Smart investors and savvy landlords understand the benefits of professional property management.
You have to make sure you choose the right management partner, however. You need a management team that you can trust. When you’re handing over your largest investments, you want to know that you’ll have consistent rental income, a property that’s increasing in value, and good residents who can be relied upon to pay rent, take care of the home, and follow the terms of the lease agreement.
At Fostr Property Management, we’ve been real estate experts in and around Playa Vista for decades. The founders of Fostr Property Management also own and run Team Tami. Team Tami has been helping people buy, sell and lease in the Playa Vista area since 2006. Starting Fostr Property Management came from the request of Team Tami’s clients’ to provide them with a property management service for their investment properties. Our passion for property management comes from our commitment to relationships and our desire to help our clients succeed.
We have not only experience in the local market but an excellent sense of trends and shifts that can impact our clients. Our market knowledge allows us to position your investment property for the best possible outcomes. As property managers, we communicate responsively and transparently with our owners, our tenants, and our vendors. We surround ourselves with smart, knowledgeable partners, and we take a serious interest in your portfolio, your investment goals, and your potential.
There are dozens of good reasons to work with us. Instead of giving you a sales pitch, however, we want to provide you with a snapshot of how our team can impact the success of your investment property.
Higher Rents and Increasing Property Values
At Fostr Property Management, we don’t work with every type of property on the rental market.
We focus on what we know best: single-family homes, townhomes and condos. In the markets we serve, these investment properties mostly considered luxury properties with high rental rates.
Understanding the local market and the specific tenant demographics for the homes we’re renting out allows us to strategize our marketing, our tenant screening, and all of our maintenance and improvements. We know who we’re renting to. We know the competing properties. We understand how to position your property as the best one on the market.
You can expect higher rents and increasing property values when you work with our team because:
We keep vacancies to a minimum. When your property is not occupied, you’re not earning any rent. And, you’re paying out-of-pocket for utilities, landscaping, and security - without any rent coming in. That’s expensive. We are intentional and aggressive with our marketing and advertising campaigns, ensuring we get a resident placed quickly.
We focus on tenant retention. The only thing more expensive than a vacancy is a turnover between tenants. We avoid this by ensuring that your tenants have a great rental experience. They’ll have no reason to go looking for another home, and we’ll incentivize them to renew their lease agreements year after year.
We make targeted improvements and upgrades. Whether it’s smart home technology, energy-efficient appliances, or the best in hardwood flooring, we know that your tenants have high expectations. We know that your standards are high, too. And not only do we meet them, we exceed them. The recommendations we make around improvements and upgrades will increase your rental value and make you more competitive in a pricey market.
The impact of our leasing and management strategies can be seen in a higher occupancy rate, a lower vacancy rate, and a rental value that’s constantly rising.
Better Tenants for Your Exceptional Property
We follow all fair housing laws when we’re screening your applicants. Having said that, we don’t mind saying that we’re extremely selective when it comes to finding the right tenant for your property. We have a standard set of rental criteria, which keeps our entire process objective and consistent. We measure every application against the same standards, and we focus on the following:
Income. Most of the homes we represent have rental rates well above the average. We need to see a monthly income that meets or exceeds the threshold we’ve established. Paying your rent on time must be a priority for our tenants, and we want to make sure they earn enough to support that. We’ll verify income by asking for employment contracts, evidence of paycheck deposits, bank statements, or tax records.
Credit. Our credit standards are pretty high, and we want to make sure residents are responsible with their money and their debt. We’ll evaluate credit scores and dig deeper into a full credit report to get an understanding of how their money is managed.
Eviction history. We are strict about not renting to people who have been evicted previously.
Rental history. We want to know where they’ve lived previously and what kind of experience they had there. On our applications, we ask for rental references who can speak to their performance as a tenant.
Finding a well-qualified tenant is something we know a lot of rental property owners struggle with. You won’t have to worry about it when you partner with us.
Once a tenant is in place, you can expect us to initiate and develop a close working relationship. We will be ready to respond to anything your residents need. We’ll communicate proactively and responsively, and we’ll remain available and accessible to both you and your residents at all times.
Good tenant relationships will always impact your experience as a property investor. When your tenants are feeling good about where they live, you have very little to worry about. When tenants are frustrated or unhappy, they’re likely to leave.
We have dealt with difficult tenants effectively in the past. In our experience, however, partnering with residents is a mutually beneficial endeavor, and we pride ourselves on our respectful and professional relationships.
This is not to say we don’t hold your tenants accountable when necessary. We expect them to follow the lease agreement and to be mindful of their responsibilities.
Preventative Maintenance and Reducing Emergencies
The way your property is maintained has a huge impact on your bottom line.
Deferred and unreported maintenance will be costly. Emergency maintenance is expensive and disruptive to both you and your tenants.
We avoid this as much as we can with a smart approach that prioritizes preventative maintenance. We are constantly inspecting your property and sending out service professionals who can take a look at your roof, your plumbing, your HVAC system, and your appliances. We want to make sure everything is functional and safe. We want your tenants to be comfortable. And, we want to save you money on potential disasters that are better avoided.
You’ll be able to leverage our exceptional team of licensed and insured vendors and contractors. The service professionals we work with are committed to our needs and those of the properties we manage.
Our preventative maintenance plans save money for our property owners because we’re able to take care of problems while they’re still small and relatively inexpensive. If you ignore a minor water leak, it’s going to turn into a major plumbing problem and could even lead to rot and mold. Taking preventative measures to clear tree branches off roofs and leaves out of gutters will protect your property’s structure. Inspecting the HVAC system annually or seasonally will ensure it runs better and for longer periods.
Deferred maintenance leads to higher repair price tags. We want to make sure that potential problems are noticed and remedied right away.
Delivering Peace of Mind
Perhaps the best impact of our property management services is the most difficult to quantify.
That’s peace of mind.
You can see the higher rents you’re earning in your accounting statements and financial reports. You can see the money you’re saving when tenants renew a lease agreement or we catch a minor drip before it becomes a serious leak.
But, how do you put any type of quantifiable value on peace of mind?
The owners we work with feel better knowing that our qualified, committed team is handling the leasing, management, and maintenance of their investment property. Our partnership positively impacts your life because you won’t have to worry about rent coming in late. You won’t have to worry about a bad tenant destroying your valuable home. You won’t have to worry about who to call if you need an electrician or what to do if a tenant pushes back against your security deposit claim.
You get more of your time back, and you deal with far fewer frustrations.
Working with Fostr Property Management will allow you to focus on other things that matter in your life. Whether it’s your career, building a stronger real estate portfolio, or focusing on family and personal pursuits, you’ll have one less thing to worry about when we’re the team managing your investment properties.
Let’s talk about what’s possible. Whether you’re renting out one home or an entire portfolio, we’d love to discuss the potential of our partnership. Please contact us at Fostr Property Management. We serve owners and their properties in communities such as Playa Vista, Westchester, Playa Del Rey, and surrounding areas.
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