. Put away funds for unexpected investment expenses such as repairs, maintenance, or sudden vacancies. Aim to have at least three to six months' worth of funds saved in an emergency fund to cover any unforeseen circumstances.
Build relationships with reliable contractors, plumbers, electricians, and other service providers in advance. Having a network of trusted professionals to call on can expedite repairs and minimize downtime in case of emergencies.
3. Hire a Property Management Company
Make sure you hire some support for your new venture. Take the time to research and compare different property management companies in Los Angeles. Look for companies with a solid reputation, extensive experience managing properties in the area, and positive reviews from other landlords.
Go through the terms and conditions outlined in the property management contract before signing up for help with your real estate portfolio. Pay close attention to fees, termination clauses, and any exclusions or limitations on services provided. Ask for clarification on any parts that are unclear or ambiguous.
While you're entrusting the day-to-day management of your properties to the property management company, it's important to stay involved and informed. Regularly communicate with the property manager, review financial reports and property inspection reports, and address any concerns or issues that arise promptly.
4. Don't Forget Maintenance
Schedule regular inspections of your properties to identify any maintenance issues before they escalate. Inspect the outside and inside of the property, including roofing, gutters, plumbing, electrical systems, HVAC units, and landscaping. Fix up any issues quickly to prevent further damage.
Maintain the landscaping of your properties to enhance curb appeal and prevent potential hazards. Trim trees and shrubs away from buildings and power lines, remove dead vegetation, and ensure that irrigation systems are functioning properly. Consider drought-tolerant landscaping options to conserve water and reduce maintenance requirements.
Los Angeles Portfolio Management: Get On Board Today
With these portfolio management tips, you'll be on the path to success in California real estate.
Are you ready to hire some extra help? PMI Los Angeles has been in this field for two decades, helping California property owners like you with portfolio management.
Call us today.
