Two Key Tasks that a Property Management Company Handles for You
Dustin Edwards • May 14, 2021
Processing Payments and Preparing a Property for Rent
Whether you are considering managing your property yourself or you are embarking on the journey of interviewing local property management companies
for your Long Beach or Lakewood rental there are many items to consider. While many property owners ask about the property management fee (and they certainly should) we feel it is helpful to understand details about the common tenant calls
and tasks that we handle to see if you truly want to handle it on your own or if you want to outsource to a property management company. Find out more about two key tasks that we handle regularly for our clients.
Processing Payments
In the era where transferring money between parties is easier and easier, this is one item that many people feel they can tackle on their own. Popular services such as Cozy.co and Zibo.co market the fact that collecting rent is easy (which it can be), but consider asking yourself the following:
- Are you notifying the tenant properly when they are late on their rent payment?
- How would you process a late fee?
- If a tenant pays for an item of repair and asks for reimbursement, how are you handling that item?
- Are you keeping their security deposit in a separate account?
You might be thinking on the “separate account” aspect that it isn’t required in California. And while a separate account for security deposits isn’t required by law, without a separate account you could end up co-mingling funds which can make it challenging to claim any of the deposit at a later date. While processing payments has become simplified over the years the tracking and accountability of receiving funds remains one where one must be prepared for solid documentation.
Preparing a Property for Renting
One of the largest tasks that property management companies handle on a regular basis is that of preparing a property for renting. While it might look like 30 minutes of magic on HGTV to make a property look stunning we all know that it takes more time to get a home in Long Beach to be rental ready.
When we prepare a property for rent, we focus on two major categories:
- Maintenance Items - These are wear and tear items such as new carpet, painting, fixing/replacing electrical sockets, etc. Each property can have items of different levels of need and our focus is to keep the property properly maintained to help each tenant stay as long as they would like.
- Upgrade Items - When a tenant leaves it is an opportunity to look for ways to upgrade that can help the rentability of the property. This might mean adding new appliances, putting in a new countertop, or even re-doing an entire bathroom. For upgrade items we provide our owners with options to help them understand what could be best for the property and the rental market.
When considering tackling property management on your own, consider these two categories and overlay the aspect of “time”. Each day your property isn’t rented is a lost income opportunity which is one of the reasons we have a team of maintenance professionals as well as a curated list of subcontractors to help us in every aspect of maintaining a property.
While these are only a few key tasks we handle for our property owners, the key is to ensure you find a property management company that you feel comfortable with in managing your asset. When you would like to find out about more of the tasks we handle for our owners we invite you to call us today at (562) 888-0247. When you want a quick check to see how much your property could fetch in rent we invite you to fill out our Free Rental Analysis
where we perform a comprehensive comparison to share your rental stacks up to the competition.
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Your property’s roof is its first line of defense from the sun, rain, and wind. Which means it will eventually wear out. Many landlords overlook this since a roof is generally designed to last twenty or so years, and they simply forget until the signs begin to show. Below, we’ve compiled a short list of five signs it’s time to replace your roof for when doing property inspections. Tenant Complaints When your roof has become damaged, your tenants will likely be the first to notice. When tenants report water stains on the walls and ceilings, it's a sign that you should inspect your roof. In severe cases, your tenant may notice water dripping from roof leaks. This moisture, if left unchecked, can lead to the growth of mold and mildew, which can be a health concern for your tenants. Some tenants simply move out, assuming the odors or recurring respiratory issues are caused by the rental and not just the roof. This leaves you with a vacancy to manage, and if you’re unable to find the leak during this period, the following tenant may have a negative experience as well. Many landlords have found it beneficial to have property inspections regularly in order to preserve both the property’s value and the tenant’s trust. Roof’s Age Even with the highest quality materials, a roof still has a shelf life. Most roofs in Long Beach, CA, use asphalt shingles, and these generally last around twenty to twenty-five years. Once they've passed this threshold, the faults begin to show themselves. A sagging roof line is a sign that your roof is due to be replaced, as it's a serious concern. It often indicates that moisture has entered the underlying decking and caused some structural damage. From ground level, you may not be able to notice these problems. However, during an inspection of the property, an experienced inspector should be able to notice soft spots or contours on the roof. These forms of damage often get worse over time. Coordinating these inspections and preventative maintenance can be difficult for landlords with an extensive portfolio, which is why many enlist help. Shingle Damage Damaged shingles are one of the most obvious signs that your roof is deteriorating. If you ever notice cracking, curling, or patches with missing shingles, the roof is no longer providing adequate protection to your property. Although you can buy time with spot repairs, if the entire roof shows signs of damage, it’s likely time to replace the roof. Aside from protecting your property, the roof affects your property’s curb appeal. A patchy and worn-out roof can drive down the rental appeal. Prospective tenants will easily be able to spot the differences between pictures taken in the listing when compared to the property in person. This can not only hurt your chances of filling a vacancy, but it can also hurt your reputation as a landlord. Granules in Gutters After heavy rainfall, it's a good idea to inspect your rain gutters. If you or your property manager notice large amounts of black or gray granules, it means your roof shingles are breaking down. These granules are critical for shedding water off the roof. Once the granules fall off the shingle, the shingle begins to degrade faster under the sun and elements. If you’re not sure how old your roof may be, Loss of granules can be a strong indicator that your roof is nearing the end of its lifespan. Regular gutter cleaning and roof inspections can help catch these problems early before they become expensive repairs . Increase in Utility Bills Your tenants complaining about their utility bills increasing or poor temperature control in the rental may not realize the roof is to blame. A failing roof can result in subpar insulation and ventilation. This can lead to higher heating and cooling bills for your tenant. This can be frustrating for your tenants while putting more strain on the HVAC system. This puts more wear and tear on your HVAC system. Being aware of the warning signs and being proactive can protect your rental property, maintain tenant satisfaction , and avoid emergency repairs. If you need help inspecting your roof or you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
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