Property owners have the option to hire a person expert in Los Angeles property management when they do not have the time and/or experience to take care of the business-involved transactions. A Los Angeles property management professional is essentially a middle person between a property owner and a renter. He or she is responsible for several tasks including tenting and property upkeep. When interested in this field, one must know what it takes to be a Los Angeles property management professional and the responsibilities accompanying it.
Here, the details of the Los Angeles property management, license required, and other daily duties of property managers are laid out.
What is Los Angeles Property Management?
Property management entails overseeing and managing real estate properties whether commercial or residential. Some of the tasks included in the list of to-dos for a Los Angeles property management professional is taking care of daily operations for real estate. The daily operation may include collecting rent from tenants, handling maintenance and repairs, catering to tenant complaints, and many more. The number of responsibilities a Los Angeles property management professional has will depend largely on the existing contract between him and the landlord or property owner.
For example, a property owner can ask a Los Angeles property management professional with only one task say just to collect rent from tenants or the property owner can indicate that they want him to handle all operations that are property-related or is part of the business of owning properties.
What License Does a Los Angeles Property Management Professional Have?
Same as any property manager, a Los Angeles property management professional should typically possess a property management license or a real estate broker’s license to have a professional career.
A property management license will allow Los Angeles property management professionals to work in real estate and do duties that are related to this field. To practice in Los Angeles, a property management professional should have a property management license in California. Remember, a license required to practice in this profession will add earnings as real estate owners will view you as more credible if you have one.
To be a licensed Los Angeles property management professional, go through the California state government, local Los Angeles authorities, and real estate boards. Individuals to take the licensure will need to be at least 18 years old and in possession of a high school diploma. However, more and more property management companies want to high Los Angeles property management professionals that have a business, real estate, or other field-related bachelor’s degree.
What Does a Los Angeles Property Management Do?
A Los Angeles property management firm is a Californian office where property managers work. Real estate owners can hire a firm to handle their properties when they do not have the time, capability, or experience to manage them themselves. Several Los Angeles property management firms throughout California offer quality and comprehensive real estate assistance.
Los Angeles Property Management Professional Responsibilities
There is a host of responsibilities that comes along with being a Los Angeles property management professional and it is largely dependent on what is indicated in the contract between them and the property owners. Whereas some property owners may want only for Los Angeles property management professionals to collect rent from their tenants, others may require their Los Angeles property management firm to handle all property-related concerns. Below is a list of several responsibilities of a Los Angeles property management professional and their firms:
- Working knowledge of landlord-tenant laws and regulations
- Overseeing maintenance requests and repairs from tenants
- Marketing properties to eligible markets
- Handling tenants and tenant complaints
- Collecting and submitting rent
- Supervising skills when they work with other employees
- Taking care of taxes
Let’s talk about the above-mentioned duties of a Los Angeles property management professional one by one:
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Working knowledge of landlord-tenant laws and regulations
For a Los Angeles property management professional to be considered reliable, he or she will have to have a deeper, working understanding of how tenant screening, evicting tenants, leasing, collecting rent, and a lot more. The better he or she understands these rules in the real estate field, the fairer and more apt the Los Angeles property management professional will be.
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Overseeing maintenance requests and repairs from tenants
This is one of the most common duties of a Los Angeles property management professional and this ensures a safe and habitable environment for the property’s tenants. This task may involve having to face water leaks, extermination, trash extractions, and many more. Although, Los Angeles property managers can hire third-party contractors to do these daunting tasks.
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Marketing properties to eligible markets
Los Angeles property management professionals can help market the real estate to new tenants. This may entail taking photographs of the property and enlisting them on various media platforms like housing websites.
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Handling tenants and tenant complaints
A lot of Los Angeles property management professionals are tasked with managing several tenants. Finding the right tenant for the property and screening them properly ensures the property is in the lent to the right candidate/s.
Additionally, a Los Angeles property management professional will more often than not be entrusted with handling tenant leases. They will also be the ones to call during tenant emergencies, move-out, and evictions. The Los Angeles property management professional will be the one to assess the property for any damage in the case of move-outs. They will be the ones to determine how much the tenant deposits if damages to the property have been done.
After the tenant has moved out, the Los Angeles property management professional will not need to make sure that the unit is kept clean and that needed repairs are done promptly. Marketing for the unit or property will then commence once again. With regards to evictions, when a tenant violates the provisions of a lease, the Los Angeles property management professional is responsible for beginning the eviction process.
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Collecting and submitting rent
Collecting the tenants’ rents is one of the main functions of a Los Angeles property management professional. This entails determining a rental rate for the real estate. To do so, the Los Angeles property management professional will have to assess the property based on its location, amenities, and the current market.
Once a tenant is amenable to the rental rate and moves into the property, the Los Angeles property managers will be the ones tasked to collect rent on certain days and through the chosen medium of payment. Changes in rental rates can also be implemented by the Los Angeles property management professional as long as it abides by the California state or Los Angeles City laws.
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Supervising other employees
Los Angeles property management professionals can handle a few if not several other employees such as security guards and repairmen. They can be responsible to handle their work and assess required outputs.
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Taking care of taxes
Real estate owners may ask the Los Angeles property management professional to assist them in filing taxes. They may also ask the property manager to file the property taxes themselves.
Interesting Related Article: “How Can a Property Management Company Help You?“
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