Property Management? What Is It Exactly?
Property management is defined as overseeing and managing residential and commercial properties, including apartments and condos. What does that mean, though? Let’s take a closer look at what property management companies do for clients. Then you’ll understand why so many landlords use property management companies.
Find Quality Tenants
If you own rental property, finding tenants can seem like a full-time job. You have to advertise vacancies, screen tenants, and provide the necessary paperwork. Fortunately, property management companies can handle this for you. By handing the duties over to a property management company, you can expect your eviction rates to dwindle dramatically because these companies take the time to find quality tenants. They don’t just fill vacancies. They fill vacancies with the best tenants around.
Rent collection is also part of property management in Huntington Beach. Tenants pay property management companies instead of landlords. If the rent is late, the companies charge and collect late fees as well. If you use a property management company for rent collection, you won’t have to worry about keeping detailed lists about who has and hasn’t paid. The company will do that for you so you can sit back and enjoy the profits.
If you’ve been a landlord for a long time, you know that some tenants don’t take care of the property. They might have wild parties, put holes in the walls, and completely ruin the flooring. Of course, the chance of this is greatly reduced through tenant screening. Still, you need to inspect the property occasionally to make sure that it’s in good shape. A property management company will schedule and handle the inspections for you.
Maintenance and Repairs
Your rental property needs to be habitable at all times. That means that you need to handle maintenance and repairs as soon as problems arise. If you hire a company for property management in Huntington Beach, it will take care of that for you. The company will go over the repairs with you, but you won’t have to get your hands dirty or spend your day making calls to get something fixed.
Have any of your tenants ever called you in the middle of the night with an emergency? Maybe the toilet was overflowing, or a pipe busted. When you hire a company for property management in Huntington Beach, those late-night phone calls will be a thing of the past. Instead of calling you, your tenants will call the property management company. Then the company will put out the fire for you while you continue to get a restful night’s sleep.
Takes Care of Evictions
Evictions are rare when you use a property management company. Still, you may have to evict a tenant occasionally. This can be a difficult process, but you won’t have to worry about it if you use a property management company. The company will file the paperwork and handle the eviction for you. Your point of contact will also update you, so you know what’s going on with the situation without having to be involved in the legal process.
Complies With Local Laws
California has specific landlord-tenant laws that you must follow. Many landlords accidentally break the laws and end up in serious trouble. Some even get sued by tenants and get stuck with expensive judgments that put them out of business. A property management company will ensure that you are compliant. You don’t have to worry about accidentally running afoul of the law when you use a company to manage your property. Instead, you will make money while adhering to all laws.
Provide Financial Reports
As a landlord, you need to know how successful your business is. Are you making money or losing money? Where can you save? A company that handles property management in Huntington Beach can provide you with detailed financial reports each month. These reports include your income and expenditures, so you will know how healthy your rental business is.
Get Help from a Property Management Company in Huntington Beach
West Point Property Management, Inc. can help you with your property management needs. Reliable, experienced, and efficient, you won’t worry about anything when you use West Point Property Management for your rental properties.