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Property Management – Granada Hills – What is a Property Manager?

GRANADA HILLS PROPERTY MANAGEMENT

What is a Property Manager?

As a property manager, there are many positives and negatives with this job. As with any job you make it what you want. There are days that are longer and more difficult then others.There are many regulations you need to know and must be a relator. If you want to start this business you need to know exactly what it entails.You will need to be licensed by the sales tax agency if they charge sales tax on the monthly rent. You need to have one for each town you are doing business in. It is extremely helpful that you are well versed in repairing things or have a good list of contractors available for repairs. Your life will be so much easier if you can determine what repair needs your immediate attention, what can wait until the next business day. You need to be a people person, since you do meet people from all walks of life.

You need to be a good negotiator when it comes to renting the home or apartment. Lets look at the nuts and bolts of the business in ten steps.

1. Business can hopefully be by word of mouth. Currently mine is 100% word of mouth. When you first start out let the other relators in your office, at group meetings that you are doing property management.

2. Maintain positive owner relations. From the moment you sign the management agreement contract.

3.Maintain contact with your tenants. Make it easy for them to pay their monthly rent, give them bank deposit slips, or a self addressed stamped envelope that they can just place that certified check in each and every month. I give them 12 when we sign the contract plus a map on how to get to the office, if they prefer to drop off their check that way. Keep communication open for tenant resolution when repairs become an issue or they will be late with the rent.

4.Collection of rent, late payments, sales taxes, posting of payments, tracking payments for the year end statement.

5. Preparation of late or default notices with necessary follow through of eviction.

6. Billing adjustment is keeping track of the amounts due when there are late fees. If you accept partial payments be aware of the state statue on tenant rights regarding this issue.

7. Rental letter for increases, lease preparation, making sure the tenant has an understanding of what is covered in the lease.

8. Tracking expenditures for repairs. Getting authorization from the owner as needed.

9. Establishing advertisements daily, with at least seven free website for any vacancies.

10. Show available properties, screen potential tenants, while maintaining the laws against discrimination.

The job can be a 24/7 day business. You set the hours. It is hard to predict when a client may need a repair. Keep in mind that the owner has the right to cancel the property management agreement. This has not happened to me I still have the same customers for the last seven years and continue to grow.

By Frank Eckert

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.