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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.

Benefits of Living in an HOA-managed Community

3 Reasons to Live in an HOA-managed Community

Some people hesitate to move into a new home simply because the property is part of an HOA community. This is especially true for someone who’s never had the experience of living in an HOA-managed property in the past. There are advantages to a homeowners association that some may not know about precisely because they haven’t lived in an HOA community before.

If you’re still undecided about the condominium unit or single-family home you’ve been eyeing because it is governed by a homeowners association, it might help to know the benefits
homeowners derive from an HOA. The following advantages could help with your decision-making process:

1. There is an “authorized entity” you can readily approach for concerns regarding neighbors

Disputes and arguments between neighbors may sometimes arise, and if these occur within a neighborhood governed by an HOA, you readily have someone to assist you with the dispute/disagreement. Homeowners can approach their HOA to discuss their complaint, upon which the HOA will investigate the incident/situation, mediate, and resolve the conflict as amicably as possible.

2. Access to exclusive amenities and facilities

One of the best parts about living in an HOA community is that some provide world-class amenities and facilities for the exclusive use of the homeowners (and their guests, when applicable) alone. Such facilities, such as parks and playgrounds, swimming pools, recreation centers, fitness facilities or gyms, basketball and/or tennis courts, are built for the comfort and convenience of the homeowners.

3. You have a support system

When you move into an HOA community, you automatically get a new support system. HOAs don’t only oversee the upkeep of the community to keep property values up and maintain a certain standard of excellence; they also exist to assist homeowners, be it for personal needs or matters related to their property. There are HOAs that hold fundraisers, for instance, to help a homeowner going through medical/health challenges. There are HOAs that support pet adoption and other good causes as well.

From the above, you can see that a homeowners association benefits homeowners in ways that can greatly improve one’s quality of life.

If you’d like to learn more about HOAs and how they benefit homeowners, or read more about HOA-related posts, please feel free to browse our blog page. For news and updates on California homeowners associations, you may visit the community news page.

Responsibilities of an HOA Board and HOA Management Company

Understanding Responsibilities of an HOA Board and HOA Management Company

A homeowners association or HOA is primarily established to ensure that the homeowners and the community it serves thrive and grow. And in order to achieve this goal, by-laws and covenants are put in place. These by-laws and covenants basically establish rules and regulations that all homeowners must follow for as long as they are a part of the HOA community.

Similarly, the by-laws generally enumerate the HOA’s functions and the HOA Board’s responsibilities, including things they can and cannot do whether on behalf of the HOA or as a Board member/homeowner.

That said, the HOA Board’s primary duty is to ensure that the association is fully functional and serves the best interest of the community. This is where an HOA management company may be considered. Sometimes though, the responsibilities of the Board and the management company overlap even if they shouldn’t, which means the management team is sometimes expected to perform duties that only the Board should.

It is therefore important to clearly define responsibilities of the HOA management team in terms of their assistance to the Board.

Responsibilities of an HOA Board

  • Enforce rules and covenants
  • Create and/or amend policies
  • Intervene, investigate, and resolve disputes and arguments among homeowners
  • Investigate and resolve complaints
  • Approve or reject requests (for repair or maintenance, for example)
  • Serve as the HOA’s Architectural Review Committee for requests for architectural changes on a property
  • Make all decisions related to the HOA, homeowners, and the community in general

Responsibilities of an HOA management company

  • Assist in the HOA’s day-to-day functions
  • Handle communications between homeowners and the HOA
  • Recommend vendors, suppliers, and contractors
  • Ensure contractors and other outside services are fully insured to protect the HOA from liability
  • Sign checks on behalf of the HOA (optional, and up to a certain amount only)
  • Coordinate with the HOA for maintenance or repair requests from homeowners
  • Ensure homeowners are complying with rules and covenants, as requested by the HOA

From the above, you can see that the HOA management company’s primary role is to ease the burden of the HOA and help where and when needed, and according to “services” defined in the management contract/agreement. Decision-making and other fiduciary duties of the Board members will solely be handled by the Board itself.

Do you wish to learn more about homeowners’ associations, HOA management, property management, or 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.

HOA Management vs Property Management Company

Key Differences Between an HOA Management and a Property Management Company

If an HOA hires an HOA management team does it mean they also automatically oversee maintenance of the properties in the community the HOA is responsible for? Not necessarily so. A lot of people think that HOA management and property management are interchangeable terms thus mistaking an HOA manager as a property manager too and vice-versa.

Responsibilities of an HOA management company

  • Assist in the HOA’s day-to-day tasks
  • Provide relevant trainings to the Board to equip them with skills to manage various aspects of the HOA, from budget and finance to compliance, and more
  • Perform site reviews to ensure the HOA is functioning according to relevant state laws
  • Perform inspections and evaluations of various areas of the community, including common areas
  • Oversee large reconstruction projects
  • Provide 24-hour emergency assistance
  • Help the HOA manage finances and cut costs
  • Ensure homeowners’ participation in all required HOA-related matters
  • Collect fees and dues from delinquent homeowners

Responsibilities of a property management company:

  • Oversee care and maintenance of a specific piece of property (single or multi-family rental, vacation home, vacation rental, and other real estate property)

  • Ensure repairs and/or renovations are completed in a timely manner
  • Act on behalf of the property owner in terms of vetting tenants, collecting rental payments and other fees, and providing suppliers or vendors as needed or requested
  • Ensure the property is maintained and managed according to HOA regulations, if applicable
  • Handle all communications for and between owner and tenant/s

In a nutshell, the key difference between an HOA management company and a property management company is the client they serve. There are times, however, when an HOA may choose to hire a property management company to oversee corporately owned properties/areas. This is why some people mistake HOA management and property management as one and the same.

If you wish to learn more about homeowners associations, HOA management, property management, 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.