Full Service Property Management
Full Service Property management services
Whether it’s a big investment or you are renting out your own home for a while, managing a property takes a lot of hard work and dedication. Not everyone is up for the task of being a landlord. That’s where full service property management comes in.
You may live in another city, state, or even another country. You may have more on your plate than you can handle, or you may be ready to kick back and spend time enjoying the income from your rental without handling tasks like finding tenants, collecting rent, and scheduling maintenance and repairs. Whatever the reason, an Oakland property management company can handle it all when you opt to take advantage of full service property management.
Before you rent your property
Full service property management begins before you even start screening tenants. Your management company will go through the property and determine if it’s in the right condition to rent and make recommendations, whether it’s a new coat of paint in the living room or major repairs. The company will even help you find the right contractors to make those changes if necessary.
Once the property is in good condition, your Oakland or Los Angeles property management company will also help you determine a competitive monthly rental price, based on data drawn from other similar properties in the neighborhood. Doing this on your own usually results in a price that is too high and prices you out of the market, or too low and costs you major profit.
After you and your property manager agree on a rental price, he or she begins marketing the property in as many ways as it takes to attract attention. This may include yard signs, open houses, classified ads, the local MLS, social media, fliers posted at other local schools and businesses, and word of mouth with other property managers, real estate agents, and clients.
Finding tenants for your rental
Finding the right tenant can be one of the hardest jobs for a landlord, but all tasks related to finding and working with tenants are also included in full service property management. This starts with answering phone and email inquiries, showing the property to prospective tenants, and inviting those who are interested to fill out an application. From there, your property manager will run a series of background, employment, and reference checks to determine if the tenant would be a good fit for your home, apartment, or condo.
Working with an Oakland property management company may even help attract better tenants. Renters who are up to no good are less likely to rent from a professional manager or team than they are a novice landlord. So, by taking advantage of these property management services you are taking a step in the right direction towards attracting good tenants. Once your property manager selects a tenant, he or she will draw up and handle the lease, collect deposits, and perform a move-in photo-documented inspection with the tenant.
While your property is occupied
Full service property management doesn’t end once a tenant is found. As a matter of fact, this is just the beginning of the services offered and the moment when being a landlord can become quite stressful.
Your property management team will handle all routine issues during this time, such as electronic rent collection, lease renewals, and rent increases if the need arises. Your property manager or team will also keep up with all paperwork and financial records, as well as payments for utilities, mortgages, taxes, insurance, and other expenses related to the property. During this time, the two of you will communicate regularly via phone, email, or in-person meetings so that you can stay on top of what’s happening with your property and make important decisions.
Your property manager will also handle any problems that arise while your property is occupied. A busted pipe, a broken HVAC system, lost keys, a leaky roof, signs of pests — these are the types of problems a tenant may call about at all hours of the day. Instead of losing sleep tending to those calls, your property manager will handle this for you with 24/7/365 emergency response. Not only will they answer these urgent calls, but they will tend to them in a timely and efficient manner and follow up to ensure they were handled correctly.
Best of all, because your property manager has been handling these types of issues for a long time, he or she already knows the best contractors in the Oakland area to handle them. When you opt for full service property management, your team will make all repair and maintenance decisions for problems that cost less than $500. They will contact you for more expensive repairs.
Other things your property manager may handle while the property is occupied include:
- Routine maintenance: This might include landscaping, mowing the lawn, pool cleaning, trash pickup, and seasonal preparedness
- Semi-annual inspections: Most landlords opt to do a walkthrough of the property at a certain point after the tenant moves in, such as at the 90-day point of the lease. Your property manager can also drive by the property occasionally to make sure nothing is out of the ordinary.
- Late rent: If your tenant is late on his or her rent, the property manager will work on collection and communication efforts to ensure you receive your money.
- Cash transfers: Once all rental income is collected for the month, your full service property management company can transfer the money to you on a specific date each month.
- Hire employees: If you need someone to sit at the front desk of your apartment building or you want to hire a full-time maintenance person for your condo building, your property manager can screen and find the right person for the job.
When the lease is up
If your tenant chooses to leave your property when the lease is up, your full service property manager will handle all the details. This means arranging a move out inspection to determine whether or not the tenant receives his or her security deposit back. This also includes preparing the property for the next renter, reassessing the rental price, and making recommendations for repairs or changes to the lease.
In the event that you must force a tenant to leave, your property manager will also handle any evictions from start to finish. He or she knows the appropriate California and local laws to abide by when handling an eviction and will follow them to ensure you do not run into any legal trouble. In the event you do have legal problems down the road, your property manager will help guide you through the process, make recommendations, and become your advocate through every step.
Who can take advantage of full service property management?
Whether you want to rent one single-family home for a year or an entire apartment building for a decade, full service property management is ideal for any property owner who wants to take a hands-off approach to being a landlord. Accounting, tenant screening, rent collection, maintenance, repairs, bill payment, vendor contracting, and legal issues are all part of the package when you hire a property management team.