Are you considering buying a rental property in Los Angeles?
Have you thought about who will manage this apartment or home?
Buying a vacation rental property in LA can be a stressful endeavour, from finding the right realtor to getting the best private money lender, hiring a property manager is the last thing on most real estate investor’s minds.
Hiring the right property manager can be a make or break moment for your rental business. A great property manager needs to select the correct clientele, avoid renting to tenants who will potentially cause problems such as non payment, constant complaining, damage or disturb other tenants/neighbors.
Most importantly you want to select a manager who will treat your property as if it were his own.
Whether the property is a vacation daily rental or a long term rental, it is very important the property manager maintains the property in a well kept manner.
Here are 4 ways to ensure you get the correct property manager for you!
1. Use Your Network
Your first step to hiring a property manager should be to ask your friends, family and neighbors if they currently have a property manager they are pleased with. If you are able to find a few managers through this method, be sure to ask what the pros and cons are of each manager.
Everyone has strengths and weaknesses, it’s better to find out what your managers abilities are before hiring them to avoid surprises.
Try to collect at least 4 different managers through this word of mouth method. Consider shadowing the managers to see the way they work and how serious their operation is.
2. Search the Web
If your network is not able to produce any quality property managers your next step should be to look online. Websites that organically show up in search results as well as large real estate website forums such as BiggerPockets and Landlordolgy are great resources.
Having a website that organically ranks for high value keywords like “property manager Los Angeles,” are most likely sites you can trust but still do require some background work on your end. Keep in mind, Google wants to provide you with the best search results possible but they are not always perfectly accurate.
BiggerPockets and Landlordology are both full of real estate investors like yourself and can offer invaluable advice to beginners.
3. Licenses and Certifications
Licenses and certifications vary state to state so be sure your manager has the necessary and required documents to work legally.
In Los Angeles, California, property managers are required to have a real estate brokers license or be an employee for a broker and operate under his license.
Be sure to look up your potential property manager’s credentials to make sure he or she is working legally in California, this will help avoid issues down the line.
Lastly, ask all the property manager’s you are considering what they charge, how long they have been in operation, who exactly will be managing the day to day operations at your property and any other questions you may have.
4. What to Avoid
Above you have some great tips for finding a manager, but maybe the best tips of all are how to avoid scammers who will cause you headaches and be detrimental to your business.
Be wary of businesses with too many positive Google or Yelp reviews as these could be fake reviews, therefore make sure the reviews look honest and organic rather than fabricated.
Also, avoid Facebook groups, these groups are generally full of scammers looking to prey on newbies.
Follow this guide and you are sure to hire a great manager with proper credentials and certifications. Best of luck to you and your Los Angeles rental property.