What Exactly Does a Property Management Company Do?
There are many functions a property manager has that can lighten any landlord’s load. With the advanced technologies in which a property management company has invested, they help minimize errors and increase your rental business operation’s efficiency. The expertise and knowledge of a professional team is invaluable, especially to a new landlord or someone handling multiple properties on their own.
Hiring a property management company can offer plenty of benefits. This includes saving a property owner’s precious time and resources. They can also maximize investment returns.
Here are specific areas and responsibilities a property management company can take on for you:
1. Rent Management
A property manager has the key task of rent collection. A manager must know the correct amount to collect each month, as well as be knowledgeable of when to adjust it in relation to market demand and fluctuations. A property manager is in charge of overseeing the entire rent collection process, from determining the rental price to enforcing rent collection policies.
East Bay can help you with the rent collection process by:
- Conducting rental property analysis and determining the property’s best features
- Researching housing rates around the neighborhood
- Researching target demographics
- Setting up the rent collection system
- Assigning the proper rental price
- Adjusting the rental price according to market trends and demand
- Collecting rent on the due date and providing notices when tenants fail to pay
- Enforcing policies and collecting late fees for delayed payment
2. Tenant Management
Property managers also have the task of dealing with tenants in a professional way. Working with different personalities is very challenging. It requires one to use effective communication, resolve conflicts and remain firm with property rules.
A good property manager should:
- Find high-quality tenants for property owners
- Screen tenants effectively and with a fast turn-around time given the number of applicants
- Handle leases, create them and discuss the terms and conditions with the tenants
- Listen to the tenants’ complaints and find ways to resolve their problems
- Handle reported emergency requests
- Manage tenant move-outs, inspect the property for damages and provide the tenant with the sum of estimated repairs
- Handle tenant move-ins, document rental property conditions and welcome the tenant to the rental unit
- Manage tenant evictions, provide notices and file at the court for a lawsuit against the tenant if needed.
3. Maintenance & Repair Management
A bulk of the property manager’s functions rests on property maintenance and repair. They must ensure that tenants comply with the California building codes and safety standards. Property managers must also tend to the various repairs necessary to keep the property in excellent condition.
A California property manager will:
- Conduct regular inspections to track foundation problems
- Check that the tenant upholds the duties and responsibilities of maintaining the property
- Schedule pest management program and ensure common areas are sanitary
- Check proper receptacles of rubbish are available and a proper garbage disposal system is followed
- Check interiors and exteriors of the property and improve the curb appeal
- Check for normal wear-and-tear and replace damaged facilities or appliances
- Schedule annual cleaning of property and furnishings to maintain the property
- Contact licensed contractors to tend to rental property repairs
- Fix minor damages or schedule an acceptable time for repair with a maintenance team
- Check for property damages and calculate the cost of estimated repairs
4. Landlord-Tenant Laws
A property manager can be relied on to have mastered the landlord-tenant laws in California. A property manager may also contract the services of a real estate attorney if needed. There are plenty of legal matters one must be well versed-in to successfully operate a rental property.
California property managers will:
- Have a set of requirements and standards to follow when assessing a prospective tenant
- Check an applicant’s credit reports, debt history, identity, criminal records, employment information, tenant history and related documentation
- Adhere to the Fair Housing Act
- Observe the California guidelines on the storage of a tenant’s security deposit
- Refund the security deposit within the prescribed time
- Send proper notices (such as Notice to Pay, Notice to Cure, etc.) if a tenant is unable to pay the rent on time or violates the terms of the lease
- Observe the proper period of notice to hand a tenant for a month-to-month lease or a renewable annual lease
- Follow the proper eviction procedures and file a lawsuit at the proper court
- Represent the landlord at the eviction hearing
- Coordinate with law enforcement for tenant removal upon winning an eviction case at the court
- Coordinate with law enforcement in handling an evicted tenant’s remaining possessions at the rental unit
5. Safety Standards Compliance
A good property manager not only has knowledge of landlord-tenant laws, but also of California’s safety standards for rental units. They will abide by the building codes, safety protocols and habitability laws.
They will also perform the responsibilities of a landlord in property maintenance outlined by California law, such as maintenance of facilities.
6. Supervision of Responsibilities
A property manager is also expected to manage the other employees that are working in a property owner’s building. This can refer to security guards, landscape gardeners, and so on. They’re also required to oversee a vacant property. These tasks include:
- Reviewing the performance of the property caretakers and replacing staff that are negligent in their duties
- Ensuring the working staff is paid on time
- Making sure that the vacant property is well-monitored and safe from intruders
- Ensuring that ‘No Trespassing’ signs are displayed and squatters are discouraged from trying to enter the property.
These are just some of the tasks a property management company takes care of on a regular basis. The list is not extensive. It’s best to do proper research and read reviews to make sure you pick the right property management team. If you need the professional services for your East Bay, California properties, contact East Bay Property Management at (510) 996-3229 or (510) 996-3238.