Find The Best Tenants In Los Angeles
Ranked as the 8th largest metropolitan city in the world, Los Angeles is infamous for its traffic and celebrated worldwide as the leader of the movie, television, and animation industries. With all of that hustle and bustle, Los Angeles boasts some of the highest rent prices in the country. Even with a Rent Stabilization Ordinance (a.k.a. rent control), the city sees a steady increase of rent prices each year. In a high-demand, competitive market, how can landlords continue to attract reliable tenants to their properties? When it comes to rental property management in Los Angeles, it’s important to follow current, tech-savvy trends and stay ahead of the curve to stay relevant to renters.
Dependable Renters = Higher Property Values
Whether you’re turning your L.A. home or apartment into a rental property or just acquired a new rentable property in the city, securing dependable tenants is a top priority for long-term success. Late rent payments, legal disputes, and eviction notices all cost you precious time–and money. These issues can also potentially detract from your attention to overall maintenance. This is why finding reliable, no-fuss renters is so crucial. Follow this guide to keep your rental property running smoothly, so you can focus on increasing your property values in a fierce market.
Show-Off Your Furnished Rental Property
To entice quality tenants, invest in staging your rental with nice furniture and hiring a photographer to take high-res photos. This tactic will add value to your listing(s) and allow prospective renters to imagine the space as home before they even undergo the application process. A true blue tenant will need to make this emotional investment to commit to a binding rental or lease agreement.
Research Average Rental Rates + Advertise Everywhere You Can
When trying to secure the right tenant, price matters. Conduct your own market research or hire a third-party to provide the statistics and rates for the rental market in your area. Either way, you’ll want to establish a monthly rental rate that reflects the value of your property while also staying competitive in your city or neighborhood. Once you’ve settled on a strategic amount, it’s time to start posting ads and listings that target your ideal tenant. What channels does your perfect renter follow–Craiglist, Trulia, Zillow, social media, etc.? Perhaps you’ll need to research your target market more, but without a doubt, your property’s listings will need to be optimized to draw in the best possible candidates.
Prepare All Rental Paperwork
Before you can secure the perfect tenant for your property, you will need to tackle some administrative paperwork. First, obtain any applicable rental licenses from community associations or local jurisdictions. Next, you’ll need to purchase a landlord’s insurance policy, set up an account with a company that takes care of credit history and background checks for prospective tenants, draft a lease agreement and rental application (preferably by means of an attorney), and set the income and credit score requirements for your rental(s). Do you have a day job, or do you manage multiple properties? A well-established property management company can help with any of these essential yet time-consuming tasks to prepare your rental for applicants.
Verify Tenant Applications
Part of ensuring that an applicant is dependable and right for your property means checking all of the information provided on their application. Tenant screening is absolutely essential before making a final decision on a potential resident. Whether you are verifying this information yourself as the property owner or outsource this task to a savvy property management team, you will want to make sure employment and income are validated directly by a Human Resources professional and that previous (not just current) landlords are contacted.
The Best In L.A. Property Management + Tenant Screening Services
For over 30 years, LBPM has established a solid network that covers a wide array of neighborhoods and cities throughout the Los Angeles area. Our property management specialists are proud to provide a keen understanding of each distinct local rental market to each and every one of our clients. We build custom plans for property investments of all types and let you pick and choose what administrative services your rental needs. LBPM can handle it all–from tenant acquisition and screening to rent collection, inspections, ongoing maintenance, and more. Get a free instant quote from our experts today, or call us directly at (818)-918-3967 to get started!