Rental management might seem a bit mysterious if you’re not familiar with the field, so today we are sharing a bit about what a property manager actually does. In summary, we are acting on your behalf to market your property and manage your tenants to maximize the return on your investment. Let’s dig into those details.
Getting Your Property Ready to Lease
First, we will make sure your property is compliant with current regulations such as smoke and carbon monoxide detectors. We’ll make sure the garage door has an auto closing mechanism for fire protection. This reduces your legal liability if something happens at the property. We work with you to take care of any minor repairs the property might need to attract the best tenants and get the highest rents.
Marketing and Leasing
We want to find the best possible tenants, so we cast a wide net. Anyone in the market for a home should see your property, so we list it on the MLS and syndicate it to 40 different rental websites. After generating interest, we will run intensive background checks on prospective tenants. This is to make sure they will pay you on time and respect and care for the property. Our screening process includes running criminal and background checks. We check the eviction records and the sex predator database, and then we verify income and employment. We also look for public record filings. This gives us a total picture of your potential tenant. We handle property showings and we draw up and execute the lease.
Orange County Property Management
Once a tenant is moved in, we collect rent. The best way to collect rent is online, and tenants have an online portal where they pay their rent. We pay any property related expenses from that rent, and then we send those funds to your account via ACH.
It’s our job to manage the tenant relationship. Some tenants may be experiencing financial hardship, and we work with them. We comply with rent collection requirements so we don’t get in trouble with local, state, or federal governments. If there is legal action that’s necessary or an eviction to pursue, we stay compliant with the laws.
Maintenance and Property Inspections
Most landlords are easily frustrated with repairs. A professional property manager can take care of repairs and maintenance 24 hours a day and 7 days a week. We have trusted repair personnel who can get the job done right the first time for a fair price. We will also ensure regular property inspections are done so your property stays in the top possible condition. This helps us to charge market rents on the high end of the range.
You’ll receive a detailed monthly accounting of your property’s income and expenses. On an annual basis, your property manager will issue a 1099 and a detailed expense summary of items you can provide to your accountant for easier tax filing.
Hopefully, this provided some insight into what we do as property managers. If we can help you with expert Irvine property management, please contact us at HCM Property Management. We’d love to help you increase your ROI.