Are you tired of spending every weekend running over to your rental property because something is broken or you have to show it or there’s a landscaper that needs access to the gated backyard?
There are already so few hours in any given day.
Busy professionals know the value of their weekends. When you’re grinding hard every day of the week, you want those two days to unwind, spend time with family and friends, or just catch up on personal projects. Maybe you like to get out of town on the weekends.
If you're a rental property owner, however, weekends can quickly turn into another workday, consumed by tenant issues, maintenance emergencies, or paperwork.
You probably didn’t decide to rent out a home because you wanted another job. But, if you’re a hands-on landlord who is managing their property on their own, it often feels like another job.
You know it doesn't have to be this way, right? Even if you’ve hesitated to consider it, a professional property management company can be the key to reclaiming your weekends, providing peace of mind, and freeing up your precious time.
Professional property management in Los Angeles comes with a number of benefits. Most investors will tell you that they earn more and spend less on their rental properties because of our experience, resources, and systems.
But, even if we’re going to ignore all of the other benefits, here’s one that’s hard to quantify: time.
Property managers give you your time back.
Here are five ways property management services can help you have better weekends.
1. Tenant Management and Communication is Not Your Problem
A lot of time is taken up not with your property, necessarily, but with your tenants.
Right?
One of the most time-consuming aspects of rental property ownership is dealing with tenant issues. From screening prospective renters to handling midnight maintenance calls, tenant management can easily take up all of those precious weekend hours and your free time.
Property management companies handle all aspects of tenant relationships, including finding and screening tenants, setting up lease agreements, collecting rent, and addressing any concerns or problems that arise. This means no more interrupting your weekend plans to fix a leaky faucet.
Not only does your property manager deal with tenants, a good management company will also establish a positive and productive relationship with your tenant. Why does that matter? Because it makes the following things more likely:
Rent being paid on time.
Tenants help to maintain and protect the condition of your property.
Lease renewals and lower tenant turnover.
A good tenant relationship is better for your bottom line. Property managers can facilitate that relationship.
2. Maintenance and Repairs are Preventative and Cost-Effective
Weekend DIY projects can be fun, but not when they're unexpected repairs at your rental property.
Stop making those repairs yourself. And, stop wasting time and money looking for a plumber who can come when you need them or a roofer who actually does quality work.
A property management team has a network of licensed and insured vendors, contractors, and maintenance workers who can handle everything from routine upkeep to emergency repairs. They can schedule and oversee the work, ensuring it's completed to a high standard, often without needing to involve you directly. This not only saves time but can also save money, as property managers often have negotiated rates with service providers.
You’ll want to know when there’s a major or expensive repair that’s necessary. And, your property manager will likely want to talk with you about potential improvements or upgrades that could potentially raise your rental value. But, the day-to-day maintenance effort does not need to be yours. You can leave it all to your management company.
There will also be a focus on preventative maintenance, which saves both time and money. When small problems are caught before they become costly, you have a better chance of getting the repair done right and for a fraction of the cost.
3. Property Managers Handle Marketing and Leasing
There is a lot of time that must go into the leasing process. Simply preparing your property for the rental market can take weeks and sometimes even a month or longer.
Who has that kind of time?
Probably not you, and that’s why a property manager can be so valuable when you’re marketing your property and looking for the right tenants.
Finding the right tenants is crucial to maintaining steady rental income and protecting your investment. Property management companies have the resources and expertise to market your property effectively, reaching potential tenants you might not have access to on your own. Our marketing strategies include a lot of things which would otherwise take up a lot of your time, including:
Conducting a market analysis to determine the appropriate price for your property.
Making sure that the curb appeal is attractive and welcoming.
Creating a listing with dynamic photos and concise descriptions.
Scheduling showings, either in-person or as self-showings that tenants do on their own.
Managing applications and creating standard rental criteria.
Screening applicants in accordance with all fair housing laws.
Negotiating and signing the lease agreement.
Your property manager will take care of the move-in inspection and share all of the expectations that we have for the tenancy with your resident. We’ll also ensure your property is leased quickly to minimize vacancies and maximize your returns.
4. Legal Compliance and Dispute Resolution
As you may have noticed, there are a lot of laws, regulations, and requirements that come with owning rental property in California. Understanding and complying with the myriad of laws governing rental properties can be complex and extremely time consuming.
Property managers are knowledgeable about local, state, and federal regulations, helping ensure your property is up to code and your practices are legally compliant.
It’s much more than ensuring your property is simply habitable. Some of the laws that you can spend weeks trying to interpret will cover complicated subjects such as:
Security deposits. You need to know the limits on how much you can collect, the timing around the return of the deposit, and what you can deduct for.
Rent control. As a city, Los Angeles has rent stabilization laws in place, and the state of California also has statewide rent control. It could take some time for you to research and understand how much you’re allowed to raise the rent. You might not even know if your rental property is covered by these laws or exempt. Property managers can save you the time of finding that out.
Service and support animals. What’s the difference? How are they treated differently from pets? You might not know, but property managers do.
Fair housing. If you make a fair housing mistake, you’re going to lose a lot of money and spend a lot of time defending yourself against claims, lawsuits, and investigations.
Don’t risk the legal penalties that are in place if you violate a rental law. Let your property managers ensure you’re compliant, and you won’t have to worry about any of this.
Additionally, they can handle dispute resolution with tenants, including evictions if necessary, protecting you from potential legal headaches. You don’t want to make a mistake while evicting a tenant, and you don’t want a simple dispute to escalate.
5. Financial Management and Reporting
How much time do you spend doing math?
Keeping track of expenses, income, and taxes related to your rental property can be overwhelming, especially if you have multiple properties. This math is important, though. You need to know how your property is performing financially. You want to know when rent is coming in, how much you’re earning, and where most of your expenses are landing. This allows you to plan for the future and make investment decisions that can impact your entire financial situation.
Property management companies provide detailed financial reporting and accounting services, giving you a clear picture of your investment's performance. This includes handling the collection and deposit of rent payments, tracking expenses, and even managing tax documentation, simplifying your financial oversight and planning.
You leverage a lot of our software when you partner with a management team. That saves you money because much of what Bell Properties does is automated, especially when it comes to financial reporting and tracking. You also get to see everything you need in your online owner portal.
For busy professionals who want their weekends back, a property management company is more than just a convenience; it’s an essential partner in maximizing the return on your investment while minimizing the time and stress involved in managing your rental property.
As we said earlier, Bell Properties could write dozens of blogs explaining the value and the benefits of property management. Today we focused simply on the benefit of getting your time back. By leveraging our resources and expertise, you can not only reclaim your weekends but also enjoy the benefits of rental property ownership with none of the hassle.
Whether you're new to rental property ownership or an experienced real estate investor, it's worth considering how a property management team can help you achieve your goals and enhance your quality of life.
Let us protect your time. Contact us at Bell Properties.
