Property managers do exist but some of us have not yet known what they exactly do. Property managers are third parties who are hired to deal with and handle daily operations for real estate investments in Los Angeles and other areas. They have the expertise of managing all sorts of properties from the single type family homes to larger apartments and complexes.
For you to understand the roles and responsibilities of property managers better, below is an overview of their responsibilities. These responsibilities normally vary due to their salary as well as to the particular terms in their management contracts. The roles and responsibilities of property managers in Los Angeles include:
Responsibility to the Rent
Property managers that are based in Los Angeles have the responsibility to set the initial level of rent, collect rents from the tenants, and adjust the rent.
- Set rent – They know how to correctly set the appropriate rent level that would attract tenants to rent your property. They understand the market where your property is based and have researched comparable properties in your location.
- Collect rent – They also act as enforcers who ensure optimum cash flow as they set the collection date monthly and enforce late fees strictly.
- Adjust rent – They can increase rent by fixed percentage per year in accordance to municipal or state law. They can also decrease rent if needed.
Responsibility to Tenants
The major responsibility of property managers is to manage the tenants. They should be able to:
- Find tenants – They market your property to fill in vacancies through advertising. They know how to attract tenants and suggest aesthetic improvements for your property.
- Screen tenants – They are experienced in sorting applications from prospective tenants to ensure that tenant is a good candidate. They run credit checks and background checks.
- Handle leases – Property managers in Los Angeles can set length of leases and ensure that they have all provisions for the protection of the owner. This includes the amount of security deposit needed.
- Handle complaints and emergencies – They get paid to handle issues on maintenance as well as entertain noise complaints, requests, and contracts for emergencies.
- Handle move outs – When tenants move out, property managers should inspect the units, check for damages and determine which share of the security deposit should be returned to tenants.
- Deal with evictions – If tenants do not pay or breach the terms of leases, property managers understand the legal way of filing and moving forward with eviction.
Responsibility to Repairs and Maintenance
In Los Angeles, property managers are responsible for the management of the physical property which includes emergency repairs and regular maintenance of the property.
Responsibility to Be Aware of the Landlord-Tenant Law
Reliable property managers are expected to have in-depth knowledge and expertise on national laws and state-wide laws on:
- Screening tenants
- Handling security deposits
- Terminating leases
- Evicting tenants
- Complying with the property safety standards
Other roles and responsibilities of Los Angeles property managers include supervising other employees and vacant properties, maintaining records and managing the budget, and most importantly, handling taxes.
If you are looking for a property manager in Los Angeles, make sure to check with this guide so that you will know what you can expect from them. You can also call [company name] for more details.