California has the highest number of property management businesses in the US (51,125). The industry is growing as more investors rely on management companies. Working with a property manager can save you time and money while ensuring ongoing success.
They can help with everything from property marketing to owner statements. Not convinced you need these types of services? Read on to discover the benefits of hiring management companies today!
Understand the Local Market
Researching the local real estate market can help you recognize trends and investment opportunities. You could discover new commercial properties in up-and-coming neighborhoods. You can also recognize what offerings tenants are searching for in the area.
Look for property managers who keep track of California's housing laws and regulations. They can help you remain compliant, allowing you to avoid lawsuits and fines. These laws cover:
- Rent control in California
- Small claims lawsuits
- Security deposit laws
- Rental application and tenant screening
- Rules about landlords accessing properties
- Termination and eviction rules
- Tenant rights to withhold rent
- Late fees
California allows counties to enact local rent control laws. These don't override more restrictive local laws. You may struggle to navigate these allowances without help from an experienced professional.
Fill Vacancies
Southern Calinfornia's commercial vacancy rates increased. Every vacant unit could cost you thousands in potential earnings. The best management companies help tenants attract reliable tenants.
Choose a company that uses both traditional and digital marketing strategies. These methods can increase a listing's online visibility.
These types of services will help you generate more applications. You can choose between applicants to find great tenants.
Screen Tenants
The key to finding great tenants you want to retain is screening applicants. The best property managers provide comprehensive tenant screening reports. These reports cover:
- Criminal background checks
- Employment verification
- Credit scores
- Eviction histories
- References
You can use this information to find reliable renters. Your property manager will nurture tenants to foster strong tenant-landlord relations. Increasing tenant satisfaction rates could boost renewal rates.
Retaining tenants can improve your occupancy rate. Your ROI will rise, allowing you to invest in other commercial properties.
If necessary, your property managers can handle evictions. They'll save you from landlord stress.
Streamline Maintenance
Experienced property management companies have connections with local vendors. They'll keep up with maintenance requests on your behalf. Making timely repairs can keep tenants happy and ensure properties are well-maintained.
Help With Owner Statements
If you want to succeed as a real estate investor, rely on your property manager's financial expertise. They can handle reporting, accounting, and owner statements.
Your property manager can streamline rent collection using an online portal. You'll receive timely payments, ensuring your financial health.
Choose a Property Management Service
Managing your commercial properties alone can become time-consuming and costly. Instead, choose a property management service. Your property manager can handle everything from marketing to owner statements.
Our team at PMI Inland Empire has over 20 years of California property management experience. Rely on our state-of-the-art technology and proven strategies. Contact us today to thrive as a real estate investor.
