What Does a Property Manager Do for You?
The following outlines the common tasks undertaken by property managers on behalf of property owners. Your specific needs may require only a subset of these property management services, and it’s worth noting that the offerings from different property management companies may vary.
- Evaluate the property to determine an appropriate rental rate.
- Document the interior and exterior comprehensively, including photographic documentation.
- Offer recommendations for repairs and cosmetic improvements to enhance monthly rent and ensure a favorable return on investment.
- Collect data on local rental rates, collaborating with owners to establish an optimal rental rate based on recent comparable rentals.
- Engage in discussions with owners regarding policies such as pet acceptance and smoking.
- Install a lockbox for secure property access.
- Implement marketing strategies to promote the property for rent.
- Prepare the property for rent, ensuring cleanliness and optimizing interior appeal.
- Enhance landscaping for improved curb appeal.
- Craft tailored advertisements for various mediums, including rental listing websites, print publications, signs, MLS, and flyers.
- Collaborate with real estate agents and leasing agents to find suitable tenants.
- Handle inquiries from prospects, conduct property viewings, and meet with potential tenants throughout the week and weekends.
- Distribute legally compliant rental applications to prospective tenants.
- Screen and select tenants based on predefined criteria, conducting background checks on identity, income, credit history, and rental history.
- Facilitate the tenant move-in process, including drafting leasing agreements, confirming move-in dates, and reviewing lease guidelines.
- Perform a detailed move-in inspection with tenants, documenting the property’s condition and collecting the first month’s rent and security deposit.
- Manage rent collection, including tracking payments, addressing late payments, sending notices, and enforcing late fees.
- Stay informed and compliant with local, state, and federal legislation related to rental properties.
- Conduct periodic inspections for repair needs, safety hazards, code violations, and lease violations, providing owners with regular reports on property condition.
- Offer financial services, including making payments on behalf of owners, maintaining detailed expense records, and providing annual reporting for tax purposes.
- Oversee maintenance, repairs, and remodeling, including preventative maintenance, coordinating with contractors, and managing outdoor areas.
- Advise on tax deductions related to rental properties and provide monthly cash-flow statements.
- Handle tenant move-outs, inspecting units, documenting property conditions, and returning security deposit balances.
- Clean and perform necessary repairs or upgrades before putting the property back on the rental market.
This list is not exhaustive but provides a comprehensive overview of the diverse activities undertaken by property management companies. We are happy to work with you on whatever your particular needs may be.
Contact your Laguna Beach Property Manager today!