6 Steps to Consider If You Need a Residential Property Manager
The truth is that it depends. It depends on what you, as a landlord, are willing to deal with and cope with.
Step 1 – Property Maintenance
Now, it’s time to start getting the unit rent ready, painting, and fixing maintenance issues, which are very typical with any property. Once it’s has been completed, then comes renting it out.
Step 2 – Find Tenants
Finding the tenant, showing the unit, providing applications, running credit and background, and choosing the best tenant that fits your needs is not easy and it is best to leave it to your Los Angeles property manager company. You will determine the best start date and security deposit and rent amount.
Step 3 – Legal Issues
Drafting the lease, you may have a lease agreement drafted by your attorney, or you can use a standard lease contract. Most agents use
one provided by their local association, relatively simple document, but it does cover all aspects of the lease that are important to clarify.
- Occupants – names
- Start date
- When is rent due
- Is there a penalty if paid late
- Are pets allowed and if so are they disclosed
- Do you provide parking space
- Is storage allowed
- Who pays for utilities, water, gas, and electricity
- Who pays for the gardener, pool maintenance
- Appliances maintenance
- Are they allowed to paint
- Where do they mail rent or can they wire
Remember, the devil is in the details. If something is important to you, make sure to put it in the lease. If working with an agent, they should be able to advise best practices.
Step 4 – Move In
Move-in, or delivery date
Best to have a process as things will pop up. Be prepared to make a list of items that need attention. The tenant will most likely bring items up as they will be living on the property. Typically most are minor but essential to address. Here are a few examples.
- Light bulbs
- Outlet/outlet covers
Step 5 – No Snags
Once delivered, making sure all goes as agreed.
Step 6 – Prolong or Stop
On month 11, send out extension and rate increase, if any, and get the document signs. If they will not renew, then it’s back to step 1.
As you can see definitely a simple process, but it is a time-consuming process, plus there is always Murphy’s law, and things do pop up.
Luis Pezzini of Pezzini Luxury Homes has been one of the top real estate agents in Los Angeles for over a decade, call him today at +1-310-275-2076 and get professional help and guidance from industry leader.