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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. 

Real Estate and Property Management: How Do They Relate

Property owners, especially those who own properties for profit or income purposes, usually hire the services of a property manager to take care of the day-to-day for them. First-time buyers are often surprised when their real estate brokers offer property management services too, which begs the question: “Real Estate and Property Management: How Do They Relate? 

First off, real estate and property management are more connected than one would think. Here are but a few of the ways and/or situations that link both: 

  1. Real estate firms offer property management services too

If your real estate broker also offer property management services for your single-family or vacation rental, don’t be surprised. A number of real estate firms offer various other services on top of real estate buy and sell, and usually, property management services are the first after-sales product they offer. 

  1. A real estate broker also works as a private property manager

Sometimes, a real estate broker also works as a private property manager. However, certain states require a license to do both so make sure to check if your real estate broker has all the proper valid licenses to work as both your broker and property manager. 

Make sure too, to check the specific duties and tasks they are allowed to perform, based on what the state allows for the type of license they hold. 

  1. Property management is classified as a type of real estate work

Contrary to popular belief, real estate work doesn’t start and end with the buy-and-sell process of a particular property. So perhaps the most significant link that answers the question: “Real Estate and Property Management: How Do They Relate?” is the fact that property management is considered as a type of real estate work. Again, this is why it shouldn’t be surprising to learn that your broker or agent also offers property management services. In fact, property management is becoming more and more popular among real estate agents and brokers, which is why a number of real estate agents or brokers have a license to perform in both professional capacities. 

Do you wish to learn more about “Real Estate and Property Management: How Do They Relate?” The answer you’re looking for could be in one of our blog posts. And if you’re interested in learning more about homeowners associations and property management in California, please stay tuned to our community news page. 


Finding the Right Property Management for HOAs: Top 3 Factors to Consider

A homeowner’s association (HOA) oversees the safety of the community, puts regulations in place to maintain property value, and basically functions as the caretaker of the community. HOAs are run by an elected Board of Directors, which is generally comprised of homeowners with professional and personal lives to juggle. Property management for HOAs can assist the Board in the day-to-day functions of the HOA. 

The property management company will help ensure that the HOA is functioning as it should, which is why you should take the time to choose and HOA management team that is the right fit for your community. To help you get started, here are a few factors to look for in property management for HOAs: 

  1. Has a good standing in the community

You know that a business, service, or company is worth a second look if they have a good reputation; a good standing in the community. It takes years to build a good reputation, so if the property management company you’re looking to hire is well known in the community for their excellent delivery of services, you’ll know the HOA will be in good hands. 

  1. The HOA property management team is comprised of professionals

The duties of an HOA management team are diverse and varied, which is why it’s normal to find a team with members from different professional fields. For instance, the HOA management team for your homeowner’s association may have an accountant or finance expert to take care of the financial aspect of the HOA. There may also be an IT expert on the team to take care of all forms of communication, from emails to voicemail, SMS, and more. Double-check the types of professionals working for the management company as they could possibly be included in the team you hire for the HOA. 

  1. Has the experience and expertise to help the HOA cut costs

An excellent HOA management team knows how to help the HOA function at its best, at a minimal cost. Understanding that the HOA runs on funds collected from the homeowners, the HOA management team should be able to help the HOA cut down costs, finding cost-effective solutions to such concerns as emergency repairs, maintenance checks, and the like. 

Do you wish to learn more about property management for HOAs? Please feel free to browse our blog and community news pages. For questions, you may call us at (951) 270-3700. 


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.