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Top 3 Functions of Property Management for Commercial Real Estate

Commercial real estate comprises properties used to generate income like hotels and shopping malls. Owners of these properties either handle all the day-to-day tasks of managing these buildings and properties or they have a professional team that specializes in property management for commercial real estate to oversee the care and maintenance of the properties. In either case, these properties require attention and constant monitoring to ensure these are being used, and functioning, as intended. 

If you own a commercial property for lease, you might be wondering what property management for commercial real estate can do for you. Here are a few ways a property management company can help: 

  1. Keep your books organized

One of the jobs of a property manager for a commercial estate is to collect monthly rental fees from tenants. If a tenant is delinquent, they also need to follow-up and work to resolve the late payment/s without getting the property owner involved (at least as much as possible). That said, your property manager will also work as your accountant, at least in the capacity of collecting dues, monitoring expenses for repairs, and such money related tasks. What this all boils down to is your property manager helps to keep your books organized, primarily for monitoring and auditing purposes. 

  1. Ensure the property always has tenants

You know you’ve hired a good property manager if you have good tenant occupancy. A property manager that excels in their job knows how to sift through tenant applicants to find the right one for you. Secondly, they know how to take care of tenants, which is why you have long-staying tenants. In a nutshell, you know you have a good property manager if your property is always occupied by excellent tenants. Vacancies are few and far between. 

  1. Schedule regular maintenance checks

A good property manager knows not to wait for things to get broken before scheduling maintenance. They know that prevention is better than cure, so to speak, which is why the schedule regular maintenance checks to ensure that everything is working as it should. And if repairs are needed, they work on having these done without delay. 

Do you have questions about property management for commercial real estate? Please feel free to browse our blog posts. And if you’re interested in learning the latest in homeowners’ associations and property management in California, please stay tuned to our community news page. 

Property Management for Apartments Eases the Burden of Landlords

Apartment rentals provide owners with income that comes regularly every month. While this is good business, it doesn’t come without its challenges. In fact, owners will tell you that being both owner and landlord is perhaps one of the most difficult things they’ve even done. Property management for apartments can dramatically ease the burden of the owner and/or landlord. 

Here’s how: 

Pre-rental stage 

The pre-rental stage is simply that period where the property manager takes care of the nitty gritty details pertaining to getting the apartment rented out. Briefly, the steps a property manager will take to ensure you get the right tenants for each of your apartment units include the following: 

  • Assessing and evaluating the property to accurately determine a fair rental fee 
  • Repairing and/or replacing fixtures, utilities, and other parts of the unit, including rooms, walls, and ceilings 
  • Taking photos of the unit for advertising purposes 
  • Advertising the unit/s for rent 

Pre-moving in stage 

An important aspect of property management for apartments is finding the right tenants for the owner’s rental units. Having the right tenants minimizes the risk of vandalism, for one; and gives the landlord or owner a certain level of assurance that their unit will be in good hands. So, before a unit gets lived in, the property manager will meet and interview potential renters. They will check the renter’s capacity to pay the monthly fee on schedule as well as spend for the maintenance of the apartment, among other financial considerations. 

Here are some of the things covered in the pre-moving in stage 

  • Vetting tenants 
  • Choosing a renter based on criteria previously discussed with the landlord or property owner 
  • Proper and timely communication with rejected tenants that someone had already been chosen to allow them to look for other options 

Moving-in stage 

As renters have been chosen, the property manager will double-check the unit to make sure it is up to state safety standards. The property manager will also double-check everything to ensure it’s ready for occupancy. 

In sum, the moving-in stage entails the following: 

  • Double-checking to make sure all necessary repairs, replacements, and adjustments have been made based on what was previously agreed upon by both the landlord/owner and the property manager 
  • Making sure the unit is ready for occupancy 
  • Making sure tenants have the correct moving-in date 
  • Coordinating with building administration and getting all the necessary permits before the move-in date 

Rental stage 

This is perhaps one of the most challenging aspects of property management for apartments. The property manager will oversee everything that has to do with tenancy to protect the landlord’s interests without neglecting the needs of the tenant/s, including making sure rental fees are paid on time to performing scheduled and pre-approved site inspections. 

Do you have questions regarding property management for apartments? Please feel free to browse our blog page. 

Tips for Choosing a Corona Property Management Company

Whether you own a second property or several other properties, you would need help managing them particularly if said properties are not within the same city or even state as your current location. Now, if you’re looking for a Corona property management company to oversee the care and maintenance of your properties, among other things, in Corona, CA, the first you should know is that not all property management companies are the same. Not all of them offer the same services. And not all of them give you value for your money. On that note, here are a few things to remember when choosing a property management company:

HOA property management information: Finding the right property manager for you

Location is everything

When it comes to finding the right property manager for the job, proximity matters. So, if your properties are in Corona, then you should focus your search on property management companies serving the area. It would be best to hire a Corona property management company with an office right in the city. This way, the property manager assigned to you can readily go to your property for emergencies or unforeseen events.

Additionally, a property management company located where your properties are know such important HOA property management information as state and federal laws regarding homeowners’ associations (most properties these days are within HOA-managed communities). This reduces your risk for violations, or in worst case scenarios, litigation.

