Southern California is the land of desserts, warm beaches, movie stars, and valuable property. The weather alone has been enough to pull families and businesses from all over the country to move to the sunny locale, whether or not they could afford to relocate to Los Angeles. Now, as the country pushes through a few hiccups on the road to economic recovery, the opportunity to profitably invest in real estate across Southern California couldn’t be better. With the current trends in housing and credit availability, rental and lease residential properties can make a particularly large impact on the value of a real estate portfolio, when facilitated by multifamily property management in Southern California.
With home foreclosures decreasing very slowly in Southern California and credit access dry across the country, many families living outside Los Angeles are being forced to turn to renting or leasing residential properties for their housing. This type of tenant still wants the feel of a neighborhood and a home that can dull the sting of having lost a house in the downturn, so multifamily properties that can provide this atmosphere are very appealing to the new renters. This situation creates an opportunity for those with resources to leverage their real estate investments for higher profits that will also provide people with what they want and need: affordable family housing. But getting multifamily properties filled and keeping them that way requires a fine hand.
Multifamily property management in Southern California requires many of the same skills and strategies as those needed to keep tenants – and owners – happy with single family properties. This emphasis on the importance of effectively interacting with tenants stems from an understanding that residential property management is all about tenant retention. Multifamily property managers that can efficiently manage to retain tenants will see fewer no-income months, be better able to manage upkeep costs by recruiting the tenants to perform basic maintenance on “their homes,” and increase the owner’s bottom line. This is something that experienced property management firms know should be prioritized when developing their teams’ core competencies.
Tenant retention relies on abilities such as interpersonal skills that make it possible to effectively interact with current tenants to learn their needs and manage their expectations, an ability to quickly and inexpensively get the necessary materials for repairs, and the capacity to manage and efficient maintenance staff to repair things as needed. Effective communication ensures that tenants feel listened to, can voice complaints, and will be responsive to solutions that ask them to share in the responsibility of maintaining the property.
The Ruby Group Companies is a firm that can conduct multifamily property management in Southern California with expert proficiency developed over years of experience with residential property management and development in the region. The Ruby Group’s executive team includes property management, development, and construction experts, and they all are committed to recruiting and managing team members that have the knowledge and skill base necessary to achieve high tenant retention rates.
Keeping families happy, properties filled, and lease payments coming in is the single most important thing that multifamily property management in Southern California can do to maximize the value of this type of investment property. In this way, the Ruby Group helps its clients to achieve their business goals and to meet the needs of people in Southern California at the same time.
Take advantage of a closing window with multifamily property management in Southern California. Turn economic recovery into new profits with the proper management services!