Property Management in a Nutshell: Understanding the Basics

If you own a commercial property, residential units for rent, or an idle piece of land, hiring the services of a property management company could be in order, particularly if your current location is nowhere near your properties or your busy schedule leaves no time for overseeing the care and maintenance of your properties. 

What do property management companies and why you need them 

The services that property management companies provide depend on the areas they specialize in. What this means for someone looking for a property management company to oversee their properties is that you will not find any two management companies that offer the exact services. However, there are common tasks and responsibilities that every property management company offers regardless of location. So, whether it’s a Corona, CA property management company you’re looking to hire or a one located somewhere else, they offer these common services for commercial and residential rentals: 

  • Advertising vacancies in appropriate channels 
  • Vetting tenants (checking their background, financial capacity, and so on) 
  • Drawing up rental contracts or agreements (ensuring all terms and stipulations are within legal bounds) 
  • Perform moving in and moving out inspections 
  • Overseeing property maintenance 
  • Collecting rentals on behalf of the owner or landlord 
  • Collecting fees where applicable 
  • Ensuring the property is properly used and maintained by the tenant(s) 
  • Act as a liaison between the tenant and the owner 
  • Conduct site reviews 
  • Review compliance and violations (if any) 
  • Vet contractors and suppliers for repairs, renovations, and such 

Depending on the property management companies you’re discussing services with, they may also offer the following: 

  • Accounting services 
  • 24-hour emergency assistance 
  • Act as the owner’s representative for the HOA, if applicable 
  • Reconstruction and large project management oversight 

Why you need it 

Taking into account everything that goes into managing and maintaining a property, especially a rental property, owners would do well to hire the services of a property manager for a relatively stress-free ownership experience. 

If your property is part of an HOA-managed community, the property manager can help ensure that whatever renovations or repairs you wish to make on your property are within the restrictions or regulations of the HOA. 

Additionally, property managers are well-versed in property laws, including rentals, compliance, and such. When you hire a property manager, you minimize your risk for litigation. 

Last but not least, property management services can help ensure your property is sellable should you decide to put it on the market sometime in the future. This is also why it’s important to focus on property management companies that specialize in your type of property and the services that you need. It’s also wise to choose a management company that has a good reputation in your area or the location of your property. 

Do you wish to learn more about property management, including Corona, CA property management services? Please feel free to browse our blog and community news pages to learn more. For questions regarding homeowner’s associations, property managers, and other related matters, you may call us at (951) 270-3700.