When you hire a property management company in Los Angeles, you want to look for a team of professionals who are committed to doing everything they can to secure your investment property. That means seeking out the best in the business when it comes to a few specific talents.
Protecting You from Liability
There can be a lot of risk associated with owning rental property, and you want to be sure you hire a property management company that knows how to protect you from liability. You’ll want to review your insurance coverage with your property management company, and find out if they have their own liability coverage. You also want to be sure their employees and resident managers are covered for liability and have EPLI coverage. This is rare among management companies. Most management companies do not carry EPLI, and without it, you’re vulnerable. It’s an important added layer of protection. Lawsuits can happen, and in California they happen frequently. Make sure you will have all the protection you need.
Providing Transparent Fees
Before you hire a property management company, ask for a complete list of all the possible fees you may need to pay. You want this up front, before you sign a management contract. We often hear from owners who come to us from other companies that they were hit with fees they did not expect. Find out what you’ll need to pay so you’re not surprised by hidden expenses.
Choose Service Over Savings
You want to hire a reasonably priced property management company to protect your investment. Remember that anyone charging below-market prices is not likely to deliver a high quality service. It just doesn’t happen. You wouldn’t go to a cut rate surgeon, right? And we’re not saying management is equal to surgery. But with management, you get what your pay for, to an extent. Your goal should be to pay a reasonable or fair market price in exchange for extraordinary service. We’ve heard the worst stories from owners that chose the ‘low price leader’ and brought their buildings to us with non-paying tenants, damaged units, and other difficult situations including lawsuits resulting from management negligence. It’s most important to protect the value of your asset and to have a successful experience as a landlord.
If you have any questions about how to find the right property management company for you and your investment, please contact us at Los Angeles Property Management Group.
