Skip to main content
  1. News
  2. Business & Finance
  3. Industry

How landlords and property owners in Los Angeles can keep property values up

See also

For men and women investing and owning their first rental properties, they should heed the same advice as veteran property owners. Deferred maintenance is expensive and not keeping rents at market value means lost profits.

Real estate agent Peter Silvester of Keller Williams works with commercial properties including multiple units and he has some discovered cases of passive landlords losing out.

"There's a four-unit building north of Los Angeles where the owner hasn't increased rents in 20 years and he's not maintained the property in 20 years. The building is in a quality neighborhood."

Peter said landlords who don't pay attention to rents may find they have to sell their properties at wholesale prices when they exit the market. "That's because a new owner will have to spend hundreds of thousands of dollars in upgrades."

Current property owners can benefit from a consultation and property evaluation to check the shape of the building and units and run a comparable analysis.

"Property owners who have more than one type of asset like a residential property and retail property should consider utilizing a professional to manage the assets and maximize the value."

On the Westside, there's an important rule of thumb to follow. "Every time a tenant moves out, which is typically every 2 to 3 years," said Peter, "it's important to completely upgrade the kitchens, bathrooms, and flooring. Then the return on investment is realized. If these aren't done, you can see vacancies increase and rents go down dramatically."

He said the cost of property management is more than made up for by the future increase in rents and the future sale price after renovation.

Visit Peter Silvester's website for additional real estate information in Los Angeles and Southern California.

Advertisement

News

  • Mt. Everest avalanche
    Disaster strikes Mt. Everest as at least 12 people were killed in an avalanche
    Video
    Watch Video
  • Most Earthlike planet discovered
    The Kepler telescope has discovered the most Earthlike, possibly habitable planet yet
    Space News
  • Easter crosses create debate
    Easter crosses spark a debate of separation of church and state in Ohio
    Headlines
  • Chelsea Clinton is preggers
    Former first daughter Chelsea Clinton is pregnant with her first child
    Headlines
  • Stanley Cup playoffs
    The battle for Lord Stanley's Cup is on, don't miss a minute of playoff action
    Sports
  • Ukraine discussed amongst U.S., E.U., Russia
    The U.S., E.U. and Russia agree on ways to diffuse the tension in Ukraine
    Video
    Watch Video

User login

Log in
Sign in with your email and password. Or reset your password.
Write for us
Interested in becoming an Examiner and sharing your experience and passion? We're always looking for quality writers. Find out more about Examiner.com and apply today!