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Property Management – Granada Hills – What is Property Management

GRANADA HILLS PROPERTY MANAGEMENT

What is property management?

Turnkey property management means that the property manager functions as the landlord, dealing with tenant issues, collecting rent and managing the day-to-day operation of the real estate for the owner.

Property Management consists of managing the logistics and day-to-day aspects of a rental property. Gary Knippa, owner of Knippa Properties in Austin, TX says that property management companies serve as a liaison between landlord and tenant. “A property manager typically provides what we call ‘turnkey property management,’ meaning the owner of the property disconnects from the day-to-day of dealing with the tenant, dealing with the property and maintaining the property that sort of thing,” he says.

Many landlords and real estate investors turn to professional property managers because they do not want to deal with paperwork, repairs and hassle involved with maintaining a rental property and dealing with tenants.
Retaining the services of a property management company also spares landlords and real estate investors from being called at 2 AM because a tenant is locked out of their apartment or is angry over their neighbor’s loud music. “In fact, the tenant at the property really has no reason to contact the owner nor typically even knows how to contact the owner, so everything is routed the through property manager…the property manager deals with [any tenant problems] and takes care of it on behalf of the owner of the property,” Knippa explains. Property Managers are also very well-versed in the landlord-tenant laws and any state or local codes that are on the books in your community, and their expertise often help landlords to be compliant with all laws, while also enforcing tenant lease restrictions.

Many larger Property Management companies even have attorneys on retainer to assist with legal issues such as evictions, zoning laws, problems with contractors and/or any other issues that may end up in court.

While most Property Management companies oversee rental properties, many owner-occupied managed communities such as homeowner associations, condo associations and co-op boards also turn to property managers to help them maintain the properties, collect HOA/condo/co-op fees and enforce deed restrictions.

Knippa goes on to say that Property Management companies provide a comprehensive variety of services to both landlords and tenants. “The property manager collects the rent at the first of the month, pursues any late rent, any unpaid rent, deals with the property issues if there is maintenance that needs to be done, plumbing problems or electrical problems, that sort of thing,” he says. They also advertise vacancies for rentals, process applications and perform background and credit checks on prospective tenants. Property managers are also responsible for overseeing any major repair or renovations projects that are needed for the complex or subdivision. In exchange for these services the company charges the owner(s) of the property a monthly fee. In most cases, this fee is equivalent to a percentage of the proceeds from the tenants’ rent money (industry standard is 8-10 percent of the gross rent collected each month). “The rents are collected at the first of the month and the owner receives those proceeds minus expenses for the month. Now, that happens monthly, and then at the end of the year the owner receives an end of the year statement, which is used for preparing taxes and gives a summary of what happened during the past year.

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.