Reputation is key

When choosing a Corona property management company, you should check how long they’ve been in the business and how well they’ve been so far managing the properties under their care. In this regard, you would want to check out first those companies that were referred by friends, family, or other people that you trust. Ask your real estate agent if they have recommendations as well.

You’d want to focus on companies that are well-known in the area for being good property managers. Those that owners can fully trust and rely on.

What does your gut say?

Last but not the least, listen to your gut. Even if they check all the boxes but you still feel that something is off, then you’re probably right. Follow your instinct and look for another property manager. In situations like this, it would be better to err on the side of caution than find out too late that your instincts were right all along. Unfortunately, there are property managers that do not have your best interests at heart. And often, this means paying exorbitant fees for poor service.

As a last reminder, do not be in a hurry to hire a property manager. While you may feel that you are pressed for time, rushing to hire property management services could result in neglecting or overlooking important considerations.

Are you looking for more HOA property management information? Please feel free to browse our blog page for the latest articles on HOA and property management, and other related matters. For other questions, you may call us at (951) 270-3700.

HOA Property Management Company Near Me: Accounting and Finance for HOAs

Nowadays, practically every neighborhood or community in the U.S. is managed by a homeowner’s association. This means that most home buyers or renters will be automatically included in the HOA once they move into an HOA-managed community. An HOA looking for a “property management company near me” often does so because they need professional assistance to ensure they fulfill their duties and responsibilities to their community.

Homeowners’ associations have a full set of responsibility that must be carried out by the Board of Directors and Board Members, who are homeowners themselves with day jobs and personal responsibilities. Juggling too many responsibilities oftentimes mean the HOA gets neglected and over time, this neglect can result in costly problems and issues that were completely preventable had the HOA been fulfilling its duties.

HOA Property Management in Corona, CA

So Cal Property Enterprises, Inc. specializes in HOA Property Management in Corona, CA and other key locations in Southern California. For homeowners’ associations and property managers looking for a “property management company near me” to provide them with professional and expert assistance in managing the community and/or properties under their care, a company like So Cal Property Enterprises, Inc. is just the right partner for you.

As mentioned above, an HOA has a full set of responsibilities they must fulfill. When one area is neglected, you can expect other areas to be affected as well in the long run. And of the different areas that an HOA is responsible for, the most difficult to manage for most is the financial aspect of the association.

Accounting and Finance Services

Professional Accounting and Finance services provided by a numbers expert can ensure that the HOA’s funds are always in the positive; that is, there will always be enough cash to pay for unexpected repairs, emergencies, and other unforeseen expenses.

On that note, it’s important to check the experience and expertise of the finance and accounting expert that will be provided by the “property management company near me” you’re considering. In a nutshell, HOA management company should be able to provide you with the following finance and accounting assistance, specifically, assist and educate in the following areas:

  • Vendor selection to help reduce costs
  • Delinquency and fair delinquent payments collection
  • Bookkeeping
  • Accurate recording of finances (collections, funds, expenses, etc.)
  • Finance and accounting best practices
  • Regular finance and accounting reporting and communication to homeowners and other stakeholders
  • Budget preparation and allocation
  • Building and maintaining a reserve fund
  • Accurate and accessible financial statements

From the list above, you can see why an expert in finance and accounting is crucial to the proper handling of the HOA’s finances.

So Cal Property Enterprises, Inc: HOA Property Management in Corona, CA and nearby areas

Do you wish to learn more about how an HOA and property management company can help your homeowner’s association function more effectively and efficiently? Please feel free to browse our blog page for the lates articles on HOA and property management. For other questions, you may call us at (951) 270-3700.

Apartment Buildings

3 Key Property Management Duties and Responsibilities

Investment properties like condominiums and apartments or single-family rental homes practically need round-the-clock monitoring to ensure these are properly maintained. While property management duties and responsibilities run the gamut, the primary focus is to ensure that the properties under the care of the property management company are well-maintained to keep them up to standard.

If you own several real estate investment properties, hiring the services of a property management company could be an option worth considering. To help you get started, here are a few key property management duties and responsibilities to know about, so you’ll know what to look for when vetting property managers:

1. Oversee maintenance of the property

This is a broad term that covers everything related to the general state of the property. From making sure that every nook and cranny, every pipe and faucet, and everything in between are in tip-top shape at all times. When a pipe bursts or an electrical outlet loses power, it is the responsibility of the property management company to have these repaired without delay. They know that every day the repairs get delayed is one more day that increases the risk of more damage. The longer repairs take, the costlier they get, in other words.

2. Maintain property value

A good property manager knows how important maintaining property value is. So not only will they ensure that the property is well-maintained, as mentioned above, but also, they are always on the lookout for changes in real estate values and standards. This critical information helps them keep up with the changes thus ensuring the properties under their care are up to par with other properties in the neighborhood.

3. Ensure the property is up to HOA standards

There’s a huge difference between ensuring the property is up to par with the general standard and value of real estate in their location and making sure the same is up to HOA standards. Often, HOA standards are more difficult to follow and keep up with because HOAs have very specific rules about property maintenance. Property management duties and responsibilities also cover building a good relationship with the HOA by ensuring that all dues are paid on time, and rules about property aesthetics and such are followed down to last detail.

If you wish to learn more about HOAs and other related topics, please feel free to browse our blog page. You may also visit the community news page for more information on California homeowners associations.

Featured Photo by Tembela Bohle