If you are contemplating purchasing property as an investment, you will be wise to engage the services of a real estate management company in El Segundo to attend to it. Once you have the property title in your possession, the real work begins. Getting the property marketed and placing a reliable tenant is the key to success because the cost of vacancy is by far the highest expense to the owner. A rental property that is not bringing in any rent is quite useless, it is imperative that the unit be filled with a tenant who will pay the rent and care for the place. What is the approximate time frame for filling the property? The time a property sits empty varies. However, the one certainty is the longer it sits empty the poorer the performance of the investment. There are variables that have an effect on the idle time, perhaps the unit is not “rent-ready” or perhaps the rent is set to high for the circumstances. There is one thing that is certain; a professional property manager can shorten the time which the property is empty. Let’s talk condition: To be attractive to the right tenants it must be competitive. Your property is not the only choice that a renter has so your property has to stand out and be rent-ready. If, for whatever reason, you cannot or will not make the necessary repairs at the moment, then the rent must be lowered to accommodate the condition of the property. There is a great deal of rental property available at the moment as a result of the number of foreclosures, and if you wish to compete with landlords like the banks, who are just looking for cash flow, your property has to be more appealing. Your best move is to improve the property; it will pay dividends in the long run. When a real estate management company in El Segundo attends to your property, you may find that their contractors can do the job for a lower cost than you thought. The right marketing: When a property is vacant, it has to be marketed, and marketed quickly. The property manager that you work with has to be ready with a carefully thought out, effective marketing plan, which only takes a few phone calls to implement. It takes more than an ad, although effective advertising is part of it. It takes exposure on the Internet and other effective media. The better the marketing is, the more potential tenant applicants you will get, which allows you to select the very best.
Although rapid placement is critical, placing the right tenant is even more critical. If you have to go through eviction proceedings, you can easily lose 5 to 6 months of rent, plus the damage that will no doubt be inflicted on the interior. Real Estate Management in El Segundo CA is your best bet if maximizing the income and ROI of your property is important. The skills of California Coast Real Property Management are beyond comparison. You are invited to call us for a discussion on your property management needs.