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Understanding Applicant Credit
Do you know how to properly check an applicant’s credit, employment and public records including bankruptcies, evictions and criminal record? Can you determine what is important and what is not? Are the red flags clear to you so that you legally can avoid problem situations?
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Property Damage
How do you protect yourself from a significant loss during the agreement or at the end?
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Eviction
What are the potential costs? These includes lost rent, damage, unexpected vacancy cost, court filing fees, attorney fees, repair costs. Are you familiar with how to negotiate and manage these potentially significant expenses?
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The Rental Contract
Is it valid and up to date on current laws? There are changes every year. It is important to avoid messy legal problems.
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Housing Regulations and Compliance
A partial list includes Fair Housing, ADA, rent stabilization, building and safety, lead base paint, mold, bedbugs, eviction rights, required application procedures and responsibilities to protect applicants’ personal information. There is a lot to know and the penalties can be steep for non-compliance.
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Maintenance and Repair Control
Are you available 24-7? What if you want to travel? Do you want to be available for wakeup calls in the middle of the night? A good property manager acts as a buffer. Do you have access to cost- efficient vendors on a timely basis?
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The Right Rental Rate
The idea is to keep the rent coming at a good rental rate. There are significant costs for trying to get too much rent or letting the property rent slip well below the market rate.
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Rent Collection
If the rent payments start coming in late what will be your course of action?
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Non-Payment of Rent
If you start an eviction, did you know taking any partial rental payment stops the eviction proceedings. A new unlawful detainer-eviction proceeding with all the previously paid related fees would be required all over again should further legal matters be necessary.
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Resident doesn’t leave as agreed
What course of action can you take?
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Resident Retention
Having residents who want to renew their rental agreement is very helpful because vacancies and additional repairs and marketing can be expensive. A good management team should always be looking for ways to maintain a positive, productive relationship with the residents to encourage long term tenancies.
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Shorter Vacancies
A vacancy means no rent, marketing costs, showings, application processing. Landlords want vacancies as short as possible without costly mistakes.
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The Make Ready for Marketing
Do you know the cost-efficient repairs and upgrades that will attract a quality long term resident? Can you make these preparations quickly?
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Distance to your property
Rental housing problems don’t follow a time schedule! Can you be there when needed to make sure things are happening the way they should? This could be a rental prospect showing, handling a maintenance issue, checking property damage, meeting an insurance adjuster or handling a neighbor’s complaint are a few that come up regularly.
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Making the Tough Calls
An unreasonable tenant, a dishonest vendor, a fair housing complaint, mold, rental website scams. There are many more. Even experienced, well-trained property managers frequently seek legal advice as laws and interpretations change.
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Peace of mind
No property owner can be everywhere at once, but with the support of a professional property management team, many costs and frustrations can be avoided or reduced which lower the actual cost of management. This gives the owner freedom to travel, explore other investments or other interests. It is hard to be good at everything and property management in the Los Angeles and Ventura County area is complicated enough today that a home with mediocre management will not serve an owner well.
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30+ Year Track Record of Successful Rent Guarantee Results
The only local, long-term, professional management company to cost-efficiently guarantee the owner’s rent. This track record includes no evictions, lost rent due to non-payment, damages, past due payments or owner attorney & filing fees for over 30 years! Other beneficial features are included. Some restrictions apply. Another quality standard management plan is also available.
