AWARDED AAGLA’S TOP NEW PROPERTY MANAGEMENT FIRM 2020-21
about Lotus west in koreatown
Our primary focus at Lotus West Properties is to efficiently manage your investment property in a way that provides you with consistent cash flow. We are considered a premier property management company in Koreatown.
We have a range of portfolios run by an expert team of highly qualified property managers. Your rental property, whether an entire apartment building, a one bedroom apartment or a single family home, is in safe hands with our team.
We have been serving Los Angeles faithfully for over a decade. Along with leasing services, we also provide maintenance services and financial recordkeeping.
If you own an income property of any size, and are looking for someone to take care of your building as if it was their own, please contact us to discuss your needs.
Reviews & Testimonials
Apartment Owners Association of California, Inc.
Apartment Association of Greater Los Angeles
California Rental Housing Association
National Apartment Association
Better Business Bureau
Yelp, Inc.
Expertise.com
Forbes Councils, LLC.
Entrepreneur Magazine
Our Blog
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In the ever-evolving world of property investment, factors like rent control hold substantial weight for investors, especially those who manage multiple properties. Santa Monica, a vibrant coastal city renowned for its real estate potential, has implemented a robust...
Commercial Rent Control: Los Angeles – The Ins and Outs
Amidst discussions surrounding the statewide rent control law and its associated regulations, a unique aspect emerges when we shift our focus to commercial spaces. Unlike their residential counterparts, commercial properties navigate a distinctive set of rules when it...
Los Angeles Rent Control Zip Codes
In the vast expanse of Los Angeles County, where finding a decent place to live can be a real challenge, rent control plays a big role. Find out which areas are affected by new rent stabilization ordinances and how you can get ahead of the increases as a landlord. ...
FAQ
What’s unique about Koreatown?
One of the most culturally diverse neighborhoods in Los Angles, Koreatown is home to a large Korean and Latino population.
K-town, as the residents know it, has the largest contingency of restaurants, 24-hour businesses and nightclubs in the county. You can spend many days in Koreatown and still not see everything!
The area is known for commerce, housing large malls and pop-up shops across its 3 square mile radius. The coffee shops that can be found every few feet provide a much needed rest for serious shoppers.
If you love to be in the middle of a vibey city space that never sleeps – Koreatown is for you.
How much does property management in Koreatown, Los Angeles cost?
We charge between 5 and 6% to manage properties in the area. Contact our offices for detailed pricing information and to ask any questions that are unique to your property. We look forward to hearing from you.
Are there any special sites that you use to list properties?
We use well known sites such as Zillow, Trulia, HotPads, and Apartments, to get you the highest level of exposure. However, if you have a particular site you want your property listed on, please feel free to discuss that with one of our staff.
How do potential tenants view the properties?
We never just leave the tenant to access the property on their own. We always have a team member on hand to view the property with potential renters and answer their questions. This ensures that the property is safe and secure.
What kind of services can you provide?
We off a large number of property management services to Koreatown landlords and tenants as follows:
Property Management:
- Market & rent vacancies
- Repair and maintain units
- Remodel units as needed
- Oversee ADU construction
- Maintain property insurance
- Commercial property management
Tenant management:
- Rental Agreements signed
- Collect rent from tenants and communicate with tenants
- Collect rental deposits
Financial management:
- Pay invoices
- Communicate with vendors
- Bookkeeping and leasing responsibilities
Who do you use for repairs?
Years of experience in property management services have let us find the best crews for every scenario, saving landlords on maintenance costs. At the same time, tenants receive the best care and trusted repairs.
How big is your company?
We are a tight knit team of 10 people. Our people come highly skilled in the property industry.
Is there a particular software you use for bookkeeping?
Yes. Our bookkeeper utilizes QuickBooks to manage property finances. This software provides us with reports and financial information that we pass on to you. You can expect to receive a profit and loss statement, rental collection statement and copies of invoices.
How can the tenants pay rent?
Tenants can request a personal pick-up or log onto our tenant portal to pay their rent. They can also pay by check. We are encouraging direct payments on the portal now as this is a more effective rent collection method.
How many units do you manage?
Property owners around LA trust us with just under 500 rental units and this number is growing. We have a total of 34 buildings that we manage across LA.
How will you handle emergencies outside of office hours?
We are open for business Monday to Friday from 9 am – 5 pm. However, we give the tenants and landlords a special list of numbers that they can call if there is an emergency. We allocate staff to stand by 7 days a week so that always someone is available. We understand emergencies don’t wait for office hours.
Are you licensed and insured?
Yes, all property management companies must be licensed to operate and be insured. We also belong to a number of rental associations that regulate the property industry. You can find details on our website.
What is your tenant management process?
When a suitable tenant indicates their desire to rent a property, we begin by completing paperwork and doing a background check. The tenant is asked to pay a deposit by a set date.
Next, the tenant is asked to sign the rental agreement and do checks on the property along with a property manager. If all this is in order, the tenant will move in on the agreed date. We do annual property checks on the property. Any problems with the tenant are discussed with you before action is taken.
Can you help when landlord-tenant problems arise?
Yes, we have skilled staff who have handled matters like this before, and we will be happy to assist in maintaining a good relationship between landlords and tenants.
