Los Angeles is internationally known for its glamorous lifestyle options and wonderful entertainment options. It's also an attractive destination for job seekers, business people, and families looking to enjoy a good quality of life.
Effective property management in Los Angeles directly affects your bottom line, as it is key to placing good tenants in your property and encouraging lease renewals.
There are two Los Angeles rental solutions available, namely tenant placement and rental management. Read on to compare the two and find out which one suits you best.
Understanding Tenant Placement
Tenant placement involves finding suitable tenants for your rental property. It includes tenant screening and lease origination services.
When you opt for this service, you take care of all other aspects of managing your property yourself.
What Is Rental Management?
Rental management is a hands-off solution for landlords. This service takes care of the day-to-day operations of your rental properties on your behalf.
These services include:
- Tenant screening and placement
- Advertising vacancies
- Property maintenance coordination
- Property inspections
- Managing tenant communications
You pay a little more for these services, but they will help preserve the value of your property and limit vacancies.
Comparing Tenant Placement and Rental Management
Choosing the best property management solution for you depends entirely on your circumstances. These are the key differences between rental management and tenant placement:
Involvement
If you like to keep a close eye on your investment properties and prefer to build personal relationships with your tenants, tenant placement is a good option for you. When you choose rental management, you'll have little to do with the daily operation of your property.
Expertise
Both of these services provide access to expert advice for landlords. Tenant placement services are well-versed in the legalities of tenant screening and lease origination, while rental managers have widespread knowledge of California landlord-tenant laws.
Rental management services also place your property in the hands of capable experts for:
- Rent collection
- Bookkeeping and accounting
- Maintenance coordination
Unless you have years of experience managing properties, it's difficult to master these aspects on your own.
Time Commitment
Landlords who have plenty of time to spare can benefit from the lower costs associated with tenant placement. Those who live far away or who have many other commitments are better off hiring rental management services.
Costs
Tenant placement services are usually a once-off cost comprising a portion of your monthly rental amount. After that, you're in control of all the costs associated with managing your property.
This gives you greater freedom when budgeting.
Full-service rental management involves ongoing management fees over and above the usual costs of owning a rental property. You have limited control over your finances and maintenance costs.
Get Property Management Assistance in LA
Tenant placement is a key step in managing your rental properties and is ideal for hands-on landlords with time on their hands. Rental management suits busy or inexperienced landlords, as well as those who live outside of LA.
PMI Los Angeles offers the full suite of property management and tenant services in LA. We pride ourselves on crafting customized solutions for every landlord and can assist you with tenant placement and rental management services according to your needs.
Browse our blog for more LA property management tips and find out how we can help you thrive as an LA landlord.
