If you are semi-retired and you have one piece of rental property near your home, you are most likely capable of attending to it yourself. However, there are many people who are not semi-retired, have a portfolio of properties, and they are not located close to where they live. These people need property management services in El Segundo.
To be an effective property manager, there are a lot of things to know, and many times you have to use this knowledge all at once. Multi-tasking is the middle name of most good property managers. If you are considering managing your own properties, consider the following:
- Make lots of time: Collecting the rent once a month and having a look around is not property management, it’s more like property mismanagement. You will be missing opportunities to reduce your cost of ownership if you wait until something happens that demands immediate attention. Proper management allows for time to make routine property inspections and attending to future problems when they are small and inexpensive to fix. And remember, you are on call 24/7.
- Be prepared for any eventuality: Even though you have done the best screening you can do, and you think you have the best possible tenants, be prepared for problems. Late or difficult rent collections, excuses, damage, fire and evictions, these are just a few of the things that a seasoned property manager deals with all the time. Learning to deal with these things takes time and talent.
- Be well rounded: To be successful in managing your own property you must have a myriad of skills. You will have to know how to market the unit when it sits empty, you will need to be in a position to negotiate an equitable lease which is in full compliance with the law. You will have to be skilled in dealing with maintenance issues and maintenance services, and you will have to collect rent, prepare proper accounts and be prepared for mandatory inspections from officials. As well as that you have to pay the proper tax, insurance premiums, mortgage and vendors accounts. If this sounds daunting, which it is, then consider property management services in El Segundo.
- Be well connected: There are very few people who have all the skills necessary to maintain properties. You will have to establish rapport with service providers such as waste removal, landscaping, cleaning, pool maintenance as well as sourcing the parts you need to fix things in the unit.
If you really don’t like the idea of spending quality time managing your properties, then you have made a wise decision. Turn the responsibilities over to the best property management services in El Segundo.
For the best property management services in El Segundo, turn to California Coast Real Property Management. With their many years of experience and their wealth of knowledge you simply can do no better. Call them today at 310-535-2150
