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Property Management – Canoga Park – What does a Property Manager Do

CANOGA PARK PROPERTY MANAGEMENT

What does a property manager or property management company do?

A property management company will market your rental property to minimize vacancies and maximize income. This will be done in multiple ways, such as advertising the property on their website, newspaper advertising, placing a for rent sign on the property, and by placing daily online advertising through companies such as craigslist.com or rentals.com.

A property manager will fill the vacancies with qualified tenants. A qualified tenant is a tenant who passes a background and credit verification checks as well as receiving a good reference from current and past landlords and employers.

To ensure the property maintains curb appeal, a property manager will perform maintenance on your rental property and keep the it in good condition. Management companies will usually have an in-house team of maintenance technicians or established relationships with maintenance and mechanical vendors, such as plumbers, electricians, appliance repairmen, snow removal companies, lawn care companies, etc. to ensure routine maintenance and emergency repairs can be done in a timely fashion at a reasonable hourly rate.

A property manager will negotiate leases and maintain proper record keeping. Management companies will also increase tenant retention by offering lease extensions to the tenant upon expiration of the lease.

Rent and security deposit collections are big parts of the property management job duties. In addition to payment collections, they will also maintain good tenant relations.

A property manager or property management company will ensure all activities comply with all Federal, State Local Laws such as following all guidelines for return of damage deposits upon the tenant vacating the property. Many State laws require that damage deposits and deductions from the damage deposits be documented and given to the tenant within a specified time-frame. For example, if a tenant moves out of a property and the damage deposit is not returned to the tenant or the tenant is not notified with an itemized list of deductions from the damage deposit, the tenant may be entitled to legal damages as well as their full security deposit returned to them.

A property manager or property management company will keep a record all income and expenses for a property on a monthly basis and report all income and expenses to the property owner as well as disburse any net income. A reputable property management company will provide documentation and receipts of all necessary repairs on the property.

A property manager or property management company will provide annual reports documenting income and expenses for the year as well as comply with the Internal Revenue Service time-frames for reporting.

A property manager or property management company will keep you informed as to the status of the property, such as expected vacancies and a plan for marketing and re-renting the unit as well as expected time frame of vacancy, necessary maintenance and projected future maintenance needs of the property to ensure the asset is protected and to maintain tenant retention.

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.