Scope of Property Management Companies West Los Angeles to Consider Choosing When Renting Out a Home
If you have a home in West Los Angeles that you wish to rent out, chances are you’ve been looking at the scope of property management companies West Los Angeles. There are over 25 property management companies available just in the West Los Angeles area alone, so how do you choose the right property management company?
Get Word of Mouth Recommendations
If you know someone who is already renting out their home and using a property management company, ask the person if they would recommend this company. Chances are they would, otherwise they would have changed property management companies. If they are unhappy, you need to find out why and also if they would recommend another company. Often this friend, relative, or colleague may be able to refer you to someone else who can make recommendations.
No Recommendations? Try Checking Out Reviews
If you can’t get a recommendation from people you know, look into reviews on Angie’s List or Yelp and see what other people thought of them. Check with the Better Business Bureau to find out if any complaints were made against them. You’ll be able to weed out companies that appear to have a bad reputation.
Make a List of Questions
Once you find a number of property management companies that look like they might be a fit, come up with a list of questions you need to ask. Questions you need to ask include:
- How long have they been in business?
- How many properties do they manage?
- How much do they take from the rent?
- When do they pay you, the owner?
- Who handles the repairs of the property?
- When there’s a problem with the renters, does the company handle it?
- Are their people bonded and insured?
- What is the time limit on the contract? Is there a penalty if you cancel the contract?
- Do you have references?
- Do you handle my kind of property?
Talk to the Property Management Companies
Call the property management companies whom you are interested in to determine if they would be a good fit. Ask your questions now and see how they respond. If they sound like a good fit, you should schedule a visit with the property management companies whom you are interested in doing business with. See their contract and get a copy for your attorney to look over to be sure there are no red flags. See their paperwork on their bonds and insurance. Find out how they look for renters and vet them. Ask to speak to their renters and find out how happy they are as well. See some properties they rent out. All of these things will help you decide if this property management company does due diligence in renting out properties.
At some point you’ll come to a decision on which company will manage your property the best. Remember that there are many property management companies in West Los Angeles, so don’t be discouraged if the first few don’t work for you.