What Does it Mean to be a Full Service Property Management Company?

For those looking to invest in real estate for the first time or those looking to expand their portfolio, the idea of having a company manage their properties has likely come up more than once. Ideally, you want a company to take care of all your property management needs.

A full-service property management company should offer a comprehensive range of services. These should be designed to handle every aspect of property management to make your life easier. Below, we’ll go over what being a full-service property management company means.

Budgeting and Financial Reporting

Most tenants see property management companies as just rent collectors, and while that is a service most property managers provide, a full-service property management company assists with budgeting by breaking down the rental property’s income and expenses, such as incoming rent, maintenance costs, and losses from tenant turnover. Using this information, they can estimate future costs and revenues.

Financial reports should be expected with some regularity. This way, as an investor, you can see where your capital is going and how much is going to your bottom line.

Tenant Acquisition and Marketing

Vacancies can be financially draining to even the most veteran of investors. A full-service property management company should have a list of available and vetted tenants ready to move in as a tenant is moving out. Entire service property management companies should be able to provide excellent marketing by listing your property on the most popular real estate marketplaces companies, such as Zillow or Apartments.com. They should provide high-quality photos, property viewings, and complete move-in, pre-move, and move-out inspections.

While filling in a vacancy quickly is essential, filling it with a high-quality tenant is equally important. A tremendous entire service property management company will oftentimes have a list of requirements for tenants, including:

• Five years of residential history
• Rental References
• Verifiable Income 
• Background Check
• Credit Check

While it's challenging to find the ideal tenant, having a list of requirements makes it more likely that you will find a tenant who is suitable for your rental property.

Lease Management

As the name suggests, lease management involves managing the lease to your rental property. Entire service property management companies help by overseeing the drafting of your lease agreements and any potential renewals. Lease management also includes the aforementioned tenant screening, rent collection, addressing tenant concerns, and lease terminations.

Property Maintenance and Repairs

No matter how well kept, every property sometimes requires maintenance or repairs. A full-service property management company should be expected to be able to deal with tenants' repair requests. However, occasionally, the building may need some maintenance. For this reason, it's a good idea for the property to be inspected regularly so minor issues don't grow to be expensive repairs. Some repairs require immediate attention, such as water leaks or electrical short-circuiting. This is where a complete service property management can save you from a headache as they typically have more resources to do emergency repairs at any hour.

Legal Compliance

Rental laws in California often benefit the tenants over the landlords, so it's good practice to work with experienced property management companies in the same area as your property. This can help to ensure compliance with local laws and allow them to manage legal disputes and evictions while minimizing losses.

The real estate industry is incredibly competitive, and a full-service property management company can be a great ally. If you are looking for assistance managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online.