Property Managers
July 16, 2008
Who are property managers?
By California law, a property manager (anyone who manages the property that is not the owner) must be a licensed real estate agent, and is in charge of managing your property so you don’t have to.
To answer the typical question: yes, they are necessary. Ask anyone who has tried not using one. They are either no longer investing in Los Angeles commercial real estate, or they are in tears. How much do they cost? Typically, they will charge around 4% of GROSS income to the property, and my require a place to stay, if it is an apartment complex.
Finding a good one can be difficult. You must be sure to ask them for references, for their experience (and if it is in the same property type as yours), and also how they manage their properties on a day-to-day basis. You want someone who is going to be there every day, handling any issues quickly and effectively, and has solid communication skills with the owner. Knowledge of construction, or access to a good team, is also very important.
If you are in need of property managers, Monocle Real Estate Services can provide you with one of our very skilled property managers.
